What is a Masternode
SnowGem Masternodes are servers that host full nodes to help validate transactions on the blockchain. Masternodes are a key component to the SnowGem ecosystem providing an added layer of protection on the network. Masternode operators are rewarded XSG on a regular basis.
10,000 XSG are required as collateral along with operating and managing a server to ensure your Masternode is always online. Masternodes run memory intensive tasks requiring a Virtual Private Server (VPS) or dedicated server to stay up and running 24/7 to validate transactions. Using a VPS is the easiest way to start operating a Masternode, while dedicated servers require more coding knowledge to get up and running.
Masternodes combined with Thor’s Hammer Masternode Proof-of-Work (mPoW) solution provides 51% attack resistance on the SnowGem network.
Each Masternode counts as one vote for each proposal. Proposals are voted on with important changes to the SnowGem structure or network.
Generate XSG passively on a regular basis. Masternodes offer an additional source of income with a few easy steps to get started earning.
Masternodes provide an added layer to the network that can be built on. They will offer users private data storage in the near future.
Community involvement has always played an important role during the growth of SnowGem. Voting proposals were created by SnowGem to ensure everybody that has involvement in the project is heard. Any changes to the blockchain, block reward structure, or future features will be put to a vote by a proposal and agreed or disagreed on by the Masternode community.
Each Masternode counts as one (1) vote and proposals will have a block start time and block end time with a 30 day voting period where Masternode owners will be able to vote. Governance should be kept decentralized and the SnowGem Team the and Keeping the project decentralized SnowGem to Voting proposals are visible and verifiable through our full node ModernWallet.
50% of every block reward, or 10 XSG, goes towards paying Masternode owners. One Masternode currently generates about 3,700 XSG a year which is an increase of 37% XSG from the initial 10,000 XSG collateral. As the number of Masternodes that come online increases, the amount of XSG generated per Masternode will begin to decrease over time. The first Masternode reward occurred at block number 159,428 on April 15, 2018.
(as of 3/27/20)
- 10,000 XSG (locked in ModernWallet as collateral)
- Fully synced local wallet (ModernWallet)
- 1 Core CPU
- 1024 MB Memory
- 20 GB HDD Storage
- Linux Ubuntu 18.04 x64 OS (Recommended)
- PuTTy installation to connect to VPS (PuTTy download page)
VPS with the following minimum requirements:
Asgard is a Masternode management tool that offers a one-click Masternode installation.
Simply copy and paste your VPS details and leave the coding to us!