Masternodes are basically incharge of dash that means they are the decision makers and they are bestowed the authority of making decision by paying a 1000 dash as collateral and never be able to touch it.
If the 1000 dash is withdrawed, masternodes lose their ability to vote. In simple terms they are not masternodes anymore.
The tools needed to become a masternode are
- 1000 Dash,
- A server or a VPS installed with Linux,
- A dedicated IP address and
- A little time.
SO, ultimately they make good decision which is by voting. Masternodes are given voting rights.
1 vote is give to every masternode to make important decisions that would result affecting Dash.
Masternodes always make good decisions because of those 1000 Dash they invested as collateral.
And for voting rights masternodes have to perform three simple tasks
- They shoul keep and updated blockchain copy at all time.
- They should povide the network with InstantSend.
- They should povide the network with PrivateSend.
InstantSend helps to make instantaneous transactions and the confirmation is recieved in about 1.2 seconds.
It is like a replacement for credit cards for point-of-sale situations while not relying on a centralized authority.
This feature is not default. It is just for the convinience for its user. There's always an option whether or not to use this service.
PrivateSend makes those transaction nearly impossible to track by mixing the coins as they are fungible.
This feature increases the anonomity of transactions and the name DARKCOIN is due to this feature.
Got more questions feel free to ask.
Have i made a mistake, feel free to correct!
Thank you
