What is a Masternode? Masternodes are dedicated servers on the Internet that enable instant transactions and perform the trust-less anonymization of users' funds. They usually get majority of the rewards per block for this task.
Masternodes are essentially addresses with a lot of coins in them that are not moved for extended periods of time. They help in securing the whole network and help stabilize the price of the coin, somewhat, by taking large number of coins out of circulation.
What is a Shared Masternode? To make a masternode, it takes a lot of coins; worth a lot of money; and not everyone can afford it or want to put a lot of money into just a single coin. To get around this, several coin holders come together and pool their coins together and take part of the rewards, this is known as a shared masternode.
The Team
How does it work?
Create an accountStudies have shown that many people today are using same or slightly modified passwords for many different sites. For us, security is a top priority. That is why we do not store the password of your account. Actually, your password is not known to us and your account is safe.
We prefer to use usernames rather than email addresses, as they are getting more and more important today. However, to increase security, we use a username and password for log in. In this way, you can make totally unique login credentials only for our website.
Login to the site can be done only from a verified IP address. Every time an attempt is made from a new IP address, it has to be approved by a link sent to the email address.
By default, two-factor authentication is enabled.
DepositsPlease check the list of Masternodes we are supporting.
Go to a Balance page and click on Deposit action.
Your unique address will be generated and you can send coins to it. You can always use it for that coin. It will not be changed in the future.
You can follow deposit transaction confirmations on the Deposit history page. After a deposit transaction is confirmed, your balance will be updated.
Then you can add coins to the Queue for Masternode. A seat size is defined for each coin. Seat defines a minimum amount of coins that can participate in one Masternode.
When the Queue has enough coins for Masternode collateral transaction, Masternode will be created. Queues work on the FIFO (First In First Out) method.
Reward paymentAfter the Masternode reward transaction is confirmed, it will be distributed automatically to all Masternode seat owners.
The reward is distributed to seat owners on a percentage basis. If someone participates in one Masternode with 100 coins and the Collateral transaction requires 1000 coins, then seat owner is participating with 10%. Thus, the reward will be 10% of the total Masternode reward.
Our fee will be charged to each seat owner. If someone is receiving 10% of the Masternode reward, our fee will be 1-10%.
Example: the fee is 5% percentage for one coin, the seat owner is receiving 2 coins, our fee will be 0.1 of the coin.
Our fee system is highly configurable, and can differ on the coin, Masternode, or user level. A fee range can be 1-10
WithdrawalsIf coins are in a Queue, they first have to be removed from the Queue.
If coins are not locked in Masternode, they can be withdrawn at any moment.
If coins are locked in Masternode, there are the following options:
Make a request for return and if Queue has coins, the swap will happen and your coins will be returned from Masternode and coins from the Queue will replace your coins and be a part of Masternode.
If the Queue doesn't have enough coins, all the coins that are not swapped will have to wait for 7 days to be swapped by coins from the Queue.
If they are not swapped in 7 days, Masternode will be automatically dissolved, your coins will be returned to you and remaining coins from Masternode will be sent to the Queue.
If one Masternode has 70% or more coins for which the return request is created, Masternode will be dissolved immediately.
Coins currently offered as part of Shared Masternodes on MyNode.rocks:
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