What are Masternodes?
Masternodes are servers running the same wallet software on the same blockchain and uniquely working to fully implement all the core consensus rules of that network.
In the case of PIVX, masternodes not only secure the PIVX blockchain, but are also responsible for additional services such as:
- Privacy through anonymized transactions
- Instant transactions
- Decentralized governance
- Decentralized budget system
- Network enhancement through proposal and voting system.
In return masternodes owners are paid a portion of the block reward.
Requirements for a PIVX Masternode
Setting up a DIY-masternode is considered a BIG JOB by most people for the reasons cited herein:
For starters 10,000 PIV is required as collateral to run a PIVX masternode. The collateral PIV must be sored in a up-to-date core wallet which must be continuously synced to the whole PIVX blockchain. The exception to this is to use the Secure PIVX Masternode Tool (SPMT) which utilizes collateral PIV stored inside a Ledger Nano S.
Some level of computer proficiency (such as familiarity with Linux commands, et cetera) and technical expertise is required to keep the masternode running with zero (or minimal) downtime.
PIVX Masternode Hosting Service Providers
In light of the aforementioned 'hard work' associated with masternodes, most people just shy away.
The good news is this; If you are willing to pay a small (typically $7-$15 per month) fee to hire the services of experts, then you can run your PIVX masternode via a masternode hosting service. According to PIVXmasternode.org, the below-listed entities offer fully managed PIVX masternode hosting. Click each name in turn to find out more:
- Mymasternode.com (hosting fee: US$15 per month)
- Eclectic.IO (hosting fee: US$125 per year)
- Coin Server (hosting fee: US$7 per month)
- To earn easy PIVX bounties for completing simple social media tasks join PIVXfan on Fancorps.
- To secure your PIV (and other cryptocurrencies) inside a trusted Ledger Nano S device place your order here.
