Let’s have a look into one way to build up your passive income with SCRIV. There are two ways to get SCRIV coins, one is POW and the other POS Masternodes. POW (Proof-of-Work) means you have to run miners. Personally, I don’t like mining too much because it heats up my office & electricity costs at my place are kind of high. My preferred way to get more SCRIV coins is POS (Proof-of-Stake).
Reward Structure
Currently, at the time of writing, each block rewards 40 SCRIV. They are shared between POW 70% and Masternodes 30% - POW pays out 28 SCRIV and Masternodes pays out 12 SCRIV. We will focus on the Masternodes payout of 12 SCRIV per block. To run one Masternode yourself you need to have 100000 SCRIV.
The amount needed to run your own Masternode is compared to other coins high. With no POS (Proof-of-Stake) implemented & the high collateral for a Masternode I like to show you another way to have a passive SCRIV income.
Shared Masternodes
Until you don't have the 100000 SCRIV ready to start your own Masternode you can use different services that will allow you to run a Masternode with just a fraction of the needed collateral. In this article I will show you how that is done with Stakinglab, there are other services out that will allow you to do the same - so please DYOR.
Create an account at Stakinglabs
Get your SCRIV deposit address
- Click on "Wallet" in the menu and navigate to SCRIV
- Click on the three dots
- Create a new deposit address
Deposit your coins and wait for enough confirmations. You should get a notification the the Stakinglabs interface when you deposit arrived.
Go back to Wallet and open SCRIV. To start investing into a shared Masternode click on
Click "Next"
Now you should see your balance and a drop down menu where you can select in which Masternode you want to invest.
Thats it - if you choose to invest into an "Instant Masternode" you will get rewards form the next block. If you choose "Normal Masternode" rewards will come in once 100000 SCRIV are collected. The fee for Instant Masternodes are slightly higher than for the Normal Masternodes.
Once you see rewards coming in you can go back to Wallet and reinvest your new SCRIV or choose to withdraw them.