What is a master craft?

Good day, friends! Today we will talk a little about cryptocurrency and find out what a masternode is and can you make money on it? And we will start the story from afar, since this word already raises many questions, and some people associate it with the character of the film - Master Yoda. Why is that? I can't answer this question, but it was the strangest comparison I have ever heard. And so let's get down to it and start, perhaps, the narrative with information that you probably already know - where to store the cryptocurrency if there is no known online wallet for it?

The answer to this question is very simple: when a new cryptocurrency appears, at least two things appear - this is the source code in the GitHub repository And the topic on the famous foreign crypto-exchange forum, I will not say what - many people have already heard about it, but they can also hold me accountable for advertising. Well, without fulfilling these two conditions, the crypto currency will not go on: at the very least, no one will find out about it and it will not be taken to the stock exchange, but if the coin does not even reach the exchange, then where does it still be stored? It's very simple, in the repository after the currency exit, except for the source code, the version of the local purse is always published, which is installed on the personal computer and synchronized with the blocking system, it is the most preferable to store the crypto currency.

I'm sure everyone heard about the version of the local wallet for Bitcoin, Which roughly takes about 250 GB and is synchronized at best within a week. It is not necessary to be frightened, for альткоинов blocking weight weighs much less and, hence, synchronization of a purse and its loading will borrow much less time, especially if the coin rather new. Also, the synchronization problem can be solved by downloading a synchronized database from another user and reducing the time considerably. When you download a local purse, install it on your computer and start, the synchronization process begins with the blocking and, while this process is in progress, then for this network you are the "node". Thus, the node is a local purse that is not completely synchronized with the block.

Once the wallet is fully synchronized and online 24/7, it becomes a "full node". That is, a full node is a local wallet that is fully synchronized and is online around the clock. Its main function is to store all information about the blockchain, check new transactions for compliance with the rules, or reject them when trying to include an inappropriate transaction in a block. Now you are probably thinking, what is the reward for this? In most cases, full nodes run on pure enthusiasm, that is, for free, but not always. It all depends on the chosen cryptocurrency for which the local wallet is launched, more precisely, on the system for generating this coin, but we will talk about this next time and will not deviate from the topic.

Finally, we got to the answer to the question of interest to us at the very beginning, what is a "masternode". From all of the above, it is logical to assume that this is a local wallet that must be fully synchronized and is online around the clock without interruptions. However, the main difference between a masternode and a full node lies in the functions it performs. The main task of a masternode is to maintain the network, from conducting a transaction to providing additional services (depending on the technology of individual masternodes).

For example, take the popular Dash cryptocurrency - it allows completely anonymous transactions that are not recorded on the blockchain using active masternodes. In fact, masternodes partially do the work of miners to process a transaction and for this service they receive a part of the found coins in a new block.

So, I think everyone has already figured out what a master craft is and how it receives a reward. The main question remains: can you run the master tool yourself and what is needed for this? Yes, it is possible and now I will try to tell you what is required for this. First of all, for the launch of the masterpiece, a certain number of coins will be required, as collateral. Yes, this is a mandatory condition and, in fact, additional protection from scammers. Coins can be taken at any time, so do not worry about it. As an example, I will give a few crypto-currencies with the master-tool technology and the number of coins needed as collateral:

• Dash (Dash) Requires 1000 DASH = 175000 $, the profitability per year - 7,6%
• SIBCoin (Battles) Requires 1000 Battles = 1145 $, the profitability per year - 38,4%
• NEM (XEM) Requires 3000000 XEM = 380000 $, the profitability per year - 1,42%
• BitRadio (BRO) Requires 2500 BRO = 1250 $, the profitability per year - 438%
• MonetaryUnit (MUE) Requires 500000 MUE = 50000 $, the profitability per year - 44,35%

We proceed further, for the successful launch of the master, in addition to the collateral, we need a dedicated server or a high-quality VPS, which is connected to the network around the clock and works without interruptions. Of course, there is an alternative option - a masternode can be launched at home, for example, on a Raspberry Pi or any other similar mini-computer. The main condition is the presence of a static IP addresses at which your masternod will be available worldwide. We install a local wallet on a remote server and wait while it synchronizes with the blockchain. 

If you do not want to store the deposit in the local purse on the remote server, then additionally install the purse on your working computer. This will protect yourself and your funds from unforeseen cases and intruders. The main thing do not forget to make a backup of your local wallet on time, so as not to lose all your money, for example, due to hard disk failure.

Once all the items described above are completed, namely, you have the required number of coins for the deposit, the dedicated server and the installed local purse on the computer, you must set up the master log. I will not detail how to set up the masterboard, since for each crypto currency individual settings are used which can be found on the official site of the coin you have chosen. I want to note that there is nothing complicated in this, it is enough to carry out everything clearly and according to instructions.

At this point, we will finish our story, I hope now it became clear to you what a masternode is, how it works and what you need to start it yourself. Finally, I would like to note that coins with masternode technology look quite promising and interesting, and you can make good money on launching your own masternode. The main thing is to choose an interesting and promising coin in the future.