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Masternodes

Introduction

The Syscoin masternode system was implemented in Syscoin 3.0 and was launched during the upgrade hard fork on May 1st 2018.  Syscoin masternodes are based on Dash masternodes, and they provide numerous services for the Syscoin network including InstantSend, PrivateSend, and decentralised governance. WIth governance, users can make proposals for Masternode funding (eg. for community marketing purposes) and Masternode owners can then vote for proposals they wish to see funded. Proposals will be viewable via web-based portal, scheduled to launch soon. Funding comes from the block reward, which is released onto the network roughly every 60 seconds via conventional mining. 75% of the block reward is sent to a randomly selected masternode - this is approximately 25 SYS.

Services

As well as the basic Dash masternode functions, Syscoin masternodes will provide many other network services - such as Blockmarket content indexing and Z-Dag instant asset transfers. Many more masternode innovations will come with further developments to the Syscoin protocol, and we expect to see these masternodes establish themselves as significantly enhanced versions of their predecessors.

Hosting Requirements

To host a masternode you must pledge 100,000 Syscoins to the network. This 'collateral' is then locked up for the lifespan of the Masternode, but can be released by the owner at any time.

Rewards can estimated using this online calculator: sysnode.info

You will also require the following:

  • Virtual Private Server (VPS) running Ubuntu 16.04 LTS x64
  • 1+ CPU
  • 2GB+ memory
  • 40GB+ SSD hard drive
  • Static IP Address

For an excellent setup guide, including install script, please visit Justin Silver's blog

Syscoin is available for purchase at all good cryptocurrency exchanges, such as Bittrex, Poloniex, and Binance

 

List of Masternodes in the Syscoin 3.0.2 wallet - May 7th 2018

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