Masternode

What is a Masternode?
A Masternode is another way to mine or validate or process transaction on the blockchain. A masternode needs a collateral in order to mine coins and it will be rewarded from the block/s it created. Features or capabilities of masternodes are/can increase privacy of transaction, instant transaction, decentralized governance and voting, and budgeting and treasury system in cryptos. The first cryptocurrency that uses masternode is Dash.

How to setup a masternode?
First you need a desktop wallet with funds for the collateral and for the payment of the network. I would like to use the Bitcoin Incognito(XBI) as an example, let say the collateral is 3000xbi your desktop wallet should have at least 3002xbi. Second you need a VPS ( Virtual Private Server) such as Vultr (www.vultr.com) or Digital Ocean (www.digitalocean.com) or similar VPS. And the third you need a SSH client to access your vps, an example of ssh client are Bitvise(https://www.bitvise.com/) and Putty(https://www.putty.org/). By the way, take note that when setting up masternode or before setting up masternode be sure you encrypt your wallet and backup your wallet.dat, save your wallet.dat to safe storage that you only have the access like a USB flash drive etc… Do not send your wallet.dat or your private keys to someone. When setting up masternode you send your collateral to yourself not to other people.

Below is a video created by the Bitcoin Incognito (XBI) team:

In case you want to run or install a Bitcoin Incognito masternode (XBI) and the script in the video did not work use this script
bash -c “$(curl -ko – https://gitlab.com/sehidcan/xbi_mn/raw/master/mninstall.sh)”
and if your masternode is stuck say when you just set up and stuck at block 6083 or block 6k+
use this script
wget https://raw.githubusercontent.com/nashsclay/XBI/master/xbi_stuck_fix.sh
then make the script executable
chmod +x xbi_stuck_fix.sh
then run the script
./xbi_stuck_fix.sh

And that’s all thank you for reading my simple blog on Masternode. Good luck!

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Want to send some tips? =)

BTC:
bc1q3eyyayqvmwlwaxe44tlasd79nl2l4ztl053nnh

DOGECOIN:
D76t2YkUokEPfWcJGCH5H3bNK4WyxDMZDN

XBI:
BEqJKqrt5MBF9zNYyCJZB4T4arQwJ9CT1s

Earn coins by Staking(Proof of Stake)

Proof of Stake(PoS)
Proof of Stake (PoS) concept states that a person can mine or validate block transactions according to how many coins he or she holds. This means that the more coin owned by a miner, the more mining power he or she has.

In Proof of Stake you can use your laptop or Desktop to mine. Also, In Proof of Stake it uses less electricity compare to Proof of Work ( like bitcoin it uses Proof of Work algorithm). In order to stake coins you need to Download the wallet of the coin you want to stake and deposit your coins (remember the more coins you have the more reward you get). The wallet should be also need to be encrypt or lock then unlock the wallet to stake. To stake coins the computer and wallet needs to be open until the coins reach maturity and it will start staking, some coins has 8 hours maturity and some coins have 24 hours.

But what if you have small amount of coins? If you want to stake if you have small ammount of coins join a staking pool. Staking pool is where you send your coin in staking pool and it will be combined with the coins of other people. By doing this you will get more rewards rather than staking alone. Not only that the pool is always online 24/7. If you join the staking pool send only what you can afford to lose because you are not holding your coins anymore. Example of staking pool is simplepospool.com

How to stake in simplepospool.com? first, create an account or register Click here. After you create an account login and click deposit on the left side of your dashboard.

Then choose the coins you want to stake. For example you choose xp coin, click “Generate Deposit Address” then click “I Understand show me the address”. If you are sending coins from your desktop make sure you have the same wallet version from the one you choose. But what I did is I bought 185k+ xp coins in www.cryptopia.co.nz and send it to my xp coin wallet in simplepospool. The coin will start to stake after it mature for example the xp coin matures in 24 hours. After 24 hours it will start to stake. So after you deposit your coin you can logout and check your stakes after arround 36-48 hours for your first stake/s.

Below is my History of stakes:

And That’s all Goodluck!

Cryptocurrency wallet

from: cryptocurrencyfacts.com

A cryptocurrency wallet is a secure digital wallet used to store, send, and receive digital currency like Bitcoin. Most coins have an official wallet or a few officially recommended third party wallets. In order to use any cryptocurrency you will need to use a cryptocurrency wallet.

How Does a Cryptocurrency Wallet Work?
Cryptocurrency itself is not actually “stored” in a wallet. Instead, a private key (secure digital code known only to you and your wallet) is stored that shows ownership of a public key (a public digital code connected to a certain amount of currency). So your wallet stores your private and public keys, allows you to send and receive coins, and also acts as a personal ledger of transactions.

Types of Wallets
There are a number of different types of wallets you can use including online, offline, mobile, hardware, desktop, and paper. Each “type” refers to what type of medium the wallet is stored on and whether or not the data is stored online. Some wallets offer more than one method of accessing the wallet – for instance, Bitcoin Wallet is a desktop application and a mobile app.

Below are the different types of wallet:

Desktop Wallet: The most common type of wallet. Typically an app that connects directly to a coin’s client.

Mobile Wallet: A wallet that is run from a smartphone app.

Online Wallet: An online wallet is literally a web-based wallet. You don’t download an app, but rather data is hosted on a real or virtual server.  Some online wallets are hybrid wallets allowing encryption of private data before being sent to the online server.

Hardware Wallet: Dedicated hardware that is specifically built to hold cryptocurrency and keep it secure. This includes USB devices. These devices can go online to make transactions and get data and then can be taken offline for transportation and security.

Paper Wallet: You can actually print out a QR code for both a public and private key. This allows you to both spend and receive digital currency using a paper wallet. With this option, you can completely avoid storing digital data about your currency by using a paper wallet.

 

Introduction to Cryptocurrency

From Wikipedia, the free encyclopedia

Cryptocurrency

A cryptocurrency (or crypto currency) is a digital asset designed to work as a medium of exchange using cryptography to secure the transactions and to control the creation of additional units of the currency. Cryptocurrencies are classified as a subset of digital currencies and are also classified as a subset of alternative currencies and virtual currencies. The best example of cryptocurrency is the Bitcoin.

What is Bitcoin?

Bitcoin is a worldwide cryptocurrency and digital payment system called the first decentralized digital currency, as the system works without a central repository or single administrator. It was invented by an unknown person or group of people under the name Satoshi Nakamoto and released as open-source software in 2009. The system is peer-to-peer, and transactions take place between users directly, without an intermediary. These transactions are verified by network nodes and recorded in a public distributed ledger called a blockchain.

Bitcoins are created as a reward for mining. They can be exchanged for other currencies,products, and services. As of February 2015, over 100,000 merchants and vendors accepted bitcoin as payment. Bitcoin can also be held as an investment. According to research produced by Cambridge University in 2017, there are 2.9 to 5.8 million unique users using a cryptocurrency wallet, most of them using bitcoin.