What is a master node?
In exchange for having a certain amount of collateral in your wallet, you can set up a masternode that gets a share of the reward, every time a block is found. In this case, the share would be 75% of the reward. In return, your masternode should do something called coin mixing. It will also help with processing dark send and instant tx transactions. Masternodes actually do this function with Dash. Furthermore, unless Masternodes are enforced, there is a way someone can bypass this and have a wallet that does not pay to Masternodes. It appears many of the masternode plus POS 2.0 clones do not do this function properly, from what I can determine. Could be wrong....I'm probably not going to be involved in this coin unless the Masternodes actually do what they are supposed to and are enforced like in Dash. Of course, over 1.3 BTC needed to get a Masternode is a big investment. Probably out of my price range anyway.
Thanks for the great explanation. I think I understand it mostly but do I need to buy a server or a new master node computer to run this or is it all in my wallet. I dont have extra money to be buying private servers or separate machines to turn into a cbit miner.
It all works in the wallet. No need for private server.
But how do I set up the node? Is it going to be complicated? I've never owned a master node before.
Here are instruction for setting up a masternode for Fade coin in their OP. (An abandoned coin that was taken over and now the takeover is going nowhere too.) https://bitcointalksearch.org/topic/fade-dark-crypto-at-its-best-ninja-launched-sha256-pow-pos-mn-1068458
I'm sure the instructions for this coin will be similar, with a few different parameters.
Thanks Bones. Looks like I should be able to set one up pretty easily even with my limited computer skills. I Just sent over 1.4 btc and I'll be buying 14000 coins to run a node and have a few left over. Thanks for all your great answers. You have been more then helpful.
