Topic: mynoderocks.com- A shared master node website. (Read 60 times)
couldn't find any else. started with a small amount of STAK on mynoderocks. lets see how it goes. to be honest, pretty sceptic about it. but there are only worst alternatives out there...with excel sheets...
I recently started checking out Proof of stake mining so that I could run master nodes using my laptops at home and in the process, I realized that the requirements for proof of stake for some good coins are just way to expensive. So I started mining coins that have hybrid mining system like a combination of POW/POS. In the process of researching further, I found a website called mynodesrock.com where you can get rewards for staking as many coins as you can. So if a coin needs 5000 coins to create a master node and you have 2000 coins then using the services of mynoderocks.com you can stake those 2000 coins and start getting rewards for those 2000 coins in return of 1-10% of the reward as a fee. This works because there are multiple people are also staking their coins as well which in turn creates a shared master node. This is an interesting service because it addresses the problem that not everyone can afford a master node and gives everyone a chance to stake their coin and get rewards.
Though its an interesting project there are some concerns. They have a very limited number of coins that you can stake. 27 to be accurate. Some of them are good coins like ALQO, DNR, DEV, XRH, SYS, etc. But that's about it. Also, their fees could get high. If they charger you 10 percent of your rewards as fee then you will be taking away only 90% of the rewards. So let's say we are staking 1000 DEV. The rewards of a DEV master node is 73000 coins a year for staking 5000 coins. You will end up getting 14600 for staking 1000 coins. If the fee ends up being 10% then you pay 1460 coins. That's equal to 3400 dollars at today's rate of $2.33/DEV. That's a lot of money as fees. There is also the possibility that they might just shut shop and make away with your coins but I guess that's the case with every exchange and online wallet service there is. They state on their website that they do not store passwords and only give importance to usernames and email ids. They say they prefer storing in a cold wallet but only time can tell if they are honest about their service or just biding their time to scam people.
Are there any other services like mynoderocks.com out there that have a larger offering, are a bit cheaper and can provide better security?
Though its an interesting project there are some concerns. They have a very limited number of coins that you can stake. 27 to be accurate. Some of them are good coins like ALQO, DNR, DEV, XRH, SYS, etc. But that's about it. Also, their fees could get high. If they charger you 10 percent of your rewards as fee then you will be taking away only 90% of the rewards. So let's say we are staking 1000 DEV. The rewards of a DEV master node is 73000 coins a year for staking 5000 coins. You will end up getting 14600 for staking 1000 coins. If the fee ends up being 10% then you pay 1460 coins. That's equal to 3400 dollars at today's rate of $2.33/DEV. That's a lot of money as fees. There is also the possibility that they might just shut shop and make away with your coins but I guess that's the case with every exchange and online wallet service there is. They state on their website that they do not store passwords and only give importance to usernames and email ids. They say they prefer storing in a cold wallet but only time can tell if they are honest about their service or just biding their time to scam people.
Are there any other services like mynoderocks.com out there that have a larger offering, are a bit cheaper and can provide better security?
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