Oh yeah for sure, out of all the Masternode projects out there how many actually do something? Not many for sure, so it’s understandable that “Masternodes” has got a bad name within the community.
We have a huge network of MN’s which are essentially computers all over the world in a huge decentralised network. It blows our minds that nobody has capitalised on this yet as there is so much you can do with them. Our plans are to use them to host services and dApps on our platform. Of course there needs to be incentive to run these services so we have a two stage approach to that.
First our block rewards are split 45% to Masternodes, 45% to Staking and 10% to treasury for development.
In addition to block rewards Masternodes also can gain additional revenue by collecting fees from services their MN runs on the network. A great example of this will be our upcoming Lightning DEX where all trading fees generated go back to the Masternodes hosting it.
By the way if you want to join the beta and see our new Multi-Currency Wallet in action and test the DEX head on over to the Discord and ask a team member to be added to the beta.
Topic: T-POS Trustless Proof of Stake (Read 226 times)
If for example you are running a Masternode on a VPS or something then you can also use that same VPS to run a Merchant Node for the TPoS too.
So merchant node does not necessarily means masternode ?
No a merchant node is a TPoS node essentially that’s run by a 3rd party that will provide a machine to validate the network in your place. It is essentially a Staking node that’s not holding any actual coins. Instead the network knows it is staking x weight of coins on behalf of someone else because of the TPoS contract.
Masternodes for Stakenet run services and collect fees from those services. For example they store and maintain all the various Blockchains for the Multicurrency wallet, run Lightning nodes and route lightning swaps and transactions, provide watchtower services, route privacy features through TOR and host our Lightning DEX.
As I said earlier we are working on making TPoS contracts available as a service to Masternode owners for further additional income and ease of setup with a simple 1 click and forget approach which will auto assign your contract to a MN for hosting. We are currently looking at using a flat commission for this at say 10% of the block reward won. This leaves the door open for TPoS merchants to still run dedicated Merchant Nodes that can come in under 10% for bigger contracts.
That is all great, but the main problem of this wonderful project are the masternodes, because they are mainly associated with scams. We saw dozens of scam projects based on masternodes.
If for example you are running a Masternode on a VPS or something then you can also use that same VPS to run a Merchant Node for the TPoS too.
So merchant node does not necessarily means masternode ?
No a merchant node is a TPoS node essentially that’s run by a 3rd party that will provide a machine to validate the network in your place. It is essentially a Staking node that’s not holding any actual coins. Instead the network knows it is staking x weight of coins on behalf of someone else because of the TPoS contract.
Masternodes for Stakenet run services and collect fees from those services. For example they store and maintain all the various Blockchains for the Multicurrency wallet, run Lightning nodes and route lightning swaps and transactions, provide watchtower services, route privacy features through TOR and host our Lightning DEX.
As I said earlier we are working on making TPoS contracts available as a service to Masternode owners for further additional income and ease of setup with a simple 1 click and forget approach which will auto assign your contract to a MN for hosting. We are currently looking at using a flat commission for this at say 10% of the block reward won. This leaves the door open for TPoS merchants to still run dedicated Merchant Nodes that can come in under 10% for bigger contracts.
There is a guide here for how to setup a Merchant Node:
https://link.medium.com/iIWAD8lRh1
If for example you are running a Masternode on a VPS or something then you can also use that same VPS to run a Merchant Node for the TPoS too.
So merchant node does not necessarily means masternode ? How to set up a merchant node ?
Ok so how TPoS works in basic terms is you get your coin and put them in your wallet. You can then either leave the wallet running 24/7 and stake normally or you can use TPoS. If you run TPoS then a different machine will take your place in securing/validating the network and you can close your wallet and keep your coins offline.
Now this merchant node you can setup yourself if you wish OR you can hire someone to run one for you.
If for example you are running a Masternode on a VPS or something then you can also use that same VPS to run a Merchant Node for the TPoS too. So in your wallet with your coins in you essentially tell the network this machine over here is staking on behalf of my coins. The machine doing the actual staking has zero access to your coins so there is no risk at all as the coins never leave your offline wallet.
When you set it up you also set a % commission for the merchant node so for example you can set it at 10%. When a block reward is won it is automatically split so in this case 90% goes to your offline wallet and the 10% goes to the merchant node.
For more info just ask or check out this article on Staking with Stakenet:
https://link.medium.com/jvgTVIzPh1
Also one here for their Masternodes and what they do in regards to running services:
https://link.medium.com/IfYIo6CPh1
Finally there is a great video that was put out yesterday which explains what Stakenet is doing and the overall vision so highly recommend you check it out:
https://youtu.be/sXj3_qKSUBk
Now this merchant node you can setup yourself if you wish OR you can hire someone to run one for you.
If for example you are running a Masternode on a VPS or something then you can also use that same VPS to run a Merchant Node for the TPoS too. So in your wallet with your coins in you essentially tell the network this machine over here is staking on behalf of my coins. The machine doing the actual staking has zero access to your coins so there is no risk at all as the coins never leave your offline wallet.
When you set it up you also set a % commission for the merchant node so for example you can set it at 10%. When a block reward is won it is automatically split so in this case 90% goes to your offline wallet and the 10% goes to the merchant node.
For more info just ask or check out this article on Staking with Stakenet:
https://link.medium.com/jvgTVIzPh1
Also one here for their Masternodes and what they do in regards to running services:
https://link.medium.com/IfYIo6CPh1
Finally there is a great video that was put out yesterday which explains what Stakenet is doing and the overall vision so highly recommend you check it out:
https://youtu.be/sXj3_qKSUBk
So, I have to rent my node to my supernode, that will act as a validator while my wallet is offline ? That way I can rent out my node to someone else as well ?
Technologically, this is great. Trustless proof-of-stake seems like another new innovation that makes POS more convenient because we no longer have to maintain an online node/server to stake for us. However, just like the ICO HYPE back in 2017, this seems doesn't seem to be anything that could be game changing unless it is properly executed with real world adoption.
What use is a cryptocurrency, how easy it is to stake with, if nobody uses it in the real world?
What use is a cryptocurrency, how easy it is to stake with, if nobody uses it in the real world?
Correct, but you also need to find Merchant node to run the contract or running the Merchant node by yourself in order to get the reward for your offline wallet.
You can read this article for detailed information about T-POS: https://medium.com/stakenet/trustless-proof-of-stake-tpos-wallet-staking-and-pooled-staking-c57245eb9640
That’s true for now but we are working on offloading the TPoS contracts to our Masternode layer as an additional service for them to run. When this happens it means that TPoS will be a 1 click solution, just hit the button to start TPoS and your contract will auto assign to an available MN.
It’s also worth noting that you can be your own TPoS merchant if you want. So you have your coins in 1 wallet, set a different wallet up as the merchant node to run your contract and provide the network security in your place while you keep your actual coins offline or in a hardware wallet.
So we do not have to set the Merchant node from the beginning and we can use an available MN on the network to assign the work?
do we need permission from the masternode users to assign the job? and what is the expected time for this update?
Thanks a lot. So I need to set up a contract before going offline ?
Correct, but you also need to find Merchant node to run the contract or running the Merchant node by yourself in order to get the reward for your offline wallet.
You can read this article for detailed information about T-POS: https://medium.com/stakenet/trustless-proof-of-stake-tpos-wallet-staking-and-pooled-staking-c57245eb9640
That’s true for now but we are working on offloading the TPoS contracts to our Masternode layer as an additional service for them to run. When this happens it means that TPoS will be a 1 click solution, just hit the button to start TPoS and your contract will auto assign to an available MN.
It’s also worth noting that you can be your own TPoS merchant if you want. So you have your coins in 1 wallet, set a different wallet up as the merchant node to run your contract and provide the network security in your place while you keep your actual coins offline or in a hardware wallet.
1. Correct, it allows you to get access to all of your funds and rewards.
2. It depends on the network if the reward is based on percentage that means you will get the reward based on percentage and if the reward is fixed, you will get a fixed reward.
3. It is safe and stable because the Merchant Node will run the contract and then it will replace the validators if it is offline keeping the network safe.
TPOS works like this:
Your wallet -> Set up a contract before going offline -> Merchant Node picks the contract, either you run it by yourself or you hire someone else to run it -> Wallet goes offline -> Rewards
it is actually the same as replacing the wallet that you want to stake with another wallet to run the staking process.
2. It depends on the network if the reward is based on percentage that means you will get the reward based on percentage and if the reward is fixed, you will get a fixed reward.
3. It is safe and stable because the Merchant Node will run the contract and then it will replace the validators if it is offline keeping the network safe.
TPOS works like this:
Your wallet -> Set up a contract before going offline -> Merchant Node picks the contract, either you run it by yourself or you hire someone else to run it -> Wallet goes offline -> Rewards
it is actually the same as replacing the wallet that you want to stake with another wallet to run the staking process.
So are coins that do term deposits like ROI and HODL technically TPOS then? as they have set terms and "stake" offline
TPOS is kinda new to me, sounds like it could have some interesting use cases tho...
Thanks a lot. So I need to set up a contract before going offline ?
Correct, but you also need to find Merchant node to run the contract or running the Merchant node by yourself in order to get the reward for your offline wallet.
You can read this article for detailed information about T-POS: https://medium.com/stakenet/trustless-proof-of-stake-tpos-wallet-staking-and-pooled-staking-c57245eb9640
ahh nice, thx ill read that
Thanks a lot. So I need to set up a contract before going offline ?
Correct, but you also need to find Merchant node to run the contract or running the Merchant node by yourself in order to get the reward for your offline wallet.
You can read this article for detailed information about T-POS: https://medium.com/stakenet/trustless-proof-of-stake-tpos-wallet-staking-and-pooled-staking-c57245eb9640
1. Correct, it allows you to get access to all of your funds and rewards.
2. It depends on the network if the reward is based on percentage that means you will get the reward based on percentage and if the reward is fixed, you will get a fixed reward.
3. It is safe and stable because the Merchant Node will run the contract and then it will replace the validators if it is offline keeping the network safe.
TPOS works like this:
Your wallet -> Set up a contract before going offline -> Merchant Node picks the contract, either you run it by yourself or you hire someone else to run it -> Wallet goes offline -> Rewards
it is actually the same as replacing the wallet that you want to stake with another wallet to run the staking process.
2. It depends on the network if the reward is based on percentage that means you will get the reward based on percentage and if the reward is fixed, you will get a fixed reward.
3. It is safe and stable because the Merchant Node will run the contract and then it will replace the validators if it is offline keeping the network safe.
TPOS works like this:
Your wallet -> Set up a contract before going offline -> Merchant Node picks the contract, either you run it by yourself or you hire someone else to run it -> Wallet goes offline -> Rewards
it is actually the same as replacing the wallet that you want to stake with another wallet to run the staking process.
Thanks a lot. So I need to set up a contract before going offline ?
1. Correct, it allows you to get access to all of your funds and rewards.
2. It depends on the network if the reward is based on percentage that means you will get the reward based on percentage and if the reward is fixed, you will get a fixed reward.
3. It is safe and stable because the Merchant Node will run the contract and then it will replace the validators if it is offline keeping the network safe.
TPOS works like this:
Your wallet -> Set up a contract before going offline -> Merchant Node picks the contract, either you run it by yourself or you hire someone else to run it -> Wallet goes offline -> Rewards
it is actually the same as replacing the wallet that you want to stake with another wallet to run the staking process.
2. It depends on the network if the reward is based on percentage that means you will get the reward based on percentage and if the reward is fixed, you will get a fixed reward.
3. It is safe and stable because the Merchant Node will run the contract and then it will replace the validators if it is offline keeping the network safe.
TPOS works like this:
Your wallet -> Set up a contract before going offline -> Merchant Node picks the contract, either you run it by yourself or you hire someone else to run it -> Wallet goes offline -> Rewards
it is actually the same as replacing the wallet that you want to stake with another wallet to run the staking process.
I would like to discuss Trustless Proof of Stake
We know that it is capable of storing and staking coins offline and it is considered as a most secure POS. Cold staking sounds great, but I have couple of questions.
1. Does it mean that I can stake coins offline for lets say 10 years and after going online I will access all the rewards I have earned since being offline ?
2. Is the block reward fixed or based on percentage ?
3. How stable is blockchain, since most of validators are keeping coins offline and wallets are inactive ?
We know that it is capable of storing and staking coins offline and it is considered as a most secure POS. Cold staking sounds great, but I have couple of questions.
1. Does it mean that I can stake coins offline for lets say 10 years and after going online I will access all the rewards I have earned since being offline ?
2. Is the block reward fixed or based on percentage ?
3. How stable is blockchain, since most of validators are keeping coins offline and wallets are inactive ?
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