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- A Masternode is a crypto full node (computer wallet) that supports the network by hosting an entire copy of the coin's ledger in real time. They also provide other services, which ones depends on the blockchain. In return, the Masternode will receive crypto coins as a reward. It is an alternative to mining.
- The idea of Masternodes was first used by Dash back in 2014. Now there are many coins using this feature.
- From Bitcoin.com (21-11-2019):
“Masternode” is a term that echoes less often in the cryptosphere these days, but not because user-controlled nodes have fallen out of favor. Rather, the nomenclature has shifted, with “staking” now used to describe the array of blockchains that fall under this banner. As an examination of proof-of-stake chains shows, masternode coins are very much alive.
Masternodes have evolved significantly since then, with Velas’ staking program reflecting this through provisions like pooled staking, for users who can’t muster enough coins to meet the 1 million VLX threshold, and minimal hardware requirements to lower the technical barriers to entry.
Staking has become centralized by custodians such as Huobi, Binance, and Coinbase, who automatically dispense the “passive income” or staking rewards that holders are entitled to. Coinbase takes care of Tezos, while Binance covers an array of coins including NEO, ONT, ALGO, and KMD.
- See mnrank and masternodes.online for an overview of Masternode coins. Again Bitcoin.com (21-11-2019):
"Dash invariably sits top of the list, followed by the likes of zcoin, nuls, and horizen. Below that, things start to get sketchier, with some extremely small market cap coins whose primary raison d’être is to provide a return to masternode operators. The site lists a total of 123 coins and 67,000 masternodes that are currently online."