CryptoURANUS Economics: Masternode: Defined in CryptoCurrency


Tuesday, August 7, 2018

Masternode: Defined in CryptoCurrency

Masternode: Defined in CryptoCurrency

A masternode is defined as a manager for the Dash cryptocurrency system that performs special jobs and earns Dash as a reward for the work.

A node is defined as any computing device (computer, phone, etc.) that is maintaining a network. 

Cryptocurrencies are supported by a network of computers each keeping a digital record of the data known as a blockchain. 

A computer, a phone, or any other computing device that can receive, transmit, and/or contribute to the blockchain is a node.

A masternode is more than just a node. It has a managing role and special jobs that regular nodes don’t have.
  • A masternode’s managing role is to vote on proposals to improve the Dash system. Every masternode gets one vote.
  • A masternode’s special jobs include creating instant transactions, known as “InstantSend”, and private transactions that hide the fact that you’ve sent money, known as “PrivateSend”.

Anyone can get a masternode, they just need enough money to get 1,000 Dash.

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