BitCanna has been listed on ZCore’s masternode hosting platform. ZCore will allow you to create and use a cold wallet for your BitCanna masternode. Cold storage means your BCNA coins will be stored offline, i.e. your coins will be disconnected from the internet which will resist theft by hackers and malware.
This method also enables Windows and Mac users to run a masternode. Don’t worry though, you will not leave your coins in the hands of strangers. You will only need to provide a transaction hash to proof you own the collateral of your masternode.
What is a masternode?
A node can simply be understood as a computer that plays a part in ensuring the integrity of a coin network. The crypto space is not only decentralized but also distributed; therefore it functions by several people running nodes from different parts of the world. Two types of nodes can be distinguished; full wallet nodes and masternodes. A full wallet node has a copy of the blockchain and finds new blocks through staking to support the blockchain. A masternode is a type of full node that offers various services to the network and is compensated by the network for this service. You need to provide collateral in the form of 100k BCNA to be able to run a masternode. In return, the Masternode will receive BCNA coins as a reward. It is a great alternative to mining.
What are the advantages of running a masternode?
Becoming a masternode owner is not for everyone, and anyone interested in becoming one should make sure to educate themselves on how masternodes actually work. This will not be for nothing, because masternodes bring some great advantages for both the user as well as the network.
- The user is rewarded with a higher reward per block. You will earn 3.3 BitCanna per minted block. Currently our network contains around 45 masternodes. Our blocktime is 30 seconds, this means you will earn on average around 8.5 BitCanna per hour, for 24 hours a day, 7 days a week, 365 days a year.
- In contrast to full wallet nodes, masternodes can be run from cold storage;your BCNA coins will be stored offline, i.e. your coins will be disconnected from the internet which will resist theft by hackers and malware.
- Knowledge; you will become knowledgeable of the BitCanna blockchain and its network due to the sheer expertise the process demands.
- Masternodes form an additional layer of security for the network. In principle the blockchain can be run with only full wallet nodes, but it will be less secure. With masternodes an additional check is performed per block.
- Masternodes are also required to stay online 24/7 making the network more stable. With massive adoption within the cannabis industry as our purpose we need a stable network able to process a large amount of transactions. The more stable the network, the more reliable the service to the business and consumers. One unique feature of a masternode is the support for “Instant send”-transactions. This enables users to choose if they want to pay a higher transaction fee to make sure their transactions are processed first on the chain. A masternode plays a crucial role in this process since it basically serves as the intermediary between the sender and the receiver.
Why should I run it through ZCore?
ZCore is a decentralized ecosystem that simplifies and standardizes data with blockchain technology. They excel in providing easy-to-use, efficient and secure solutions using blockchain technology. ZCore provides the following advantages to traditional masternode hosting:
- Low monthly fees; ZCore only charges $1,50(!) per month to run your masternode through them in a shared plan.
- Cold storage; As explained before, through ZCore you will be able to store your BCNA coins offline, i.e. your coins will be disconnected from the internet which will resist theft by hackers and malware.
- Low electricity costs; You will not have to keep your PC active to contribute to the network, instead you’ll pay a monthly fee for a server which is minimal in comparison
- Easy to use interface; ZCore provides a very simple interface which will show you all sorts of statistics, such as your portfolio value, your rewards, your forecasts, and also the amount of masternodes hosted through ZCore. We’re currently working to add all the data to the platform.
How can I get started?
If you wish to get started right away, you can find our ZCore masternode hosting guide here. In this guide you will learn how to run a masternode with ZCore. There will also be instructions available on the ZCore website, but we highly recommend to use our guide, since it’s written by the BitCanna team and specified for our blockchain. Additional tips and tricks for the safety of your coins are included in our own guide which makes it more convenient to create your own masternode and start collecting those rewards while helping the network.
Before starting, please make sure you meet the following requirements:
- You have at least 100K BCNA coins
- You have a synchronized and backed-up full node wallet. Learn how to install and how to make a proper back-up here.
- You will need to be able to afford a monthly fee of around 1 to 2 dollars for hosting your server, but you can also set it up for free for 1 day.