Masternodes-the Backbone of E3T Blockchain Platform
What is E3T?
E3Hubs, the largest incubation hub in Southeast Asia, is embarking on a grand blockchain project by creating a global digital economy platform that is powered by its native token, E3T. We believe that E3T will help build a vibrant token economy for our closed-loop ecosystem comprising startups and entrepreneurs.
In order to achieve our dream, we plan to build a robust blockchain network comprising validator nodes and masternodes. Together they will help maintain the functionality and the integrity of the E3T blockchain.
What is a Masternode?
A Masternode is a cryptocurrency full node wallet that supports the network by hosting an entire copy of the blockchain in real time. In return, the Masternode will receive cryptocurrencies or tokens as a reward. It applies only to networks that run on Proof of Stake or Proof of Authority networks.
Masternodes can be hosted on a series of virtual private servers, forming a cluster of validator nodes within a blockchain network. Alternatively, all of the masternodes can be hosted on a single virtual private cloud like AWS.
A Masternode has a few important roles in a blockchain network:
- Validating transactions
- The right to vote for proposals to improve the coin/token
- Enabling a treasury and budgeting system in the cryptocurrency
Hosting a masternode enables you to earn passive income from participating in network maintenance functions which include receiving gas fees by validating transactions. Besides that, you can also earn from the appreciation of the value of the coin you are holding.
Benefits of Hosting a Masternode on E3T Network
At E3T, there are two types of Validators – Master Validators and Secondary Validators.
All Validators are important to the E3T Blockchain as we are built on Proof of Authority protocol and validators play an important role in validating the transactions of our members.
Master Validators are holders of Masternodes. They are the industry leaders of any of the seven stakeholders with which E3T Blockchain is engaging – Government Agencies, Entrepreneurs, Corporates/Businesses, NGOs, Investors, Academia and Developers. Entry as Master Validators is by invitation only.
Secondary Validators are validators who have influence in any of the seven stakeholders communities. They are voted by the community on a yearly basis to act as a Secondary Validator.
CRITERIA OF MASTER VALIDATORS OF E3T BLOCKCHAIN:
- Must be a registered company/NGO/academic institution/government agency/entrepreneur influencer/investor group/developer group
- Must agree to host a Masternode for at least two years
- Must support the vision of E3T
- Must hold at least 4000 USDT of E3T for at least 1 year
- Note: Hosting a Validator Node will require server hosting. Master Validators can arrange their own server at their own cost. Alternatively, Validators can request for E3 to arrange hosting with AWS. Hosting a node in AWS is estimated to be US$420 a month.
BENEFITS OF BEING A MASTER VALIDATOR:
- Validator Rewards
- Access to a network of worldwide entrepreneurs under the Global Entrepreneurs Accelerator Network (GEAN)
- Potential earnings from appreciation of the value of E3T
- Earnings from validator notes:
- 10 E3G/5s block
- 1 E3G = 0.06 E3T
- A reserved seat in the GEAN Council (as long as you are a Masternode)
- Council will have the right to vote to recommend projects for funding by the GEAN community.
- Council will also vote to include new Master Validators. Masternode Council members will have the right to veto the inclusion of new Master Validators.
SECONDARY VALIDATORS:
Secondary Validators are voted by members of GEAN to represent their communities. The communities are the 7 stakeholders communities – Govt Agencies, Entrepreneurs, Corporates/Businesses, NGOs, Investors, Academia and Developers. Entry as Secondary Validators are by voting in their respective communities.
CRITERIA OF SECONDARY VALIDATORS OF E3T BLOCKCHAIN:
- Must be a registered company/NGO/academic institution/government agency/entrepreneur influencer/investor group/developer group
- Must agree to host a node for one year
- Must support the vision of E3T
- Must hold at least 50,000 E3T for a period of 1 year during the duration of the appointment as a Secondary Validator.
- To be eligible for nomination as Secondary Validator, the nominee must hold at least 50,000 E3T to be considered for nomination as Secondary Validator in the nominee’s community.
- Note: Hosting a Validator Node will require server hosting. Master Validators can arrange their own server at their own cost. Alternatively, Validators can request for E3 to arrange hosting with AWS. Hosting a node in AWS is estimated to be US$420 a month.
Benefits of being a Secondary Validator:
- Validator Reward
- Access to a network of worldwide entrepreneurs under the Global Entrepreneurs Accelerator Network
- Potential Earning from appreciation of the value of E3T
- Earnings from validator notes:
- 10 E3G/5s block
- 1 E3G = 0.06 E3T
- An elected seat in the GEAN Council
- As a member of the Council, council member will have the right to vote to recommend projects for funding by the GEAN community.
You will need a VPS, Virtual Private Server, with almost zero downtime. Your server needs to run 24 x 7 x 365. That means that you will have to hire the best virtual server hosting service in your location.
Along with a dedicated server, you will need a dedicated IP. Your IP will be your technical identity in the network where you invest.
References
- https://cryptodigestnews.com/blockchain-basics-what-is-masternode-dbed481a846e
- https://medium.com/@stevekrohn/masternode-how-it-benefits-crypto-investors-7099aee9c373
- https://medium.com/ttm-group/why-owning-a-masternode-is-a-good-idea-here-are-the-facts-15961c74418e
Posted from my blog with SteemPress : http://www.blockchainguide.biz/masternodes-the-backbone-of-e3t-blockchain-platform/