What is Masternode Cryptocurrency?

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Distributed Ledger Technology (DLT), also known as Blockchain technology, has brought with it a plethora of new words and definitions. Masternode is one of those new words.

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Let’s try to understand this unexplored space of the crypto and Masternode ecosystem!

What is a Masternode?

Masternode, in simpler terms, is a series of servers that support the decentralized blockchain network. Most of the Masternodes work on consensus mechanism known as Proof-of-Stake or Hybrid Proof-of- Stake + Proof-of-Work. Masternodes are the nodes in the immutable blockchain network which processes instant transactions and introduce new blocks in the network.

Masternodes which are involved in the network receives tokens as a reward for their contribution.

Technically, Masternode is a cryptocurrency full node which can also be considered as a computer wallet that stores the complete copy of the active blockchain in real time.

Dash was the first coin to originally develop the masternode to implement services like InstaSend, PrivateSend, and Decentralized Governance. Like nodes function separately as compared to normal nodes. Masternodes own a unique features and specification apart from just storing the copy of blockchain and sending transactions.

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