Smartnodes Payment FAQ

apt99 (40)in #smartnodes • 7 years ago (edited)

Congratulations! Your smartnode is up and running but when do you get your rewards is the key question people have on their minds. This FAQ hopes to answer most of the questions you may have regarding payments.

1. Is your node qualified?

The smartnode system punishes new node. It order to do this node payments which do not have more confirmations that there are node are not qualified for payment. As an example if there are 8000 nodes, then 8001 confirmations are required.

2. How do I check how many confirmations my node payment has?

You can check the confirmations in your desktop wallet, in a few easy steps

Open your desktop wallet and ensure it is synced
Press the send button
Press the inputs button
Find you node payment (10000) and look at the number of confirmations

3. Ok, My Node is qualified, when do I get paid?

A payment is made every 55 seconds, which equates to 1571 payments per day. All nodes should be paid once, but a node gets a second payment. The payment cycle is the number of nodes / 1571.

Hence, if there are 8000 nodes, the payment cycle = 5.09 days

Of course, it is possible you could be paid before 5.09 days or after.

4. Can I lose my place in the payment cycle?

The system gives preference to the oldest smartnodes, hence it's vital to ensure your node stays online. Your node can be offline for less than 60 mins without an issue.

However, after 60 mins the nodes status will become EXPIRED, and after 180 mins the node's status will be NEW_START_REQUIRED. Both of these can impact the time of your payment.

5. I've heard some nodes get paid multiple times, why?

When the smartnodes system was first launched, the criteria was not followed to allow the network to upgrade. After a third of nodes were paid, the payment criteria is strictly enforced.

6. Yes, but I can see some nodes are still getting multiple payments?

There are a few exceptions where this is still occurring. In most cases, this is due to a payment to a node, not being recorded and the system paying the node again as it believes the node has not been paid. The beauty of the blockchain is we can see those payments.