What is a MasterNode?
Masternode in GMC is a model that applies to all customers who own GMCCoin want to increase the profit value and profit sharing along all the business areas of the company. A masternode on GMC has the following characteristics:
- Masternode is simply a cryptocurrency full node or computer wallet that keeps the full copy of the blockchain in real-time, just like your have Bitcoin full nodes and is always up & running.
- Masternode provides services to GMC users and receives remuneration over time.
Currently there are 2 unique services that GMC does not have. (Please note that these services are decentralized, which means we use them without dependencies and not Have faith in the integrity of any service provider.
For example: We put money in the bank, we have to put their trust in them, if they are afraid of losing money can not put money in the bank. Conversely, with GMC you do not need to trust anyone who can still use without worrying about losing money).
The two services are Exchange and Assistant. Inside:
- Exchange provides the ability to anonymously make transactions on GMC secure high privacy.
- Assistant is a service that helps instantiate instant transactions, equivalent to the speed of credit card transactions, to complete transactions in global connected apps. Each transaction with the Assistant takes only 4 seconds.
To set up a masternode in addition to having a computer with a fixed IP address, you will need to make a deposit of 10,000 GMC as a deposit. However, you can collect monthly payments based on the provision of services to GMC users. Considering this to be an attractive and less risky form of mining than Bitcoin or other digital money.
How to set up Masternode
To make a masternode you need to deposit a sum of 10,000 GMC and you can not touch this amount. Whenever you spend money on this, the masternode will no longer be able to function. Unlike other coin masternodes, you will lose all your benefits, but with GMCCoin Masternodes, you still get a minimum of 18% Stacking per year, only you lose 45% of your profits. % of projects (You quit shareholder).
In addition to the deposit, you will need to invest a computer with a static IP address to run 24 hours a day for community service. At the present time, this server requirement is not high, you can use a virtual server (VPS) for a total cost of $5 / month is enough or Windows PC Ubuntu is connected to the Internet via static IP address.
How much money do you earn with Masternode in a month?
Like Bitcoin, Bitcoin is only born in the mining process, so if Bitcoin users do not want to buy, then race to buy a digging machine to dig a mine, GMC also have other ways to generate new GMC excavation. However, the number of GMC generators is quite large, even every year GMC is born more than Bitcoin (Differential algorithm).
The ways of generating GMCCoin are as follows:
- Mining: Like Bitcoin, GMC can also be produced during excavation, this mining actually helps authenticate GMC transactions. Normally GMC generated in the mining process accounts for about 82% of the total GMC production.
- Masternode: With the masternode mechanism to provide services to GMC users, GMC generates up to 18% of the GMC total.
- Implementation of development projects: With Bitcoin, the funding for the development team depends on community donations (usually not enough) and donor funds. Of course, donors also want to pursue their interests and to keep their independence is not easy. Unlike Bitcoin, GMC has a very democratic mechanism to encourage this development. 45% of the profits generated by GMC’s development projects will be for Masternodes (All revenue will be made public on Fullnodes). This distribution is publicly voted and made entirely decentralized.
At the moment, not many people know and invest in GMC because of its complexity and the development team has not yet had promotional activities so few people know. However, by having a deposit to make masternode to make a profit, so many people will want to invest so with limited supply (less than 5 million GMC is flowing and the number of births is very so it is easy for GMC to raise prices on a regular basis.
What are the risks when setting up masternode?
Setting up masternode is not risky. The risk is mainly due to the maintenance of his wallet. GMC provides a hefty wallet / wallet mechanism for performing masternode. This means that server side running masternode to service provider you do not need to put purse containing its GMC 10,000 which just wallet hot, wallet containing a code generated by wallet has 10,000 GMC in you Even with full control of the server, it is not possible to reverse the lock in the 10,000 GMC.
This 10,000 GMC cartridge can be stored in the freezer (ie offline storage, such as a USB copy, then put into a safe, or printed on paper and stored in a safe …). hacker intrusion.
However, during the masternode upgrade, it is sometimes necessary to connect a cold wallet with a hot wallet to restart the server.
Install masternode need to know what?
To install masternode in addition to the deposit, you need to have certain knowledge of Linux to install and secure the server. However, without knowing about Linux, you do not need to worry about having companies or individuals providing this service such as Node4.0, or some members at GMCexchange.com or Bitcointalk.org. This service level.
You can keep your own GMC wallet and just generate the code for hot wallet so people who help you administer the masternode server can not touch the GMC number in your wallet.
How do I get money from masternode?
Within a few days you will receive a remuneration for your service. GMC’s system will automatically vote to transfer money to the masternode service provider. This implementation is completely automatic, decentralized, ie no control, so the time depends on the voting of the masternode join machines. Normally about 5 days you will receive GMC once. However, in some unfortunate circumstances this may take longer.
The money received will be sent to the address you used to deposit the masternode or you can receive it in a wallet if you do not want to share with Masternode. Even if your wallet is not online, this amount will still come to you and you can spend on the amount received.
What are the other benefits of installing masternode?
With masternode, this is a very different point of GMCCoin compared to other types of digital money. This makes GMCCoin more like a decentralized autonomous organization. This allows it to operate without any control or censorship from any one party, including the development and enhancement of its ecosystem.
Another important feature I want to talk about here is the ability to vote and control decentralized voting. This allows the owner of the masternode to have the right to vote as a member of the parliament, with the right to vote for GMC’s campaigns and development projects.
Due to the overwhelmingly decentralized electoral mechanism, ie the system will automatically control based on algorithms and open source and unmanaged by human will, the GMC system has to be True democracy ensures that approved projects meet the long-term interests of the community.
Only owners of masternode have the right to vote, this is also reasonable because only those who commit to dare to spend a lot of money to own masternode have the right to vote for the development projects for GMC.
If a project is voted for by a majority of the community, then at the end of the month it will receive a sum of money generated from the GMC system, which accounts for 45% of the total project budget. is born every month of the whole system.
Each masternode owner has the right to vote multiple times for a project, but only the last one will work. That means that if the original project sounds intriguing but the performance is not good then the result will not get paid.
The masternode also has the right to recommend development projects for the GMC system, and if approved, the proponents and implementers of the project will be paid a fee.
Why have to deposit a new GMC 10,000 masternode?
This is a secure mechanism for GMC to prevent attacks. Suppose a person wants to attack the Exchange or Assistant services, he needs to buy more than 50% of the masternode. But leaving a large amount of money to buy will make GMC rise and the cost of the attack will be prohibitively expensive.
Source: GMCCoin Development Team !!!