Gentarium: Mystery of A Masternode Setup Solved
These days everyone who is following or keeping an eye on blockchain and cryptocurrencies stories have noticed the word “masternodes”. Today I would like to go through solutions for setting up this complicated process for the average crypto enthusiast.
What are the main steps to create Masternode?
Each project will tell you the number of their coins you need to purchase in order to set up one full Masternode. This will depend on project to project as well as price. Usually, the first 5, 10 or even more Masternodes will be much cheaper with much higher ROI (rate of investment). It is done to encourage the initial buyers to invest quicker and in a larger amount of Masternodes.
Let me repeat again what exactly Masternode does. They simply keep records of all blocks of a chain of a project. Blocks are created within the system and network. Building blocks are needed in order to create any transaction in any of blockchain projects.
Steps towards your first Masternode
In order to start Masternode, you first buy coins as we spoke already. Once this is done, the second step would be to set up the system. Now we come to a deeply technical process that scares most of the people who are normal Internet users and not specialists.
Next step will be a selection of VPS (virtual private server) hosting and setting it up. Every project will have some proposals for VPS but most often it is suggested to use Vultr.com where prices are friendly and technical indicators are good for Masternode hosting.
Let’s assume that you have to build a VPS platform to create your first Masternode. If earlier steps were somehow manageable through tutorials and training videos, then the next steps would confuse a lot of us. Many crypto fans who would be interested in this passive income with high ROI, get discouraged to start this business because of the complicated process.
What is the solution to?
Platform that hosts your Masternode
What if someone else instead of you hosts, does all the technical setup? It is possible, more to it – there is the platform that does it all! Meet Gentarium, the first platform that hosts and sets up masternodes from different blockchain projects on one platform.
If you would look into the Gentarium platform as a registered user (you don’t pay any fee for registration itself), you would find 14 A grade coins and 81 B grade coins are supported on this platform.
What is a difference between A and B grade coins? There is a short explanation next to each section. A grade coins “represent working product or innovative technology on blockchain”. While B grade is those coins “that represent upcoming, but not working product adhering to the roadmap”.
Placing your masternode on Gentarium platform
Let’s go through the process of setting up masternode of project X on Gentarium platform. You will find the good video that shows on Defense coin – how to move your coins to Gentarium platform and set up masternode.
Main steps are as follows:
– On the dashboard start with Create new masternode – name your masternode (f.e.MN1-XX project) and choose a project from the drop-down menu under Blockchain name. Press Next
– on the next step, you will need transaction ID and output index. Here below is attached step by step guide how to do that. You will need to open wallet of the project which coins you want to send to create masternode and do certain steps there also.
– and press button Install.
Each of the projects has their own number of coins that you need to have in order to set up masternode. The example in the picture above is Divdend.Cash that requires 1000 DVD coins to set up one full masternode.
Right now the platform is for free but soon this would be a paid platform, around $7 / monthly that is only a little more than hosting on Vultr. Difference is that you don’t have to hire someone to set up all VPS hosting as well as to setup of your masternode.
Shared masternodes on Gentarium
Recently project introduced also shared masternodes that basically means that you own partially some masternode of any project. Directly from the platform, you can buy coins or, if you already own some, just invest in an open project. On September 19, 2018, there are 13 projects where you can invest in shared masternodes.
Platform clearly indicates ROI, required number of coins, price in BTC, how many masternodes are hosted on Gentarium platform where you can invest. There will be also the possibility to see in how many exchanges you can purchase coins.
When one starts to buy coins, you will be redirected to the particular exchange. That means you need to have an account to be able to buy the selected coin on that exchange.
There are many pros for this project: easy and fast to set up masternode, technical questions are not important anymore, possibility to buy shared masternodes. Another bonus is that you can keep several masternodes on one platform that makes it easy to follow processes in one place.