Masternodes: The hot, the cold and Rapture’s Hot Wallet Service
If you’re like me and the thousands of other cryptocurrency fans out there, then you have probably managed to stumble upon the term: Masternode. In case you didn’t know, a node could be simply defined as a computer or device that contributes services to a network by sending and receiving data. A masternode, on the other hand, is slightly more special and complex. It offers the same services that a node does, and in addition provides functions commonly known as ‘PrivateSend’ and ‘InstaSend’. Masternodes also require a specific collateral in order to operate, which adds security and stability to the overall value and ecosystem surrounding the currency in question. It return for providing such services, a set amount of rewards are issued to the owner.
When it comes to, “how” to own and manage a Masternode there are basically two preferred options once the required collateral is obtained:
- Have a dedicated IP from your ISP while maintaining a 24 hour up time on your PC where your wallet is installed. Failure to keep your PC running will lead to an disruption in rewards received and/or the interval in which they are received. This method is not recommended.
- Hot + Cold wallet setup. In short; the hot+cold wallet set-up is a process in which the the masternode is configured to operate on a remote server, which runs 24 hours a day with various forms of redundancy. while the collateral stays in the owner’s control in their local PC wallet. The rewards generated via the remote masternode are also sent directly to the owner’s local wallet where their funds are protected, secured, and always in their control.
The “hot” wallet, runs on Linux which means this portion of the setup requires a basic understanding of how Linux works as well as the ability to follow advanced user instructions for inputting code. In addition to this you will need a subscription to a VPS ( Virtual private Server). These subscriptions are usually in the neighborhood of $1.25-$2.50 per month (USD). This will allow you to deploy a full wallet on a remote server, that runs 24 hours a day, in order to allow the special functions mentioned above. This process can be a set back for newcomers and users interested in owning a Masternode due to the cost and time required to manage server security and stability.
The “cold” wallet portion of the setup is fairly straight forward. This is your Windows/Mac wallet. There are a few required steps that which gather information in order to prove the ownership of the required collateral amount, and a remote function which activates the cold wallet on the remote server. Due to the fact that the “hot” wallet is doing all the work remotely, you are able to turn off your “cold” wallet or shut down your PC at anytime while still receiving Masternode rewards .
Yet again the Rapture project has created an innovation like no other. Rapture Hot Wallet Service provides a simple, effective, and efficient solution for both new users who are lacking the technical experience to configure a Linux VPS, and experienced users looking to consolidate their masternodes and greatly reduce monthly server costs.
What if you could have a VPS service to run the “hot” portion of your Masternode for a fee of $1/month (USD)? What if the service was payable in the form the digital currency? What if the cost could be constantly adjusted, so that it would always be equal to $1/month?What if your server fees were benefiting charities and those in need? The Rapture community found a solution and it’s called the Hot Wallet Service.
The Rapture team has put together this service in order to provide a fairly priced service while creating another way to give back to those in need. There is a small enrollment fee for every masternode registered of which a portion will be donated to one of the registered charities partnered with Rapture.
Why choose the Rapture HWS solution?
- Rapture has a great support team who is willing and able to guide you every step of the way
- Even if you already have Masternodes running yourself, Rapture is offering this HWS service at the lowest price available at time of writing.
- You pay the service fee in the form of $RAP. This basically means the rewards from your masternode pay for the service (roughly 2 days worth of rewards)
- A portion of the enrollment fee goes to charity, and you’re helping to build a use case for cryptocurrencies in the non profit and charitable organization space.
You can come visit the Rapture community or sign up for your new RAP HWS through Discord . Check out the #hot-wallet-service, let them know how many slots you want and the rest will be seamless.
Have a different coin with Masternodes? There’s something for you as well
You can view the Charity Broadcast agreement and proposal Here.