BZEdge mandatory upgrade

BZEdge MasterNodes

This is it! After working hard on implementing Masternodes and testing them, they are ready for mainnet release.

Why?

There are two reasons behind BZEdge’s need for masternodes:

1. Security! In the past year, many 51% attacks have taken place against established networks. Each attack had the certain goal of stealing from exchanges. Attackers usually perform this kind of “trick” to reorganise last X blocks and get free coins on exchanges. Explaining in a short and rudimentary way, the attacker sends coins to an exchange and these coins become confirmed which can be sold to buyers. The chain is then reorganized to make it appear as if the transaction sending to the exchange did not happen (also known as a double spend attack). Usually it’s easy to protect against this with a high number of transaction confirmations required at deposit on the exchange but this delays deposits for honest users.
2. Future. Having a huge network of CPUs, RAM and storage at our disposal opens a wide rage of features that can be implemented. We have a plan to use these resources and will put it on display shortly after we start working on it — that will most definitely happen shortly after MNs are working and securing the network.

Masternodes on BZEdge

If you have experience with setting up a MN on Dash, PIVX, XSG, ZEL or VDL you will find this easy. The requirements to run a masternode are available on our website. If you’re not experienced with masternodes you should understand that you will need a VPS (Virtual Private Server) to run 24/7 in order to receive payments. To run a masternode on the BZEdge network you will need to hold a collateral of 250,000 BZE per masternode. These coins will be stored locally in your secured wallet and not on the VPS server keeping them always in your control.

Join us on discord if you need assistance setting up your masternode or if you would like to provide feedback and/or suggestions.

Take a look at this PIVX article to understand MN setup.

MN Rewards

For running a BZEdge masternode, 35% of each block reward will be awarded to a masternode in the network. The payments are sent according to a cycle “saved” in the blockchain. Once you start it, the MN will be waiting in a queue to join the next payment cycle. Once you join the cycle you start receiving payments.

MN network upgrade

Masternodes will activate at block height 883,000. This is approximately the 21st of December, 2019. Until then, we invite everyone to update to the latest version of BZEdge here. Nodes that are not updated by then will be banned from the network.

Next move

It is obvious that at this moment this crucial update is our main focus. Afterwards, we will have a big focus on offering the best experience to interact with masternodes and easy ways to bring and host as many MNs as possible. We are already discussing how we can use masternodes to bring usability to BZEdge. Our ideas can not be disclosed yet but we can say that — as any software service — using our blockchain features will require a tax and that tax will be awarded to MNs for helping the network. In conclusion BZE MN rewards are fixed at the moment but in the close future they will have higher rewards depending on the usage of our features.

Inspiration

We are inspired by our community and our goals, but we do appreciate other projects. Special thanks to Snowgem project for being our inspiration in this implementation.

That’s it for now! Thank you for your continued support!

Feel free to engage in a discussion with us on any of our communication channels: Twitter, BitcoinTalk, Medium Publication, Reddit, Discord or Telegram.