Why should you rUN a node and stake tokens?
Here’s some information on how you can actively participate in CENNZnet when it launches. This is the third article in our three-part series on our token economy. Read more on our token economy here and our tokens here.
CENNZ will become more valuable as the network activity and users increase. As a CENNZ holder, there’s every reason to help secure the network and support the growth of the network in two ways: by running a validator node and staking tokens.
Anyone with a PC, MacBook, Linux desktops or your own Server can join the CENNZnet network by running a node. Unlike the Bitcoin network that requires high spec computing power and energy consumption, CENNZnet runs a Proof of Stake consensus that allows standard PCs to join the network, as long as they meet certain availability requirement to ensure network efficiency.
The more nodes there are, the more secure and successful the network is.
What are the benefits of running your own node?
Everyone who runs a validator node receives a reward in the form of our CPAY gas token which you can use to transact on CENNZnet. A secondary benefit is access to the APIs blockchain data and support for new features in CENNZnet. Another incentive to run a node is that you won’t need to depend on another validator node to stake your token or verify transactions in your wallet.
Who can rUN a node?
Users with CENNZ, which can easily be purchased through SingularX, HitBTC and EasyCrypto can stake and run a validator node. Users without CENNZ can also run a full node and have access to APIs and data on incoming blocks and transactions, but they will not be able to stake.
How long does it take to sync a node?
Syncing a node can take as little as an hour, depending on the number of finalised transactions. The sync speed for a typical 1MB/s internet is 3000 transactions per second.
What do I need to run a node?
The node software can be downloaded on any device and run on Windows, Mac IOS and Linux. Keep an eye on our channels when it launches for the download link.
Once you download the node software, you’ll be able to generate a wallet. The wallet will be functional as a desktop client. While nothing beats the reliability of a cold wallet, this is a more secure way to store tokens than using a browser client.
Once you have a wallet and funds, you’ll be able to stake their node into a validator node. More advanced staking options will be available as the network is progressively updated.
Why should I stake my own tokens?
You can rUN your own node, but you will not become a validator until you stake tokens. Staking tokens is the next step that will ensure you are actively participating in CENNZnet and earning validation rewards.
As a CENNZ holder, what can I do to encourage the growth of CENNZnet?
Help us build a better product so you can get a better return when it goes live. The more nodes there are, the more successful CENNZnet will be. Network activity and node participation is a key metric for token value. You’ll have the opportunity to provide feedback so we can optimise our network and provide a better experience to you and other users.
The node software is coming soon. Keep an eye out on Centrality’s channels for when it goes live. To be one of the first to find out about the launch and test our network, sign up here.
To stay up-to-date on the progress of Centrality’s ecosystem, follow us on Twitter and our Telegram Announcements channel, plus join our community on Centrality’s Official Telegram, Instagram, Reddit and Facebook.
