Phantasma Chain Masternodes
The Phantasma ecosystem will run on top of Phantasma Chain, which consists of a main chain and multiple side chains. This separation of chains is what allows Phantasma to scale and potentially support thousands of dApps with an active user base. The main chain will be used exclusively for the economy side of the ecosystem, while the side chains will be used for every dApp which will avoid clustering of transactions and delay these transactions, as is common with legacy blockchains.
Our blockchain comes with a small amount of built-in systems, designed to foster the development of the Phantasma ecosystem. In today’s article we will focus on one of those systems: the staking mechanism, usually referred to as “masternodes”.
A blockchain network is composed of multiple nodes running actively all over the world.
These nodes accept transactions from users, validate them and broadcast them to other nodes. This is what allows a blockchain to keep itself healthy. A common concept of a masternode is whenever some users decide to support a blockchain network, by providing a node running 24/7, while staking some coins as collateral, ensuring a minimum level of trust.
With Phantasma Chain anybody can run a masternode if they meet the masternodes requirements:
- Staking at least 50,000 SOUL
- 24/7 uptime, running in a VPS or server.
Please note that the number of masternodes is limited, due to the SOUL token having a finite supply. There is a maximum number of nodes that can stake tokens in order to be accepted as masternode. The network will accept anybody who meets the requirements, as there are no limitations to geographical location of the masternodes. We will provide detailed instructions about all necessary steps later, but basically whenever somebody wants to run a masternode, he or she just needs to configure a normal node, stake the tokens and let the node run. There is a minimum staking period of 30 days, after this period the tokens can be unstaked, meaning that the masternode turns into a normal node.
Advantages Of Masternodes
Anybody can run a node on the Phantasma network at zero entry cost (excluding the hardware and operational costs). The network will be ensured by a challenge and response mechanism, in which nodes exchange cryptographic signatures, making sure that the whole network runs on top of a trust-less system. Details about the Phantasma consensus mechanism and the network itself will be revealed in a future article. The transaction fees of the network will be split, with a part of it going back into the masternodes pool. The transactions fees are then to be distributed over all block validators for every generated block. The pool for masternodes is to be redistributed to all active masternodes at a fixed interval. Besides the transaction fees we will also reward the first Phantasma Chain masternodes with a flat 2% bonus with the condition that the tokens will be staked for at least 360 days (distributed after staking period), which should be set-up within the first 3 months once the Phantasma main net is live.
Should You Run A Masternode?
It is not easy for everybody to install and configure a masternode, nor is it easy to maintain a running masternode. It requires that you follow the development of the project with attention, apply all the latest recommended updates etc. However, not only will you be rewarded for your work by running a node, you are also contributing to Phantasma Chain in its growth into a solid and successful blockchain network.
Are you ready to be a SOUL Master?
For more information about Phantasma Chain:
Telegram Channel: https://t.me/phantasma_io
Telegram Announement Channel: https://t.me/phantasma_announcements