Introducing Pikciochain Masternodes
We’re excited to introduce you to Pikciochain masternodes!
Below you will find a basic overview on how masternodes will work on the Pikciochain network as well as the requirements necessary to run a masternode (validator node). The amount of PKC required to run a masternode and lock up time will be announced near the end of this month.
Many different kinds of blockchains exist, two of the most popular types of Blockchains are Permissioned and Public Blockchains. Some example of Public Blockchains are Blockchains such as Bitcoin (BTC) and Ethereum (ETH). In the BTC and ETH blockchains, any node can connect and conduct any sort of transaction with any other node in the Blockchain. All nodes are public and can communicate freely amongst each other. In Permissioned Blockchains, nodes need to be granted specific permission (usually from an administrator node) to conduct transactions with particular nodes. PikcioChain is a permissioned blockchain.
In the PikcioChain blockchain two kinds of nodes exist; Consumer nodes and Data Processing (“Validator”) nodes.
- Consumer Nodes: Consumer nodes are consumers of PikcioChain services, the Consumer nodes simply consume application data amongst themselves using the Data Processing nodes as relays, validating each transaction between each Consumer node.
- Data Processing (“Validator”) Nodes: Data processing nodes process and validate the data sent and received among the Consumer nodes. In order for a transaction to go from Consumer node A, to Consumer nodes B, the Validator node must be the intermediary between the two Consumer nodes to validate and process the Consumer data.
Validator Node Reward:
Each transaction requires a small amount of PKC as the network fee in order to process the transaction across the PikcioChain network. When the transaction is processed and validated by a Validator node, that network fee is given to the Data Processor Validator node as compensation for validating the transaction across the PikcioChain network.
Data Processing (“Validator”) Node Requirements:
In order for a node to become a Validator node, some basic requirements need to be met for the server that is hosting the PikcioChain node:
- The node needs to be located in the same region of the transaction. Currently as of 4/20/2018, PikcioChain is only available in Europe, so only European servers are accepted.
- The node and server operator need to sign a monthly or multi-month contract with PikcioChain to become a Data Processor node and disclose KYC data.
- The server needs to be equipped with logging and have the ability to release an audit trail of actions taken on the server.
- The server must have DDOS protection.
- The server must be have at least 4 cores, have more than 4GB of RAM, and a CPU faster than 2.7 GHz.
- The node/server operator must hold and retain a specific number of PKC tokens to become a Validator node. The PKC tokens will remain locked up in a PikcioChain smart contract for the lifetime of the Validator node
If a node/server operator meets the above requirements, then they can be granted permission to serve as a Validator node.
We will be releasing more in-depth information on masternodes towards the end of the month, including how much PKC is required to run a masternode and lock-up time. Stay tuned as MainNet and our MVP Android Wallet Release are just around the corner!
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The PikcioChain Team