REMChain Masternodes: Building a Network of Trust
With the REMChain mainnet launch looming, it’s time to take a deep dive into masternodes and their role within the REMME ecosystem.
Masternodes are an integral part of our blockchain-powered PKI and IAM solution, and we’re eager to convey their importance and role to our community and to newcomers.
Many of you will be familiar with masternodes and their role in securing and distributing blockchains. This article will enable you to dive deeper into masternodes, and to gain a better understanding of how they operate. We’ll also detail the key functions of REMChain and the steps we’re taking to build a truly distributed network that cannot be controlled by any single entity.
If you’ve been involved with the cryptocurrency space for a while, you’re likely to have first heard of masternodes in the context of Dash. The payments-oriented cryptocurrency is known for pioneering a node-based system in which each masternode is assigned certain tasks. Dash masternode operators vote on budget proposals and help to coordinate coin mixing for users who require private transactions. Masternodes have since been introduced to a wide range of cryptocurrency projects, with varying degrees of success.
A quick overview of REMChain
REMME’s original public blockchain layer is designed for storing a certificate’s hash, state (valid or revoked), public key and expiration date. Its modular design, based on the popular Hyperledger Sawtooth framework, enables each element of the system to be customized, which is exactly what we’ve done to create the perfect custom blockchain (REMchain). At the heart of our system is a custom Proof-of-Service consensus algorithm, which operates on top of a list of approved nodes. This algorithm controls the interactions of nodes and enforces a fair system for confirming blocks and allocating rewards.
We are currently applying the finishing touches to our new consensus algorithm, and will be providing further information on its inner workings next. The algorithm is being developed so as to take into account the interests of token-holders of all sizes. This will ensure that every stakeholder within the REMME ecosystem is fairly represented and is incentivized to participate.
How masternodes operate
Masternodes comprise a series of servers that provide consistency and fault tolerance on REMChain. Each node is capable of handling a range of tasks including signing transactions for certificate issuance or revocation. REM token-holders who wish to operate a node will be able to register on the network by locking up a certain amount of tokens. Once approved, they will join the approved list of nodes, and will remain active unless they fail to uphold the network rules or to maintain sufficient uptime. This latter condition is particularly important: if a node goes offline, it risks being removed from the list of approved masternodes regarding to the consensus algorithm rules.
Any user can nominate themselves to become a holder of a masternode. Their application will be processed by the existing masternodes and, if the user is eligible by all criteria, they will be included in the list of approved nodes.
Why operate a masternode?
From the perspective of a potential node operator, there are several reasons why it might be desirable to do so. A masternode owner is rewarded with fees from all transactions derived from storing certificates included in a block, which may incentivize an individual to establish a node. By following the consensus and REMME protocol rules, they will benefit as the number of customers who use certificates grows and the number of blockchain transactions increases.
The fee for standard certificate issuance on REMChain is set at a fixed fiat currency amount per year in REM tokens, with pricing based on a weighted average exchange rate of REM at the moment of transaction generation. Approximately 90% of the certificate price goes to the masternode as reward for its work, while 10% goes to the REMME masternode for an insurance fund and maintenance fee.
Broadly speaking, the more nodes that are established, the stronger and more distributed the network becomes. When they’re properly integrated into a blockchain, masternodes can operate to the benefit of all participants.
REMME masternode requirements
If you aren’t contemplating setting up a REMME masternode, you may wish to skip this section. Briefly though, these are the minimum requirements in order to run a node on the REMME network:
Technical Requirement
- Docker (>= 18.0.0)
- Unix system (MacOS, Linux)
- At least 2GB hard drive storage available
- At least 1GB RAM
- Machine’s time settings are up to date
Please note that these specifications may be subject to change.
Once a user’s application has been processed, they must install the requisite software and freeze 250k REM tokens in the masternode reputation address. After that, they can apply to become a member of the network and will have the opportunity (if selected by the consensus algorithm) to sign the block of transactions and earn a reward.
Conclusion
Masternodes are a vital part of the REMME network. They are integral in securing and distributing the network, and in signing and revoking certificates and different types of validation entities. By locking REM tokens in return for the opportunity to run a node, users demonstrate their willingness to act ethically and in the interests of the REMME community. In return for their efforts, node operators will be rewarded with 90% of the fees earned for closing block with transactions. REMME’s custom consensus algorithm controls the way in which nodes interact with the network and creates a fair and transparent system that is free of favoritism or centralized effect.
Get ready to apply for a masternode later this week! Stay tuned for our further updates.
REMME’s official links:
- Website: https://remme.io/
- Telegram group: https://t.me/remme
- Apply to join Tech Community: https://remme.io/community
- Telegram news channel: https://t.me/remme_daily
- Twitter: https://twitter.com/remme_io
- Reddit: https://www.reddit.com/r/remme/
