Understanding the Difference between Instant and Shared Masternode — Honest Mining Blog
Honest Mining serves as Staking-as-a-Service (SaaS) platform that makes staking in Proof-of-Stake protocols easy and accessible for everybody. In the platform, we provide two kinds of services which are Instant Masternode and Shared Masternode. Let us discuss each service in detail.
Instant Masternode
Instant Masternode is a service where you can join masternode and generate rewards instantly right after you join the masternode seat. Honest Mining has initially run the masternode with collateral and thus users can join the running masternode directly.
Shared Masternode
Shared Masternode is a service where you can contribute part of collateral (by seats) with other users and run masternode with them together. There are four steps that need to be done until you receive rewards in your wallet.
- Collecting Collateral: In this step, users contribute their coins (in form of seats) until they reached the masternode minimum collateral.
- Setting up Masternode: After collateral is collected, Honest mining will set up the masternode which takes around 2–3 working days.
- Registration on Blockchain: Next, the masternode will be registered on blockchain and the duration of the registration differs depending on the coin. Usually, the period of registration is almost the same as the reward cycle period.
- Generating Reward: In this final step, masternode is already running and start generating rewards. All you need to do is wait and you will receive your rewards according to the coin reward cycle frequency.
Understand better now? Let’s start staking by joining masternode of your choice today!
About Honest Mining — Everyone’s Crypto Mining Partner
Honest Mining serves as Staking-as-a-Service (SaaS) platform that makes staking in Proof-of-Stake protocols easy and accessible for everybody. Carrying the name that reflects virtuous morality, we commit to provide full transparency and security to our users. We enable people to grow their crypto-asset over time by distributing staking yield of average 7–15% annually. Come and join Honest Mining to start staking and get great rewards with a minimum investment. Register yourself now.
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Originally published at https://honestmining.com on July 1, 2019.
