If you want to receive some passive income from coins that you currently have either in your local wallet or somewhere sitting on exchange, maybe it’s time to consider shared MasterNode service from MyNode.rocks
Service is primarily for people who want to consume node rewards from their POS coins but don’t have enough coins to start their own MasterNode or don’t want to mess with setting up and securing their own VPS server from some hosting company.
MyNode.rocks is currently offering seats in many different coins some even starting from minimum of 2 coins per seat.
What is good about the service is the fact that you don’t have to pay anything In advance; all fees are covered from MasterNode rewards and can vary from 1-10% regarding the coin you choose to send in shared masternode.
To check for specific MasterNode coin and current waiting queue list you can click on Coin and you will get all information regarding the coins needed to start MasterNode, how much coins are already waiting in list (coins from other users that also want to participate in masternode rewards), what are the rewards fees and how much more coins is needed to complete and start shared MasterNodes
In our case we will look at information regarding Denarius (DNR) MasterNode, we can already see that more then half coins are already in queue so one more node will soon be staring.
So you want to join and help them to start that MasterNode?
To start with the process you must first go to balance page and click DESPOSIT, that will generate deposit address on which you can send coins you intend to invest in shared MasterNode.
After you send coins to given address and transaction is confirmed you will see your new balance.
Now you are ready to choose that same DNR MasterNode and send coins to queue by selecting option “Add to Queue”
For DNR minimum seat size is 10 DNR; remember that reward your MasterNode receive is shared with all holders in same percentage you participate in creating that same node.
If you participate with 1000 coins in DNR MasterNode then your reward will be 1/5 of every reward that node receives trough time, minus the fee for services that MyNode.Rocks providing.
When there is enough coins in queue and your group reached amount needed to create MasterNode it will be created momentarily using the FI-FO (First-In First out) method.
Maybe you don’t want to participate in masternode anymore because you have decided to daily trade or sell your coins completely; How to Withdraw your coins from MasterNode?
Coins can have one of three different status:
1. Locked in MasterNode – This coins are receiving rewards in active MasterNode, to make them available for withdrawal you must first remove them from MasterNode
After you initiate removal of coins from MasterNode you are currently participating in there will be certain procedures
- If there are enough coins waiting in queue, swap procedure will occur immediately and you will have your coins free and ready for withdrawal.
- If there is not enough coins in queue, all coins that cannot be swapped will be waiting for 7 days giving someone else enough time to jump in your place in that same MasterNode.
- If there isn’t any interested party to step in after 7 days MasterNode will be automatically dissolved and your remaining coins will be sent to Queue.
If you or someone else holds more than 70% of MasterNode and they initiate withdrawal, MasterNode will be dissolved immediately and you will not need to wait for 7 days.
2. In a Queue – This are the coins waiting to start new MasterNode, they must first be removed from queue before they can be withdrawn.
3. Unlocked/Free – This are the coins you can withdraw almost instantly
Pros and Cons of shared MasterNodes
- No VPS needed, someone else is taking care of infrastructure for you
- No setup fees for service, pay as you go
- You can start shared MasterNode with only fraction of coins needed
- Withdrawal of coins included in shared MasterNode can take up to seven days but usually its done in less than a day or two
- You don’t control private keys to shared MasterNode > Keys of kingdom belongs to someone else and if they disappear in the night so will your coins.
Conclusion from my perspective
I think that when you consider all pros and cons we can say that they offer balanced services that is growing on daily basis and not only by number of different MasterNode coins but also regarding the increased number of nodes that have been started.
For example, few months ago there was only few DNR MasterNodes online and today we have 13 nodes running so obviously demand for this kind of service is growing.
So if you don’t have a trust issue there are no any real obstacles why you would not invest in at least one MasterNodes with maybe 10-20 or 50 coins just to get the feeling of service and then you can decide for yourself if you want to go in some bigger adventure.