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Richard Adrian
Nov 18, 2019
by Richard Adrian

Velas Pioneers Wave of Blockchain Masternode Projects

Masternode
Masternodes remain the underlying architecture of sound blockchain technology. The framework unlike blockchain consensus which comes and goes, decentralized, validates and rewards network validators forever.  This week Velas kicked off its master node program. The Artificial intuition-based smart contracts platform cleared the way for hundreds of emerging projects gearing up for a masternodes main net. 

Mastering Masternodes

Dash set the way forward for implementing master nodes in 2014. Since then several blockchain projects have dived in to embrace the idea. Meanwhile, when Bitcoin was initially conceived all network nodes were to be run by miners. The miners would, in turn, earn rewards for proof of work;  once they verified transactions propagating to their node by fellow nodes. Following the bitcoin bubble, mining became a revolutionized into a specialist industry and laid off millions of hobbyist miners using personal computers. Eventually, approximately all network nodes became passive watchers with the ability to oversight network activity. On the other hand, powerless to maintain control over day to day bitcoin operations. 

Dash transformed the Node Environment 

The inception of Dash transformed all these. The concept of masternode; ideally a regular node on steroids with the power to validate transactions by contributing to network security and earn a share of the coin rewards. Meanwhile, the concept has evolved ever since and reached a wider user base. Well, in any case, transformed the demands of new blockchain innovations such as Matic and EOS. And finally contributing to greater participation from the blockchain community. The community now has an economic incentive for each member to witness the success of the project; Nonetheless, Velas Masternode program roll out is the latest manifestation of the trend. 

A scrutiny on the operation of Velas Masternode is the requirement to stake VLX tokens for serving validators; that want to verify transactions and assume the role of block producers. Additionally, Velas will enable master node elections to provide token holders who lack sufficient VLX to operate their node through voting.

Such a healthy innovation, right? 

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Velas Pioneers Wave of Blockchain Masternode Projects
Richard Adrian
Richard is a versatile fintech analyst with a deep understanding of blockchain domains. As much as technology fascinates him, he finds the intersection of both technology and finance mind-blowing. The firm belief that fintech will drive the future has brought him to the crossroads of Fintech discoveries and transmission of immutable data to a wider audience.

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