Just like Dash, So is QnodeCoin: How to Mine QNC from your PC.

WHAT DOES IT MEAN TO MINE QNODECOIN?

You might be hearing about Qnode Blockchain for the first time, Its a protocol that has existed for almost 4years already. QNODECOIN is an open source digital currency similar to Bitcoin (but improved tech.) that can be used to send or receive payments immutably within splits of seconds. QnodeCoin was built with the goal of vendors’ usage.

Although QnodeCoin is a distant Bitcoin fork with several major differences in its source code, mining QnodeCoin works similarly and with ease to mining Bitcoin, or Dogecoin.

Unlike Bitcoin mining, QnodeCoin is a decentralized cryptocurrency with a direct fork (creation) from the Dash Protocol — version 0.14 branch, in 2020. Instead of a single party (in the case bitcoin), the Qnode blockchain digital ledger is maintained by 2 tiers (i.e 2 layers) of participants or parties:
#1. The hardware (ASIC) Miners
#2. The decentralized network of nodes (i.e masternodes) .

The distribution wealth has been designed in a decentralized manner and left to the network of users. As a result, there is no central entity or authority to distribute the cryptocurrency into the world. This is what makes the Qnode DAO (Decentralized Autonomous Organizations). Just anyone can participate freely and securely when they meet the networks requirements.

HOW IS QNODECOIN ISSUED (MINED)?

QnodeCoin is issued (i.e mined) and released by the protocol in a pre-programmed way with no central authority. The receivers of the newly issued QnodeCoins are the miners. These are vital network participants and for forging the blocks, they are rewarded in return with the cryptocurrency.

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The term mining in this case is a borrowed word from the processes of extracting precious metals from the ground or rocks reservoir and such is done at the cost of labor and energy. This is why the mining of bitcoin is often referred to as digital gold mining.

When a mining is performed by miners; the coins are released in blocks which is referred to as block forging. A forged block is not the sole entitlement of a hardware miner. The two tiers of the network plays a vital role for the entitlement. These two participants are grouped as Hardware Miners and Master-nodes. When a block is forged in the Qnode Network, it carries 50 QNC as the reward in a block. This block reward is shared by 3 chief elements on the blockchains in a democratic, decentralized and transparent manner automatically:
#1. The Miners get 35% block reward (this equals 20.25 QNC).
#2. The Master-nodes get 55% block reward (this equals 24.75 QNC).
#3. The Treasury system gets 10% block reward (this equals 5.0 QNC).

Note: The treasury system is a self funding mechanism on the blockchain, which is accessible by no-one (not even the developers). Only a successful democratic voting process can access the treasury and trigger a distribution on a consensus voting by all masternodes on the network.

👉 click HERE to see a typical block sharing example of the distribution model on the explorer.
👉 Therefore, anyone can participate in mining QnodeCoin either as a hardware miner or a master-node operator.

WHY IS THE BLOCK REWARD NOT SHARED EVENLY?

The block reward share has been determined at the pre-program of the blockchain by its developers and below is their reason:

The Miners on the blockchain performs a Proof of Work (POW) functions that includes: forging the blocks, collating transactions, and then writing them in blocks to the Network. While,

The Master-nodes performs the Proof of Service (PoSe) functions of security of the blocks, fair decentralized governance distribution, privacy encryption of transactions, instant send, democratic voting and issuance of fund proposals to & fro the treasury.

“From our judgement as the developers, masternodes perform more activity on the network by protecting the labor of miners and non-miners, hence the 55% vs 35% share on the block rewards. Both network participants are crucial & cannot function without the support of the other. Therefore, mining is their collective efforts on the network.” — Josh Erhiga

HOW TO MINE QNODECOIN?

Mining of QnodeCoin can be done either as a hardware mining or master-node operation. We shall dedicate the rest part of this publication to how to operate a master-node and on a later time, write on hardware mining.

HOW TO OPERATE A MASTER-NODE?

To operate a master-node on the Qnode blockchain, the following are the basic requirements to own or set up your QNC (X11) master-node on the blockchain.

1. You need exactly 20,000 QNC as the collateral for 1 master-node:
   This exact amount is required (not more, not less). A masternode functions like a fixed deposits in the bank that produces interest for your locked funds. Also keep at-least 1 or 2 QNC for fees. You can buy this supply on any listed exchange.
2. You need a PC (Personal Computer e.g a laptop or a Desktop): This computer holds your CoreWallet, where you want to store your coins and control the masternode remotely. This PC do not need to be online all the time. Let us call this 👉 PC-Wallet. You can download PC Wallet for your several versions of operating system from 👉 here.
3. You need a VPS (Virtual Private Server): In this tutorial, Your VPS is going to be provided for by PECUNIA-HUB. Operating a VPS can be expensive from standalone providers But, Pecunia Platform or Ihostmn.com Therefore you must create a personal account on the platform (A 6$ fee covers for 6month for server allocation).
   Click here to register free account.

If all 3 requirements above is set, then proceed with the below steps to Deploy your MN.

STEP #1: PREPARE YOUR COREWALLET.

This means that you must install the QnodeCoin CoreWallet to your PC and ensure that it has synced. Please ignore step #1, if your PC has been synced earlier

• Download CoreWallet here
• Install, and Run (open) Your Wallet on PC.
  (while the wallet is open, we encourage that you pin the window to the taskbar — simply right click on the icon of the wallet on taskbar, and select pin to taskbar).
• Sync Your Wallet: Do the following to sync your wallet.

1. Visit explorer to copy any 👉 seed-nodes from peers on the network.
2. Click on the Addnode tab & copy atleast 2 seed nodes (e.g addnode=ip)
3. Open your Corewallet again, click on Tools tab >> Open Wallet Configuration
4. NotePad will open (in a case it does not open, click the more button on pop and select notepad). Paste the seed nodes (e.g addnode=ip), save (CTRL+S) the file and close.
5. Exit your wallet and relaunch for it to sync. Contact admin on t.me/qngnodes if you have challenges on this stage.

STEP #2: HOST & DEPLOY YOUR MN FROM PECUNIA

1. Login your pecunia platform account
2. Ensure you have pre-funded your pecunia account with $6 (fees for 6months hosting)
3. On the search bar, type QnodeCoin and click on the QNC LOGO
4. Follow the pop-up guide for ipv4 Server hosting and click Continue:

5. Select the monthly plan of 6months for ease and Click Continue

6. Follow the guide to perform the next steps:

Open your CoreWallet, Click Tools >> Debug Console >>

7. In the console window type getnewaddress. An address will be generated. This is the collateral address.

8. Send exactly 20,000 QNC (no more, no less) to the collateral address. Make sure that “subtract fee from amount” is NOT CHECK

STEP #3: REGISTERING THE PROREG-TX

1. Track the transaction from transaction tab, double click and copy the Tx-ID.
2. Paste Tx-ID on step 2 space on Pecunia steps and click Continue:

3–5. Generate Owner address, Payee (Reward) Address and fee address. These steps are describe sequentially on the pecunia page.

Note: After generating each address, Paste the owner’s address, payee address and fee address as when requested, respectively.

6. Your Master-nodes status is now progressively being registered. Follow the next step by clicking the Configuration tab on pecunia. The next step would require that the collateral transaction receives 10 confirmation to proceed.

7. From configuration tab, click on the Protx Register data to copy content. Return to CoreWallet console and paste. It will generate an output. copy the output and paste where required on the pecunia.

8. From next step, click on the sign message data to copy content. Return to CoreWallet console and paste. It will generate another output. Copy the output and paste where required on the pecunia

9. From configuration tab, click on the Protx Register submit data to copy content. Return to CoreWallet console and paste. It will generate an output. This step will automate a transaction to self generate and submit the registration of your MN.

10. Hurray, Your node is Ready

11. Click on Configuration tab and you Master-node should be ONLINE AND ACTIVATED.
Henceforth, You can track your Payee (Reward) Address from the explorer to check your MN earnings 😍.

HOW MUCH CAN YOU EARN MINING QNODECOINS AS A MASTER-NODE OPERATOR.

A number of factors comes to mind when determining your earning possibilities.

#1. The percentage of block rewards for all masternodes per block:

A block carries 50 QNC and masternodes earns 55% of every block that is forged (i.e 24.75 QNC). Note, after a block halving, the blocks reduces by half.

#2. Number of blocks forged by miners per-day:

On the average, only a maximum of 288 blocks can be forged in 24hours. Therefore, 24.75 QNC x 288 blocks = 7,128 QNC is shared democratically by all masternodes on the network daily.

#3. Total number of masternodes on the network

The Qnode Blockchain operates the similar DASH DIP3 functions. Part of this functions democratizes the distribution of rewards payout on a deterministic registry list of active masternodes to prevent cheating. Therefore, the more the masternodes, the longer a reward is distributed but in a democratic manner.

WHERE TO BUY QNODECOINS

QnodeCoin is listed on a CEX (Centralized Exchange) and a DEX (Decentralized Exchange).

EXCHANGES

#1. Xeggex.com (This is a CEX & secured exchange)
QNC/DOGE & QNC/USDT

#2. Waves.Exchange (This is a DEX & Most active & secured exchange)
QNC/WAVES

GATEWAYS

The gateway is interoperability between Qnode Blockchain and Waves Blockchain. Gateway enables iterations.
#1. WAVES GATEWAY (On maintenance)

WHY WE COMPARED WITH DOGECOIN?

QnodeCoin do not rub shoulders with Dogecoins as its older and large community base. QnodeCoin is new but advanced and not inflated coin like Dogecoin. There is a fixed future total supply which will average 32years to completely mine.

Just like Dogecoin was quietly been mined by a host of community when its was almost valueless before the surge, QnodeCoin has been on that trail since 2years of its creation and also, miners and master-nodes are hopeful for its future emergence.

QnodeCoin also have powerful features than Dogecoin, Like 2–3 seconds of speed in tx, 2block confirmation of tx to prevent double spending, privacy of transactions, its allows more than a single earner, its a DIP3 masternode featured. And the team has developed an algorithmic layer that has supported its smart contract layer on Binance Smart Chain for second level governance.

CONCLUSION

At the time of compiling this publication, The Qnode blockchain has experienced a host of miners participation, along with Masternoders. And at this point of writing, there are currently, over 156 DIP3 Master-nodes on the Qnode Blockchain, operated by community (meaning an approximate 30.4 %, which equals 3,120,000 QNC locked in MN on blockchain) and about 9.6 Million in circulation.