QNODECOIN is an open source digital currency similar to Bitcoin (but improved technology) that can be used to send or receive payments immutably within splits of seconds. QnodeCoin was built with the goal of vendors’ usage.
The Qnode Blockchain a fork of X11 algorithm (v0.14) from the Dash Network. But, significant improvements had been made due to the originated fork of the source codes from bitcoin network as performed by the Dash Network. Its upon this that we built Qnode Protocol.
WHY SHOULD YOU CONSIDER MINING QNC?
Just as Dash Network is, so it is for the Qnode Blockchain or Network. But the parameters changed. When a block is forged in the Qnode Network, it carries 50 QNC as a block reward. This block reward is shared by 3 chief elements on the blockchains in a democratic, decentralized and transparent manner automatically:
- The Miners get 35% block reward (this equals 20.25 QNC).
- The Masternodes get 55% block reward (this equals 24.75 QNC).
- 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.
👉 Anyone can participate in mining QnodeCoin either as a Miner or a Masternode operator. This is why this article was written.
The Miners on the blockchain performs a Proof of Work (POW) functionality by forging the blocks, collating transactions, and then writes them in blocks to the Network.
The Masternodes performs the Proof of Service (PoSe) functions of securing the blocks, decentralized governance distribution, privacy encryption of transactions, instant send, democratic voting and issuance of fund proposals to & fro the treasury.
THE X11-MN REQUIREMENTS
The following are the basic requirements to own or set up your QNC (X11) masternode on the blockchain.
- You need exactly 20,000 QNC as the collateral for 1 masternode: This exact amount is required (not more, not less). Also keep at-least 1 or 2 QNC for fees. You can buy this supply on any listed exchange.
- 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 need a VPS (Virtual Private Server): In this tutorial, Your VPS is going to be provided for by PECUNIA-HUB. Buying a VPS can be expensive. Therefore you must create a personal account on the platform (PECUNIA 6$ 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
- Run Your Wallet on PC
- Sync Your Wallet: Do the following to sync your wallet.
- Visit explorer to copy any 👉 seed-nodes from peers on the network.
- Click on the Addnode tab & copy atleast 2 seed nodes (e.g addnode=ip)
- Open your Corewallet again, click on Tools tab >> Open Wallet Configuration
- 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.
- Exit your wallet and relaunch for it to sync.
STEP #2: HOST & DEPLOY YOUR MN FROM PECUNIA
- Login your pecunia platform account
- Ensure you have pre-funded your pecunia account with $6 (fees for 6months hosting)
- On the search bar, type QnodeCoin and click on the QNC LOGO
- 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
- Track the transaction from transaction tab, double click and copy the Tx-ID.
- 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 Masternodes 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 an 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 Masternode should be ONLINE AND ACTIVATED.
Henceforth, You can track your Payee (Reward) Address from the explorer to check your MN earnings 😍.
WHERE TO BUY QNODECOINS
QnodeCoin is listed on 2 CEX (Centralized Exchange) and 2 DEX (Decentralized Exchange).
#1. Bitsten Exchange
#2. Bitsails.com (Register with this code qnode247)
The gateway is interporability between Qnode Blockchain and Waves Blockchain. Gateway enables iterations.
#1. WAVES GATEWAY (Live)
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, 44 DIP3 MasterNodes on the Qnode Blockchain, operated by community (meaning an approximate 16.57 %, which equals 880,000 QNC locked in MN on blockchain) and about 5.2 Million in circulation.We also, believe that both Miners and
Mnoders alike are in wait for the launch of our DeFi layer of QNODE PROTOCOL.
We like to be of help or hear from you, if you would send our dev team a mail for any enquiry: firstname.lastname@example.org
Thanks for reading, Leave a comment or clap for the post.