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There has been a lot of talk and hype since the inception of masternodes. But what is it that they actually do and how do you get one? We’ll talk a little about masternodes and how they help the PIRL network overall.
What is a Masternode?
To sum it up shortly, a masternode is a server on PIRL’s decentralized network. A PIRL masternode is used to help complete various functions that ordinary nodes cannot. For example, things like smart contracts, instant sends, and the future PIRL marketplace will all rely on the use of masternodes to function at their best.
That’s cool! But how do Masternodes Work?
Masternodes require a substantial initial investment. For PIRL, the initial stake required for a masternode is twenty-thousand PIRL. If you were to buy this amount with USD at the current price of PIRL, that would equate to over $40,000 dollars. That’s quite the investment, right? There’s a reason for such a high stake. A masternode isn’t something to be taken lightly, it helps deliver core functionality to the entire PIRL network.
Can I host a Masternode?
So you have 20,000 PIRL and want to setup a Masternode? Take a look at this guide on setting up a PIRL masternode. It dives into the technical aspects of setting up your masternode.
Masternode requirements vary per coin but PIRL requires that you make the initial stake, and at least have a dedicated IP address. This is to thwart off attempts at using a home connection to host a masternode. Hosting a masternode on a home connection is simply a bad idea. Data centers provide ample benefit for hosting dedicated applications such as a masternode. For example, redundant network connectivity and power. If the power goes out at your house, so does your masternode, which ultimate hurts the PIRL network.
Is PIRL using Masternodes right now?
PIRL has been beta testing their masternode setup for a while now. On the eighth of January, 2018 the first test payment was made to a masternode owner which the founder of PIRL stated went smooth and all worked correctly. It would seem that masternode payments are coming in the near future. It’s exciting to see PIRL progress steadily and look forward to the features they announced with Poseidon.