Honest Mining serves as Staking-as-a-Service (SaaS) platform that makes staking in Proof-of-Stake protocols easy and accessible for everybody. In the platform, we provide two kinds of services which are Instant Masternode and Shared Masternode. Let us discuss each service in detail.
What is Instant Masternode?
Instant Masternode is a service where you can join masternode and generate rewards instantly right after you join the masternode seat. Honest Mining has initially run the masternode with collateral and thus users can join the running masternode directly.
What is Shared Masternode?
Shared Masternode is a service where you can contribute part of collateral (by seats) with other users and run masternode with them together. There are four steps that need to be done until you receive rewards in your wallet.
- Collecting Collateral: In this step, users contribute their coins (in form of seats) until they reached the masternode minimum collateral.
- Setting up Masternode: After collateral is collected, Honest mining will set up the masternode which takes around 2-3 working days.
- Registration on Blockchain: Next, the masternode will be registered on the blockchain and the duration of the registration differs depending on the coin. Usually, the period of registration is almost the same as the reward cycle period.
- Generating Reward: In this final step, masternode is already running and start generating rewards. All you need to do is wait and you will receive your rewards according to the coin reward cycle frequency.
What if I Want to Exit Masternode?
Instant Masternode: You can exit instant masternode after the first reward distribution. The time period for reward distribution varies according to the coin you stake.
Shared Masternode: You can exit shared masternode when the status is still Collecting Collateral. When the shared masternode status has changed into Setting Up Masternode, you will not be able to exit the masternode until the masternode generated rewards. If you wish to exit shared masternode when it has already generating rewards, you can exit after you received certain time of rewards according to the term you read before joining the shared masternode (each coin will have different term).
Understand better now? Let’s start staking by joining masternode of your choice today!