Re: [ANN][OC] Orangecoin ★★ POS ★★ Anon Transactions ★★ Masternodes
Ok, I've been asked "what is a masternode?". I'll try to explain, but I don't have 100% of the concept yet, feel free to correct me where I may be wrong.
To know what a master node is, you have to know what a regular node is. A regular node is a computer that serves as a blockchain dispensary, where you can download the blockchain from and where miners get the info to mine (check transactions). The nodes issue the blocks to us when mining or staking or for other features that issue blocks. Wallets are ledger keepers, Miners are ledger checkers, and Nodes are the issuer of the blocks.
A master node is a permanently selected computer (server?) that stays online and get paid for (a form of) staking. I'm not exactly sure how this works because I have no "hand's on" experience in this department. Master nodes require a certain amount of coin determined by the code and/or dev, to be invested for long periods on time, which I think is the same as a longer staking time like when you can't access your coins when your coins are staking. Master nodes require that you have DDOS protection, you will be targeted for an attack at some point. If the dev's are 'hosting' the Masternodes for a fee, we wouldn't need to worry about if we need equipment or ddos, but then is more centralized. Masternodes are supposed to be a more more decentralized version of the few 'selected' regular nodes, this is how I think the anonymous feature works in respect like what Bitorrent did for Napster.
Masternodes require a little bit of luck to be paid. Master nodes need to be selected to by the miners sending back the info of checking transactions for the masternodes to issue a block. More masternodes, the harder it is to get picked. When your masternode gets picked, that's when you get paid.
Again, I'm sorry if I don't have the concept down to a science yet like how I know the other features of this coin like the back of my hand, and please please please correct me if I'm wrong. I don't like to mis-inform people.
To know what a master node is, you have to know what a regular node is. A regular node is a computer that serves as a blockchain dispensary, where you can download the blockchain from and where miners get the info to mine (check transactions). The nodes issue the blocks to us when mining or staking or for other features that issue blocks. Wallets are ledger keepers, Miners are ledger checkers, and Nodes are the issuer of the blocks.
A master node is a permanently selected computer (server?) that stays online and get paid for (a form of) staking. I'm not exactly sure how this works because I have no "hand's on" experience in this department. Master nodes require a certain amount of coin determined by the code and/or dev, to be invested for long periods on time, which I think is the same as a longer staking time like when you can't access your coins when your coins are staking. Master nodes require that you have DDOS protection, you will be targeted for an attack at some point. If the dev's are 'hosting' the Masternodes for a fee, we wouldn't need to worry about if we need equipment or ddos, but then is more centralized. Masternodes are supposed to be a more more decentralized version of the few 'selected' regular nodes, this is how I think the anonymous feature works in respect like what Bitorrent did for Napster.
Masternodes require a little bit of luck to be paid. Master nodes need to be selected to by the miners sending back the info of checking transactions for the masternodes to issue a block. More masternodes, the harder it is to get picked. When your masternode gets picked, that's when you get paid.
Again, I'm sorry if I don't have the concept down to a science yet like how I know the other features of this coin like the back of my hand, and please please please correct me if I'm wrong. I don't like to mis-inform people.
You did a pretty good job explaining, However the masternodes are not paid like stake or PoW. They will receive their cut of the coins just for being there to be used. Meaning the reward payout is evenly divided among the total number of masternodes. With maternodes they just need to be there to be used. The number of masternodes that will exist will be driven by ROI. Meaning if at 1000 MN everyone makes money after cost but at 1001 it is even. Then the group will not go above the amount of MN that makes them nonprofitable any longer.
Exactly was my next concern, too many nodes causes not enough coins per price and possibly not able to get ROI on those nodes. One thing, while it does require $5/month (and equipment?) there is nothing to say the price WILL rise guaranteed to accommodate the costs. 2000 OC will be good if you cap amount of the nodes, as price probably will rise, but I can't base investing or purchasing equipment on speculation. That's gambling. I bought every piece of my rig and asic knowing the ROI would be possible.
You will have to change the specs of the coin regardless due to the feature, I understand that. A community vote would be best for the rest of the crypto world and future investors to swallow since Original Spec coins are very important to investors, creates a trust that the dev wont just change the specs on a whim or based on a feature without consulting the people who make the coin worth what it is by buying and selling. The community doesn't even know how many people are working since now there is at least 3 people on this after we were told it was only 2 and that's not transparent. A coin is a business and transparency is a must. The dev wasn't publicly transparent with the premine either, but I could always vouch for the dev because I knew where at least 65-75% of it was actually spent, and I'm almost 100% sure he's spent well more than the 1 million premine and that's why I never bothered to ask about where the premine went.
You can't just hurt one group of the communities coins who signed up for 20% and expect them to take a 4% loss now in earnings and a 50% loss in earnings 5 years from now. Adding the additional coins to the cap or ending the POS earlier will inflate the currency slightly (10% tops for a reduction of 10% tops in price if you chose to add 20 million coins) which is not detrimental to everyone and spreads the 'losses' more evenly across the entire coin. B and C are the options I'd choose from.
I know you guys thought long and hard, I give ya that credit. But so have I, on the sidelines. These aren't just thoughts I came up with in the last 5 minutes, ya know?
Why do you think the price is 410 when it was trading 500-650 yesterday? the public has spoken, imo. If the feature was that awesome, we'd rally today instead of sell off.
Transparency is a must for a coin in these days.
It is even important to tell the people that masternodes will change their intrests. Voting absolut necessary for trust of investors and holders.
Guys communication is everything and even less is more but proper and clear.
And less tecnical speech that the normal coinuser can follow.
Masternode 100k to high or what?
THX
