What are SmartNodes?
Lets explore this key feature of SmartNodes a little more in depth..
SmartNodes are servers that run a SmartCash wallet and make decisions, such as locking transactions with InstantPay. SmartNodes are required to have 10,000 SMART collateral, a dedicated VPS (IPv4 address, 1GB RAM, 20GB drive) and be able to run 24 hours a day without a more than two hour of connection loss. SmartNodes are paid at a rate of 10 nodes every other block, which means a payout will be 2% of the Block Reward for every Node.
SmartNodes enable the following services:
- InstantPay (Instant Transactions): Allows for SmartCash transactions to be locked in about a second. No risk of double spending a transaction, so the receiver can trust that transaction immediately.
- SmartRewards: SmartRewards are calculated by the SmartNodes to allow for distribution to be handled automatically by the block rewards.
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- 10,000 Smart: Arguably the hardest part. Smart can be obtained from exchanges such as CryptoBridge, HitBTC. For the full list of places to obtain Smart click here.
- A computer for running a local wallet to start nodes and hold funds
- A VPS server installed Ubuntu for remote node running 24hrs/day with the following specs:
- 1GB RAM (about half used for OS and half for daemon)
- 20GB drive (less than 1GB used for wallet, some for OS, and some for future.)
- 1 Static IPV4 Address per node (IPV4 address that never changes) (No IPV6)
- A little time: Pick your time and follow this Setup Guide.
- SmartCash Hive Team is not officially involved in the provision of any of these services. Use it at your own risk.
- SmartNode shared hosting (less than 10,000 SMART) requires you to trust another party with your funds and is considered high risk.
- Hosted SmartNode services allow you to keep control of your private keys and you should not be asked for your private key. (SmartNode Genkey is not your private key and is required for hosting)
A list of currently available masternode hosting services is available below.