Masternode ENABLED
Masternode Rewards


Transcript

00:10     In this video we will be checking our masternode has become ENABLED. We will then be monitoring the first masternode rewards.

00:21     Now that we have successfully set up the masternode, there is always a fear that it will not turn to ENABLED. It needs to show the status of ENABLED before it can earn rewards. But more importantly, we need this node ENABLED to secure the network. Without it, we can not give the blockchain to the miners.

00:44     So, what could go wrong? If you set up your masternode too early, before the masternode had finished syncing, this could lead to it not propagating on the network. And ultimately returning a status of expired. Or your peer dropped off the network, whilst your masternode was between PRE-ENABLED and ENABLED. Most of the time, this does not happen, as long as you follow the main two rules of setup.

1. Wait for 15 confirmations on the transaction.

2. Wait until Asset ID 4 shows as full sync.

01:22     Right, let's first take a look at our information tab. Here we can see our masternodes. If it is working properly, it will show up here. We can see we have 2 active peers. This means we have our support peer and our masternode peer.

01:39     Now in the information tab, scroll down halfway and look at the number of masternodes. We can see we have a total of 1 and ENABLED is 1. You can also see we are at block 98 at this point. This is perfect timing for the launch of our coin. It would be at this point you prepare to give the mining pools your source code.

02:03     If we head over to the masternode tab, we can verify the ENABLED status further. We can also see how long it has been active. Your active time would be less than this. I paused the blockchain for a while, whilst making the video for this tutorial. We can also see the tab that shows all the masternodes. This will show every node that is on the network. When other nodes go online, you will be able to see them and their status.

02:33      So, now we know our masternode is ENABLED and working, let's wait for our first masternode rewards to come in.

02:48     Within a matter of minutes, we have received our first masternode reward. As you can see, the label is mn1. This means the reward is going to our address labelled mn1 as planned. Also we can see that the reward was split between miner and masternode holder correctly. See the transaction below. As we are the masternode holder and the miner, we get both. The block rewards are currently 1 VisionX per block. We mined the block from our QT and received 0.70 VisionX. And as a masternode holder, we received 0.30 VisionX. So we know our parameters we set up are working.

03:35     Now, an important thing to remember. With just one masternode online, the masternode will not receive a reward on every block mined. More like, one in every three or four blocks. So what does that mean for the miners? It means that until more masternodes are online, they will sometime get 100% of the block value. Once there are 4 masternodes online, There will be consistency and miners will receive the correct value per block. As all masternodes will be rewarded. In a way, this is a good incentive for miner to mine early at launch. Because later, the block rewards will be less.

04:19     This is the end of this video. In our next video, you will be learning how to create a block explorer for your coin.