What is a Renos Masternode?

A node by definition is “A physical network node is an active electronic device that is attached to a network, and is capable of creating, receiving, or transmitting information over a communications channel.”

This means one computer in a network that is communicating with other computers in that same network. So if you’re just surfing the internet on your computer, you’re not using a node because you’re just surfing it by yourself and are not connected to a specific group of computers with a shared community network. Node implies your computer is part of a specialized computer network.

In the Renos ecosystem, there are two kinds of "nodes" that secure the blockchain: nodes and ReNodes (Masternodes). Nodes do the mining that create new coins on the network, and masternodes perform specialized transactions like InstantSend and PrivateSend. I’m simplifying this greatly of course just to allow you to get a basic understanding of the concept.

In Renos, the masternodes represent the section that is responsible for caring, cultivating and expanding the Renos digital currency. It’s also the layer that makes the governance and treasury decisions. The best part of a masternode network is the fact that people can come and go freely, so the success of this network is not too dependent on certain individuals. This makes it a more decentralized structure because a CEO is not choosing people to run the masternodes. People are deciding by themselves to join or leave voluntarily.

A Renos Masternode provides several benefits including:

  • Masternodes will receive 70% of the POS Staking rewards
  • Masternodes are capable of assisting with features like Instant/Anon sending where the masternode holder is rewarded a small fee for processing the anon sending.
  • Masternode holders will vote on proposals for future projects and help the development team determine the path of Renos.

How to setup a Renos Masternode?

Download tutorials in *.pdf format

Tutorial #1

Download

Tutorial #2

Download

Or setup a hot/cold wallet as described in this blog post.