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Blockchain technology continues to make its way, as growing intrigue gives way to adoption and usability. Even so, the technology has continued to struggle with scalability, which is a natural overflow of its growing success.
Candles, a blockchain project based in Switzerland, strives to solve this problem with a high throughput capacity capable of processing 30,000 transactions per second without compromising security or decentralization.
One way to achieve this is through its innovative consensus mechanism, dubbed Artificial Intuition Delegated Proof of Stake (AIDPOS), a process supported by Artificial Intuition.
Recently, Velas announced its highly secure crypto wallets which, among other things, served as a precursor to the masternode implementation. Velas’ masternode program is based on staking and second technical document of the platform, this “builds a reliable network of validators that will process and create a block of chain transactions.”
In return, the program offers Velas users the opportunity to passively generate new digital currency, playing a vital role in the development and implementation of the platform.
Here’s what you need to know to get started.
Becoming a Velas masternode requires minimal IT skills and users don’t need to have specialized hardware to participate. However, users must stake at least one million VLX, the platform’s native cryptocurrency, and this process is subject to a transaction fee of 0.01 VLX.
To achieve this process, users have two options: they can bet using the Velas wallet or they can bet using Coinpayments, a payment processor that allows merchants to accept Bitcoin or other altcoins via APIs and POS interfaces.
Staking with a Crypto wallet
Velas offers two wallet options that allow users to stake their VLX. First, platform web wallet. Once users have wagered their million VLXs, the web wallet requires users to download an acceptable Velas node from the operating system. In just a few clicks, users are up and running, able to start earning rewards that pay out approximately every four hours.
Likewise, users can choose to use the Velas desktop wallet, which supports Windows, Mac and Linux users. Desktop software installation and maintenance is more complicated than just using the online wallet, but it’s still achievable by most crypto users.
Staking with CoinPayments
Users without a million VLXs can still join the Velas network as a masternode, but will need to use Coinpayments to complete the process. Since Coinpayments has a partnership with Velas, users can do more with less. For those not already working with the platform, they need to create an account, deposit VLX and participate in a CPS masternode.
For non-tech-savvy users, Coinpayments has a support wizard that can guide users through the process. While it’s a less straightforward approach to running a masternode, it’s an easy way to join the program without wagering such a significant sum of VLX tokens.
Joining a masternode program can be a good way to diversify your portfolio, however it is also always a personal preference as users need to consider their technology capabilities, cryptocurrency acquisition goals, and platform effectiveness before getting started.
However, for those who want to participate in a masternode program, Velas is a compelling option. For one thing, the platform is relatively new, meaning attendees are entering the ground floor and earning cryptocurrency which can become more valuable as Velas becomes more prolific.
Additionally, the platform’s rewards, estimated at 8% per annum, are higher than those offered by other mainstream masternode programs such as Dash, which expects a 7% return for its users.
Overall, masternode programs are a compelling way to passively acquire freshly minted cryptocurrencies, while also supporting the platforms you care about. Undoubtedly, it is worth looking into and considering it as part of your holistic cryptocurrency acquisition strategy.
