Masternodes

Set Up a Beldex Masternode and Generate Passive Income

5 Reasons to Set Up A Beldex Masternode

Masternodes are full nodes that hold the entire record of the blockchain. Masternodes are the foundation of the Beldex blockchain that help validate transactions, send messages via BChat and route your connection through BelNet.

The greater the number of masternodes, the more secure the network. Masternodes help verify new blocks and play an important role in blockchain governance. Masternodes differ from full nodes in that validators can stake their coins on masternodes regardless of the consensus mechanism used.

Before POS, masternodes on the Beldex network aided in the validation of blocks while miners generated the blocks.

With the gradual transition of the network to a POS consensus, miners were deprecated and masternodes were able to generate blocks and validate transactions.

Why should you set up a Beldex masternode?

There are several reasons why you should set up a Beldex masternode. Here, we list the top 5 reasons why Beldex masternodes are a great opportunity to generate passive income.

1. Low Hardware Requirements

When it comes to setting up a blockchain validator, Beldex masternodes have some of the lowest hardware requirements.

Beldex masternodes currently require around 30-50 GB of disk space for the entire history of the Beldex blockchain.

The Beldex network currently has a blockchain size of 10.8 GB. To further reduce blockchain storage requirements, Beldex Research Labs is researching ways to reduce transaction and proof size. This basically means, the storage requirements to set up a Beldex masternode is going to remain low for a very long time.

2. Optimal Collateral

Beldex has an optimal collateral requirement of 10000 BDX.

With the current BDX price of $0.04603 USD, the collateral amounts to $460 USD. This is significantly lower than the collateral requirements of other masternode coins.

While the collateral is lower, Beldex also takes into account the security of the network by locking the collateral for a minimum of 30 days when unstaked.

At ATH, the collateral amounted to $1716 USD while the value of block rewards increased proportionately.

3. Passive Rewards

Users can earn passive income by staking BDX on masternodes.

They earn daily rewards based on the number of masternodes in the network.

For example, currently there are 1135 active masternodes. The daily rewards are split between these masternodes.

You can check the current BDX masternode rewards here.

According to masternodes online, BDX masternodes offer annualized returns of 58.35%.

4. Competitive Returns

Beldex offers a competitive return on collateral for validators when compared with other staking coins.

These returns are also based on the number of masternodes in the network.

Does this mean returns are reduced when more masternodes are added to the Beldex network?

Not necessarily. With 1135 masternodes, the ROI stands at 58.35%. The ROI was 50% more when there were 50% less masternodes in the network.

For optimal performance of BChat, BelNet, and other products that Beldex is developing, the network needs a large number of masternodes.

This was the principle by which the masternode rewards were designed. Thus, even if 1000 masternodes were to be added to the network, the returns would still be 29.17% with the current price of BDX.

5. Benefits of Early Adoption

BDX price discovery is at an early stage as the ecosystem is still developing.

Thus, the benefits of early adoption will include the benefits from a positive price discovery as the utility of BDX on BChat and BelNet increases.

Thus, there are several benefits to early adoption as the network grows and expands.

What happens when you set up a Beldex masternode?

Validators: By staking BDX on masternodes, users can become validators on the Beldex network. They can validate the transaction and earn rewards from it.
Fast & scalable: When the masternode count increases, the network becomes fast, reliable, and scalable. It helps improve the speed of the validation process. Masternodes not only validate blocks, but also work as the backend infra for BChat and BelNet. On BChat, masternodes are used as message routers. The messages you send via BChat are routed through the masternodes and reach their destination. On BelNet, masternode relay your connection from one router to another, and then to the exit nodes.
Securing your funds: Keeping your funds in exchanges or third-party custodial wallets or staking platforms may not offer you with the best of privacy or security. So staking your BDX on decentralized masternodes using the Beldex Electron Wallet (PlayStore, AppStore) will always be secure and you can earn from it too.

Requirements to Set Up a Beldex Masternode

Here are the latest software and hardware requirements for setting up a Beldex masternode.

S.No.	Specs	Note
1	Latest Binary	Bucephalus v4.1.0
2	Software	Ubuntu 18.04
3	Storage	30-50 GB
4	Ram	2-4 GB
5	CPU	1 Core

How to Set Up a Beldex Masternode?

There are two ways to set up Beldex masternodes. Users can either set up masternodes using a VPS or choose to stake on a masternode staking platform.

To set up the masternode using the Beldex Electron Wallet, users need to follow these steps.

Download the Beldex Electron Wallet (PlayStore, AppStore).
Users should have a minimum of 10,000 BDX (+fee) in the wallet to set up a masternode. Transaction fee is very minimal, thus an additional 2-5 BDX should suffice.
Click on masternode tab and choose the registration option.
Before setting up the masternode, one should rent a VPS (Virtual Private Server) or a dedicated server. The VPS helps keep your masternode online 24/7. If your masternode goes offline, it will be deregistered.
You can rent a VPS from any hosting service providers like AWS or Scaleway.
Once you’ve rented a VPS, login to the VPS using your registered username and password.
It will open the terminal on your system.
Now paste these five commands shown below on the terminal and press enter.
The following command gives your system access to the deb packages using the server key.

curl -L https://deb.beldex.io/pub.gpg | sudo apt-key add –

Copy the following command. Paste it into the terminal and press enter. This will locate the deb packages to be installed.

echo “deb https://deb.beldex.io/apt-repo stable main” | sudo tee /etc/apt/sources.list.d/beldex.list

Copy and paste the next command & press enter. This command is used to add the deb packages to your system.

sudo apt install ca-certificates

Copy and paste the next command & press enter. This will update the deb packages.

sudo apt update

Copy and paste the next command & press enter. This will configure the masternode.

sudo apt install beldex-master-node

Wait for your node to synchronize with the Beldex blockchain.
Once the synchronization is complete, you will receive a message that indicates the same.
Then type the following command on the terminal. This will prepare your node for registration.

beldexd prepare_registration

Then copy your wallet address from the Electron Wallet and paste it into the terminal.
A string will be generated. This is used to register your masternode.
Copy the string and paste it into the Masternode Command Registration box (This can be found under Masternode > Registration in the Electron Wallet).
Click the register button and your registration will be completed.
To check your registration, click the ‘My Stakes’ option.
You can see your staking BDX there.

Every masternode gets assigned a masternode public key.

To check your masternode public key and the status of your masternode, enter the following command into the terminal.

beldexd status

Here is the YouTube video to know the step by step process in setting up your masternode using the Electron Wallet.

To easily calculate your daily rewards, you can check this easy to use masternode rewards calculator.

Calculate Your BDX Rewards

Common Roadblocks When Setting Up a Masternode

While setting up the masternodes, users usually come across the following hiccups. They are,

Wallet Synchronization: Ensure that you’ve got a good WiFi network. Wallet synchronization is delayed if your internet is slow. The user’s network should be stable to set up the masternode.
Node Synchronization: Your node should synchronize with the Beldex blockchain. Issues with node synchronization happens due to overload (when several nodes connect to a single RPC node to register). In this case, users need to click on the settings tab in the Electron wallet and change the remote node host. Three RPC nodes are available. If one is overloaded, you can choose a node from the remaining two. It will help synchronize your node faster.
Cannot Connect Remote RPC Node: This warning shows up either when an RPC node is overloaded or when you enter an incorrect wallet address. Go to settings and change the remote node host. If not, check that the wallet address that you entered in the terminal and the one in the Electron wallet you’re using to register the masternode are the same.

Beldex Masternode Data Partners

Masternode data partners provide data about the Beldex masternodes. Here you can check the following details such as the

Total number of masternodes in the Beldex network.
Active masternodes in the network.
Reward earned daily, weekly, and monthly.
Total BDX locked in the masternodes for collateral.
Masternode cap value.
Frequency of reward distribution.

Beldex masternode data partners are,

Masternode Online: MNO is a coin tracking and information service provider for masternodes. MNO provides the most precise and complete data about masternodes.
Masternode Buzz: Masternode Buzz provides the details about Beldex masternodes and other information such as our exchange partners, the current price of BDX, and 24h price change, etc.

Masternode Staking Partners

Masternode staking partners help the users stake their BDX coins on their platform. Instead of setting up their own masternode, one can prefer staking with our masternode hosting partners. It will help reduce the masternode cost and setup time. Users can easily stake their BDX.

There are two types of staking options available. They are,

Cold Staking: In cold staking, users require a minimum balance of 10,000 BDX in their Electron wallet. Users need to create an account on the staking partner’s platform. Then, they need to deposit the required fees and deploy their Beldex node using their wallet address. Cold staking does not require the user to transfer BDX from their wallet to the staking platform. Thus, this kind of staking is also known as non-custodial staking. Nodehub offers cold staking for Beldex masternodes for a nominal fee.

Custodial Staking: Custodial staking involves transferring your BDX to the staking platform to set up a masternode. Pecunia and Perfect Nodes offer custodial staking solutions for Beldex masternodes for a competitive fee.

Masternode Pools and their Benefits

How to Guides, Masternodes, Support & FAQs / By Beldex

Operating a masternode is an excellent and easy way to generate passive revenue from cryptocurrencies. It can be done through staking a particular cryptocurrency, only then will one be able to get the said incentive.

What are Masternodes?

Full nodes that store the entire copy of the blockchain are known as masternodes. The more masternodes there are in the network, the more secure it is. So, what makes a masternode different from a full node? Masternodes are distinct from full nodes in that they allow validators to stake their coins. Validators can generate passive money by staking their coins on masternodes. Furthermore, depending on their architecture, several Blockchain networks grant Masternodes vote, governance, and regulatory rights.

What are Masternode pools?

The staking requirement is a very minor expenditure for some blockchain businesses. However, for others, it can be significant, and this can be a deterrent for those considering staking a masternode.Masternode pools lessen this barrier by allowing numerous people to pool their resources, making it easier to run a masternode.

Masternode pools enable you to pool cash with other individuals or organizations in order to achieve the staking criteria for a masternode. When the masternode gets a payout, it is divided among the pool participants in a proportion according to each member’s investment.

Beldex Masternode:

Masternodes can participate in networks that use both Proof of Work (POW) and Proof of Stake (POS) consensus. The POW + MN design is presently used by the Beldex Masternode. The masternodes will be changed to a POS + MN design as the Beldex network transforms to a complete POS network which will function very soon.

Beldex masternodes are essentially validators who are compensated and given the reward for their efforts. They may now validate blocks but cannot contribute blocks to the network until the expected POS Bucephalus Hard Fork comes into action which will be approximately at block height 742421 on the 10th of December, 2021, 06:00 PM UTC.

To stake on a Beldex Maternode, the following requirements must be met:

Step 1:

The appropriate quantity of a minimum 10,000 BDX with you. This will be used as collateral.

Step 2:

Have the necessary hardware to set up the masternode — the entire software and hardware requirements may be found here (https://docs.beldex.io/master-nodes/guides/master-node-full-guide)

Step 3:

Proceed with the instructions outlined below-

Download a complete copy of the blockchain.

Start the Beldex Daemon.

Get the MN key.

Create a Beldex wallet and add your Masternode to it.

Requirements to set up a Masternode pool:

Create an account on the staking platform.
Stake the required amount of BDX in the BDX staking pool.

The benefits of using masternode pools are many. The most important advantage of pooling is financial accessibility. When pooling, you can still collect rewards from a masternode (a little less comparatively) without having to fulfill the full staking requirement. The security aspect includes misappropriation of coins being both incredibly unlikely and highly difficult.

Pool in and get suitable rewards. What an easy way to get passive earning!

Join our community to know more about our recent developments.

Beldex (BDX) Listed on Masternode Buzz

Announcements, Masternodes / By Beldex

Dear Beldians,

Warm Greetings from Beldex. We are glad to inform you that we have stepped into Masternode Buzz: https://coins.masternode.buzz/BDX. Masternode buzz is an out-and-out data provider about masternodes. Users can check about active masternodes, rewards, staking coins, coin price, etc., as up to date. Now, this information is at your fingertip. No need to visit various sites in your busy schedule.

Features about Beldex in Masternode Buzz:

Total number of masternodes.
Masternodes data for the past 30 days.
Daily, weekly, and monthly income status.
Beldex coin current price status and variations in past 24 hours.
Marketcap facility is available.
Exchange lists are mentioned.

Willing to setup a Beldex masternode:

Here you are. You can click on the link for a detailed guide about how to set up a masternode for Beldex. By setting up the masternode you can stake BDX and earn passive income as well as you are eligible to validate the transaction. So you can earn additional rewards through the validation process too.

Evonodes shared masternode pool is another way to stake your BDX. Setting up the masternodes is not an easy task, it needs large hardware requirements and takes more steps to complete the whole process. To make your work easier, masternode pools are used. Create an account on the pool, select the BDX masternode pool, and stake your BDX over there in a few minutes of time without any issues.

Join our community to know more about our recent developments.

Beldex (BDX) Listed on Masternodes Online

Announcements, Masternodes / By Beldex

Dear Beldians,

We are pleased to announce that we are listed on Masternodes Online: https://masternodes.online/currencies/BDX/. Masternodes online is a comprehensive masternode data provider. You can now check the Beldex masternode count and reward stats in near real-time.

On MNO, you can see our complete masternode stats like,

Number of masternodes in the network
Daily, weekly, and monthly rewards
Masternode reward frequency
Total BDX staked in Masternodes as collateral
Total Masternode Cap

Excited about Beldex masternodes?

Check out our guide on how to set up a Beldex masternode. By setting up a masternode and staking BDX, you contribute to the network’s stability and security.

You can also stake BDX on the Evonodes shared masternode pool. This is an easier alternative to setting up a dedicated masternode. The hardware requirements and the complexity of setting up a masternode are taken up by masternode pools. To participate, all you need to do is create an account on the platform, select BDX masternode pool and stake BDX.

Join our community to know more about our recent developments.

How to Earn from Beldex Masternodes?

Beldex-Blog, How to Guides, Masternodes, Support & FAQs / By Beldex

Masternodes are the evolution of nodes in a blockchain network. A masternode is simply a node that has certain additional responsibilities. Thus, to know about Masternodes, we must know about nodes, light nodes, and full nodes. Nodes validate transactions in a blockchain. Thus, all nodes in a network store a copy of it. As new transactions are bundled together in a block and added to the blockchain, nodes verify these transactions, validate the block, and update their copy of the blockchain. Thus, nodes are essentially validators who receive rewards for their contributions.

A typical blockchain network grows in size with time, as more and more blocks are added to it. A good example of this is Bitcoin. Bitcoin grew larger with adoption. Data from Statista shows that the Bitcoin blockchain was around 10 MB in April 2010. Now, it is more than 344 GB. As hardware requirements change, it becomes increasingly difficult to set up a Bitcoin node. Thus, light nodes came into play.

Light nodes: Light nodes are nodes that only download the recent history of transactions to validate blocks. They do not hold the entire copy of the blockchain. Thus, light nodes can validate blocks faster as they only need minimum computational resources.

Full nodes: On the other hand, full nodes hold the entire copy of the blockchain and are generally more secure. Even if all but one full node were to be corrupted, the blockchain can still be restored. Since they validate all the blocks, they require greater computational power.

What are masternodes?

Masternodes are full nodes that store the entire copy of the blockchain. The more the masternodes in the network, the more secure the network is. But how does a masternode differ from a full node then?

Masternodes hugely differ from full nodes in that they provide staking opportunities to the validators. Validators can stake their coins on masternodes and earn passive income. In addition to this, certain Blockchain networks, depending on their architecture, provide voting, governance and regulatory rights to Masternodes.

About Beldex Masternodes

Masternodes can be part of networks with both Proof of Work (POW) and Proof of Stake (POS) consensus. The Beldex Masternode currently follows the POW + MN architecture. As the Beldex network transitions to a full POS network, the masternodes will be updated to a POS + MN architecture.

Beldex masternodes are essentially validators that earn rewards for their services. In their current state, they can validate blocks, but cannot add blocks to the blockchain until the scheduled POS hardfork in Q4, 2021.

How to Earn from Beldex Masternodes

For each newly created block, 2 BDX are minted as rewards. Rewards are shared based on the number of masternodes in the network. If you’re a masternode enthusiast looking to earn passive income, then check out how to set up a Beldex Masternode below.

How to set up a Beldex Masternode?

The best crypto masternodes are ones that provide you with easy access to staking. You can easily stake BDX either by setting up a Beldex Masternode or on a shared masternode pool.

Requirements to set up masternode:

Hold the required amount of BDX as collateral. The minimum amount required to set up a masternode is 10,000 BDX.
Have the required hardware to set up the masternode – you can find the complete software and hardware requirements here.
Then, follow the steps listed here
1. Download the entire copy of the blockchain
2. Run the Beldex Daemon
3. Obtain the MN key
4. Create a Beldex wallet
5. and register your Masternode.

Requirements to stake on a masternode pool:

Open an account with the staking platform.
Choose BDX staking pool and stake the desired amount of BDX.

You can currently stake on remote masternodes on the Evonodes shared masternode pool here. Beldex will provide more staking platforms in the near future to stake BDX.

BDX is a masternode crypto and the Beldex chain is supported by Masternodes. Thus, the network’s decentralization, security, and scalability depend on them. Once full POS is live, Masternodes will receive 100% of the block rewards and have the highest authority on the Beldex network.

Join our community to know more about our recent developments.