XinFin's token XDC supplants proof-of-work consensus algorithm (popularly linked with mining) with proof-of-stake consensus algorithm, fundamentally using the concept of "validators".
Validators are special nodes used in the XDPoS consensus algorithm which validate each transaction occurring on the blockchain network. The result of this validation is to finally append the transaction on the blockchain. A transaction may be accepted by the validator or rejected. (Important: There can be multiple validator nodes in each network.)
Decisions made by these validator nodes are broadcasted through the network as messages which are signed (attested) using validated cryptographic public key. Every validator node running XDC protocol in the RCL network is responsible for deciding its Unique Node List (UNL). This list holds information about which regular nodes does the validator care about.
To set up a masternode, make sure your XDC protocol running node is publicly identified and has gone through the compliance process. Every Node Holder need to upload KYC document and this detail will be visible to the public network.
Why set up a masternode at all?
It is necessary to set up a masternode to operate on XDC protocol because masternodes make the decentralised blockchain network self-sustainable. Deploying masternode is conducive to trusted, scalable decentralised network infrastructure. Such an environment facilitates greater stability and reliability on the network.
Functions of masternode
In XDPoS blockchain environment, masternode concept is cardinal to the functioning. A masternode validates each (or segment of transaction depending upon UNL) transaction and is also responsible for writing the transaction onto the truth ledger: the blockchain. As a consequence, this makes decentralised governance of the network possible.
Restrictions on nodes which aspire to become masternodes
Nodes which possess any of the below mentioned characteristics may not qualify to become masternodes:
Incentives to set up your own masternode
Several reasons why setting up a masternode is useful are:
Important: Max number of Master node allowed in the network is 5000.
Special incentives for 18th validator node: Information required Depends on No's of Block created by validator node (incentive In terms of XDC)
Reward Cycle: Every Epoch.
Before You Begin
This guide will demonstrate how to set up a single masternode for the very first time. You will need the following before starting:
Troubleshooting
If you are having problems with Setup, the first step is to collect more information to accurately characterize the problem. From there, it can be easier to figure out a root cause and a fix.
Please drop message with all possible detail and screen shot at Community Support forum: http://xinfin.Net
Telegram Community: https://t.me/XinFinDevelopers
Slack Community: https://xinfin-public.slack.com/messages/CELR2M831/
DISCLAIMER: This list is provided for informational purposes only. Services listed here have not been evaluated or endorsed by XinFin and no guarantees are made as to the accuracy of this information. Please exercise discretion when using third-party services.
List of service provider to Setup Masternode
Are you a Provider?
If yes, then Contact us to List your service.
Masternode Tools
Community Forum update link: http://xinfin.net
Telegram Development Community: https://t.me/XinFinDevelopers
Slack Public Channel: https://xinfin-public.slack.com/messages/CELR2M831/
Where to operate? Mainnet vs Testnet
In XinFin, there are two networks where you can run XDC protocol: the mainnet and the testnet.
The mainnet is used to transact real XDC. The XDC's value is tied to real fiat currency via cryptocurrency exchanges.
As developers, you do not want to run application tests with real money. That is what the testnet is for. We call the testnet XinFinTestNet.