PAC Protocol Masternodes, Just What is a Masternode?
Hello again. In my last post, I went over what PAC Protocol is and what its plans are going forward. I was asked if I could give a breakdown on what exactly is a masternode, and why should people want to own and operate one. I think it is a very important topic and today I am going to try to explain it the best I can without getting overly technical.
Now, before I get into masternodes regarding PAC in particular, I want to take a moment to explain what nodes and masternodes are and how they relate to each other.
A node is simply any wallet or application that contains a full copy of the blockchain and works to validate transactions and or data on that chain. A masternode is the facilitator, meaning when a transaction is made, it sends transaction data to the nodes for validation. Masternodes also play an important part in governing the protocol. Each masternode has a vote on all proposals.
One of the easiest ways I find to illustrate a masternode and node relationship is to think of a customer support call center. The masternode is the main number called. When a masternode receives a call it routes that call to the customer support reps in the call center. Those are the nodes. The node then answers the call and assists the customer with their transaction.
Now that I have gone over that relationship, what does that mean with PAC Protocol? PAC Protocol is the second-largest masternode network in the world with over 18,000 masternodes currently active on the network. The importance of having so many masternodes gives PAC Protocol an extremely robust, fast, and secure network. The more masternodes on a network the more simultaneous transactions (or phone calls) the network can handle at any given time. The speed of transactions is thus that much faster. Having so many redundant copies of the blockchain and transaction history improves the security of the data as well. If for some unforeseen reason, 98% of all the masternodes somehow crash and shut down, the blockchain data is still safe, and once the issue is resolved no loss of transactional data will occur.
PAC Protocol’s newest desktop wallet solution PACSafe is capable of acting as a node through staking while also acting as a masternode controller. When someone chooses to run a masternode through PACSafe, it holds the collateral and tells the network that the collateral is there. However, when someone decides to stake through PACSafe they are now operating as a node and validating transactions. A key component for the operation of the network.
Yes, a node does have the entire blockchain and handles transactions, but a node, such as PACSafe a program on your computer, can be shut down or lose its connectivity degrading network performance. Running a highly collateralized and incentivized masternode ensures consistent uptime on the network.
Okay great! SO why wouldn’t I just stake only, what’s the benefit of running a masternode on PAC Protocol for me? Running a masternode on the PAC Protocol network is a great source of residual income. Currently every 31 days masternodes receive 8280 PAC. But, in the words of Billy Mays “But wait there's more!”
Since your masternode is essentially a server on the internet, it is capable of doing more than just directing transactional traffic. In fact, PAC masternode owners will soon receive 100 Yan Tokens (PAC Protocol’s NFT token). These tokens will enable masternode owners to secure data storage on the soon-to-be-released YanDNA IPFS (Inter-Planetary File System). Say goodbye to unsecured, single server, hackable storage systems ie: DropBox, or Google Drive. More on this in another post so stay tuned.
But wait there’s still more! PAC Protocol has entered into a partnership with Flare! This partnership has announced that masternode owners on the PAC Protocol network will be able to receive Flare’s Spark ($FLR) token as well! Talk about ROI!
The PAC team is continuing to add value to masternode ownership all the time. As the project grows, so does the value of being part of this amazing ecosystem. There have even been recent hints and talk of NFTs on the network. These NFTs don't just have to be art and collectibles, anything can be tied into NFTs, and having the ability to store NFTs on the YanDNA IPFS storage will add more security to those NFTs. I don’t want to drudge on any longer in this post but again stay tuned! I will cover NFTs and their potential in another upcoming post.
Until then, I am more than happy to answer any questions I can so don’t be shy. Thank you for taking the time to read my ramblings and I hope to have brought some form of clarity around masternodes.
