PIVX is a highly trusted, secure, decentralized and energy efficient blockchain. It is governed by a DAO that steers the project through on-chain voting. A key enabling element of the blockchain is its use of Masternodes.
Masternodes are a type of node in a decentralized network that performs special functions beyond simply relaying transactions. Their presence can help to improve the security, scalability, and decentralization of the network. Since they typically have more privileges and powers than regular nodes, they are rewarded for their contributions to the network with a portion of the block reward.
In the case of PIVX, Masternodes are used to further protect the network and enable decentralized decision-making processes. However, the list of what Masternodes are used for continues to grow as the development team works to take advantage of the robust network of computational resources and built-in reward structure they provide.
A PIVX Masternode requires 10,000 PIV in collateral, and all masternode owners are granted voting rights (one vote per masternode) along with the ability to earn block rewards. Currently masternode owners make around 9% in annual rewards.
PIVX has tools and tutorials for creating masternodes. They can be set up cost effectively on a remote VPS. A single 4-core Celeron VPS can host four masternodes (one per core).
The 4 part YouTube series below shows how to create 4 PIVX masternodes on a single VPS.
It goes through the process of:
1) Obtaining the PIVX needed for collateral and storing it on a secure hardware wallet.
2) Downloading and installing the PIVX software on the VPS.
3) Configuring and launching the masternodes using the Secure PIVX Masternode Tool (SPMT) in the short videos.
PIVX Masternode Setup Tutorial 1 of 4
PIVX Masternode Setup Tutorial 2 of 4.
PIVX Masternode Setup Tutorial 3 of 4.
PIVX Masternode Setup Tutorial 4 of 4.
PIVX core team.