Master Nodes

Propulsion

Propulsion

The buck stops here.
I see a lot of conversations on how master nodes should work. Currently the idea is with a minimum amount of coins (1000drk) you'll be randomly selected to operate a master node. In compensation for running a node, you will collect pool fees for the block being solved (10%). I think this is a great idea and is easily marketable with just saying "Darkcoins will collect interest after a certain amount is in the wallet."

This is a great way for people to earn interest on their coins in a non scam way. Excellent idea!
 
Sweet! Getting 1000 now! How do we know if we're picked? Just the random payment that would occur?
 
Just quoting Evan from earlier this week:

The next stage of DarkSend

The design of Darkcoin is all about economic incentives, I've tried to bake as much of that in as possible. I've been thinking about the reliance on master nodes in our new design for securing the network and I see some room for improvement.

With the current design we will require 1000DRK to operate a master node. That requires you putting 1000DRK in a hotwallet (dangerous) only to collect the collateral fees which won't amount to much.

So what do we want?

- We want as many master nodes as possible (the more nodes the more secure the network)
- We want them to be profitable to run
- We want it to be very expensive investment to operate a master node

So I propose the following solution, each block the last master node will receive 10% of the mining reward (in addition to the reward given to the miner). So for example, if the mining reward was 19DRK the last master node will automatically receive 1.9DRK.

This also has some really great side effects:

- It creates a completely new type of investor that buys DRK and holds it (where as miners create dark coin and sell it for the most part)
- It adds a ton of full nodes to the network
- It creates demand and scarcity, which should provide a nice return for our investors

Also, these payments are completely secure. New blocks with the dividend payment made out to the incorrect master node will be rejected (the whole network knows who won the election).

At the present moment we have a chicken and egg problem. We need master nodes to support darksend and we don't want to go live with 1 or 2 master nodes. To solve this we will implement the election code into the main client, along with the payments to master nodes while DarkSend is still beta.

What type of return will you see?

- If there’s 1 capable master node, you’ll receive all payments 576*(AverageReward/10) per day

Capable Nodes, Daily Reward
1, 1094DRK
2, 547DKR
5, 218DRK
10, 109DRK
20, 54DRK
50, 21DRK
100, 11DRK

As you can see, we’ll quickly reach equilibrium with the price and at the same time this will create buying pressure raising the price more and causing the network to become increasingly secure.

Also, we can build our master node network now in the immediate. Users can buy the darkcoin needed to run one and they will just run the beta client. We'll open source the election code and hard fork to add the payments to master nodes in and our network will be secure by the time we're ready to do a full launch.

I really love the idea, thoughts?

I think the thought turned into anyone running a master node would partake in the mining rewards, so as to minimize variance.
 
Ok, so I'd have to download beta wallet, transfer 1000 DRK there, and then I'd be eligible to be master node?
 
Not yet, its not been implemented yet. I'm sure when it is, there will be a big announcement, and the amounts may change.
 
Okay, not even for test wallet? I thought Darksend was working there. Will just wait :p. Thanks tante
 
Im running a masternode, but thats just for making sure darksend works on the network, and no, there is no rewards working yet for running a masternode, we just want to stabilize the network, so that transactions go through..
 
From Evan
To start a masternode all you do is send 1000DRK to an address on that daemon and then add "masternode=" to the config. While running the client will know it's a masternode and ping the network saying that it's still available every few minutes. If we have 100 nodes, that 100 messages every few minutes.
Click to expand...

My question is, can the wallet be encrypted?

If there is more then 2000 dark in one address, does it count as two master nodes? Same with above scenario except different amounts in different addresses in same wallet.

What is the expected bandwidth increase of running a master node?

Port forwarding enabled?
 
You are asking him to answer questions he's already answered on Bitcointalk.

Multiples of 1000 DRK will count as "multiple tickets" (Evan's words) to the master node election process.

InternetApe: " We ,Darkcoin team, are planning on putting out an AMI and iso image for people to use. Even IF you used a rooted image or server, if your wallet is backed-up and encrypted its going to be VERY hard for someone to take your coin"

Bandwidth would not be much, it's just addresses/amounts/signatures.

Yes port forwarding would have to be enabled, if I can't communicate with you we are going to have problems.
 
If you are running a Linux box and know what you are doing I'm sure an encrypted wallet would be just as secure. For those that do not know what they are doing the AMI/iso would be provided to help them along.
 
This is really a genius idea and I wish more threads were talking about this because it is a way to earn interest while simultaneously strengthening the network. A productive version of Proof of Stake.
 
I will be dropping mad DarkSend knowledge all over the interweb after it's fully implemented. Until then I am biding my time because it has changed A LOT since first concepts.
 
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