What Is the Dash Masternode Tool?

We have seen some pretty interesting cryptocurrency developments over the past few years. In the Dash ecosystem, there is a dedicated Masternode tool. Although it will not necessarily serve as a one-click solution for setting up a new masternode, the tool offers quite a bit of functionality. It is a powerful tool for people with a vested interest in the Dash ecosystem.

THE DASH MASTERNODE TOOL

Everyone who has heard of Dash knows how this particular ecosystem operates. Consensus is achieved in a decentralized manner and the project heavily relies on its individual masternodes. All of these nodes can only be set up by locking up a specific amount of Dash for an extended period of time. In exchange, users receive a small reward for providing anonymity-related services to the network. So far, this system has worked well and has even been adopted by a few Dash clones as well.

However, there are those people who take the concept of setting up a secure Dash masternode a lot more seriously than most. Rather than putting money in a wallet on their own computer or even a VPS, they will lock up funds in a hardware wallet. As a result, it becomes slightly more difficult to run and maintain a masternode without the technical know-how required to do so. This is where the Dash masternode tool comes into the picture, as it makes this process a lot easier.

More specifically, this tool gives Dash masternode owners the ability to run a few key commands when using funds in a hardware wallet. All of this is done through a convenient user interface which takes away all of the coding aspects associated with this process. It is always advised to put your masternode’s collateral in a hardware wallet, as they are by far the most secure solutions to keep funds safe from harm at all times.

With the Dash masternode tool, users can start their nodes or transfer earnings in a convenient manner. Having a graphical user interface for this specific purpose is pretty significant, as it makes the whole ordeal a lot less cumbersome from the start. There is also an option to sign messages by using a hardware wallet. In the future, there will be support for voting on specific proposals, but this feature has not been implemented at the time of writing.

So far, the Dash masternode tool works with a few different hardware wallets. Trezor and KeepKey integration has been finalized for quite some time now. There is also support for the Ledger Nano S, which has quickly become one of the more popular hardware wallets in all of cryptocurrency. Do keep in mind the latter option only allows for starting masternodes right now, as moving earnings or signing messages is not possible yet. More progress will be made in this regard over the coming months.

It is important to keep in mind this tool will not complete the masternode configuration on one’s behalf automatically. Users will still need to configure their masternode accordingly, even though the tool can be used to control it once the configuration file has been set up properly. It is a more-than-worthwhile venture for people interested in being part of the Dash ecosystem. A graphical interface makes this job a lot easier and convenient; that much is certain.

Author: P Buntinx
Original link: https://themerkle.com/what-is-the-dash-masternode-tool/