Amongst the DeFi mania, there’s still love for masternodes in 2020
2020 is shaping up to be the “year of DeFi”. Staking, liquidity providing, and bonding curves have all taken center stage as ways to earn money, but the Masternode, one of the earliest incentive mechanisms offered within the cryptocurrency space, has remained a popular source of income and recent events go to prove it.
Masternodes propose a solution to increasing costs and technical complications often associated with running a full node on a blockchain network. Many will remember Darkcoin (which was later rebranded to Dash) as the very first cryptocurrency to adopt the masternode model back in May 2015.
Gather, a platform that allows web and mobile developers to earn money by contributing processing power announced their first masternode batch allocation program on December 8th, and the response was nothing short of overwhelming. Selling out in five minutes, fifteen slots were originally reserved for the first batch of masternodes, with a total of 4 million GTH tokens staked and locked. And on December 26th, the second batch was released with 20 full + 2 shared nodes. Total 39 out of the initial 80 masternodes are now ready for mainnet and 15% of the circulation supply (9.75M $GTH) is now locked. Now the eyes are on the following Batch 3, which will be released in the coming days.
Masternodes play a central role within the Gather Cloud, a layer of the Gather network that redistributes processing power to enterprises at lower costs. Providing continuous processing power and storage input as the main fuel for the Gather ecosystem, masternodes earn users rewards that will be paid out every 2 weeks.
Participants will enjoy 50% APY staking till mainnet, and 22.5 % of GTH block rewards will be split between masternodes. A total of 6% of the gross profits coming from Gather Cloud will also be distributed to masternodes in USDT upon the launch of the main net, and earnings will scale as Gather Cloud revenues increase offering masternode holders the opportunity to earn more as the company grows.
Masternodes were, for a time, viewed by many as out of reach due to their running costs and high barrier to entry. Until a few years ago, it was almost impossible to operate a node without some serious IT experience, a decent amount of capital, and a very well designed business model.
Lowering barriers to entry, Gather has proposed a solution that enables their community members to benefit from the rewards of hosting a masternode, without incurring the costs associated with running a full node. The team recently announced plans to offer the availability of shared master nodes, and judging by the popularity of the preceding full node allocations, the shared masternode allocation events will sell out just as quickly.
Gather’s innovative business model allows publishers to monetize without intrusive ads, whilst also offering developers and businesses alike access to reliable and affordable processing power. As well as offering clients a platform that resides outside of the increasingly expensive and monopolized cloud computing industry, Gather’s masternode allocations now also unlock new revenue opportunities for its customers.
The company has also been steadily expanding upon its ecosystem by partnering with various projects in recent weeks, including the likes of DIA, Chromia, Ferrum Network, and most recently ANKR Network. GTH also listed on popular cryptocurrency exchange Gate.io after a successful voting campaign.
Disclaimer: The information presented here does not constitute investment advice or an offer to invest. The statements, views, and opinions expressed in this article are solely those of the author/company and do not represent those of Bitcoinist. We strongly advise our readers to DYOR before investing in any cryptocurrency, blockchain project, or ICO, particularly those that guarantee profits. Furthermore, Bitcoinist does not guarantee or imply that the cryptocurrencies or projects published are legal in any specific reader’s location. It is the reader’s responsibility to know the laws regarding cryptocurrencies and ICOs in his or her country.
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