How Masternode Can Be The Next Step In Blockchain Evolution
The advent of blockchain technology and its inherent flagship cryptocurrencies bedazzled the digital world barely more than a decade ago. The coming of the blockchain and its amazing innovations promises to turn the world around in almost all the spheres concerning human life. Financial systems got the better of this technology as many blockchain backed digital currencies sprang up, all in a bid to mitigate the overly expressed financial overload imposed of people by established financial institutions and the monetary models at play. Before exploring how Masternodes can wriggle to be the next blockchain big deal, lets take a quick peek at the two major words here: Blockchain technology and Masternodes.
A blockchain is a decentralized, distributed and public digital ledger that is used to record transactions across many computers so that any involved record cannot be altered retroactively without the altering of all subsequent blocks. This technology is the technology upon which digital currencies otherwise known as cryptocurrencies such as but not limited to Bitcoin (BTC), Ethereum (ETH), Apollos, and PIVX are built. The developers are helping to create a new internet world because storing or logging of records on the blockchain is feasible and makes it extremely difficult or even impossible to alter or take these records off thus remodeling transparency and security.
Masternode technology is a subsect of the blockchain technology. The masternode technology can best be seen as a record verification protocol on the blockchain’s public ledger. A node can simply be understood as a computer that plays a part in ensuring the integrity of a coin network. The crypto space is not only decentralized but also distributed; therefore, it functions by several people running nodes from different parts of the world. That said, you require a full node to host a copy of the Blockchain (coin’s ledger) and thus support the network. A Masternode is a crypto full node (computer wallet) that supports the network by hosting an entire copy of the coin’s ledger in real time. In return, the Masternode will receive crypto coins as a reward. It is a great alternative to mining. So Masternodes are created to help reinforce and enhance the already secured system operated by the blockchain technology.
The Evolution Of The Blockchain Technology
In understanding the evolution of the blockchain technology, we need to keep track of the advancements in cryptographic powered innovations. The first cryptographically described chain of blocks according to wikipedia.org was described in 1991 by Stuart Heber and W. Scott Stornetta. They wanted to established a secured system where document timestamps would be impossible to be altered. The subsequent notable evolution is highlighted in the steps below:
- The conceptualization of blockchain by a person known by the pseudonym Satoshi Nakamoto in 2008
- The development of smart contracts which run on the blockchain. Smart contracts are like invoices for transaction shipments.
- Proof of Work (mining) system of verifying transactions carried out on the blockchain
- The evolution of blockchain technology moved from the flagship centralized system to decentralized model upon which many exchanges now thrive
- The evolution can also be tracked to the development of Privacy coins
While these highlighted tracks are neither listed in the exact succession because of the difficulty in establishing the real dates associated (emphasizing the anonymity of the system), nor did it include all there is, it definitely emphasize the most notable era and growth the blockchain technologies have seen.
Time For The Masternode-Blockchain Evolution
While Masternodes are currently an indispensable feature or model helping to keep track of the focus of the purpose of blockchain technology, it is yet to establish itself as a formidable alternative to the Proof of Work model adopted by Mining Technology. In all of my knowledge about Masternodes, it has the potential to register itself as a formidable system because of;
- Its proof of stake model is faster and more efficient in verifying transactions
- The ease with which to set up a masternode for any affiliated masternode coin
- The lower maintenance costs when compared to mining rigs
- The potential return on investments is worth the risks.
- For masternode to be the next major blockchain evolution;
- A comprehensive cryptosphere campaign should be championed by masternode coin developers
- Effective promotions to constantly emphasize the efficiency and benefits of masternode coins
- Cutting edge advancement in the addition of new features to existing masternode coin or project features.
With Masternodes, the blockchain and cryptosphere can experience better efficiency in verifying transactions carried out on the public ledger with better incentives and less cost. To ensure and or fast track the emergence of Masternodes as the next big blockchain evolution, all stakeholders in the cryptosphere especially those dining in the Masternode sub niche must put their hand on deck.