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The Future of Masternodes | Predictions and History

by
masternode

masternode

The crypto world went abuzz in February 2015 when Dash, the project formerly known as Darkcoin, introduced InstantSend and PrivateSend. The utility of masternodes had become apparent to end users by way of the fastest means of transaction at the time, with an added measure of optional anonymity.

Many other masternode projects have surfaced and sank on the coat-tails of Dash’s popularity since that time, mostly in the form of near-clones that largely failed to contribute useful innovations to the space, with few exceptions. This has resulted in many of today’s newer enthusiasts and developers overlooking the significant potential of the masternodes model as a foundation for tech advancement towards real-world viability for DLT and decentralized services.

Here I will highlight the great utility of the model by providing examples of new and useful innovations currently functioning, followed by my own predictions of the future for this technology, and offer rebuttal to a now-common presumption about masternodes.

Services Recently Decentralized via Masternodes

The masternodes model persists in disrupting the limited answers to “what can be decentralized,” continually facilitating new services and innovations in the face of other models that simply cannot sufficiently accommodate, or which face a cascade of challenges. The possibilities for decentralization via masternodes continue to expand due in large part to the lower solution barrier and flexibility afforded to projects with established masternode networks. Two recent examples of innovation most-readily spring to mind:

DEX: Today, Blocknet’s XRouter technology uses masternodes as “blockchain routing” nodes, enabling a functioning and truly decentralized exchange. Block DX offers a higher degree of decentralization than many other so-called DEX platforms we’ve come to know; it operates without the requirement of any centrally controlled servers, facilitated by a masternode network. Blocknet continues to innovate new ways of harnessing masternodes and its existing RouterX technology, including XCloud, a DLT interoperability platform.

DAG Relay: Patent-pending tech called ZDAG, utilized by Syscoin, makes a particularly compelling utility case with its use of masternodes as a source of bonded validators collectively serving as a high-throughput DAG relay network with nodes sharing fat interconnectivity, providing scalable throughput to the tokens generated on its platform, reportedly rivaling the performance of VISA Network. This new approach appears to have solved various challenges still faced by conventional DAG networks including eliminating the necessity of centrally controlled “watcher” servers, native retention of full transaction history, and decentralized global consensus. Furthermore, every ZDAG transaction can roll to a PoW layer post-transfer (SHA256 merge mined in the case of Syscoin), further compounding the degree of statistical finality and double-spend protection well above that of a typical DAG. All of this, while residing at a “sweet spot” on the decentralization spectrum. ZDAG was initially released in May 2018 and recently underwent significant enhancements. It currently presents 10-second global consensus and redeemability, and other characteristics where the majority of scaling layer solutions continue to fall short and/or lack objective proof of claims. According to Whiteblock, the group who performed third-party scientific tests of the platform, TPS of 15k-60k was observed within realistic network latency across 24 cloud nodes simulating a live network environment in the closest similitude feasibly possible at the time. The Syscoin developers claim its efficient topology relay algorithms ensure this comparatively high throughput is retained across a much more populated network, and further state they plan to subject the layer to scaled-up tests in the future, which will likely incorporate significantly higher node count. ZDAG uses roughly 1,600 masternodes on the present Syscoin mainnet.

>> Ripple Escrow Wallet Transfers Another 500 Million XRP to Company

How Will Masternodes Look in the Future, and What Roles Will They Fill? My Predictions:

  • Masternodes will become recognized as the means to facilitate proper networks for a growing range of decentralized services, and open new gateways towards scaling. The model continues to support a broadening range of services in capacities where other models fall short, and can potentially provide both horizontal (number of nodes) and vertical (resources per node) scaling. The scalability factor could be driven further through new approaches to incentivization, which brings me to my next prediction.
  • Operator rewards will extend to the basis of hardware resources contributed to the network, or on a service performance basis for true “Proof of Service”. The benefits of these angles of incentive will spur developers to add motivation for operators to aid scaling and network service levels by rewarding contribution of more resources and/or increase node performance and availability. This will follow further realization and focus on the scaling and decentralization benefits of the masternodes model.
  • The decentralized revolution will take new ground with “Web 3.0”, largely facilitated by incentive-driven masternode networks hosting IPFS (interplanetary file system), or similar means of secure sharded data hosted off-chain. Web 3.0 will solve numerous challenges posed by current internet services and Web 2.0, including censorship and trusted parties. This masternode-hosted internet might also facilitate decentralized identity services. Advancement of decentralized identity is recognized as necessary for extending potential dApp use cases and is being spearheaded by Decentralized Identity Foundation with members including Microsoft, Blockchain Foundry, IBM, and many others.

“But Masternodes Mean Centralized”

Assessment of a combination of factors is necessary to properly determine where a network resides on the decentralization spectrum. Factors include economic (e.g. token distribution, collateral cost), quantity of active nodes, distribution of hash power in the case of Proof of Work, and overall architecture of an individual protocol including the roles/functions of nodes and the means by which these roles are fulfilled. Only an insufficient and presumptuous conclusion can be drawn based solely on the presence (or lack) of masternodes.

 

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*This post was originally published on Medium.

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Decentralized Platform and Payment Solutions

by
SonicX

SonicX

SonicX, a unique blockchain platform that provides trust, top-notch security and efficiency has developed an exceptional payment gateway that facilitates not only peer-to-peer transactions but also a tokenized system for content storage and online gaming.

Businesses, organizations, and individuals have been struggling with trust, security, and privacy since the advent of the Internet. These problems have caused many organizations and individuals to constantly worry about how best they could secure their data and online transactions. Thankfully, SonicX is ready to solve these issues.

Appreciating the natural fit of blockchain decentralized platform and secured payment system for businesses like gaming and so on, the team at SonicX provide outstanding solutions to these long-standing challenges by building a decentralized platform for the internet users — using the SOX token; a blockchain architecture that has scalability at minimum cost and an ecosystem that will enable internet users to have their own digital governance.

With a focus on sectors such as gaming and all financial decentralized applications, SonicX stands out from other payment systems by bringing both security, scalability, and privacy to business. Notwithstanding the fact that blockchain underlying technology may seem complex, SonicX’s user experience remains friendly.

SonicX’s unique techniques to solve critical payment system issues are described below:

Scalability and Efficiency: The SonicX platform relies on an efficient system of Masternodes & Supernodes for payment processing and transaction verification. With Masternodes, you can have a scalable network that can achieve higher transaction speeds running alongside block producers called Supernodes. This protects the mainnet from myriads of small transactions generated by payment services while supporting regular repetitive payments.

Coming soon is SonicX’s mainnet, it is being launched on 30 June.

Token Verification Infrastructure: This is a blockchain based public infrastructure to inform the community about verified token issuers. It will be implemented through smart contracts — which will store and manage a registry of verified token issuers.

Increased Transaction: Lightning network coupled with P2P optimization to soar TPS ( transaction per second) can facilitate the network to produce blocks of bigger capacity at a faster rate. Also, special serialization will be implemented on SonicX protocol for empty blocks (reduction in size of blocks from – 1 kb to 80 bytes) which will result in increased block rates (20-100% increment)

Short Links Payment Address: The chances to make mistakes with the existing payment address is pretty high. However, SonicX is providing a more user-friendly short link address for transactions.

Proof-Of-Time Storage: This will allow a participant to share their storage capacity for specified Price in SOX. Here, co-users can buy storage capacity among storage providers. Meanwhile, to become a storage provider, one has to install the blockchain software, allocate storage capacity and specify a minimum price rate.

Self-Upgradable Blockchain: Sonicx blockchain will be able to implement more deep modifications and nearly eliminate the chances of blockchain splitting after some nodes choose not to upgrade.

About SonicX Ecosystem: This ecosystem is focussed on bringing business and technology together, and here is how;

Ecosystem Adoption: SonicX platform serves as a bridge to business and technology.  As an integrated exchange, SonicX give users direct access to payments and cryptocurrency conversion. Moreso, you can easily set it up through apps available for smartphones and other devices.

Academic Research: SonicX team works with professionals in the field of businesses and technology to keep up-to-date with leading standards that will ensure that the platform remains secured and trustworthy.

Community Driven Fun: SonicX is also a platform for Dapp developer to publish applications. The main idea is to create a community marketplace for both developers and users to have access to the ecosystem’s features. Here, Developers can put projects to receive funding based on a voting system by the community’s Masternode and Supernodes.

Conferences and seminars:

As a community, SonicX holds conferences and seminars for both developers and users who want to further boost their knowledge of the ecosystem. Furthermore, it’s also an avenue to interact with the community regarding issues and concerns 

About SonicX:

SonicX blockchain uses delegated Proof-of-stake and masternode networks that provide highest grade transparency and security through on-chain digital governance.

Please visit the website for additional information.

Company Name: SonicX

Website: https://sonicx.org

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