In the world of masternodes, there are always some new developments to keep in mind. For owners of a ProxyNode masternode, a collateral update is just around the corner. Because of this change, there will be higher earnings for both MN owners and regular coin stakers alike.
PRX Collateral and Reward Changes
It is rather uncommon for masternode-oriented altcoins to increase the required collateral. In the case of ProxyNode, its structure is very different. Once block height 40,001 has been reached, the current masternode collateral will double from 2,000 PRX to 4,000 PRX. All users who do not meet this requirement will no longer be eligible for MN rewards, yet they can still stake their coins.
A side effect of this collateral change comes in the form of increased rewards. It is not possible to mine PRX coins, thus the masternode and staking options are the only sources of liquidity. After block 40,001, MN owners will see their rewards rise from 28 PRX to 80 PRX. Users who stake coins will see the reward increase from 7 PRX to 20 PRX.
Given the current number of masternodes, it is likely over 90% of the circulating PR X supply will be locked up in masternodes. This will improve the scarcity of ProxyNode as a whole. These increasing rewards will ensure liquidity doesn’t dry up completely, which could result in a higher trading price.
A new guide to meet the updated collateral requirements has been posted in the ProxyNode Discord channel. No major changes are required, as the steps are similar to setting up a masternode in general. The main difference is ensuring there is one transaction for 4,000 PRX to be identified through the “masternode outputs” command. After updating the configuration file and restarting the client, MN owners can benefit from the improved reward structure.
Users who are interested in setting up a ProxyNode masternode can purchase PRX on the Crypto-Bridge platform. That is, at this time, the only exchange to purchase this particular currency. The developer has confirmed other trading platforms are being considered, but no finalized announcements have been made at this time.
Disclaimer: All information provided in this article is for educational and entertainment purposes only. MNMMG Does not offer investment advice and is not responsible for any financial losses sustained by its readers.