Authority Masternode (VeChain)
Authority Masternode (VeChain) Key Points
- Authority Masternodes play a vital role in the VeChainThor blockchain’s consensus model, known as Proof of Authority.
- There are only 101 Authority Masternodes at any given time, selected by the VeChain Foundation.
- These nodes validate and produce blocks on the VeChainThor network, contributing to its stability and security.
- Owners of Authority Masternodes are required to hold a minimum of 25 million VET tokens and undergo a rigorous KYC process.
- Authority Masternodes earn rewards in the form of VTHO tokens for validating and producing blocks.
Authority Masternode (VeChain) Definition
An Authority Masternode in the context of VeChain refers to a high-ranking node within the VeChainThor blockchain network, tasked with validating transactions and producing blocks. Selected by the VeChain Foundation, these nodes are crucial to the network’s security, stability, and overall function. Authority Masternode owners must hold a minimum of 25 million VET tokens and undergo a stringent verification process.
What is an Authority Masternode?
An Authority Masternode is a key component of the VeChainThor blockchain, a public blockchain platform designed for enterprise-level applications. These nodes verify and add new transactions to the blockchain, maintaining the network’s integrity.
Unique to VeChain’s Proof of Authority consensus model, Authority Masternodes are responsible for the secure and efficient operation of the VeChainThor blockchain.
They are crucial in maintaining the speed and scalability of VeChain’s blockchain solutions, which cater to various sectors, including supply chain management, automobile, and more.
Who Can Run an Authority Masternode?
To run an Authority Masternode, one must hold a minimum of 25 million VET tokens, equivalent to owning a substantial amount of the network.
Moreover, candidates must undergo a stringent verification process, including Know Your Customer (KYC) procedures and an evaluation of their technical capabilities.
This ensures that Authority Masternodes are operated by trustworthy and capable entities, contributing to the network’s security and stability.
When and Where are Authority Masternodes Used?
Authority Masternodes are used continuously in the VeChainThor network to validate transactions and produce blocks.
As part of the network’s consensus model, these nodes operate anywhere the VeChainThor blockchain is in use.
This includes various industries where VeChain’s blockchain solutions are implemented, such as supply chain, automobile, and more.
Why are Authority Masternodes Important?
Authority Masternodes play a crucial role in maintaining the VeChainThor blockchain’s security and stability.
Their role in validating transactions and producing blocks helps prevent malicious activities and ensures the smooth operation of the network.
Furthermore, the stringent requirements for operating an Authority Masternode ensure that only trustworthy and capable entities can perform this role.
How Does an Authority Masternode Work?
An Authority Masternode works by validating and adding new transactions to the VeChainThor blockchain.
These nodes participate in the network’s consensus process, whereby they agree on the validity of transactions and the state of the blockchain.
For their role in maintaining the network, Authority Masternodes receive rewards in the form of VTHO tokens, which can be used to pay for transactions and services on the VeChainThor network.