Q: What happens if I don’t have enough funds to cover the monthly hosting fee when it’s due?
The masternode will be automatically stopped, and hosting suspended. The user will have 48 hours to reactivate hosting. After 48 hours without payment, the collateral will be sent to the scrape address set for that masternode.
Q: What kind information will be displayed under “status” on the Masternodes console?
- Syncing - The wallet is updating to the latest block on the network, this usually is a one time event when the masternode is created.
- Active - The masternode is active and available on the network.
- VPS offline - The remote Server is offline due to downtime. Contact ionomy support for more information about this error should it be displayed.
- Stopped (choose “start” to reactivate) - The remote server is running but the masternode is reporting the off status.
- Daemon error (e.g., hung, crashed) - Hit the restart button!
Q: Can I can cancel my hosting?
Yes, you can cancel and withdraw your masternode coins at any time. If you choose to cancel hosting, the 20,000 ION principal returns to your account. The monthly hosting fee is non-refundable and will not be returned.
Q: Why does my masternode still shows a balance even though the rewards were just sent to the scrape address?
Once a masternode wins a reward, that reward must mature for 1 hour before it is available to be sent to the scrape address.
Q: How often are hosted masternode rewards scraped?
Rewards are automatically scraped at intervals throughout the day. This allows you to receive your earned ION at a staking wallet or exchange!
Q: When will a newly activated masternode win its first masternode reward?
Hosted masternodes, like privately managed masternodes, can take up to 36 hours after activation to win their first reward.
Q: How much ION do masternodes generate daily?
The masternode hosting display on ionomy.com makes it easy to monitor masternode income at a glance. Since masternode rewards are randomly assigned to an active masternode with each block discovery, it is not possible to predict the number of daily rewards. It is, however, possible to estimate an average number of rewards based on the total number of active masternodes and the target rate for block timing. Users should expect substantial fluctuations in the number of daily rewards, and can expect average earnings close to the target rate over time.
Because of the randomization of rewards, ionomy cannot provide any reward guarantee. Hosted masternodes operate under the same constraints as privately managed masternodes. What ionomy offers is peace of mind that your masternodes are properly configured and managed to maximize earnings.
Q: Do I have any uptime guarantee?
Masternode uptime is not guaranteed. Although routine scripts are run to monitor and maintain an online status, masternode daemon instances may briefly go offline from time to time due to a variety of factors outside of our control. These include software crashes, DDoS and and ION network disruption. We therefore cannot guarantee daemon uptime but do everything within our power to ensure maximum performance.
Our contracted hosting service provider does guarantee 99% service uptime with a Service Level Agreement (SLA), which includes the server hardware and Internet connection. ionomy will monitor and manage the hosting service and compensate on an hourly pro-rated basis. The downtime reimbursement schedule is as follows:
- Hourly - 1 hour of hosting refunded per hour of downtime
- 12 Hours - 12 hours of hosting refunded + 2 block rewards (no transaction fees)
- 24 hours - hosting refunded for the month
Q: How much does ionomy charge to securely host and maintain each masternode?
Automatic recurring payment can be made in ION or BTC:
- $7.99/month for Founders (1000 Atoms)
- $6.99/month for Whales (5000 Atoms)
Q: What kinds of control do I have over my hosted masternode?
You have complete control over the collateral (20,000 ION) as well as operation. The intuitive masternode dashboard allows you to easily start, stop, or cancel masternode hosting service.
Masternode rewards are automatically sent to an address of your choice so that you can easily stake or use the rewards without disrupting masternode functions. The default scrape address is your primary ION account address on ionomy.com. You can designate a preferred scrape address of your choosing at any time.
Q: Why should ionomy.com host my masternode?
The technical requirements to set up a masternode and keep it functioning consistently and reliably can be daunting because they require skill, knowledge, and time. Hosting with ionomy entrusts the responsibility for masternode operation to ionomy technical experts and automated monitoring and maintenance systems. ionomy’s automated monitoring and repair system is the first line of defense to optimize performance. Technical experts manually resolve any issues beyond the scope of automation to make sure your masternodes are always contributing to the network and earning optimally.
Q: Why does ionomy.com provide masternode hosting?
ionomy provides masternode hosting service to make it possible for everyone to participate in the masternode system, regardless of their level of prior experience. The service effectively reduces the most significant barrier to entry. Not everyone who wants to run a masternode has the time or know-how to do it, so ionomy facilitates a great experience for anyone interested in the service.
Masternode functions are crucial to effective network performance, and can be a great investment vehicle. Hosting by ionomy makes it easy for anyone to become a masternode owner with confidence that their investment is safe and that their masternodes are earning optimally because ionomy handles the technical requirements for their performance.
Q: How do masternodes earn rewards?
- Masternodes secure transactions across the ION network
Masternodes perform network security functions by facilitating rapid propagation of valid ION transactions across a network of authoritative nodes, contributing to transaction security and ensuring coins can only be sent and received once. Because masternodes achieve consensus among themselves quickly, ION transactions are fast and secure.
Masternode rewards stabilize ION markets
Each time a block is added to the ION chain, half of the block reward and associated transaction fees goes to a randomly selected masternode for contributing to this authoritative subnetwork. This steady income functions as incentive for investors to acquire and hold large amounts of ION, increasing demand and stabilizing markets.
Masternodes provide premium transaction services
The masternode subnetwork also offers premium services, namely instant and private transactions. For an additional fee, transactions can be fully confirmed in seconds, and users can anonymously mix their wallet balances (inputs) with other wallet inputs sufficiently enough so as to obfuscate the owner. A masternode is randomly chosen to receive all such premium transaction fees inside a block.