nodes that participate in the governance of a cryptocurrency blockchain</strong> by verifying new blocks of transactions. Masternodes act as servers on the blockchain they operate in. Depending on the blockchain protocol, they have special governing, managing, and regulatory roles. The masternode approach was first implemented by <strong>Dash, a derivative of </strong><a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/buy-bitcoin-btc/">Bitcoin, in 2014. However, since then it has been adopted by numerous other cryptocurrencies.</p>\n<p>Masternodes are similar to <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-full-node/">full nodes</strong></a> because they perform core functions. However, they also have some additional functions that full nodes don't. These functions include anonymizing and clearing transactions as well as participating in governance and voting.&nbsp;</p>\n<p>Besides, <strong>masternodes operate on a collateral-based system</strong>, which means that operators need to own a significant amount of the cryptocurrency. However, since operating masternodes requires significant financial investment and expertise, masternode operators are rewarded with guaranteed crypto earnings, which are usually a specific percentage of their stake.</p>\n<p>Lastly, keep in mind that masternodes are regarded as the sources of support for blockchains.&nbsp;Therefore, they're frequently referred to as <strong>\"bond validator systems</strong>.\" Overall, they are really important because they prevent congestion of blockchain systems and aim to reduce the processing time of transactions.</p>","level":"easy","meta_title":"What are Masternodes? 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Crypto?","featured_image_id":6532,"status":"published","chapter_id":7,"language":"en","order":9,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/what-is-a-rug-pull-in-crypto","featured_image":{"id":6532,"uuid":"be8043fb-078c-4487-9af9-d2d9c2b574ea","public_url":"https://assets.bitdegree.org/crypto/storage/media/what-is-a-rug-pull-in-crypto.o.jpg","path":"crypto/storage/media/what-is-a-rug-pull-in-crypto.o.jpg","original_path":"crypto/storage/media/what-is-a-rug-pull-in-crypto.jpg","name":"what-is-a-rug-pull-in-crypto.o.jpg","original_name":"what-is-a-rug-pull-in-crypto.jpg","title":null,"alt":null,"width":768,"height":478,"disk":"spaces","status":"uploaded","readable_file_size":"92.28KB"},"youtube_video":null},{"slug":"how-to-avoid-rug-pulls-in-crypto","title":"How to Spot and Avoid Rug Pulls?","featured_image_id":6555,"status":"published","chapter_id":7,"language":"en","order":10,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/how-to-avoid-rug-pulls-in-crypto","featured_image":{"id":6555,"uuid":"80cbed9d-3b4b-45d9-9a85-d2d8108c0f32","public_url":"https://assets.bitdegree.org/crypto/storage/media/how-to-avoid-rug-pulls.o.jpg","path":"crypto/storage/media/how-to-avoid-rug-pulls.o.jpg","original_path":"crypto/storage/media/how-to-avoid-rug-pulls.jpg","name":"how-to-avoid-rug-pulls.o.jpg","original_name":"how-to-avoid-rug-pulls.jpg","title":null,"alt":null,"width":768,"height":478,"disk":"spaces","status":"uploaded","readable_file_size":"111.99KB"},"youtube_video":null},{"slug":"how-to-avoid-crypto-taxes","title":"The Key Legal Techniques of Avoiding Crypto 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Terms","updated":false,"chapter":"https://assets.bitdegree.org/crypto/assets/crypto-book/chapters/crypto-101-glossary.jpg","chapter_simple":"https://assets.bitdegree.org/crypto/assets/crypto-book/chapters-simple/crypto-glossary-101.jpg","rating":100,"sections":["A","B","C","D","E","F","G","H","I","J","K","L","M","N","O","P","Q","R","S","T","U","V","W","X","Y","Z"]}],"nextSection":{"id":475,"original_id":null,"author_id":40,"translator_id":null,"title":"What is Mainnet Swap?","slug":"what-is-mainnet-swap","section":"M","keyword":"Mainnet Swap","status":"published","definition":"is the migration of a cryptocurrency project from a third-party blockchain network to its native blockchain network.","content":"<p>At this time, mainnet swap's cryptocurrency tokens are progressively being swapped with freshly produced <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-coin/">coins, and all blockchain activity is being transferred to the new chain.</p>\n<p>When a cryptocurrency project is in the testnet phase, a third-party blockchain network is employed. However, when it transitions from the testnet to the mainnet phase, users will get native cryptocurrency in return for their third-party tokens. As a result, it's also known as token migration or token swap.</p>\n<p>Users can either switch their tokens themselves or leave them to the platform, based on the primary aspects of implementation. <a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/goon/binance/" target=\"_blank\" rel=\"nofollow noindex noopener\"><strong>Binance</strong></a>, for instance, permitted users to leave previously issued tokens on their accounts so that the network could automatically <strong>switch them out for native tokens</strong>.</p>\n<p>Keep in mind that token migration isn&rsquo;t always necessarily linked to the introduction of a new blockchain. It can also take place when projects switch from one protocol to another.</p>\n<p>Another example would be Storj, which did a mainnet switch, transferring their tokens from a <a href=https://www.bitdegree.org/"/crypto/buy-bitcoin-btc/">Bitcoin-based protocol to the <a href=https://www.bitdegree.org/"/crypto/buy-ethereum-eth/">Ethereum network in order to prevent scaling issues.</p>\n<h3>When does the Mainnet Swap Happen?</h3>\n<p>A mainnet swap often happens when a cryptocurrency project migrates its tokens from one blockchain to another or from a third-party blockchain to its native chain. Besides, the mainnet swap is not solely related to emerging blockchains. If a project intends to switch from one protocol to another, it might make an announcement.</p>\n<p>The complexities of how a mainnet switch is executed differ from project to project. The majority of projects provide users a timeframe for token transfer, meaning that is possible to lose access to your tokens because they're generally <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-burning/">burnt after a specific time period.</p>\n<h3>Example of Mainnet Swap</h3>\n<p>Users were urged to move from the Ethereum blockchain to the Binance Chain following the introduction of the Binance Chain mainnet. As a result, <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-erc-20/">ERC-20 BNB token holders began to exchange their tokens for the newly created BEP2 BNB currency.&nbsp;</p>\n<p>The mainnet exchange used a 1:1 ratio, thus 1 ERC-20 BNB was worth the same as 1 BEP2 BNB. Following the transfer, all leftover ERC-20 BNB tokens were burnt, leaving just the BNB of the new chain usable.</p>","level":"medium","meta_title":"What is Mainnet Swap? Definition & Meaning | Crypto Wiki","meta_description":"Mainnet Swap meaning: Mainnet Swap - is the migration of a cryptocurrency project from a third-party blockchain network to its native blockchain network.","meta_keywords":null,"language":"en","created_at":"2022-03-22T07:26:21.000000Z","updated_at":"2022-05-13T14:32:23.000000Z","preview_url":"https://www.bitdegree.org/crypto/learn/crypto-terms/what-is-mainnet-swap"},"prevSection":{"id":456,"original_id":null,"author_id":42,"translator_id":null,"title":"What is Market Capitalization/Market Cap/MCAP?","slug":"what-is-market-capitalization-market-cap-mcap","section":"M","keyword":"Market Capitalization/Market Cap/MCAP","status":"published","definition":"the total market value of a cryptocurrency.","content":"<p><strong>Market capitalization</strong>, market cap, or MCAP <em>(mostly referred to as a market cap)</em> is the total market value of a <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-cryptocurrency/">cryptocurrency. It's frequently used as a barometer of a cryptocurrency's popularity and demand.</p>\n<p><a href=https://www.bitdegree.org/"/crypto//">BitDegree Market Cap Tracker</strong></a>, which calculates the average of prices from multiple <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-exchange/">exchanges, can be used to determine market cap. Overall, the market capitalization of a coin is calculated by multiplying its price by the total number of coins in circulation. This means that, just like the price of cryptocurrencies, market cap can be <strong>extremely unpredictable and change every hour</strong>.</p>\n<p>Note that <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-large-cap/">large cap</strong></a> cryptocurrencies (greater than $10 billion) are considered to be safer investments than the ones that have a smaller cap, even though they are still pretty unpredictable.</p>","level":"easy","meta_title":"What is Market Capitalization/Market Cap/MCAP? Definition & Meaning | Crypto Wiki","meta_description":"Market Capitalization/Market Cap/MCAP meaning: Market Capitalization/Market Cap/MCAP - the total market value of a cryptocurrency.","meta_keywords":null,"language":"en","created_at":"2022-03-21T14:12:48.000000Z","updated_at":"2022-08-10T05:08:05.000000Z","preview_url":"https://www.bitdegree.org/crypto/learn/crypto-terms/what-is-market-capitalization-market-cap-mcap"},"currentChapter":"M","currentSection":"what-are-masternodes","chapterTitle":"M","readingLevel":"easy"},"url":"/crypto/learn/crypto-terms/what-are-masternodes","version":"cdd198d50cbe5c9c21c9329d7c096ffc"}" class="container-fluid d-flex crypto-book p-0">
Handbook Cover Page
Crypto Terms: Letter M

What are Masternodes?

Masternodes MEANING:
Masternodes - nodes that verify new blocks of transactions on a cryptocurrency blockchain and play a role in its governance.
Easy
1 minute

Let's find out Masternodes meaning, definition in crypto, what are Masternodes, and all other detailed facts.

Masternodes are nodes that participate in the governance of a cryptocurrency blockchain by verifying new blocks of transactions. Masternodes act as servers on the blockchain they operate in. Depending on the blockchain protocol, they have special governing, managing, and regulatory roles. The masternode approach was first implemented by Dash, a derivative of Bitcoin, in 2014. However, since then it has been adopted by numerous other cryptocurrencies.

Masternodes are similar to full nodes because they perform core functions. However, they also have some additional functions that full nodes don't. These functions include anonymizing and clearing transactions as well as participating in governance and voting. 

Besides, masternodes operate on a collateral-based system, which means that operators need to own a significant amount of the cryptocurrency. However, since operating masternodes requires significant financial investment and expertise, masternode operators are rewarded with guaranteed crypto earnings, which are usually a specific percentage of their stake.

Lastly, keep in mind that masternodes are regarded as the sources of support for blockchains. Therefore, they're frequently referred to as "bond validator systems." Overall, they are really important because they prevent congestion of blockchain systems and aim to reduce the processing time of transactions.
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