What Is an Authority Masternode (VeChain)? An authority masternode (AM) is a server associated with the network that runs the VeChainThor program. It is expected to keep a full copy of the blockchain. Authority masternodes are the main full nodes entrusted with keeping up with the VeChainThor blockchain, approving or delivering blocks on the blockchain, and partaking in the platform governance. In exchange for these services, they receive rewards. These rewards are in the form of VET, the network’s native cryptocurrency. AM receives 30% of the VeThor generated from transactions. The remaining 70% is usually burned. The VeChainThor blockchain utilizes PoA (Proof-of-Authority) consensus in which AMs validate each transaction. However, the blockchain does not require permission to synchronize the full ledger and initiate transactions. The reason for this is that the node program is open source. Requirements to Be an Authority Masternode Before becoming an authority masternode, the person or business must finish the VeVID portal’s “Know Your Customer” (KYC) verification process. The VeVID verification indicates that a person or business is a platform verified user. Once the verification process is complete, a few other standard metrics are considered: First, an AM owner must put 25,000,000 VET as collateral. Secondly, the server on which the AM is located must be running Linux and with a fixed IP address. Thirdly, there should be no major or high-risk vulnerabilities present on the servers. Lastly, and most importantly, owners of AM must demonstrate that they can significantly improve the VeChain ecosystem in their specialized domains. Categories of Authority Masternodes There are five broad categories under which authority masternodes can be classified. They are as follows: Enterprise Users They utilize AM to deploy their blockchain applications. This consequently reduces the costs associated with using the platform to offer services to their clients. Blockchain Development Teams This group creates and runs its decentralized applications (DApps) or sidechains on the VeChain blockchain. It consists of developers, programmers and coders who are proficient with the relevant programming languages. Business Development Ambassadors They utilize the network’s business solutions while meeting their corporate clients’ demands. Community Contributors They promote the development of the VeChain community while also representing the community’s interests as a whole. Community contributors are crucial in expanding the VeChainThor ecosystem’s sphere of influence and governance. Academic Research Partners They utilize AM to perform technological studies and test DApps. It is concerned with researching the existing innovations and ways to improve them.
February 14, 2023