Understanding Authority Masternodes in VeChain
An authority masternode (AM) plays a vital role in the VeChainThor network as it operates the VeChainThor program and maintains a complete copy of the blockchain.
The primary responsibility of authority masternodes is to ensure the integrity of the VeChainThor blockchain by validating and producing blocks and participating in platform governance.
In return for their services, authority masternodes receive rewards in the form of VET, the native cryptocurrency of the VeChain network.
VeChainThor blockchain utilizes the Proof-of-Authority (PoA) consensus algorithm, where authority masternodes validate each transaction.
However, the blockchain does not require permission to synchronize the entire ledger and initiate transactions, thanks to its open-source nature.
Requirements to Become an Authority Masternode
Before becoming an authority masternode, individuals or businesses must complete the “Know Your Customer” (KYC) verification process through the VeVID portal.
VeVID verification confirms their status as verified users on the platform.
- Server Requirements: The server hosting the authority masternode must run Linux and have a fixed IP address.
- Security: The servers should not have any significant or high-risk vulnerabilities.
- Contribution: Most importantly, authority masternode owners must significantly demonstrate their ability to contribute to the VeChain ecosystem in their respective domains.
Categories of Authority Masternodes
Authority masternodes in VeChain can be classified into five main categories:
- Enterprise Users: These masternodes utilize the VeChain network to deploy their blockchain applications, reducing costs associated with providing services to their clients.
- Blockchain Development Teams: This category comprises developers, programmers, and coders who create and operate decentralized applications (DApps) or sidechains on the VeChain blockchain.
- Business Development Ambassadors: Masternodes in this category leverage the network’s business solutions to meet the demands of their corporate clients.
- Community Contributors: These masternodes play a crucial role in promoting the growth of the VeChain community and representing the community’s interests. They contribute to expanding the influence and governance of the VeChainThor ecosystem.
- Academic Research Partners: Masternodes in this category utilize their authority masternodes to conduct technological studies and test DApps, focusing on researching existing innovations and finding ways to enhance them.