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Firo (formerly Zcoin) is a digital currency with a focus on setting privacy standards.
Firo masternode setup guide
Follow this guide to setup your masternode from scratch.
What do I need to host a Firo masternode?
- 1000 FIRO (refundable at any time)
- A computer or VPS with a fixed IP address
- 1 GB of RAM
- Enough disk space to store the blockchain (50gb is recommended for the moment)
Typically a VPS of this specification costs around USD5 to run a month per node and you can head on to Amazon AWS, Google Cloud, Microsoft Azure, Leaseweb, Vultr, Linode, or DigitalOcean to obtain a basic VPS when masternodes are launched. There will also be masternodes providers who can assist you to set this up and/or maintain it for a small fee.
What happens if I don’t have 1000 FIRO? Can I share a masternode with someone else?
The recommended way to do this is to just purchase stakedFIRO which is a representation of a masternode on the Ethereum network and which will earn you masternode rewards automatically and allows you to participate in the DeFi ecosystem. Do note that as an ERC20 token, you won’t enjoy Firo’s privacy features though you can always redeem stakedFIRO back to native FIRO through Stakehound though we are working on more decentralized and private methods.
In the event people want to pool together their funds to make a masternode, please take note that you have to trust the person holding the funds for everyone.
This is because the 1000 FIRO needs to be sent to a new address in one transaction and the custody is with one person. We ideally do not recommend such arrangements unless you really trust the person holding the funds on behalf of you. There is nothing to prevent the person holding the masternode funds from running away with your share.
This is not a problem if you have 1000 FIRO as you can still keep those funds in your own local wallet. A masternode hosting provider in such cases only requires your operator key and the transaction ID of your 1000 FIRO deposit.
Zcoin is the first full implementation of the Zerocoin Protocol, which allows users to have complete privacy via Zero-Knowledge cryptographic proofs