Masternodes are crucial to any blockchain network. A masternode represents itself a computer host that contains the complete ledger. Through holding a copy of the complete transactions ever made on that specific blockchain, it helps secure the network, execute transactions and participate in consensus and any other governing roles.
Using game theory, masternode owners are incentivised not to cheat the system by staking a set number of the native tokens. In turn, the owners are paid a monthly, weekly or daily bonus.
The developers of the GIN Platform realised that with many coins and tokens offering a very high return on investment, there exists a huge market for operating masternodes. Yet, due to the entry barrier, expensive hardware, connectivity services issue and lack of technical knowledge, people were not able to enter this sector until yet.
GIN Platform is a service that allows anyone to set up a node for oneself. The nodes are hosted by the GIN Platform itself. With its unique service, it allows anyone, regardless of knowledge of technical skills, to start using a masternode.
GIN Platform has launched a new service, the Cloud Node. It is basically the same service as any masternode, but this is designed towards low ROI coins and tokens. Instead of having a dedicated IP, the server allows hosting of the masternode on an IP that is already under use. With an extremely low cost of $4.50 per month, it allows even the smallest incentive blockchain system to be profitable.
GIN Platform’s main offering is the Dedicated Node. This is a fully operational masternode and unlike the Cloud Node service, it does not share an IP. The Dedicated Node service works with one IP per server. Understandably, the charges are higher, with the premium service charging $12.60 per month.
Users wishing to run a master node sign up for the service and deposit tokens of their intended blockchain node into a cold wallet hosted by the GIN Platform. From there, users access the web based application and link their cold wallet to the node they wish to run. The interface is designed to be simple and only a few inputs are required. GIN Platform takes care of all the technicality in the background.
The staked tokens are stored in a cold wallet and masternode owners only have to link the wallet to their interface, allowing the platform to verify that the staked tokens are there. This comes with an added advantage that at no time is the wallet accessed. The GIN Platform does not have access to the private keys and therefore, there is no chance that the funds can be siphoned off. Service charges are deducted from users on a daily basis through the native GIN token.
The Gin Platform has a very active community and it chershes its members. There are more than 7,000 community members on Discord and 2,000 on Telegram. Their Twitter account also boasts an impressive 5000 followers. The platform is also finalizing a discount structure for regular users of its service.