Selection of VeChain [VEN] masternodes has begun

VeChainThor full node which is run by an Authority Mastercode connected to the VET network and keeps a copy of the blockchain. It is the only node which is authorized to validate and produce blocks.

The Blockchain uses Proof-of-Authority [PoA] where 101 Authority Masternodes will be launched. The owners need to be assessed to ensure that they have an identity. The minimum level of performance and availability is set at a level of 2,50,000 VET collaterals and a server.

It has received a good response from users tweeting:

“How anyone can be in crypto but not be invested in Vechain is actually mind boggling.. the most professional and promising project out there hands down.”

The network rewards Authority Masternodes who maintain VeChainThor Blockchain and participation in Platform Governance. They announced that for aiding the quick growth of Blockchain, the designation of Authority Masternodes will be given to users based on five different categories.

They are:

  1. Enterprise users
  2. Blockchain development teams
  3. Business development ambassadors
  4. Community contributors
  5. Academic research partners

The criteria established to qualify as an Authority Masternode owner includes having 2,50,000 VET collateral, a VeVID that has undergone KYC verification which represents the verified status of the owner, a secured and performing node environment which runs on Linux and the company has recommended the use cloud services.

They have given out a list of application procedures which will be shortlisted by technical and public relation committee and approved by a steering committee. Then the Foundation will contact the applicant to provide KYC documents and then user deployment will be initiated.

The Foundation has also given a set of guidelines where the users can be disqualified and replaced by a new candidate:

  1. If the VET collateral is below 2,50,000
  2. If a node cannot produce block more than 3 times in 24 hours
  3. If critical or high-risk vulnerabilities were found on the node
  4. If the owner refuses to follow the voting result
  5. If owner conducts a malicious attack on the blockchain nodes

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