Comprehensive Guide: How To ‘Stake’ Dash Having No Masternode

Dash proprietary PoSe(Proof-of-Service) masternode algorithm is very demanding, comparing to other PoS blockchains that require only a small amount of cryptocurrency to join one of the available nodes tostart staking. Those network participants can have only a single node running, and flexible consensus rules allow increasing the stake without the need to run a new node every time a certain stake amount has been reached.

On the contrary, the Dash consensus algorithm requires to ‘secure’ 1,000 Dash in order to launch a masternode, plus you need a server which should operate 24/7, otherwise, you won’t get rewarded in any way by the network. It’s important to mention, that Dash doesn’t run on the pure Proof-of-Stake algorithm, instead it uses a hybrid Proof-of-Work and Proof-of-Service algorithms. When Dash PoW miners discover new blocks, Masternodes get 45% out of the block reward, and the rest is distributed between miners and the budget system.

The ecosystem needs this type of nodes to provide such services as PrivateSend, InstantSend while keeping the budget system and decentralized governance. In this guide, you will discover a way on how to ‘secure’ even a small amount of Dash without the need to launch a costly masternode.

A Few Important Thoughts

It is possible to stake Dash without a masternode only in case a particular service like Everstake creates a pooled stake which is used towards the masternode launch. All rewards received during the node operations are distributed proportionally to the ‘secured’ amount of each participant.

Moreover, Everstake is responsible for keeping the nodeonline 24/7/365 while making all necessary maintenance procedures. So, in the end, a user who joined the pooled stake doesn’t need to think about technical issues associated with masternode operations.

Step 1: Create An Account With Everstake

This guide assumes that you already have a Dash wallet which will be used for payouts, but if you don’t have it you are free to choose one from a variety of different wallets available on the market.

Open the official Everstake website and choose ‘Dash’ from the dropdown menu.

Then you will be transferred to the Dash dashboard where you have to click on the ‘Sign Up’ button.

Go through the registration process, providing such necessary details as email and password.

Also, you will be asked to confirm your email address for verification purposes.

Step 2: ‘Secure’ Your Dash With A Masternode

Once logged into your account, please choose the Dash cryptocurrency in the left toolbar.

In order to participate in pooled staking or your own masternode launch, you have to go through a simple verification process, providing your country of residence as well as the phone number. Click on the “Verify your account” button and go through all steps.

It’s important to mention that in this case, a pooled stake implies the gradual collection of cryptocurrency until the required amount of 1,000 Dash is reached for masternode launch. So, there’s a chance that a user has to wait for some time until other participants join the pooled stake.

On the center lower dashboard, you will be able to see the required amount for masternode launch at a particular moment of time right in front of the “Need for new masternode” line. So, the Everstake service allows you to join the pooled stake or run your own full-fledged Dash masternode that will be maintained by our specialists.

Now, you have to add your Dash address by clicking the button ‘Add’.

Once you get completely verified, having your Dash address entered, you will be able to send the desired amount of Dash for pooled staking. Or, if you want to run a masternode entirely by yourself, then you also send the appropriate amount of Dash to the address provided in the top panel.

At the bottom, you will discover the required amount of Dash for launching a masternode and also your payout address which you entered upon the registration.

It’s important to note that you will be getting your revenues once the masternode will be launched. The waiting period is determined solely by other participating users. For more information about the masternode launch entirely by one client, please contact our support team.

***

Follow news and updates from Everstake by subscribing to the newsletter on our website and join the discussion on our social channels through the links below.
Website: everstake.one
Twitter: @Everstake_pool
Telegram: @Everstake_chat
Facebook: fb.me/everstake.one
Reddit: /r/Everstake/
Medium: medium.com/everstake