Hello there and welcome back to the wonderful world of Evo! This week we are going to recap on the news and events of the week, and then break down the new fee structure that we announced in the last weekly update. We will go through all the pros & cons, and explain how the pros greatly outweigh the cons.
But before we do that, let us go over the events of the week…
*EDIT* We have just found out, literally minutes before posting this, that Crypto Masters & SkyHub Coin would like to run a special Promo for EvoNodes! A big THANK YOU to both teams for sponsoring this event! Anyone who deposits one full SkyHub-SHB Masternode will get a bonus of 10% SHB! That’s over $50 in free coins! In order to participate one must adhere to the following rules…
-Original deposit of 1 Masternode must remain in the pool for a minimum of 4 weeks (to prevent cheating)
-This google form must be filled in completely (txid/email/discord name) — https://forms.gle/APXpqibVDWjg9Z4i8
-Qualifying deposits must be made before 05/02/2019, 1 week from today
-10% Bonus will be awarded after the 4 week period has ended
And now back to your regularly scheduled program…
In case you missed the big news, the Coin Voting has been re-opened! The winner of each round gets a free listing on EvoNodes! Remember that you must register in order to vote and you may vote once per day.
The first round has been active for a few days now, and the competition is getting heated. The Help the Homeless Coin (HTH) & Crypto Sports (CSPN) communities have rallied strong, gaining a fairly large lead over the other three, with HTH currently in at #1 (at the time if writing).
In other news, thanks to our partnership with Crypto Masters (who negotiated another listing for us!), Olympic Coin (OLMP), has been added to our growing list of Hybrid Proof-of-Stake & Shared Masternode Pools. On behalf of TeamEvo, I would like to extend a very warm welcome to the OLMP community!
Our OLMP pool is an Instant Share Pool, and is now open for deposits. We are starting off with a tier 1 node, and plan to increase to a tier 2, and eventually a tier 3, as time goes on and more deposits come in.
A bit about Olympic Coin…
“In a rapidly globalizing world Olympians aim is to become the meeting hub for sport lovers and for all internet users, searching for something new to do or try, no matter where their whereabouts. The Olympic coin blockchain is a three-tier network comprised of a proof of stake system powered by masternodes. OLMP coin will be the currency that fuels the group of services and products that are being produced by the GetFit program. OLMP seeks to radically change the way in which people exercise and exchange fitness and wellness products and services online. Olympic team possesses wealth of crypto knowledge and experience in many areas of IT industry, as well as blockchain technology. Olympic coin has cohesive and professional core team which is extremely important in any business endeavor and especially within the crypto space.”
We have performed a resync on all of our reporting wallets. These wallets all run on our Task Server, so therefore, Masternode rewards were not affected by this. We had to do this because we have a special partnership, that we will be announcing very soon, that requires some small changes in how our wallets are setup on that server. As an added bonus, the Task Server wallets will have partially improved stability from here on out, meaning better information reporting for the user. We would like to thank you all for your patience during this time.
On that note, there is an issue with PINK rewards not registering in our database, and therefore not being shown in the user dashboard or by the bot. However, the rewards are being minted without issue. Until the reporting issue is remedied, Tech will be adding the rewards to the database by hand so that they appear correctly to the members of the PINK Pool.
In fact, we are not very happy with our current PoS setup, and we will improve it next week. We do have the best container setup for security, but the machine locks up a few times here and there. We are testing a new, similar setup, but ideally with better overall performance.
New round of voting… Check
New coin listing… Check
Maintenance… Double Check
Time to dive into the new Fees!
First let’s start off with some facts about hosting masternodes as an investor. Fact #1, it costs $5 per month to rent a server to host masternodes on. Yes, there are a few masternodes that can be run on smaller server that costs $2.50 per month, and by “a few” I mean very few!
So, now that we know how much it costs to host a masternode, we can judge weather using a service like Evo is better than hosting your masternode on your own.
Which brings me to fact #2, masternodes require maintenance. Masternodes are meant to be passive income, but let’s be honest, in order to produce rewards, masternodes need to be online 24/7, and for a large number of different reasons, they can sometimes go offline. In these situations they can require restarts or re-index's, ect, ect. A masternode must also be kept up to date with the latest wallet updates. All of this requires the constant attention of the masternode owner, as well as the technical skills needed to complete the maintenance. So now the question arises, ‘how much do you value your time?’
Alrighty then, now that you know what it takes to run a masternode on your own, we can weigh the pros and cons of having EvoNodes host it for you.
Obvious pro, $2 per full masternode per month is cheaper than $5 per full masternode. You may be asking, “Well can’t I put more than 1 masternode on a server?” Yes you can, as long as they are not of the same coin. (Don’t get me wrong, there are rare occasions in which multiple nodes of the same coin can be hosted on 1 server, but again, its rare).
The flat rate of $2 is one of the lowest in the industry. Other services charge up to 5x more per masternode!
“What if my masternode only earns a total of $4 per month? Does this mean you will charge me 50% of my masternode rewards?” Yes. Low earning masternode coins will most likely have an influx in fees in order to meet $2. However the better earning nodes will notice a reduced fee compared to what there is now.
“What if my masternode does not earn enough to cover $2/month? Does this mean you will charge me all or 100% of my masternode rewards?” No. If a masternode can not earn $2 per month, without going over a 75% fee, it will be switched to a Proof-of-Stake Pool, and charged a 4% fee like all of the other PoS pools. If a coin is more profitable to run at POS we will not wait until 75%, and if a coin does not support PoS we will still cap it at 75%.
This is very important. As most services would just delist a coin for falling below a certain earnings threshold, EvoNodes will NOT. As long as the coin/project is actively being developed, EvoNodes will not delist them. We do not find it a fair business practice to charge a listing fee, only to end support if market conditions aren’t favorable. Things like this can be temporary, or even not warranted, and are completely out of the developers hands.
This new fee structure allows us to continue to support these projects and their investors even during their toughest of times!
As far as we can tell, any of the coins negatively affected by this change, are still most profitable to put with Evo, vs both other competitors and vs self-hosting the nodes. For instance, would you rather have your coins earning more coins for you or just leave them sit in a wallet and collect dust? I mean if one is going to hodl them long term to wait on a price recovery, wouldn’t one let them compound rather than collect dust?
So let’s recap.
Pro- $2 per month per full node is cheap
Pro- No maintenance creates truly passive income
Con- High amount of rewards taken for fees on low earning coins
Pro- Previous Con eliminated due to the following Pro, as long as the coin is being actively developed coins will never get delisted for having low earnings or simply suffering from bear market conditions
Pro- No technical skills or knowledge required
Another big Pro that I did not mention is that, it will be much easier to increase our server cap with the new fee changes, as well as our recent hosting changes with dedicated hardware.
As of today, our new server cap has gone up from 73, to 112! Over this week we have had a 99.5% up time across all masternodes thanks to our new dedicated hardware!
We hope that this article gives you a better understanding of how cost effective our platform will be after the change goes live. Which I assume you are probably wondering when exactly that will be. Look for the official announcement in our Discord server within the next few days. As well as a better understanding of the dedication we have to the projects that list with us.
I will leave you with this wonderful chart and our stats for the week.
Discord Members: 934
Live Masternodes: 900
Active Users with Funds Invested: 840
Until next Thursday my friends, stay safe out there and hodl hard :)