The crypto domain is the most volatile financial market. Still, people do not refrain from making investments in it. In recent times, the popularity of crypto space has increased manifold as people have been recognizing its unseen potential. Moreover, the fact that every day a new crypto (or an array of cryptos) is launched is proof of how the crypto industry participants still believe in it even when they have been experiencing extreme market conditions recently.
One lesser-known type of digital currency that people often ignore is masternode. These coins are able to utilize masternode technology for their work. Coins with masternodes are recently gaining attention (though not much), which is why this article will feature the top 10 masternode coins one should definitely know about. But first, let’s understand what is masternode all about to understand the nuance of such coins better.
What Is Masternode?
It is advisable to maintain multiple copies of each blockchain for each digital currency on various machines. It supports the upkeep of network decentralization and boosts the blockchain’s safety. Nodes are computers that maintain a stored copy of the blockchain. There are types of equipment with more caliber among them, which are referred to as masternodes. The main goal of a masternode is to discard blocks that are dangerous or do not meet security standards.
The masternode technology has the following advantages:
- Owners of masternodes are rewarded for contributing to the network by maintaining its decentralization and security.
- Compared to mining, running a masternode is more environmentally-friendly.
- There is no need to invest in pricey mining machinery.
- Both PoW and PoS networks employ masternodes.
The disadvantages that this technology hosts are:
- It might not be profitable to run a masternode in a smaller cryptocurrency network.
- Depending on the volume of transactions, the user should make a profit and it is not always feasible to maintain a huge volume.
Top 10 Masternode Coins To Watch On
The wait is finally over as the list of top 10 masternode coins is here. They have been sorted according to the market capitalization they had acquired by the time of writing. So, scroll and pick the best masternode coins for yourself. However, the list does not mention any new masternode coins, so if that is what you are looking for, please refer to pages that mention new crypto launches to find out the ones that are based on the masternode technology.
Helium (HNT) is a decentralised blockchain-based system for the Internet of Things (IoT) gadgets. The Helium mainnet, which went live in July 2019, enables low-powered wireless devices to connect with one another and transfer data across its node-based network.
The so-called “Hotspots,” which combine a wireless gateway as well as a blockchain mining device, constitute nodes in the network. By running nodes, users mine and receive rewards in HNT, the native cryptocurrency of Helium. It is one of the top masternode coins that has been in trend recently.
At press time, the HNT crypto was down by 4.42% and traded at $7.72. The market capitalization of the crypto stood at $957.5 million, losing 4.48%. However, the 24-hour trade volume of HNT skyrocketed by 69.23% to $10.99 million.
The first cryptocurrency to start supporting masternodes was Dash that aided in paying the user fees to maintain and run the network. This is why it is considered to be one of the best masternode coins. It is an open-source blockchain and cryptocurrency that is dedicated to “offering a fast, cheap global payments network that is decentralised in nature.” Among the several varieties of such currencies, the Dash coin masternode is fairly well-known.
The DASH crypto was down by 8.50% and traded at $48.91 at the time of writing. The market valuation of the crypto stood at $531.70 million, dipping by 8.49%. However, the 24-hour trade volume of DASH was up by 10.15% and was at $104.25 million, the highest in the list of top 10 masternode coins.
XDC Network (XDC)
XDC Network (formerly known as the XinFin Network) is a blockchain network with interoperable smart contracts that is enterprise-grade and possesses EVM compatibility. The XDC Network, a highly optimised, custom fork of Ethereum, establishes consensus through a delegated proof-of-stake (dPoS) mechanism that enables over 2,000 transactions per second, a two-second transaction latency, and almost no gas expenses (TPS).
The XDC crypto saw a drop of 2.78% and traded at $0.03358 at the time of drafting this article. The market capitalization of the crypto stood at $413.21 million, declining by 2.75%. In contrast, the 24-hour trade volume of XDC gained by 8.55% and was at $4.22 million.
The leading crypto price-tracking website, CoinMarketCap defines Syscoin masternode coin as:
“A smart contract platform that supports a cutting-edge Web 3.0 ecosystem with ultra-low fees, decentralised Layer-1 security, and Layer-2 scalability that provides for economies of scale via Rollups. Syscoin is designed to support the future of smart contracts within Metaverse, IoT, Smart Cities, and future interplanetary economies. Syscoin’s roadmap includes implementation of ZK-Rollups, Optimistic Rollups, Validium, and DAOSYS which is a new kind of DAO that aims to provide governance-free treasury management and self-sovereignty for all participants.”
At the time of reporting, the SYS crypto saw a dip of 2.32% and traded at $0.1745. The market capitalization of the crypto stood at $114.8 million, decreasing by 2.16%. The 24-hour trade volume of SYS was slightly up by 5.96% and was recorded at $2.8 million.
Velas is popularly known for being the fastest EVM blockchain in the world that enables up to 75 000 tx/s to be processed instantly. It offers high security that too almost at no cost. The Velas ecosystem comprises an array of decentralised products that are built on the top of its chain aiming at elevating user experience at every point.
VLX crypto saw a drop of 2.58% and traded at $0.0421 at press time. The market valuation of the crypto stood at $98.5 million, losing 2.67% in value. The 24-hour trade volume of VLX was slightly down by 1.31% and was recorded at $2.06 million.
Divi is one of the blockchain projects that have been designed to accelerate the adoption of various digital currencies. The ecosystem runs on the slogan that mentions “crypto made easy.” Therefore, they aim at enabling crypto services to even those who would have earlier not thought of it or refrained because it was too intimidating.
The DIVI token was down by 3.49% and traded at $0.01743 at the time of drafting this article. The market capitalization of the crypto stood at $52.66 million, declining 3.46% in value. On the contrary, the 24-hour trade volume of DIVI had considerably increased by 12.92% and was recorded at $230,898.
The AXEL token was built to aid data transmission on the AXEL Network. It is one of the Proof-of-Stake utility tokens that masternode holders must possess to participate in the network. Therefore, it definitely has to be in the top 10 masternode coins list provided here.
The AXEL token saw a plunge of 6.17% and traded at $0.1643 at the time of writing. The market capitalization of the crypto stood at $46.5 million, down by 6.20%. In contrast, the 24-hour trade volume of AXEL had skyrocketed by a whopping 108.01% and was recorded at $119,032.
Firo, earlier known as Zcoin, is a crypto token that has been focused on becoming an anonymous online currency or cash. Thus, it targets at providing a superior amount of privacy to its holders, users, and traders. However, a fact that is not popularly known is that it is one of the cryptos that supports masternode technology too. It is one of the top masternode coins that enables privacy to its users.
The incorporation of the Lelantus privacy technology allows users to burn their existing crypto assets and exchange (trade) them for new crypto investments that too without any recorded history of that transaction. This function is what makes it entirely distinct from Monero (XMR), which enables privacy features as well.
The FIRO crypto slipped by a huge 13.94% and traded at $2.36 at the time of reporting. The market valuation of the crypto stood at $26.91 million, declining by 13.90%. In addition, the 24-hour trade volume of FIRO had dropped by 2.38% and was recorded at $8.39 million.
Energi (NRG) identifies itself as a next-generation Proof-Of-Stake digital currency. This crypto is powered by the Energi blockchain and it merges the Ethereum smart contract compatibility with a decentralized masternode governance, self-funding treasury, and Layer 1 and Layer 2 protocols.
At press time, the NRG crypto slumped significantly by 8.99% and traded at $0.3561. The market capitalization of the crypto stood at $19.7 million, losing 8.90% in value. However, the 24-hour trade volume of NRG was up by 4.70% and was recorded at $196,285.
Oxen (earlier known as LOKI) is another crypto in the top 10 masternode coins list which provides privacy to its users and holders. It is a privacy coin that enables instant and fast transactions on its network. It can be purchased on crypto exchanges like Bittrex, Kucoin, UniSwap, and TradeOgre.
At the time of writing, crypto declined by 3.07% and traded at $0.2303. The market valuation of the crypto stood at $13.7 million, dropping 3.11% in value. On the contrary, the 24-hour trade volume of NRG gained by a huge 46.87% and was recorded at $465,436.
The list of top 10 masternode coins has ended for now. But we do believe that a host of new masternode coins would surely pop up for the ones who are interested in such cryptocurrencies. Moreover, the crypto market is too dynamic and what would happen next is unpredictable. Therefore, these coins, which are not popular enough currently, might shoot up in the future. So, if you are someone who believes in both cryptocurrencies and masternode technology try considering some of the above-mentioned tokens but with utmost caution.