TE-FOOD Masternodes Strict Selection Process
TE-FOOD has been in the news for a lot of positive reasons lately. It is therefore logical and natural for investors to try and cash in on the growth and possibly support a seemingly growing project with potentials.
The farm-to-consumer fresh food traceability blockchain has revealed the conditions required for individuals to host a masternode on the network. Interestingly, TE-FOOD’s masternode economics is quite different from other projects out there. For a start, while other projects pay out masternode revenue in their local tokens (which are typically volatile), TE-FOOD has revealed that revenues will be paid in a stable coin, Calories (CAL). Masternode holders are paid a fraction of the transactional costs customers on the FoodChain pay. The team noted that:
This model cannot offer such high revenues like those which pay with tokens printed out of thin air. But paying with a volatile token, and continuously dilute the supply with it has obvious long-term disadvantages compared to our model.
The team has also hinted that the FoodChain is expected to handle between 70,000 to 100,000 transactions daily at its initial phase. By January next year, this value is expected to have risen up to 200,000 to 250,000, daily transactions, as the project garners traction.
There is some sad news if you are already revved up and ready to launch your TE-FOOD masternodes. The team has decided that in the first year of operations, they will not allow more than 100 masternodes on the network.
TE-FOOD has 3 tiers of masternodes, and between now and the beginning of next year, they will be allowing only 30 Steel masternodes, 20 Platinum masternodes, and 10 Titanium masternodes. After one year of operation the total amount will be no more than 100 masternodes. Whether they change this decision or not, will be left for the team to decide.
The technical requirements for running each of these tiers are as follows:
A storage of 40 GB SSD, 1 CPU, and 2 GB memory for a Steel masternode, 60 GB SSD storage space, 4 GB memory, and 2 CPUs for platinum masternode, and 100 GB SSD, 4 CPUs, and 8 GB of RAM for Titanium.
At this point, I bet one of the questions running through the minds of most TE-FOOD’s enthusiasts is how they will be selecting the few individuals to host masternodes. The selection will be done based on a ranking system. They will be looking at things like reputation, the contracted period, days of eligibility, and date of registration.
Like most recent ICO and crypto businesses, selected masternode holders will be required to go through “KYC” processes.
Finally, with regards to revenue, the team has revealed that they plan to pay 1 CAL to masternode operators per transaction. 1 CAL will be pegged to 0.00043 USD.