Morpheus.Network Masternodes: Setup Walk-through

Morpheus.Network’s beta phase of the masternodes program is set to start ASAP. The KYC for beta testers began in October 2022. Beta testers completing the KYC process will be able to access the system to stake MNW and power the trusted data network starting in December. Morpheus.Network will kickstart the masternodes program on December 20th, and the first staking rewards for staking the MNW tokens will be paid out to the validators in June 2023. The masternodes program will help Morpheus.Network create that trusted data network, to enhance trust and transparency in global logistics. Over 2000 validators have already signed up for the program.

How To Participate In The Beta Phase Of Masternodes Program?

Step 1: Complete your KYC on Trustmnw.com

Step 2: Download the Desktop App For Trustmnw

Once you successfully complete the KYC, you need to download the Trust MNW desktop app.

Step 3: Setting Up Nodes

You can now set up your node to contribute to the trusted layer. You have 2 connection options: MetaMask or WalletConnect. Once the wallet is connected, you can view your MNW balance in the trustmnw.com app and start the staking process.

Step 4: Bridging the MNW tokens to Polygon

MNW is an ERC-20 token. However, the masternodes program requires participants to bridge the MNW tokens 1:1 to the Polygon chain. The process is simple and hassle-free.

Step 5: Add Polygon Network to your wallet

Once the bridging is done, add Polygon Network (Polygon mainnet) manually to your wallet.

Step 6: Import MNW Tokens on the wallet

After adding the Polygon Network to their personal wallets, participants will have to import the MNW token manually.

Click on “Import Token’. Enter the contract address and token symbol to import the token on Polygon. You need 1800 MNW tokens to set up an active node.

Step 7: Start Staking

Choose the desired number of node(s) and stake equivalent tokens.

Track progress on the dashboard

Once you have staked the tokens and set up a node, you can view the progress on the trustmnw.com dashboard. The first node fee (rewards) will be paid six months after the commencement of the program in June 2023.

Node Fees

Participation in the Beta Testing program will allow those participants who comply with the terms and conditions of the Morpheus.Network Beta Masternode Operator Agreement to receive 18% of the total number of MNW staked to the trusted data Masternode program per year, paid quarterly at a rate of 4.5% per quarter. Node Operators must meet all of the Minimum Node Requirements for a minimum of 6 months, after which they will receive their first Node Fees. Subsequent Node Fees will be distributed every 3 months thereafter.

Masternodes Beta Program Rules

The size of each node is 1800 tokens. This means that participants will have to hold tokens in denominations of 1800 to set up a node. The maximum limit per individual is 200 nodes. This means each participant can stake up to 360,000 MNW tokens.

Timeline

• October 2022: KYC begins
• December 20, 2022 — Masternode program starts
• June 2023 — First node rewards distributed to validators
• Q3 2023 — Subsequent node rewards distributed to validators

Key takeaways

• The masternode system matches data points, from the decentralized network to the centralized Morpheus platform
• You can think of masternodes as a digital twin of trusted, verifiable data
• The masternode program commences on December 20, 2022, with first staking rewards distributed to validators in June 2023

About Morpheus.Network

At Morpheus.Network, we are intensely focused on helping companies and Government organizations remove barriers to digitize, optimize and automate their global supply chain operations. We help clients maximize revenue through digitization and process automation, protecting sensitive data, and untangling complex issues with the legacy supply chain system while delivering effective, equitable, and efficient global trade solutions

Morpheus.Network Masternodes: Setup Walk-through was originally published in Morpheus.Network on Medium, where people are continuing the conversation by highlighting and responding to this story.