Frequently Asked Questions

Note: In this FAQ "coins" refers to cryptocurrency, while "credits" refers to payment in USD.

What is a shared masternode?

A shared masternode is a masternode where a group of people pool their funds together so that a masternode can be stood up. This allows a masternode to be built and activated when each person normally couldn't raise enough coins on their own for a dedicated masternode. Any rewards that are obtained from the masternode are split up amongst the contributors according to the proportion of coins of theirs in the masternode.

Note: We also offer private masternodes. These are available if you have the full collateral yourself and do not want to share with anyone else.

What is a private masternode?

A private masternode is our term for a full masternode. It is a masternode that is not shared with anyone else, and you get all the rewards yourself. You will need to own the complete collateral yourself before you can rent a private masternode, but you can keep the coins in your own private wallet (i.e., on your own computer).

Do I have to send coins anywhere?

Shared masternodes: Because a single transfer of the complete collateral needs to be initiated to allow the activation of a masternode, you are required to send your coins to a wallet that will control the masternode. This wallet is located independently of this web server or any masternode servers.

Private masternodes: No, you keep all the coins in your own personal wallet. You will be given the ability to remotely initiate a resync of the masternode, but no coins need to leave your wallet.

How can you trust us?

This is a very good question and one that everyone should ask and be comfortable with before sending any coins to the platform so that you can participate in a masternode. There is no way that we can persuade you to trust us - this is something you have to work out yourself. What we can tell you is that security is very important to us, and will always be very important to us. You have to weigh up the risk of deposting your coins into a platform like this vs what impact this would have on you if you lost them. Like anything cryptocurrency, there is risk. You may obtain some good gains, but you do have to own some risk to achieve this. We will do the best we can to keep your cryptocurrency safe, but in the end we are not responsible for your decision to participate and you do so at your own risk.

Is there a minimum number of coins I need to submit?

Yes, each open masternode will have listed against it the minimum number of coins that you will need to submit to participate in the masternode. Note that we do not work on 'shares', but you are free to submit whatever number of coins you wish to have between the stated minimum and maximum amounts. Also note that different masternodes will have differing minimum requirements depending on the size of the required collateral needed to start the masternode.

How much does it cost to participate in a masternode?

The cost to participate in a shared masternode is proportional to how much of the masternode collateral you fill up. Payments are made in the form of credits, and credits can be purchased through the payments page. Generally 1 credit costs $1US or equivalent in selected cryptocurrencies (but the more you buy, the cheaper it gets*), and if you were to deposit enough coins to fill a complete masternode, it would cost you usually between 1 to 2 credits.

If a masternode was rated at 2 credits, then you would need to provide 2 credits if you had all the collateral yourself, 1 credit if you had 50% of the collateral, 0.5 credits if you had 25%, etc. Note that the number of credits are based around the percentage of filling a masternode, not the number of coins that are required. An estimation of the cost is provided before you commit to participating in each masternode.

How does the credit system work?

Masternodes (and proportions of masternodes) are paid for by credits, which are funded by USD. If a masternode takes 2 credits to fill and you deposit 10% of the masternode collateral, then you would pay 10% of the 2 credits per month, that is, 0.2 credits per month.

Shared Masternodes:
- You are only charged credits once the masternode has been activated. While it is filling up, you are not charged anything, but the appropriate number credits are placed in the "pending" state. This means that this amount will be charged on masternode activation.
- If you withdraw from a masternode a proportion of the way through the month, the charge will be pro-rated and you will receive the unused credit back again.
- If you replace someone elses coins (when they have requested to leave), you will be charged a pro-rated amount of credits to align your charges with the billing cycle of that particular masternode.
- You must keep your credit balance above the committed monthly amount so that payments do not fail. Should they fail, your masternode(s) deposits will be placed in a "frozen" state and you will no longer received rewards. Rewards will be kept in a dev wallet and you will be notified by email. Should you not purchase credits to cover the deficit within one week, your deposited coins will be flagged for withdrawal for one extra week, meaning that anyone else can replace your position in the masternode should they want. If after this period no-one has replaced you, your deposit coins will be sent back to you and the reward coins earnt while not paid will be sold to cover our costs (note, they will not be sent to you but will be owned by Saltpool).
- If you are a participant in a masternode that has a defaulter payer (i.e., they have failed to pay their part of the masternode), when the coins are sent back to the defaulter, the masternode will be deactivated, and you will be pro-rate refunded for the remainder of the month when not activated. As soon as another person replaces the coins, your account will be charged again, starting from the new activation date.

Private Masternodes:
- Since you are controlling the masternode, you are charged the appropriate credits the moment you rent the masternode.
- If you do not keep your credit balance with sufficient credits in it, the moment a failed credit charge occurs your masternode is stopped. This is because we never see your rewards, so are not able to hold any back until payment is made.

Do you take a commission from the reward coins of the masternode?

No, not at all. We take no commission from your reward coins. You receive 100% of your proportional amount of the masternode rewards.

For shared masternodes, do I have to pay anything while the masternode fills up, as I am not earning rewards then?

No, we won't take any credits from your balance until the masternode activates. We will foot the bill for this period of time, since you are not earning any rewards while it is not active. We will mark the appropriate amount of credits as "pending", but they are not taken from your balance until the masternode starts the activation process.

Do you accept any forms of cryptocurrency as a form of payment?

Yes! We accept the purchase of credits in Dogecoin, Litecoin and IQCash, as well as credit card payments.

Do you store our credit card details safely?

We never even see your credit card details, so we definitely do not store them anywhere. All transactions are handled by stripe.com, our credit card transactions provider.

Credit card note

If you cause a charge back to us due to a stolen credit card, your details will be provided to the relevant authorities, all coins in all of your masternodes will be forfeited, and your account will be closed without notice.

Do you use real nodes or phantom nodes?

We believe in helping out the various blockchains so we only use real/full nodes. We do not believe that phantom nodes help the network at all and defeat the purpose of what we are getting rewarded for. We would rather pay more in our infrastructure and help the coin network stay strong.

Can I withdraw my coins from a shared masternode?

Absolutely. You can do this anytime you wish.

If the masternode has not yet received enough coins to meet the collateral requirements, you can make an instant withdrawal of your coins. Note though, that if you withdraw from a masternode you will not be able to submit coins to it again. However, you are able to submit coins to a different masternode of the same coin.

If the masternode has received the full collateral of coins, all funds are automatically locked (both in the pending activation state and the activated state). Should you wish to retrieve your funds from a masternode that is locked, your withdrawal request will be noted and the masternode will be advertised on front page for people to replace your funds. This will continue for up to 7 days, or until someone replaces your coins with theirs. This is intentional so that your withdrawel of funds does not disturb the active masternode. Should we not be able to find anyone else to replace your funds, the masternode will be stopped (after the 7 days) and your coins will be returned to you. All other coins in the masternode will remain in the wallet, pending replacement coins to bring the balance up to the required collateral, and then automatically reactivated again.

Note: If you withdraw your coins from an active shared masternode, you will forfeit any rewards since the last payment cycle (at the time someone replaces your coins). Payments are made at a point-at-time at 5pm AEST.

Can I partially withdraw my coins?

No, if you want to withdraw your coins from a masternode, you must withdraw them all at once.

Is there a fee to withdraw my coins?

There is small 1 coin fee to remove your coins from a masternode. This is to ensure that transactions costs are covered.

Are my credits refunded if I withdraw my coins?

If you withdraw your coins from an active masternode, your credits will be prorate refunded for the portion that has been unused for the current period. If you are required to wait 7 days (since there is a delay of up to 7 days in withdrawing from an active masternode while we find a replacement), your prorated amount will start from the date when your coins are sent back, not when you requested the withdrawal. This is because you will continue to receive reward payments until your coins are removed from the masternode. Note also that if the masternode has not yet been activated, you will not have been charged any credits so there is nothing to refund. However, the "pending" credits will be removed.

Can I cancel a private masternode?

Of course, at any time. You will find a "cancel masternode" button against your private masternode from your status page. The cancellation is instant and you will received a prorated refund for the remainder of the month that you have paid for.

How do I get paid (aka rewards)?

Shared masternodes: Payments are proportionally divided amongst all participants of that masternode. Rewards will be sent to the payment address that you supplied when you first sent in your coins.

Private masternodes: You will be paid directly to your private wallet/address, without our intervention. We never see and handle your rewards.

When and how often will I get paid?

Shared masternodes: We aim to pay daily at 5pm AEST (Midnight UTC-7 / 3am UTC-4 / 7am GMT / 10am UTC+3)

Private masternodes: You will be paid as and whenever rewards are given to your masternode, which could be many times per day.

How much will I get paid?

This will be totally up to how the masternode and blockchain performs, i.e., the number of masternodes on the network, the number of blocks confirmed, etc. Please note that there will always be a delay of at least 24hrs before you are paid when a masternode first starts up. There is a time delay from when a masternode is activated until when the network accepts it into the round for payments. Rewards are paid every 24hrs. You can see how much is pending from your user status page.

I put in a wrong payment address in the shared masternode. Please help!

Please contact us and we can update your payment address, once we have confirmed that you are who you say you are. Any coins sent to an incorrectly entered payment address are gone and are not retrievable.

Can I change my wallet address that I used when I submitted my coins to a shared masternode?

Under normal circumstances, no. This is a security measure so that it will only ever pay out to the address that was originally entered when the contributions were submitted. Contact us if you've lost your wallet, etc.

Can I just put all my rewards into another shared masternode?

At this stage, no, but we may look into that option in the future. You can, however, send them straight back yourself once received, should you want to do that and a masternode with appropriate space is available.

Are payments guaranteed?

Any rewards that the shared masternode receives will be shared amongst the participants of the masternode. You will be paid as long as the network sends rewards to the masternode. For private masternodes, you will received whatever the network sends automatically without our intervention.

What if something goes wrong?

Like anything technology, sometimes things do go wrong. If they do, we will make every endeavour to fix the issue, but you do participate in shared masternodes at your own risk.

Can I get a refund if my coin turns out to be a scam?

You will always own the responsibility of any financial decisions that you decide on yourself. If a coin that you mine, or purchase from an exchange, turns out to be a scam and worthless, that is a risk that you (and many others) decided to take when you decided to participate in the masternode(s). There will be no refunds for masternode rentals (however there will be a prorated refund if a masternode is deactivated) as you are the one that has decided to join a speculative market. We give no financial or otherwise advice. You need to perform your own research before participating.

Who pays the transaction fees?

On every payment cycle a single coin is kept back as a float to pay for transaction fees. The change from this is paid out next payment cycle and another single coin kept as a float for the latest payment cycle.

Can I buy coins from you to put in a masternode?

No, we perform no trading or monetary exchanges. Should you not have coins of a masternode that you wish to participate in, you can normally buy them from an exchange (if listed), or mine from pools. Refer to the Information box on each available masternode.

Is my masternode always guaranteed to stay active?

As long as the masternode contains a new coin with potential, or is already profitable, we will try to always keep your masternode running, however there is no guarantee of this. If we decide that the masternode is not profitable, we can cancel it without prior notice. If this is the case, you will be returned your coins. Some other reasons for cancelling an active masternode are if the coin is shown to be a scam or a hard fork is going happen that requires a swap (it is your responsibility to swap your own coins). There may be other reasons and the decision is totally up to us if we continue to run the masternode or not since we are paying for the infrastructure. Remember that you can withdraw your own coins from your masternode if that is what you want to do.

Do you guarantee an uptime for your masternodes?

We do not provide any guarantees of uptime for your masternodes, but we will make every endeavour to keep them up as much as possible. We rely on other service providers for our infrastructure and we are at their mercy. Sometimes they will have maintenance periods and we have to accept this, sometimes we will have maintenance periods that you will need to accept. We all need to accept that sometimes technology provides challenges.

Can I withdraw my credits back into USD?

Yes**, you can, however this will need to be peformed manually by us for security reasons. Any stripe.com fees that we have had to pay on your credit purchase will be removed from your balance prior to your refund. Please contact cly [saltpool.net] in our discord. Note, if you have been gifted credits as a promotion, these are non-transferable\non-refundable.

* with credit card purchases only.
** from credit card purchases only. No refunds of credits from cryptocurrency purchases.