The Crowdnode Trustless Staking Advantage

[xkcd]

There are many advantages of converting your trusted stake with Crowdnode to a trustless one, a few are listed below.

• Once the masternode is formed, the funds can only ever be returned to your Crowdnode deposit address, you now have direct control of the funds.
• It only takes a stake of 100 or more Dash to enter a trustless stake with Crowdnode, you can stake in multiples of 100, eg 100, 200, 300, etc.
• You can end the stake at anytime by broadcasting the pre-signed transaction, your Dash will be with you as soon as an instant lock hits and you can spend it immediately. Note this is different to withdrawals from the trusted pool which can take hours to days depending on the amount and time of day/week you request the withdrawal.
• You still get paid the same, there is no interruption to your pay during the establishment process, payments continue to accrue in your Crowdnode account and they are compounding, meaning you earn more rewards on your pay. Your pay is part of the Crowdnode trusted balance.
• You still vote just the same as before, if you are voter on Crowdnode, then your voting weight remains the same when you are in a trustless stake.
• You are still paid from the entire population of both trusted and trustless masternodes in Crowdnode, meaning it is not that upon forming a trustless stake with Crowdnode that you are now only being paid from that one stake, instead you continue to be paid every time a Crowdnode masternode is paid, same as it is for trusted stakes, this means even if you are 100% in a trustless stake (all of which are only 1k masternodes) you will get partial payment from the so-called evonodes upon launch, which may pay out more than the Regular 1k node type.
• You do not need to dig up your private key to your Crowdnode deposit address to sign the messages and transactions when creating a Crowdnode trustless stake, simply generate a new address in the Core QT wallet use that for the signing process.
• You do not need to sync a core wallet to sign transactions and messages necessary for creating the trustless stake. While it is recommended to have a core wallet synced for things like mixing etc, if you don't have one and do not wish to sync it, just download and install it and start signing away without it even syncing, it does not matter!
• Regardless of what happens to Crowdnode in the future, once the trustless stake is created, you can never get rugged, but you get all the advantages of staking with Crowdnode the whole time, low fees, hassle-free masternode setup, no server costs, no KYC, you automatically have a partial share of Evonodes too, daily payments, unlike with a real masternode that pays only once a week, no hassles with network upgrades, no downtime, etc etc etc etc....

 

[Templer]

Thanks for the detailed breakdown of the advantages of trustless staking with Crowdnode!One aspect that could use further clarification is the voting mechanism. For those new to staking, can you explain how the voting weight is calculated for trustless stakes compared to trusted ones?Additionally, the instant lock feature for ending a stake sounds incredibly convenient. Could you elaborate on any potential scenarios or limitations where this feature might not work as expected, or if there are any fees involved in broadcasting the pre-signed transaction?It's also interesting to note that you don’t need a fully synced core wallet to sign transactions for trustless staking. For security-conscious users, how does this process ensure the safety of their funds and private keys?Looking forward to your insights! This shift towards trustless staking seems like a significant step forward for Crowdnode and the broader Dash community.

 

[xkcd]

Many questions you ask !

One aspect that could use further clarification is the voting mechanism. For those new to staking, can you explain how the voting weight is calculated for trustless stakes compared to trusted ones?

There is no difference, everyone in Crowdnode gets to vote and the strength of the vote depends on how many other people choose to vote, for example, if only you cast a vote on a proposal and no one else did, then the Crowdnode MNs would vote with all the nodes, about 120 votes currently for you. This is called Voting Amplification Faction and you can find it on this page which updates usually towards the end of the cycle. https://mnowatch.org/crowdnodewatch/

Additionally, the instant lock feature for ending a stake sounds incredibly convenient. Could you elaborate on any potential scenarios or limitations where this feature might not work as expected, or if there are any fees involved in broadcasting the pre-signed transaction?

It will always work because it is a part of how the Dash network works, as soon as a TX is broadcast, the MNs instantly lock it and it becomes secure, so you can immediately spend the outputs. There is no extra fee, because the fee for the TX is already in the pre-signed TX, so you just get the Dash and it costs you nothing extra.

It's also interesting to note that you don’t need a fully synced core wallet to sign transactions for trustless staking. For security-conscious users, how does this process ensure the safety of their funds and private keys?

Any withdrawal from Crowdnode goes to the one address you gave them when you registered, which is also the address you use when sending Dash to Crowdnode, so even for Trustless shares, they will always be returned to that same address, so keep it safe, eg on a Hardware wallet like Keepkey for example. The signing key for the Trustless setup can be any key you choose in your wallet and it does not need to be kept secure, it is just used to prove you did the work, note this key does not have to be the same as your withdrawal key, for that reason, better you don't use the withdrawal key and instead create a new random in the core wallet and sign with that.

 

[biyid]

Hi, thanks for this very detailed and useful description!

 

[Dans]

I rescue this comment about crowdnode stacking to update the possible mandatory nature of KYC in the near future.

I think that the operators of the cowdnode platform should be clear about this and warn node participation holders if KYC is going to be required in order to make early decisions in this regard.

I am not a user, but at least I have promoted about 3000 dashes from different people to use crowdnode, and all these people have asked me if kyc was necessary, since everyone knows decentralized platforms such as uniswap, pankale, compound, Thorchain... a where they will go without hesitation in case the KYC is imposed for dash in this stacking, which has also just raised its rates to very high figures from my point of view.

They make the excuse of the low price of Dash, but they are not the only ones taking the risk, since the holders have also suffered a great loss of value in their investments. I think it would be a good time to consider a decentralized stacking option for EU users and holders, if kyc by CN is an obligation.

I await answers to continue or not recommend this platform, which to date I think has done great.

all the best

 

[margaret16]

It's unbelievable that Crowdnode Trustless Staking brings so many benefits. Before, I only knew that I could control it, but I didn't expect it to have so many benefits. Thank you for sharing with me.
Geometry Dash Scratch

 

[dachflash]

Hi, thanks for the explanation of the advantages, it's very interesting.