I had another chance to speak to a few of the devs behind Phoenix coin. Here’s what they were able to tell me this time about nodes on their blockchain:
The role of core node holders is essential to Phoenix Blockchain, as these early public investors supported the development of Phoenix Blockchain’s decentralized technology. Phoenix Blockchain is built on and compatible with the Ethereum Virtual Machine (EVM), and it relies on a consensus among node holders to secure and verify the network. It is crucial to hold a node as it is a responsibility during community voting events, ensuring the network’s security and integrity.
Understanding Nodes in Blockchain
A node in blockchain is a device or computer that participates in a decentralized blockchain network. It is responsible for maintaining a copy of the blockchain ledger and relaying information about transactions and blocks to other nodes in the network. Full nodes, which store a complete copy of the blockchain, and light nodes, which only store a partial copy, are two types of nodes in a blockchain. Full nodes play a critical role in verifying transactions and blocks and are often rewarded for their contribution. Node holders help secure the network by providing decentralized storage and processing power, making it more resistant to attacks.
To join Phoenix Blockchain, one must purchase and hold a minimum of 5000 $PHX and commit 2TB of storage and 16GB of RAM to the Phoenix InterPlantery File System (IPFS) cluster. It is recommended to use a reputable datacenter to receive crypto mining rewards. Currently, over 200 nodes support Phoenix Blockchain. Operating a node and confirming transactions on the Phoenix Blockchain network require a dedicated server and a compatible wallet.
Benefits of Node Holders
Node holders on Phoenix Blockchain earn rewards for their participation, which come in the form of $PHX, the native cryptocurrency of Phoenix Blockchain, through mining and securing the network. They also get exclusive access to community events and resources, including regular updates and communication with the Phoenix Blockchain team, as well as opportunities to participate in beta testing and development. By becoming a node holder, individuals can support the Phoenix Blockchain network and shape its future.
Don’t forget to join Phoenix Blockchain’s free $$$ giveaway going on till March 26!
For more information about Phoenix Blockchain, visit their Linktree and subscribe to their weekly WeBurnWeRise Show!