Morpheus.Network MASTERNODES BETA Is Live
We are thrilled to announce that the Beta phase of our Masternodes program is about to begin very soon. The KYC for the Beta phase kicked off in October 2022. Starting in December, those who completed the KYC process can stake their MNW tokens to contribute to the trusted layer.
The Masternodes program kickstarts on December 20th, and the first staking rewards for staking the MNW tokens will be paid out to the validators in June 2023, (six months after setting up the node). Through masternodes, Morpheus.Network will create a trusted data network for enhanced trust in global supply chain data. More than 2000 validators have signed up for the program already. We are particularly thankful to StartupCraft for helping us in developing the Masternodes program. Here’s a step-by-step tutorial on how to set up nodes by Volodymyr Katanskyi of StartupCraft, who headed the development of Trustmnw.
How To Become A Beta Node Validator For The Masternodes Program?
Step 1: Complete KYC
Visit Trustmnw.com to sign up and complete your KYC
Step 2: Bridge MNW ERC20 to Polygon
https://wallet.polygon.technology/polygon/bridge/deposit
Since MNW is an ERC20 token and we use Polygon Network for Masternodes, you will be required to bridge the MNW tokens 1:1 to the Polygon. The process is simple and hassle-free.
Visit the Polygon Bridge here, import MNW ERC20 manually by adding the contract address: 0xd3E4Ba569045546D09CF021ECC5dFe42b1d7f6E4
Approve the MNW usage > Select the desired numbers of tokens > Transfer the tokens.
Since the process involves two transactions — approval and transfer, please ensure you have sufficient $ETH to cover Ethereum Gas and Fee.
Note, it may take up to 60 minutes to complete the process.
Step 3: Add Polygon Network To Metamask
Once you are done with the bridging, add Polygon Network (Polygon mainnet) to your wallet.
Metamask Network setting > Add network > Enter the details here
Network Name
Polygon
New RPC URL
Choose any of the following:
https://polygon-rpc.com
https://rpc-mainnet.maticvigil.com
Chain ID
137
Currency Symbol
MATIC
Block Explorer URL
https://polygonscan.com/
Step 4: Add MNW Polygon To Metamask
Import MNW tokens manually by entering the token contract address 0x3c59798620e5fEC0Ae6dF1A19c6454094572Ab92 and the token symbol MNW. You require 1800 MNW tokens to set up one active node.
Master smart contract address: 0xF994b03D2793788a3ED86eabE792963620baE2c6
Step 5: Connect your Metamask to TrustMNW
Step 6: Download Desktop Application
Download the Morpheus.Network TrustMNW desktop application for your OS.
Step 7: Log in to the desktop app
Launch the app > enter your email > confirm the login on the TrustMNW website.
Note, it’s required to set the browser with Metamask as the default browser.
Step 8: Connect Desktop App with TrustMNW Website
This step requires the Metamask mobile app or a WalletConnect-compatible wallet.
Download Metamask from App Store or Google Play > Configure your wallet > Go to Metmask Network Settings > Add Polygon.
Scan the QR on your desktop app from your Metmask mobile.
Step 9: Test The Connection
After connecting the Metamask wallet to your desktop app, it will redirect you to the browser to finish the setup.
Click on the ‘Ready to stake’ button to test and proceed further.
Step 10: Confirmation For Staking
Click ‘Confirm’ to proceed.
Step 11: Choose the number of nodes
1 node = 1800 MNW tokens.
Let’s say you need to set up 2 nodes, you will have to stake 3600 tokens, and so on. Staking may take up to 20 minutes to commence.
Step 12: Track Progress On The Dashboard
View the progress on the trustmnw.com dashboard.
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, meaning each participant can stake up to 360,000 MNW tokens.
KYC completed registrants will be granted access to the masternodes beta platform in a phase-by-phase manner over the next few days starting Dec 19.
Thank you so much for being part of our trust network!
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.
