Running nodes on blockchain networks can help to enhance your privacy, your security and your pocket. While some blockchain networks like Bitcoin SV are looking to discourage the average Joe from running their own nodes on the network, CasperLabs is incentivizing everyone to run their own node for the sake of decentralization and scalability. This week, CasperLabs announced the launch of its brand-new node version 0.5. Version 0.5 allows users to connect nodes to the public dev network by sending bonding requests.
Say Hello to Permissionless Network Participation
If you want to join or leave a blockchain network as a node, you often have to go through a proxy voting process to ensure that the node or quorum set you’re part of cannot be compromise in any way, shape or form. However, CasperLabs skirts around this issue by allowing nodes to send validator unbonding requests to the network, allowing these node owners to quickly leave the network if they wish to divert their node resources elsewhere. This helps to increase security on the network by keeping the blockchain permissionless rather than permissioned.
Masternodes Are Still a Better Investment
While running a node on the CasperLabs public dev net will certainly help the CasperLabs ecosystem thrive, it might end up costing you more to run than you would gain. A recent study from INDX Capital uncovered that running Masternodes is the best form of passive income. So, if you’re looking to run nodes to achieve income, you might want to turn your focus towards masternodes. Not all blockchain projects offer masternodes, leaving you with the only choice to join the riffraff and muck in as a regular node.
Does Everyone Need to Run a Node?
Several blockchain projects are experimenting with the idea of keeping nodes to a select group of companies. For example, Bitcoin SV is about to increase the max block size to 2gb. Once this happens, your average Joe running a node won’t be able to keep up with the network – downloading 2gb every 10 minutes as well as syncing the entire chain will be a huge headache. Facebook’s Libra is also doing the same thing, only giving nodes to selected and trusted 3rd parties, such as Amazon and Google. Bitcoin SV is a fully operational and powerful blockchain network that facilitates payments, yet not all participants are required to use a node – and it works.
While running a node might sound exciting, it’s not always needed. If you care for the project and want to help it grow – or you’re looking to increase your own privacy and security – then running a node is for you. Getting used to the CasperLabs nodes from version 0.5 will give you a great opportunity to understand the network and remain on top once the mainnet goes live.