REMME Sets Out Masternode Application Process

REMME Sets Out Masternode Application Process

Passwordless technology provider REMME has announced that it is now accepting applications from its community to run masternodes on the REMChain propriety blockchain.

The two stage process will prioritise early adopters of the REM token but also allow newcomers to participate.

MASTERNODE REQUIREMENTS

REMME, which completed its ICO earlier in the year and achieved its $20m hardcap, has created an open-source distributed Public Key Infrastructure (PKI) protocol designed to replace traditional password technology. The project’s so-called masternodes will oversee key tasks such as signing transactions for certificate issuance and revocation.

Potential operators of the masternodes will need to meet certain technical requirements, lock up a fixed amount of REM tokens, uphold the network rules and ensure sufficient uptime.

When applying to be included in the first stage, applicants will be graded against a seven-tier criteria system.

Top priority will go to people who purchased a minimum of 250,000 REM during the tokensale, didn’t sell them on exchanges and also bought more tokens at a later date.

The final two tiers are allocated to investors who missed out on the token sale but subsequently purchased the required minimum of tokens on exchanges.

Full details of the descending requirements and full approval process has been published on REMME’s official blog and masternodes application website.

Applicants have until October 17th to register their interest.