If you have not read up our part 1, click here to read it first as this is the continuation of part 1.
Okay, so we examined what CrowdFund Coin is doing and we realize it’s very similar to Kick ICO, one of the crowdfunding platforms as well.
But the way they distribute their rewards is through masternodes it’s very interesting concept which we get a bit of the best of both worlds. We can get bit of the concept of crowdfunding which the company is pretty new. Crowdfunding we know is a billion-dollar industry which results in more people investing. On the other hand, we also know masternodes they can be benefited from.
So we are not holding and we are not HODLing coins that we can’t get liquidity over it. So like what I always say, I never ever promote coins.
In fact, I’m not even promoting, I’m just sharing. I’m not telling you to get this coin. I’m just sharing my thoughts on what coins we choose to get, okay so think about it now you get the Crowdfunding billion-dollar industry concept and then you also have the masternodes that gives people, give the community incentive to hold the coins.
So people don’t dump, the problem with KICK ICO.
Previously I got in, I spent a lot of money and then so many people started to dump after that. I just lost so much money.
To be honest, right? So from there on I don’t really like crowdfunding but crowdfunding and masternodes, Wow.
To me if they can pull this off. It’s really a good coin. So me being me, us being us, right?
So what I did was I reached out to the this company.
I say let’s work together because I really like the concept. I hope we can pull this off successfully. So they’re very nice people over from Ireland So they literally volunteered.
You see that look guys, you know, you guys are doing this life thing
So anyway, you got to build some masternodes. So what I’m gonna do, is I’m gonna sponsor you guys, a masternode. I’m gonna sponsor you something so you can build for the community.
Like literally we build to demonstrate So, I mean it’s good for this friendly company as well.
It’s good for the founders. It’s good for everybody but going forward I can promise you guys that if this takes off we are gonna spend our own money inside as well. we’re gonna spend money cause I really like the concept of crowd funding and masternode together.
The billion dollar industry, crowd funding if done right with masternodes gives a very good incentive for people to hold the coin and not just dump it after it lists on CryptoBridge or something.
You see CryptoBridge like what I taught you guys, go and create an account there if you wanna start using CryptoBridge.
So if you guys got CryptoBridge, this company is gonna list on CryptoBridge really soon
They’ve got a clearance and everything. If not I wouldn’t be even doing this with them, right? if not there will be no point. You guys cannot start also, right?
If you really wanna follow us and build this. So before I carry on, I wanna have a disclaimer. I’m not promoting this, they sponsor us yes, but I don’t get any incentives from you guys.
I just want to share because we needed a coin for this week as we wanted to build something.
And since we are scouring different ICO concepts we wanted to find something interesting that’s a billion dollar industry. We don’t want something that’s too small as the market size is too small even if you succeed.
It’s like only hard million dollar kind of thing Yeah, so the coin won’t do as well.
What we will do instead is, we’re gonna build this coin. That’s why I got Treff here with me. Flew away from China just to build for you guys.
So where do we buy the coins from, right? You can actually buy the coins from exchanges just like this like CryptoBridge or like Gravitex or even BitTrex also. So all you have to do is just go into let’s say, right now this coin hasn’t been listed on CryptoBridge yet but it will be listed soon.
Okay, so if let’s say, once it’s listed right, yes you should be able to type Cfund, and it’s supposed to come up. So, click on it and you can make your purchase here.
Just like any other platform. Yeah, but you do have to sign up first before you can transfer any BTC to this account. Then from this account you can purchase the CrowdFunding coin.
Okay, so next right? Next all you have to do, usually for masternode wise, in the main website like this. There should be wallet download. So all you have to do is depending on which kind of computer are you using.
So for us we are using Windows so click on this. Yeah, but in our case we have already downloaded, so we are not gonna download today.
[Leon] Which on the documents?
So it’s already here. So usually it’s the name of the coin. Which in this case is “crowdfunding coin – qt”. It’s the application so usually the application will be pointing to here is this is actually the wallet itself.
So once you launch it, it should open up like this and close and open again Usually you have to take a while to load and to sync but for us we had already synced it earlier. Yeah, so usually it syncs like using a few minutes of the time.
One thing about building masternodes is that there would be a lot of waiting time due to the syncing process which results in you having to wait for confirmations. And not forgetting, you have to wait for the the VPS to load.
[Treff] okay, this one this would depends on how far away are you from the block, the current block. So if let’s say let’s say you haven’t been using the block for let’s say since the start time and let’s say the the node is ready. It’ll take very very long to load
Sometimes in order to do that you have to go to bootstrap itself or you just have to like this turn your computer on for a few hours for it to load
Well, if our community you know, they buy coins they actively open this wallet every every six hours the loading time will be extremely fast. Is it right to say that?
[Leon] then just now you’re mentioning about there’s something about the transaction confirmation. Could you explain more on what transaction confirmation is?
[Treff] Transaction confirmation. Actually it’s not just for coins whereby it’s staking, for all the coins. Even Bitcoin, Ethereum, all this has confirmation. It means like when you’re mining that there is different machine to verify that this transaction is a proper transaction.
One confirmation will be roughly one minute but not to be exact but it’s roughly 1 minute.
[Treff] That means one of the node has been verified. So usually for minimum transaction to go through in masternode cases or in crowdfunding coin cases right for this case to be six confirmation. Six confirmations for a transaction to go through,
For you to build a masternode, you need to have 15 to 20 confirmations. So that will roughly be 15 to 20 minutes.
[Treff] Yes, roughly 1 minute.
[Leon] So where we are now in a confirmation cycle?
[Treff] This is the one whereby I load in earlier so that we don’t have to wait for the confirmation
Cause if it’s too long, If let’s say you have to do a transaction now and we have to wait for the 57 confirmation, the audience would go
First I’ll through the wallet part itself before I go through I go through the VPS setup. So for their wallet itself, right usually start of the wallet. Usually you just have no label address.
No Label Address?[Leon] Can you explain what’s the no label address?
[Treff] It’s just a default address, but in order to create the masternode right, you just have to create another wallet address is created like this then label MN1 then after that you press okay but the thing is fast and already created over here, okay?
[Leon] So what’s the purpose of creating MN1 vs using a no label?
To be continued..