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Understanding the Role of Nodes in Phoenix Blockchain’s Cryptocurrency Network

Tech Deep Dives / Feature Explorer / DeFi

Understanding the Role of Nodes in Phoenix Blockchain’s Cryptocurrency Network


By PhoenixPHX

4 months ago
2 mins read
Understanding the Role of Nodes in Phoenix Blockchain’s Cryptocurrency Network
Phoenix Blockchain prioritizes the importance of its core node holders. These are the public investors who were among the first to support Phoenix Blockchain’s decentralized technology. Based on and compatible with the Ethereum Virtual Machine (EVM), Phoenix Blockchain relies on a consensus among node holders to verify and secure the network. Holding a node is crucial to the security and integrity of the network and should be considered a responsibility during community voting events.

So What is a Node?

A node in blockchain is a computer or device that participates in the decentralized network of a blockchain. Nodes are responsible for maintaining a copy of the blockchain’s ledger and relaying information about transactions and blocks to other nodes in the network. There are different types of nodes in a blockchain, including full nodes, which store a complete copy of the blockchain, and light nodes, which only store a partial copy. Full nodes play an important role in verifying transactions and blocks, and are often rewarded for their participation in the network. Node holders also help to secure the network by providing decentralized storage and processing power, making it more resistant to attacks.

How do I get started?

To join Phoenix Blockchain, individuals 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, there are over 200 nodes supporting Phoenix Blockchain. A dedicated server and compatible wallet are also required to operate a node and confirm transactions on the Phoenix Blockchain network.
Being a node holder on Phoenix Blockchain has many benefits. In addition to helping to secure the network and being eligible to participate in community voting events, node holders also earn rewards for their participation. These rewards come in the form of $PHX, the native cryptocurrency of Phoenix Blockchain, and can be earned through mining and securing the Phoenix Blockchain network.
Node holders also have access to exclusive community events and resources. This includes 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 not only support the Phoenix Blockchain network but also have the opportunity to shape its future.

For more information about Phoenix Blockchain please check out our Linktree and subscribe to our weekly WeBurnWeRise Show!

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