Terms and Conditions

 

WHAT IS A MASTERNODE?

Masternodes are dedicated computers running a dedicated coin wallet providing a second layer of security and added transaction speed to a cryptocurrency network. Masternodes help to make decisions, such as locking transactions with InstantSend, coordinate the mixing of coins, and allow for voting on development decisions. To start a Masternode, a fixed amount of coins are required as collateral and the Masternode must have a dedicated IP address, be able to run 24 hours a day without a more than 1 hour of connection down time. Masternodes are rewarded with a certain percentage of the block reward on every block or stake, which is distributed to Masternodes one at a time. More info is available on the following sites: https://masternodes.pro/ or https://masternodes.online/. Feel free to discuss new Masternodes on our Discord Server in the #coins-discussion channel. We would like to hear your thoughts on Masternodes!

DISCLAIMER:

  • Pickaxe.Pro may not be held responsible for price fluctuations in the value of any coin due to regular market volatility. Pickaxe.Pro assumes that users of shared Masternode know and understand the risks.
  • Pickaxe.Pro seeks to provide the best quality Masternodes on high security servers, but cannot be accountable for any loss or issues beyond our control.
  • Upon joining a Shared Masternode, users agree to lock their coins for at least 6 weeks. (In the event of a severe market crash, the 6 weeks limit may be relaxed, but only after a consensus has been reached among all co-owners of a same node.)
  • YOUR PAYOUT WALLET ADDRESS must be kept for as long you own the Masternode. Owners are responsible for keeping proper backups of wallet files, wallet seed, and/or private keys for the receiving address. Pickaxe.Pro is not responsible for users who can no longer access their wallet address.
  • If a Masternodes worth is lower then 100$, Pickaxe.MN may have to dismantle the Masternodes, and refund the owners.

 

CANCELLATIONS:

  • To cancel a seat of a Shared Masternode, users will need to have owned their share for at least 6 weeks. After 6 weeks, users may sell their full share to another member.
    • To sell a share, the user will have to show proof of ownership by sending a minimal amount of that specific coin using the same wallet address registered to the Masternode to @tarballqc. A withdraw request will be processed within 15 days, sometimes sooner provided a replacement owner has already been established.
  • For cancellations after 6 weeks, Shared Masternode owners may communicate their desire to depart with the other co-owners to work out a solution to pay back their share. Please allow up to 15 days to process a cancellation.
  • Once a seat(s) is claimed and an initial coin deposit has been received, there are no refunds. The coins go directly to the new Masternode.
  • If all seats for a Masternode are not fully sold after 30 days of announcement, the coins will be fully reimbursed to each contributing owner.

 

PAYMENTS:

  • All Masternode rewards will be divided and paid in full to each respective share holder depending on their reward tier (Classic or Premium).
  • Payments will only be submitted to the originally logged wallet address provided at the time of initial purchase of a seat. Make ABSOLUTELY sure to send a valid address that will remain active (see above disclaimer for more info).
  • When applying for a Masternode seat, please have the required amount of coins ready. One of our admins will contact you with a sending address in the designated Masternode channel on our Discord Server.
  • Subject to availability, users may join as many Masternodes as they want and may purchase as many seats as they want.
  • A 2% deposit fee is required when purchasing a seat on a Shared Masternode.
  • Pickaxe.Pro retains 5% of all Masternode rewards for providing this service.
  • There are two Masternode Reward Tiers:
    • Classic Masternodes totaling less than $6,500 receive bi-weekly payouts
    • Premium Masternodes totaling more than $6,500 (check for  icon) receive weekly payouts