Terms and Conditions

Sharednodes is a platform that allows users to purchase portions of running masternodes using Bitcoin. Sharednodes eliminates the inconvenience of running and maintaining a node in exchange for a modest service fee. All fees are discussed in detail below.

Signup Process

Users from any country may sign-up for a Sharednodes account after providing a valid email address. After sign-up, we highly recommend that users enable Google two-factor authentication via the user dashboard for additional security. Users should write down the backup code for their 2FA when they first enable it as it is the fastest and easiest way to unlock an account in the case of a lost 2FA device. To recover a forgotten password, please submit a request through the “forgotten password” link and check your email.

Buying Portions of a Masternode

Users can sign-up and view all of the different nodes available for purchase on the main page and through the user panel. To make a purchase, deposit a sufficient amount of Bitcoin to the Sharednodes auto-generated account wallet. Once Bitcoin is deposited, and the transaction is confirmed, the user will have access to funds on the Sharednodes platform. We do not charge any fees for depositing into the platform, and we currently only support Bitcoin Core. Please do not deposit any other coins to the Bitcoin deposit address; any other coins deposited to this address are irrecoverable.

A user may buy any fraction of a node that is available for sale. Nodes are divided into ‘portions’. One ‘portion’ is equivalent to 1% of the total coins included in the Masternode. The fraction of a node and the price of these portions vary fluctuate depending on the market price of the coin. Market prices on the Shardnodes platform are derived from the CoinMarketCap API. Please read the definition of a ‘portion’ carefully before you purchase a node.

If a user tries to buy a portion but has insufficient funds, then that user will be prompted to deposit more Bitcoin and try again. Users may also submit an order to purchase fewer portions. One user may also purchase an entire node if all portions are available for purchase. A user may also purchase portions of different masternodes or different nodes within the same coin.

Sharednodes reserves the right to remove any node from the platform at any time. If Sharednodes decides to remove a node, then users will have one week to sell any of their portions. After this one week period, the platform will liquidate those user’s portions at the given market price (minus fees) and take the node offline. Under rare circumstances, such as an attack on a network or a bug at the protocol level of a coin, Sharednodes may decide to take a node offline immediately and return all user funds at that point.

Earning Staking Rewards

Users that own a portion of a node will receive payouts in proportion to their percentage ownership of that node. For example, if a user owns 10 portion of a node with 100 portions, then that user will receive 10% of the mining rewards, minus fees.

A fixed fee of 15% is automatically deducted from each payout to cover Sharednodes costs for administering and hosting masternodes.

Something to keep in mind is that the amount of each payout may vary widely on factors such as the number of masternodes currently online in a given network, the inflation schedule of a coin, and any protocol-level changes made by the developers of a coin. These factors are outside of the control of Sharednodes.

Converting to Bitcoin

Users may convert their mining rewards into Bitcoin. The minimum requirement for conversion per coin is $5 USD. Once a user requests a conversion into Bitcoin then the platform displays the amount of BTC the user will receive. This amount is derived using the current market price minus fees. Sharednodes charges a different conversion fee for each coin. The fee is based on factors such as liquidity, order book depth, and trading fees on exchanges. Sharednodes does not seek to make any money on this exchange. The fee is in place to ensure that the users receive liquidity in the form of Bitcoin right away, and the platform does not lose any money converting the staking rewards into Bitcoin on exchanges. If users are not happy with the conversion rate, we recommend they withdraw the alt coins directly into their personal wallets.

Sharednodes reserves the right to halt altcoin to BTC conversions in the case of, but not limited to, 51% attacks on the altcoin, forks or chain splits, and high levels of illiquidity.

Selling Portions

Users may sell their portions in a node at any time. They can sell a part of their portion and continue staking with the rest. For example, if Bob has 10 ‘portions’ of a Stakenet Masternode, he can sell 5 ‘portions’ and continue staking with the remaining 5.

When users sell their portions, they will be credited with the BTC equivalent of the portions they are selling.

Withdrawals

Users may request a withdrawal at any time. There is currently no fee for withdrawals for either altcoins or Bitcoin. We reserve the right to charge a small flat fee in the future if Bitcoin network fees increase dramatically. Currently, the minimum withdrawal is set at $5 USD for Bitcoin. There is no minimum withdrawal for alt coins.

Once a withdrawal is requested and if the user has 2FA enabled, a pop-up window will appear asking the user to enter their Google Authenticator Code. If the user does not have 2FA enabled, they will simply be asked to re-enter their password. We highly recommend all of our users to enable 2FA to protect their accounts. Once the user either enters their 2FA or password, a Sharednodes admin is notified of the request. We will process all withdrawal requests within a 12-24 hour window. We have kept this process manual to ensure the security of funds. Sharednodes is not responsible for any withdrawals made to wallets you do not control the private keys for. We recommend our users to withdraw to wallets they control the private keys for and not directly to other exchanges. We are not responsible for withdrawals made to exchange accounts. Sharednodes is not responsible for withdrawn funds sent to any other forks of Bitcoin Core. Sharednodes is not responsible for users sending non-Bitcoin Core funds to their Bitcoin Core deposit address within our platform.

Referral Program

Sharednodes offers a referral program to all of our users. Users can find their unique referral link and code on their user dashboard. If a user signs up using a referral link or code, the user associated with this link or code will receive 2.5% of the mining rewards earned by the original user. This extra referral bonus will not impact the mining rewards earned by any users. It will come from the service fee earned by the Sharednodes platform.

There is no limit to the number of users that can sign up using one unique referral code or link.

Referral Bonuses are earned in the altcoin being mined by the Masternodes that a user purchased on the platform. For example, if Bob uses Alice’s referral code to sign up and then proceeds to purchase 10% of a Stakenet node, Alice will receive 2.5% of 10% of all the mining rewards earned by that Masternode. Bob’s mining rewards will not be impacted by the referral program. If Bob decides to sell his portion of the Stakenet Masternode, Alice will stop earning the referral bonus for that specific transaction. Alice will earn referral bonuses for all of Bob’s mining rewards indefinitely.

ROI Calculator

Sharednodes offers a proprietary ROI calculating feature. Users can pick a Masternode, the number of portions they wish to purchase, and an approximate length of time they want to earn rewards for. After the user has picked these three variables, the platform will display an approximate ROI.

This ROI is an approximation and may be different than actual results based on factors such as a change in the number of total Masternodes online, a change in the inflation schedule, or protocol changes made by the development team. The ROI calculator is a proprietary tool created by Sharednodes. It is still in beta mode. It uses live data pulled from the Masternodes we already manage and gets better over time as we receive more and more payouts. Since it is in beta mode and incorporates our service fee in its approximations, it may not be accurate. Please compare with other resources such as www.masternodes.online before making any purchases.

The ROI calculator is still in beta mode. It uses live data pulled from the Masternodes we already manage and gets better over time as we receive more and more payouts. Since it is in beta mode and incorporates our service fee in its approximations, it may not be accurate. Please compare with other resources such as www.masternodes.online before making any purchases.

Rights We Reserve

Sharednodes reserves the right to change the service fee structure. Our long term goal is to reduce the service fees while continuing to provide the same level of service and uptime. If and when we make any changes to the fee structure, users will be notified well ahead of time.

Sharednodes reserves the right to change the Terms and Conditions. Users will be notified of any major changes to the business model, features, and updates well ahead of time.

Sharednodes reserves the right to the Privacy Policy at any time. Users will be notified of any major changes to the Privacy Policy well ahead of time.

Sharednodes reserves the right to periodically send promotional or informative material to the email addresses we have on file. This right will only be exercised for information we feel is important for our users to have.

Sharednodes reserves the right to add KYC/AML policies in the future. We will only do this if we are forced to by the relevant authorities that govern the cryptocurrency industry in the jurisdictions Sharednodes operates in.

Sharednodes reserves the right to add/remove nodes at our discretion. We will look to add nodes for coins we think have strong fundamentals and a bright future. We will remove nodes of projects we deem have failed their communities. Some reasons for removal of a node from our platform include forks/chain splits, mining-related attacks, and developers abandoning projects.

Sharednodes reserves the right to add KYC/AML policies in the future. We will only do this if we are forced to by the relevant authorities that govern the cryptocurrency industry in the jurisdictions Sharednodes operates in.

Sharednodes reserves the right to ban users we deem are involved in illegal activities. In the case a user is banned, we will ask the user to liquidate all funds and make withdrawals within one week. After that one week period, if the user has not sold their portions, we will liquidate at the current market prices and convert to Bitcoin. We will then ask the user to provide us with a Bitcoin address to transfer the funds. During this time, the user will not be able to do anything on their account, other than withdraw funds.

Risks

Price Risk: Sharednodes is not responsible for the price of the coins we run Masternodes for. We will try our best to pick projects we believe have strong fundamentals but we cannot be sure that the coins will appreciate in price. Users can always sell their portions and withdraw their coins if they do not like the price of the coin.

Loss of Assets: We take every precaution possible to ensure that the funds deposited on our platform are secure. All of our private keys are backed up and kept safe and offline. We manually approve withdrawal requests to ensure the security of funds. With that being said, Sharednodes is not responsible for any loss of funds.

We intend to serve as the market leader in pooled Masternode platforms. We do not take the fact that our users are entrusting us with their funds lightly. We will do everything in our power to ensure the funds remain safe. We hope that users trust us enough to try and use our services and for that trust to grow over time as we expand and scale our platform.

Loss of Data: We use AWS for all data storage and hosting services. We are not responsible for any hacks or nefarious activity related to our relationship with Amazon.

Access to email address: Users are responsible for maintaining the confidentiality of their email address and passwords and for restricting access to their computer. By using the Sharednodes platform, users agree to accept responsibility for all activities that occur under their account or password.

Intellectual Property

All logos, branding material, text material, are considered Intellectual Property of the owners and operators of the Sharednodes platform. They can only be used on third party websites or applications with expressed written consent by the owners of the platform.

Forks

In the case of a fork or chain split, our users will be entitled to their portion of the split coins. The snapshot at the time of the fork will determine ownership of both chains. In the case of a fork, Sharednodes will email all affected users and ask for receiving addresses of their coins. We will hold these funds for three months after the fork. After which, we cannot guarantee users will be able to claim their coins.

In some circumstances, the developers of a project may decide to fork the coin and increase the collateral requirement for a Masternode. In this scenario, Sharednodes will stop running the Masternode and return all coins to their owners. Users will be able to withdraw their coins right away.

Uptime

Sharednodes strives for 100% uptime for the Masternodes we manage, in order to receive all the payouts from the network. In rare circumstances that is sometimes not possible. For example, network upgrades or forks, the change in the Masternode requirements, and mining attacks, are out of the control of Sharednodes. Therefore, we will not compensate our users for potential lost payouts due to these reasons. With that being said, we will do everything in our power to bring Masternodes back online to resume scheduled payouts. Masternodes may also go offline due to other reasons. These reasons include, but are not limited to, the Virtual Private Server (VPS) services we use, or issues and/or mistakes setting up the Masternodes initially. If our Masternodes go offline due to circumstances that that were under our control, our users will compensated by the platform. Compensation is determined by taking the average payout from the last seven days the Masternode was online and prorating it for however long it stays offline. For example, if a Blocknet Masternode goes offline and we determine this Masternode was paying out 70 coins per week on average, we will allocate 10 coins per day to compensate our users.

Terms

Portion: This refers to a user’s percentage ownership of a Masternode. Users can buy any portion of a Masternode so long as that amount is available for purchase and users have enough funds to do so. Users can sell all or part of their portion at any given time.

Bitcoin: This refers to Bitcoin Core and NO other forks of the original Bitcoin protocol.

Fork: A protocol level change to a cryptocurrency where a snapshot of the entire blockchain is taken at a certain point in time in order to make an exact copy of the original blockchain. This copy or ‘fork’ usually operates under a different set of rules and conditions than the original blockchain.