The year of building passive income, how is the progress so far?
Time for another update on my passive income generators. In the last one and a half month two of the passive income generating coins have reached the target level set out at the beginning of the year and another token is added to the family of income generating coins.
Through continuous compounding where possible (mainly on the TRON Blockchain tokens), the USD value received per day increases (Blue) and the TRX value received per day (Green) as well. As some rewards are weekly or monthly and most daily, I have chosen to use the 7 days average to measure the progress.
The other major source of passive income is COTI. Unfortunately the staking rewards received by running a Community Node cannot be compounded, but with the current (and expected future) value increase of the COTI token, it will be contributing to both wealth increase and passive income significantly!
It seems the target size of the token bags for the end of the year are realistic. As planned this year has been the year of putting in place a solid foundation for passive income generation.
During the month of May we were running the COTI Community Node, but after the Node Operators have been asked to set up their own fee’s, we have been re-branded to Carpathian Node.
Our node fee of 0,09% is average compared to the nodes, and the maximum fee of 90 COTI is lowest together with the Veru Node. With that giving the best value for Merchants with high transaction values, while the Merchants with lower transaction values are better off with Rufys or Bitcoin Browns.
Regular update on the progress of the portfolio of Passive Income generating tokens held.
Time for a new update on the passive income goal for 2020.
Due to the positive results of staking of BTT on DLive I have increased the target of the amount of BTT to hold by the end of the year. This is actually the third token out of the 6 passive income generators for which that decision has been taken. And as the value of crypto is still low, it is still cheap to further build the position in all of them.
Although the target is kept the same, CITYUPTAKE is still going strong and besides buying more CITYUPTAKE the rewards received are used to increase the stack of BTT and Pi-token in the last couple of weeks.
As CITYUPTAKE accounts for the biggest portion of my passive income generating tokens, it is bringing the biggest income impact as well. Although with the heavy push on other tokens, that portion has been decreased from 49.3% a couple of weeks ago to 48.5% currently:
$COTI, $BTT and $Pi token have increased their share, while $CITYUPTAKE and $WINk didn’t increase quick enough to maintain their proportional share. All in all a good foundation has been set for future income generation to support the #111Months project.
Carpathian Basin has been selected as the future Community Node on the COTI blockchain.
This is the start of a new chapter. As of yesterday April 24th, Carpathian Basin has been selected to become the next Community Node in the COTI blockchain as laid out in the message in the COTI telegram channel yesterday.
This is a big honor but also a big responsibility. In the coming days, we will find out the exact requirements of running the Community Node and the difference between running our node on the COTI Testnet.
We will create a plan on how we can support the COTI blockchain in optima forma and for that purpose, we will extend our COTI node page on the website with an introduction of the team (done), a roadmap of our plans to support COTI and detailed info about COTI in order to introduce new people to this great Blockchain.
For now we would like to thank the people who put their trust in us and voted for us. We will honor that trust with our hard work to contribute to the mass adoption of COTI as the “Coin of the Internet”.
The $COTI blockchain, one of the projects we are engaged with has opened a voting to decide on the next Mainnet Node to be switched on:
We have put in our candidacy and are collecting votes. This is a unique and very democratic way to decide on who will be the next mainnet node and as Carpathian Basin, we are proud to be part of this process.
Describing part of the road of setting up a COTI node
As one of my future passive income streams, I have selected $COTI after reviewing the project and its white paper. In my opinion the potential is great in two directions;
It has a great future potential and is very undervalued at the moment, giving it a great chance for value increase of the token.
By staking first and operating a node later, it will generate passive income through staking rewards and Node rewards later.
So time to make a plan to set myself up for being a node:
There is a great manual created by Wolf Crypto on how to create a COTI node, which I am following step by step. After applying for being a Testnode, I am halfway the process.
The domain is registered, the server is initiated. Only remaining steps are to set up the Node, planned for later this week, and increasing my stack of $COTI tokens (70% finished ) and an additional passive revenue stream will be up and running.
It was August 27, 2018 when I bought my small little stock of Tron (TRX). I bought 7262 TRX at a price of $ 0.0232. This was at the same time that my investment in Nano was down from an original price of $5.09 to $3.20 and Cardano (ADA) was down from $0.266 to $0.095.
I was getting all my knowledge from mainly crypto-currency news apps and some Telegram groups. Once I found the tronwallet.me app I downloaded it from the App Store. It was end of September when I found out you could vote in order to receive additional TRX as voting rewards. It was such an eye-opener to see a possibility to increase you hold just by voting. My stack of TRX already grew close to 50.000 TRX.
I became very active in Reddit and joined the Telegram groups of all the SR candidates as I was hopping from one to the other for optimal voting results. It was the community node telegram which gave the most broad information about Tron and a regular visitor to that Telegram group was Jason Lavender from Cityuptake. He was talking about Cityuptake and how CUT created a system, where you buy a token, where 74% of the token is backed by TRX, which is used for voting on the SR giving the highest return and the other portion is put into a Trade Desk, where Jason as a professional trader generates returns which are shared proportionally based on the amount of tokens held.
I joined the Cityuptake Telegram group as it seemed to be too good to be true. Invest TRX for optimal voting returns and on top of that getting a weekly Trade desk return. As I was still early, they did not yet establish a minimum buy in amount and could participate with a trial amount of 5.000 Cityuptake tokens. The conversations in the group were great and are still great. Trading essentials shared by Jason, a full supportive team of Agents, where one of them forced me to learn a lot of new words (google became my friend again) Crazy conversations with crazy people like Impoose or Ry Sergay. It is both a fun and educational experience to be part of that community.
In due time I have been buidling the stack of TRX and the stack of Cityuptake both by the daily and weekly rewards and by consistently converting some FIAT money into TRX. The daily rewards are used to experiment and invest in TRX based gambling sites, wallet tokens, BeatzCoin, IGG, Poppy and many others, but the only one with consistent returns and consistent value is CityUptake.
Now the only thing is too wait for the TRX value to increase while buidling, to reach the time when the daily rewards will be valuable enough the sustain a relaxed lifestyle which will be the moment for Early retirement 🙂