What are the benefits of a masternode in crypto?

Could you elaborate on the advantages of having a masternode in the cryptocurrency ecosystem? How does it contribute to the network's security, decentralization, and potentially, the holders' financial returns? Are there any unique features or services that a masternode offers that a regular wallet or staking node might not? Lastly, what are the prerequisites or requirements for setting up and maintaining a masternode, and how does it differ from other consensus mechanisms?