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I am developing a cryptocurrency on top of ethereum blockchain that will have some sort of rewarding features for the large hodlers of the coin.

I know two ways of doing that:

  1. Airdrop - like Pundi X is doing everymonth
  2. Masternodes - like Dash, COLX, etc are doing

But according to my understanding ERC20 tokens can not implement masternodes because it is against consensus mechanism and Tokens are nothing but just another smart contact. So, I think it is 100% impossible to do that.

What do you think about it? Please correct me if I am wrong in here.

And what are the ways I can reward the large amount of hodlers of the token every month like Pundi X?

TL;DR Ways of rewarding large hodlers of a token.

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ERC20 is a very simple standard. It only provides a common interface for some operations like transfer of tokens, request an account balance or approve a third party.

It doesn't preclude your contract of adding extra operations. For example you can add a new function claimReward so every month stakers can call it to claim their rewards. Obviously this extra operations might not be recognized by some wallets because they only understand ERC20.

I'd assume in your use case masternode operators have to have good knowledge of the system and manage their own private keys.

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