Once you have your masternode collateral, here is a high level overview of what you need to do to set up your masternode. This is very high level to give you an overview. Each coin will generally have a more detailed guide on how to set up their coin’s masternode.
If you get help with the masternode setup, be very careful. Throughout the process, anyone setting up the wallet and VPS will have direct access to your funds. Ensure that all work is done over a remote desktop session so that you can see what they are doing. Ensure that you never give out any passwords to anyone. Always put your password in yourself.
Desktop Wallet
You will need to download a desktop wallet on your local PC to hold the collateral and control the masternode (start/stop). Most coins have wallets for Windows, Mac and Linux. Refer to the coin’s masternode setup guide for more detail. Here are the high level steps to follow.
Download the wallet from the coin’s website for your operating system (Win, MacOS, Linux).
Allow the wallet to sync the entire blockchain. You’ll see some kind of flashing icon or progress bar on the bottom of the wallet window to let you know if it is done syncing. Note: for new coins, this can take a 10-20 min. For older coins, this can take hours.
Important - Encrypt your wallet. Usually found in the Settings menu. You’ll give the wallet a password that will be required to send funds and control the masternodes. Make sure you don’t forget this password. If you forget it or lose it, your funds are gone forever.
Important - Backup your wallet. You need to make a copy of the Wallet.dat file located in the working directory of the coin. Make sure you encrypt your wallet FIRST. Depending on the operating system, your working directory will be in a different location. Here are the common places to find it.
Windows: C:/Users/USERNAME/AppData/Roaming/COINNAME
Linux/MacOS: /home/USERNAME/.COINNAME/
Where USERNAME is the name of os user and COINNAME is the name of the coin you are working with.
Send the coins that you have on the exchange to your newly downloaded and synced wallet. Pro tip - always send a small test transaction to a new wallet to make sure it is working as expected. Then send the larger amount.
Generate a new receive labeled MN01 (or similar).
Send exactly the collateral amount to that address. If the amount is 5000 Coins, then send exactly that, no more, no less. This is effectively sending the coins to yourself and having it recorded on the blockchain. Wait for that transaction to be fully confirmed before going to the next step.
You will need to generate a masternode key and outputs from the debug console of the wallet. For specific commands, refer to the masternode setup guide for your coin.
STOP and move onto the VPS section. Com back here when you are done.
In the working directory, open a file called masternode.conf. Enter the info you got in step 8 combined with the IP/Port from the VPS. Save the file and restart the wallet.
Goto the Masternode tab and select Start on your listed masternode. If you get a vin error, unlock your wallet before hitting the start button.
Virtual Private Server (VPS)
A VPS is a server that has a dedicated IP address and is always running in the cloud. The best cloud provider in my opinion is Vultr. You can support me by using my referral URL: https://www.vultr.com/?ref=7412825 to open an account. Vultr supports credit cards, paypal, as well as Bitcoin (BTC).
Open an account with a VPS provider. You’ll spend $5-10 per month on your VPS per masternode. Fund your account accordingly.
Deploy a new VPS Instance. Select any location you want (closer to you is better). Choose a VPS with at least 1 CPU, 2 GB Mem, and 40GB HD. Requirements will vary by coin, but those should always work.
Choose Ubuntu 16.04 x64 for the Operating System
Apply a firewall to allow SSH and the coin’s TCP Port but deny everything else.
SSH into your server and change your password.
Using the coin’s masternode guide - issue the needed commands to download and install the masternode.
Once the masternode is fully synced, go back to the desktop wallet Step 10.
To check the status of your masternode, go to the block explorer of your coin. In the masternode section, find your node by IP address or Wallet address. If the status is ENABLED you are all set. Usually take about 24 hours to start receiving rewards. The rewards will go into the Wallet address of where you sent the collateral.
If all of this looks too complicated, don’t worry. I have setup over 40 Masternodes for myself and my clients. I offer a service through Cryico or Fiverr to do all the hard work for you. I will never know your private keys or passwords so there is no risk to you to have me work on your setup. I do all my work over Remote Desktop session. Each masternode takes about 1 hour to configure. Faster if you already have your desktop wallet downloaded, synced and coins have been sent to it.
Masternode Setup 101 | Ecency
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