Hello guys, today I am sharing a very important lesson with you, as we know, ChainCoin is all the hype, and so are masternodes!
First of all, this guide is a reference! I take no responsibility for any lost coins or anything, be extra cautious when sending big amounts of coins, they can't be retrieved back once sent to wrong addresses!
Donations can be made to ChainCoin address:
CJHRbAZ2WRiBgMrrRT1qsKAThsEncYA9p8
There's also a YouTube video to go with this guide so feel free to watch it too at
So let's figure out how to setup a masternode inside DigitalOcean VPS!
To help me with my server costs, please use the following referral link to get free 10$ on your DigitalOcean registeration: https://goo.gl/LqLtj5
When you've registered and signed in to DigitalOcean, first step is to create a Ubuntu 16.04.02 x64 droplet
To employ a small cost saving tricks, choose the cheapest, 5$ droplet at first. Due to memory constraints ChainCoin wont build with this machine, but we'll solve that problem in a bit!
When the droplet creation is completed, power off the machine!
Resize the machine to the 80$ machine, or the 20$ machine at least, because else the building will fail!
Power the machine back on!
Download putty from http://putty.org
and run it!
Open a mail containing your crendetials to the droplet
and use the ip inside the email as host address
Login with the credentials and change the password as guided. Inside putty the pasting is done by right clicking on the window
Now lets begin getting the dependencies for the installation!
First add bitcoin repository
add-apt-repository ppa:bitcoin/bitcoin
Then run an update
apt-get update
Install the dependencies
apt-get install git build-essential libtool autotools-dev automake pkg-config libssl-dev libevent-dev bsdmainutils libboost-system-dev libboost-filesystem-dev libboost-chrono-dev libboost-program-options-dev libboost-test-dev libboost-thread-dev libdb4.8-dev libdb4.8++-dev -y
Clone the repository
git clone https://github.com/chaincoin/chaincoin.git
Open the directory where chaincoin was cloned into
cd chaincoin
run autogen.sh
./autogen.sh
run configure step
./configure
build.. this will take a while!
make
and finally install
make install
Now for the cost saving trick!
Power off your droplet
Resize it to the smallest machine!
Power it back on and sign back in using putty!
run chaincoin daemon to generate credentials for you
chaincoind --daemon
Copy the rpcuser and rpcpassword generated for you
edit the configuration file
nano /root/.chaincoin/chaincoin.conf
paste in the credentials created for you by right clicking
CTRL + W
save file
CTRL + X
close editor
Start the chaincoind daemon
chaincoind --daemon
See blockcain synchronization progress
chaincoin-cli getinfo
Compare the 'blocks' count to one listed in ChainCoin explorer
When the numbers are same, its completed!
Get the accountaddress to send the coins to
chaincoind getaccountaddress 0
Save the private key in case of disaster, dump it using the following command. Replace YOUR_ADDRESS_HERE with the result of previous command 'getaccountaddress'
This private key is secret and never to be shared with anyone! Keep it secure!
chaincoind dumpprivkey YOUR_ADDRESS_HERE
Generate the masternode private key using
chaincoind masternode genkey
edit the conf once again using
nano /root/.chaincoin/chaincoin.conf
Paste in the following, and replace YOUR_MASTERNODE_PRIV_KEY with the result of 'chaincoind masternode genkey' command
masternodeprivkey=YOUR_MASTERNODE_PRIV_KEY
masternode=1
Remember!
CTRL + W
save file
CTRL + X
close editor
Now restart the chaincoind so the new configuration is used!
chaincoind stop
chaincoind --daemon
Use the following command again to find out the address to send your chaincoins to
chaincoind getaccoundaddress 0
Verify the address thousand times before sending anything!
Send exactly 1000 chaincoins to the address, if you send anything else it will not work!
use
chaincoind listtransactions
to verify that the coins have arrived
After the coins have arrived and been confirmed for 15 times, you can run
chaincoind masternode start
and we are finally done!
after the masternode is running you will receive chaincoins like so
the masternode generated coins take 100 confirmations before they can be spend!
When you're finally a millionare and ready to retrieve your coins use
chaincoind masternode stop
to stop your masternode
and
chaincoind getbalance
to find out your current balance
and send it using
chaincoind sendtoaddress YOUR_PRIMARY_WALLET_ADDRESS_HERE BALANCE_YOU_WANT_TO_SEND_HERE
enjoy your coins!