MASTERNODES №3 – How to start and monitor. In this article, we will delve into the topic of masternodes and learn how to start and monitor masternodes.
- Part – 1. MASTERNODES – What is it? Cryptocurrency Passive Income
- Part – 2. MASTERNODES №2 – How to choose a profitable coin
- Part – 3. MASTERNODES №3 – How to start and track the status
- Part – 4. MASTERNODES №4 – Profit taking
MASTERNODES – How to start and monitor the condition
We need 2 things:
Wallet installed on our Windows PC. Where will the coins be stored.
Remote Linux server (we rent it), where the masternode will be deployed.
General masternode startup scheme
- We select a coin in the rating, to which we will connect a masternode. Choose here: https://masternodes.online/
- We open the installation instructions for the masternode (on the official website)
- On the official website of the coin, download the coin wallet for Windows and install it on your PC.
- We buy on the exchange the right amount of key coin and make a transfer to the wallet installed on the PC.
- We rent a remote Linux server and deploy a host on it.
- We connect the remote node to the wallet on the PC and start the masternode from it.
- We add the masternode to monitoring and regularly receive coins in the wallet.
1 – Coin selection
This is the most important stage in this matter. Because it depends on how profitable it is that what you do.
Here we select the project: https://masternodes.online/
How to choose a coin we read in part №2
In the specification for each coin (top left) there is a list of links. For us, the most important are the following (if any):
- Website – the official site of the project (there are instructions and wallets for downloading)
- Buy – a list of exchanges where you can buy / sell a coin
- Explorer – blockchain explorer (you can check any wallets and network transactions)
- Announcement – Bitcoin project branch
- Github – link to the open source project
- Discord – popular messenger (here you can ask questions) to discuss the project
- Twitter – project account in a social network.
2 – Launch principle
General The principle of launching masternodes is the same for all coins. However technical Features and commands for the server will be different. Therefore, in order to deploy a host on a remote server and start the masternode, you need step-by-step instructions on how to do this. Take this The instruction can be in two main places:
Official site of developers (usually there is a link to the manual for launching the masternode).
Various forums and user communities (often users make up their own instructions for installation of a particular masternode). A dangerous way because you need verified source (read reviews and consider rating.
3 – Install the wallet
On the official website of the project there is always the opportunity to download the official wallet for various OS.
1) Download the wallet to your PC
2) Run the wallet (2nd mouse click) and give Windows permission to install the program from an unknown source.
3) We are waiting for the wallet to synchronize (while the history of previous ones is loading online transactions). It may take from 15 minutes (new coins) to several days (for large projects).
Official Bootstrap – archive of previous network transactions. You can download it on the official website (if there is one) and paste it into the system wallet folder. it significantly reduce wallet synchronization time with the network
4 – Buying a coin
We go to the exchange, where the desired coin is traded.
We put an order to buy the right coin. You can buy quickly, but not profitably. You can buy for a long time, but profitable. It all depends on what you more important.
After buying a coin. Now we need EXACT (no more no less) transfer the number of coins to the wallet created in our OS address. In order to avoid errors (even if it is 0.01% more or less, you cannot connect the masternode).
It is better to transfer coins in two stages:
- STAGE 1: Create a wallet address for exchange. For example, Change (press the button Receive – create a wallet address – transfer coins from the exchange to it).
- STAGE 2: Create the wallet address for the masternode. For example, MN1 (press the button Recive – create a wallet address) and transfer from your address Change EXACT amount to the second address MN1. We are waiting for network confirmation (usually 15 pcs) until the various nodes confirm our crediting of coins.
Why do this?
Because that, as a rule, when transferring from your PC wallet, the network commission is taken from the balance, and when transferring from the exchange, the commission is taken from the amount translation. Therefore, errors with the number of coins transferred are possible. For it is critically important for us to transfer ONE TRANCHE EQUAL NUMBER of coins. This is a prerequisite (without this, you will not connect the masternode).
5 – Server rental and site deployment.
The hardest part to do. But this is only the first time 2-3. Then you can do it with your eyes closed.
So, we need a remote Linux server to deploy the masternode. it you need it to be constantly on the Internet 24/7 (the only way money will constantly come).
Refer to the instructions for each coin for the necessary server settings.
Typical settings are as follows:
- – Choose any server location (usually Europe)
- – Server Type – Ubuntu (version 16.04 X 64)
- – Server size – 25 GB
- – Label (your name) of the server – indicate the name of the coin and the number of the masternode (approx. DASH-1)
After once you click the Deploy Server button, the server will be deployed and you get the following data to access it (example):
IP Address: 220.127.116.11 Username: root Password:
Now we need PuTTY (Putti, Party) – a free client for SHH protocol of remote access to the server. Using this client we will issue commands to the server to deploy the masternode.
We launch PuTTY on our PC (Windows) and in the window that appears, specify IP Address of our server (we already have one) and create a label (the same as we indicated for the server earlier). After that, click the Save button.
Now we can connect to a remote server. To do this, double-click by name (compound label) in PuTTY. First time fly out warning about an unknown server and you must consent to Windows connection to it. After that, black appears on the monitor screen. Username query table. You specify root and press ENTER. Server will ask Password for access. Copy it in your vultr account (move the mouse to where there are many points and press the left button – password will be saved to the clipboard) and paste into the black window (left mouse click – the password will not be visible and this is normal) and press ENTER. If everything is OK, then You will go to your remote Linux server.
Now we need transfer installation packages to the server. It can be difficult to do (give command after command sequentially), or simply (give a link to self-extracting package and launch order). It all depends on what instruction you have on hand. If you have an assembled package, then this very comfortably. You insert the order and press ENTER. After that you can go to drink coffee (the node will be deployed in 20 minutes).
At the end of the installation, the node will do one of two things:
- Or he will generate / offer to generate GEN KEY (private key for addresses where coins are frozen). In this case you will need save it to yourself in a separate text file (use Notepad Windows).
- Or he will ask you to enter the already received GEN KEY in the wallet console installed on your PC.
In in the second case, you will need to go to the console of the PC wallet and enter masternode genkey command and press enter. The wallet will generate a private the key of your masternode (do not tell it to anyone and save it in Notepad). This key (a set of address signs) must be inserted where you were asked GEN KEY and press enter. After 10 seconds, you will receive information on masternode from the remote host. In particular, you will be given its IP address and PORT. Save this information to yourself in Notepad.
6 – Starting the masternode
To launch deployed to the masternode on a remote server, we will be from our wallet installed on the PC. In order to start the masternode, we need the following INFORMATION on it:
- Alias – the name of the masternode. It is the same as the name of the address (on which frozen money) inside your pc wallet. I recommend: MN1, MN2, MN5 and etc.
- IP Address and port – IP address and port of your remote server (you already copied this information from the РuТТУ client to your notebook)
- GenKey – the same private key. It was either generated automatically, or you yourself generated it in the console of your wallet).
- TxHash – identifier of the transaction with which you replenished the address MN1 inside your wallet, (PC wallet – tools – debug console – enter masternode outputs)
- Output Index – outgoing transaction index. It is either 1 or 0. (PC wallet – tools – debug console – enter masternode outputs – input)
For in order to get the parameters TxHash and Output Index you need to go into your purse. Open Tools and select debug console from the menu. In the console you need enter the command mastemode outputs. We get a long number (this is transaction identifier) and a short number in the form of 1 or 0 (this is an outgoing transaction index). Save both numbers to yourself in Notepad.
ATTENTION! The team needs to be given only after the transaction has turned green and received enough network confirmations (usually 15 confirmations are needed).
In order to start a masternode from our wallet there are TWO main options (which one to use depends on the project):
– FROM THE MASTERNODES WALLET MENU. If the project supports this option, then you need to go to the “masternodes” wallet section and press the CREATE button. A table will appear in which you will need to enter the five values that I specified above (Alias, IP + port, GenKey, TxHash, Output Index) and press enter.
– FROM MASTERNODE CONFIG FILE. In some projects, you need to open the masternode config file (from the wallet, or from the system wallet folder). Usually in a wallet, it is possible to open this file through Settings -Masternode config file. There (no sample from this file) you need to enter all the same parameters (Alias, IP + port, GenKey, TxHash, Output Index) and save the file with these updates.
After you have specified all the necessary data, I I recommend restarting the wallet. Then go to the wallet menu masternodes tab and click “start”. If nothing has changed, click update button next to the start button. Information about that the masternode is successfully started (if everything is done correctly).
ATTENTION! If you have several masternodes installed on one wallet, then when starting a new one, a convincing recommendation is to press “START” and not “START TOTAL”. In the second case, your other nodes will be turned off and on again (this will reset the wait time of the reward and it will have to wait longer). Use the start button.
7 – MONITORING STATE
Verify the state of the masternode inside the remote server is possible using the command (give it through PuTTY). Usually the command looks like this (read the instructions by coin):
Coin name masternode status
After pressing ENTER we get information from the server about the state of the node. Most often, 4 first flies, then 9 (if everything is OK).
Here is a list of popular statuses (in response to your request to the server):
- – 0 – your masternode has not yet been digested by the network. Wait, please
- – 1 – your masternode is active.
- – 2 – your masternode is inactive.
- – 3 – your masternode is stopped.
- – 4 – your masternode transaction has not received the required 15 confirmations yet.
- – 5 – the port of your masternode is closed.
- – 6 – the port of your masternode is open.
- – 7 – the port of your masternode is open.
- – 8 – your masternode is synchronized with the network.
- – 9 – your masternode is remotely launched and active.
If everything is fine, then you can track the further state of your masternode in this way:
– MONITORING MASTERNODES.ONLINE. Go to the MONITORING section on the website and generate your identifier (this will be your password to enter your personal account – save it). After that, in the special field, enter the IP address or PUBLIC KEY (the address on which the desired number of coins is frozen) masternodes. Press input and now you will always see the status.