As the masternode industry continues to attract more and more investors, some key questions linger. Many people seem to struggle with the concept of setting up a masternode, especially for the first time. In this article, the basic steps of creating a ProxyNode masternode are explained. If executed correctly, the entire manual setup process shouldn’t take more than 10 minutes.
The ProxyNode MN Prerequisites
As is usually the case when getting involved in cryptocurrency, a proper preparation goes a long way. Although it seems scary and daunting to create a masternode, nothing could be further from the truth. Users simply need to keep a few requirements in mind prior to embarking on such a venture. First of all, they need to identify the coin they want to invest in. For this example, we will look at ProxyNode, a coin which’s masternode network is growing swiftly.
Interested parties need to be aware of the current masternode collateral requirement. Contrary to most other projects in this industry, ProxyNode’s collateral requirements change at regular intervals. At the time of writing, it takes 4,000 PRX to create a working node. However, the collateral will increase to 6,000 PRX this Sunday. As such, obtaining 6,000 PRX at this time for either Crex24 or Crypto-Bridge is the first step.
Secondly, one needs a desktop client for either Windows, Linux, or MacOS. Those wallets can be downloaded on GitHub and will be kept up-to-date by the developers. Once the wallet is installed and synchronized with the network, users need to send over 4,000 PRX – prior to January 13th – or 6,000 PRX to their desktop wallet’s address. This needs to occur in one transaction for that specific amount, or it will not be recognized for masternode purposes.
Setting up the Masternode Server
For users who are new to the masternode concept, such a node is not operated on one’s home computer or network. Instead, the best choice is to obtain a cheap VPS which can be used for this specific purpose. Both Bitlaunch and Vultr provide valuable services in this regard. Users who are uncomfortable with the technical side of things can also use a shared or dedicated masternode provider. Snode is an excellent company in this regard, as they will take care of all the logistics.
Enthusiasts who choose the VPS option will need to choose a server running the Ubuntu 18.04 x64 operating system. This is the latest version of the popular Linux ecosystem. Once their server is created, they will need a tool like Putty to connect to the server’s IP address. To log in, users need to enter “root” as their username, and fill in the password created when ordering the server.
Entering this password through Putty is done by simply copying the password to the Windows clipboard and then right-clicking the mouse on the login prompt, followed by the Enter key. It will not be a visible process, but following these steps gives users full access to their VPS.
Preparing the Desktop Wallet
As the VPS is being created, ProxyNode users need to obtain some important information from their desktop wallet. By opening the desktop client and navigating to “Tools” and then “Debug Window”, a new smaller window will appear. In this window, users need to type the following command:
This value needs to be copied into Notepad, as it will be used for the masternode alter on. Users also need to obtain their masternode’s collateral transaction ID through the following command:
This command will return a txhash and the outputIDX. Copy the txhash and outputidx into notepad as well, as those will be needed later on.
Getting the Masternode Script
Thankfully, the ProxyNode team has made setting up a masternode very straightforward. Everything is done through a simple installation script, which can be obtained by entering the following command in Putty:
Downloading this file takes a few seconds, after which the user types the following command into the Putty window:
During this process, the user will be asked to install dependencies – enter “y” in Putty” and to set up an Alias. This can be any name, although “masternode” or “MN1” are the most advisable options. In the next step, users need to enter their masternode genkey, which has been generated in the steps above. Once entered successfully, the VPS portion of the masternode setup is completed, and the Putty window can be closed.
Final Steps for the Desktop Wallet
To finalize the masternode-creation process, users need to make a few minute changes to their desktop wallet. Navigate to “Tools” and then “Open Masternode Configuration File”. In this file, users need to enter the exact details obtained earlier in the following order:
alias IP:port masternodeprivkey collateral_txhash collateral_outputidx
An example of how this line will look is:
masternode 22.214.171.124:12195 4HrGomBmt5Z49z5CtQc18Ck4gtaYZ2Y7TGdCVESRutiBFYaa8kG 54edf0854ae78396f92342dc916c3630bb2db0680927fb436fa6ef4f4b2b9cfb 1
Save this file and close the ProxyNode client on your desktop. Simply restart the desktop wallet, and head to the “Masternodes” tab on the wallet’s menu (next to Overview, Send, Receive, and Transactions). In this tab, users will see the “masternode” label appear. Select this label, right-click it, and select “Start Alias”. That is all there is to the process of creating a ProxyNode masternode.
Small Notes to Keep in Mind
Even though the setup process is now completed, it will take a while before users receive their first payout. At the time of writing, the first masternode reward will appear after 41 hours of running the server. From that point forward, the time between rewards is nearly 13 hours.
It is also worth mentioning users do not need to keep their desktop wallet running at all times. Once the VPS part of the masternode is set up successfully, the desktop client is only required for staking PRX or checking up on rewards. The VPS will run a 24/7 basis to ensure users get the rewards they deserve.
Disclaimer: All information provided in this article is for educational and entertainment purposes only. MNMMG Does not offer investment advice and is not responsible for any financial losses sustained by its readers.