My First Masternode. Axe Coin.
The first time I heard the word masternode, I already liked it. When I understood what a masternode consisted of, I liked it even more, and began to investigate with Google. The first thing you read is:
A DASH masternode will give you a good performance but the collateral is 1000 DASH coins. ($ 98000). Economically inaccessible to most.
Later I saw that the configuration was in Linux — Ubuntu, not very complicated but you have to get to rescue basic Linux knowledge, copy / paste plan. It didn’t seem very complicated either. But as soon as I started looking for hosting, I found several platforms, which allow you to host your own masternode and it was configured in just a few minutes. Well, let’s get to it.
First of all, we are going to choose a platform that seems reliable to start putting our money in. There are more, but in this case, I chose nodehub.io, I guess it must have seemed more serious than the rest.
We look at the coins on the dashboard and begin to familiarize ourselves with words such as: ROI, Collateral, MN, MN worth, etc … talking about these data, I would take another post, but hey, in general terms we are looking for a good investment / performance ratio. ROI can appear in huge numbers, like more than 500% per year. But it is not always real, the price is volatile, and in just 1 day you can drop a roi from 500% to -100%. So the figures are indicative.
In this case I chose AXE coin, the truth was that it was a bit random and within my budget, since to be the first, I did not want to invest a lot, but more focused on the experience.
The first thing I look at in a coin. Being a novice at this, I look at the following:
1. That the transactions are backed by a blockchain.
2. That the wallet is updated and fully synchronized. It can take days, at least hours.
3. The 24-hour volume of the coin.
4. That there is an exchange where you can buy the currency. Exchange links do not always work, some no longer exist.
5. The price of the coin (AXE)
6. Number of active MNs.
7. The price of MN (Collateral).
8. Waiting time between rewards
In the image the ROI data does not appear, with what I know now, without that data I would not choose that coin. And the number of masternodes is excessive.
It is necessary to check all the links to verify that they really work. I attest to Crex24 because it is the one I have been using. Notice that the KYC is quite rigorous.
We download the wallet either from the official website or from github. The most up-to-date version is almost always on Github.
The wallets of the different currencies are very similar to each other. It could be said that more or less seen one wallet, seen all. The AXE one specifically looks like this:
With the address to receive from the wallet, we are going to buy the 1000 AXE coins from the CREX24 exchange, and we send ourselves a little more than the 1000 coins required (Collateral). In the image you can see how I sent 1020 coins, just in case, due to commissions to prevent 999 coins from arriving. It must be the exact Collateral price. 1000 Coins. And we return to the wallet to receive our 1000 coins.
Now, following the instructions on the nodehub.io website, we are going to create a new receive address and we are going to send ourselves 1000 coins. Thus we create a Collateral address with the 1000 excavated coins that require us to activate the MN. And of that transaction that is reflected in the wallet (Transactions Tab), by double clicking on it, we will see some data, at the moment we are only interested in the transaction ID. Which is the one that the hosting page will require from us. And we almost have it, once we have copied and pasted the transaction ID, it will ask us if we want to use the same address to receive the rewards or if we want to add a new one. I recommend creating a new one labeled “rewards”, and that is where you will receive the payments from your masternode. (In the video this part may be clearer, sometimes the translator can generate confusion …)Once the MN is activated, it should look something like this, sometimes it takes a little time to activate, patience, restart the wallet, read the nodehub.io instructions well, patience again, … etc.
Once the MN is activated, it should look something like this, sometimes it takes a little time to activate, patience, restart the wallet, read the nodehub.io instructions well, patience again, … etc.
I have summarized everything I could to not get heavy and at the same time I have tried not to leave anything important. I hope you have enjoyed the article, as I enjoyed setting up my first masternode. And I’ll do more, in fact I think I’ll focus on the masternodes and diversify there. The truth is that I find the subject of MN’s very interesting. And I am open to your suggestions and comments of all kinds since, let’s not forget that I came here only 3 months ago. I’m still a newbie.
I leave you the referral link and for your Masternode!
Nodehub.io → https://nodehub.io/ref/fdeflash
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Originally published at https://www.publish0x.com.