How easy is it to set up a masternode?
It took me over 6 hours when I first started and wanted to make one masternode for my friend. In fact he asked me to set up a masternode for INNOVA. This particular coin is not very easy because it needs a sentinel, something that the majority of the coins today don´t need, so it wasn´t really the best choice to learn, but I had to make it.
Well, nowadays I would say it´s very easy and there´s so much info online that you can create it very simple, however most of the tutorials refers to one specific coin. Currently there are hundreds of coins and not all wallets are equal, so sometimes it can be very challenging to create “that” masternode.
To set up a masternode you have to choices:
- Hot setup – It´s a masternode created within the wallet where you have the collateral (the coins to secure your masternode)
- Cold setup – Composed by your wallet with the collateral and a VPS where the coin´s software will run as a wallet/masternode.
To set up a masternode with a cold setup, you need your wallet with coins and a VPS offered by our Simple Masternode service. To read more about it click here
Let´s show you how easy it is supposing you have the wallet with the coins and our Simple Masternode service. We will use PEONY wallet for this tutorial, but almost every wallet have the same commands and menu, so it won´t be that difficult.
1st step: Creating an address
Open your wallet and click TOOLS>DEBUG CONSOLE and a new windows pops up. Type
where the alias is the name you want give to your masternode. e.g. MN01, PNY01… You will have than the address newly generated like you see these 3 on the image. Please don´t try to search the address on the explorer because you won´t find it untill you send any amount of coins to it. You may repeat this process depending on how many masternodes you want to create.
Copy the addresses to a notepad file because you will need it later.
2nd step: Sending the collateral to set up a masternode
Now you have the addresses you need to send the collateral. For PEONY the collateral is 2.000 PNY, but if you´re setting up another coin you need to send the collateral specified for that coin. Make sure you send exactly the needed amount and not less not more, otherwise it won´t generate the needed outputs to start your masternode.
Select the SEND tab and paste your address and the collateral in order to send it. After filling the required info just click send and confirm the sending.
You can move to the 5th step if you´re just creating one single masternode, otherwise you may proceed with this tutorial.
3rd step: Sending the collateral for the second address
Now that we want to create a second masternode we have to send the second collateral. This info is VERY IMPORTANT because if you simply send the second collateral you could destroy your first collateral. Before we can proceed, we have to make sure that you have at least 1 confirmation for your first collateral sending. Please choose the TRANSACTIONS tab
You will see it like the image above. On the left side you see a question mark and that means it doesn´t have any confirmations. Double click on the line and a window pops up to show how many confirmations it has. If zero, close that window and wait 2-3 min before double clicking it again or see the question mark replaced by a timer. Depending on the wallet, the question mark or timer can be any other icons. After seeing at least one confirmation go back to the SEND tab.
Make sure you see above PAY TO something called COIN CONTROL FEATURES. We have to activate it if you don´t see it. Please go to SETTINGS>OPTIONS. Select the tab WALLET and check Enable Coin Control Features. Now click on OK to close the window. Click on Open Coin Control and a new window will open to let you choose the desired inputs. See a simple description on the image below.
Select only the change and never click the button (un)select all. The reason is simple… If you select all inputs you will use also the first collateral we sent. Hereby you are destroying the first collateral and it will be unuseable. On this image you see many other masternodes already running that have a lock on the left side and the first collateral we sent for this tutorial purpose called pnyv2_2k_053. This is the input we don´t want to use…
Now that we selected our input(s), click ok and repeat the step 2.
4th step: sending the collateral for the third masternode
Again, wait at least for one confirmation of the previous sending. You must again choose your inputs when you click than on Open Coin Control . You have to repeat this process like the amount of masternodes you want to create.
Here you will see now 3 inputs. 2 previous sendings and the change, but you may see the amount of sending you sent plus the change….
5th step: Transaction ID
Now we need the transaction id for each collateral. Transaction id is also often called TX or TXID. Choose the TRANSACTIONS tab and you will see all transactions.
Double click on each sending also as Payment to yourself type. Copy the transaction id from the windows pop up. Anther way to see the transaction id is by right clicking your mouse on the line and choose Copy Transaction ID. Paste each tx according to the corresponding address on the notepad. I normally use it like this:
6th step: Masternode outputs
You won´t need this step if you´re using our Simple Masternode service and may proceed to the step 7.
Open your console by going to TOOLS>DEBUG CONSOLE. Depending on the wallet code you may have to use
getmasternodeoutputs or masternode outputs
Try one or another and you will see what happens. In our case the window will show a lot info because we have a lot of masternodes, but in your case only the amount of masternodes you created or are in process of creating will appear.
Find the tx that matches your debug console´s “txhash”. Some wallets don´t have the label, but the first will always be the tx. What we need from our search is the “outputindex” or the number that is alone at the end of the line. It can be any number from 0 to 9…
Copy the index and update your notepad.
7th step: Starting your masternode(s)
Now you just have to follow the tutorial of our Simple Masternode to start your masternode(s) and start earning.
I hope this tutorial is useful for you. I´m waiting for any comments below to know your opinion.