PrefaceGreetings to you, my crypto-enthusiast. I decided to write down a useful manual for a quick and pain free creation of a master-node. Since you are in this topic, I assume, you are interested in the topic of masternodes. If you have no idea what I am talking about, I think the information below might catch you attention as I explain how to make easy profit.
CalculationsSo, lets take a look at the GoByte coin. You need to have 1,000 coins to create a node. Before investing into the coin, let's take a look at the statistics to see what you can get out of it:
https://nodecheck.io/currency/GBX
As of today 02/24/2021 the cost of one masternode is 43.8 (see MN worth (USD)) which will bring a profit of 45.33GBX ($ 1.98) per month.
The cost of maintaining a node (renting a server) will be $0.6. Therefore, total net profit will be
1.38, which is 3.15% / month of the initial investment. Not too bad, but I understand you are interested in getting more, right?
You might ask yourselves “Why GBX?” Personally, I chose this project because it is a fairly well-known masternode project that has not yet shown a good growth in the current bull run. Due to the fact that it has begun to be actively supported by the community and being developed, its growth will not be long coming. This is all just lyrics, but I see the potential and there is hope for it because these are potential chances of increasing ROI. For now let’s count on 3.15% of monthly income.
Description Ok, it seems that everything is counted. There is a profit and there is a potential profit. Now, let’s quickly discuss the principle of this operation and how are we making money. A masternode is a network node participating in its transactions; simply, it is a wallet that is constantly online. By providing our computing power for the network in return we receive a reward that was discussed above. We have a local wallet, now we need to create a wallet that will be online 24 hours per day and link them together.
There should not be any questions about how to install a wallet. If you have any issues with that - keep reading. Everyone else just go to the next paragraph.
Go to the official project page on github in the
releases section and download the latest version of the program for your OS. For example, if you have windows 64x, then you need to download
GoByte_0.12.2.4_Windows64.zip, this is the latest version at the time of writing this manual (to find out bit depth of the system, you need to right click on
My Computer -> Properties -> System Type).
Then you need to unpack these files. There will be a folder in which, among other things, “gobyte-qt.exe” file is located. This is the wallet itself that you will be using in the future. You need to “run” it. Next, it will ask which path you need to store the blockchain. By default it is C://Users/CURRENT_USER/AppData/Roaming/GoByte. If you do not have enough space on the C:// drive and there are additional sections, then just specify the desired location for storing the blockchain. Click “next” and after synchronization (usually a couple of hours) the wallet is ready to go.
Just to be fair to those who like to do everything by themselves, here is the manual to install the node manually
https://github.com/gobytecoin/gobyte/blob/master/doc/build-unix.mdAs you can see, there are many different libraries and dependencies need to be installed before we can compile the wallet. For those who already lost their interest — go to the next paragraph. For the most persistent of you, simply follow the instructions in the link above. However, I strongly recommend to familiarize yourselves with information below.
The wallet is ready. Now, how can you create the node itself quickly without studying Linux, raising a client on the side of the web server, choosing and buying the web server itself?. Indeed, 99% of investors are only interested in the investment itself, not in the fascinating and not so much nuances associated with it. Therefore, we will simply use a third-party rental server for hosting masternodes.
At this stage, we will kill two birds with one stone:
do not waste your time searching for the cheapest vps, but immediately use the cheapest one. In most cases such services are highly specialized companies that lease vps for one specific task, therefore they can optimize the resources of such servers and together with a large volume offer a good price;
do not waste time studying information about setting up a client on Linux.Personally, I use posmn.com, which offers placement of $0.6 per node. If you top up the balance immediately by $50, the placement will cost only $0.5. This will increase the profit up to 3.37% per month. You are welcome to search for other options, I will be happy if you can recommend something cheaper.
SettingsLet's move on to the technical part. Lets create a separate address that will be used by the masternode and on which our initially purchased 1000 coins will be blocked as collateral.
Click
file -> receiving addresses -> create a new address, assign a label to the new address so that later on, when there are a lot of nodes, you won’t confuse them with each other, then click "
OK". Copy the received address, go to the "
Send" tab and transfer 1000 coins to it. We transferring it to ourselves from one address to another.
Go to the posmn service, register, click "
Add Node". In the drop-down list (in the COIN line) select the GBX coin. Insert the address and click “
add master-node” button. Now you need to wait while the service will automatically create and configure the gobyte client on the vps side and bind it to our address. You need to wait for 15 network confirmations of this transaction.
Once this is done, we will get the generated masternode declaration line for the wallet config file.
Now return to the wallet, click
tools -> open the masternode settings file. In a notepad or another text editor we have opened the settings configuration file, where in a new line you can insert information about our new node, save and close it. Restart the wallet and now in the "Masternodes" section we see our first node, if there is no such section, go to
settings -> parameters -> wallet -> show tab with masternodes. Select a new node, click launch by name and confirm.
That's all, this whole process should take no more than 5 minutes of your time. This node will now generate income automatically all the time, isn't it awesome?
If there are still those, who decided to install the masternode on their own, at least do it with an already-made script
https://github.com/gobytecoin/masternode-script-gobyte. This will save you a lot of time.
I am not your financial advisor. I do not recommend to invest money that you are not ready to lose 
Russian version
