Topic: (GUIDE) Masternode, Node, Full Node / Masternode setup with screens. (Read 1574 times)

If you have any questions regarding this guide or any other, just write a comment and I will try to do my best to answer.

Maybe there is some information missing or you have a problem to set up a masternnode? No problem ask questions and I will try to help you.

I have a lot of experience in running masternodes but actually, I am not running any because of the low prices and bad ROI.

Maybe there are new projects which looks promising? Are you aware of such masternodecoin let me know and I will happy to check this?

I think now is the time to jump into this because all alts lost 99% of the value and masternodecoins are the most affected once.

Maybe this idea is flawed and we will see no more masternode technology in the future. What do you think about this? Is there any chance for masternodecoins to reborn?

My tutorial was translated and published in the Philippino local section (GABAY) Node, full node, masternode. Paano mag-set up at kumita ng pera mula dito?.

This is a very big distinction for me and a proof of quality if it is translated into other languages.

It's probably my first guide/post translated into such a rare language like Philipino. If I write it correctly of course.

Exactly stay on the topic and let's discuss masternodecoins.

Do you or anybody else know any to be profitable in the last 6 months? Anybody knows something about SPOS and supermasternodes which Vsystems are developing?

https://www.v.systems/

im trying to fire up your interest, man)) idk why you taking this personal

And here you start again and I thought we could finally have a valuable discussion. I hope is still possible.

Personally, I am always against trolling and personal attacks so if this is the case I would avoid it.

funny, i was trying to give you some info - but you reported it to mods for deletion instead of googling - surprise surprise, right?

Me too mined POS and I had a few masternodes and that is why I start to think about this now when they all are very overpriced.

I don't think you can lose more value per coin because is near 0 so there is not much risk that they will go down further and if even then not much. The most important thing would be to find these projects which are worth something and POS mined with masternodes. Needs a lot of time to make all this work because there are hundreds of them literally.

The best infos are always from insiders, people who are already from some time involved but not brainwashed of course  . This is why I am counting for.

Additionally, discussion about this kind of coins and if they have any chance to stay as a long time projects or that was only the HYPE and they are flawed as you have described above and until today everybody knows about it already and this is really the end for this kind of projects?

i think there was no PoS at the first place))
you can not mine PoS coins technically ahahh, but i participated in the network flow, guess that is what you meant. good example of how shit ends https://bitcointalksearch.org/topic/crave-nextgen-2547950

So you think there will be no POS, masternode coins in the near future? Have you ever mined POS coins or have Masternode?

Almost all alts bottomed 95 - 99% and many people keep waiting for the bull run to start. The last one was triggered when BTC started to go down, which should be the case at this moment if nothing change with BTC price. ROI even highest will not be enough if the price goes down 99% this is obvious.

i can't really take PoS seriously - algo is centralizing generation around bigger bags, hi bankers)) feels like its purpose, like mnstats and etc - to produce nice-looking ROI numbers. but that awesome ROI might actually worth nothing (check CRAVE history as an example). reason for all MN projects are bottoming - because the field is learning to check github))))))))

If there are any questions regarding this thread or something has to be added/changed, just tell me what exactly and I will be happy to do this if possible.

I want to discuss masternodecoins, masternodes, POS and how to make money on it? And if this is still possible today? How much are you making? What coins are you holding?

Actually, almost all masternodecoins bottomed and this is a great opportunity, to buy a masternode, with a very high discount.

There are plenty of topics to discuss and we can help each other, with a little insider info. If you are POS miner, masternode owner tell us what you have and how this business looks today, please?

Please stop or I will have to ask moderators for help with you.

One more time. If you have found any mistakes in this guide, please just point me to them and explain in details what is wrong.

I don't understand what you are talking about? What binaries? Which checksums? I don't know much about this.

This wasn't the purpose of this article and guide.

I will be very happy to help you, with all the problems you have, but you have to start, to communicate properly and explain everything, with all the details needed.

you posted that this guide looks professional - how come a noob now explaining to you that you missing checksums for your binaries? thats hard to understand indeed.

Truly, I try my best to discuss all the problems you have found in this guide, but it seems like you keep throwing new things and forget about the previous one.

I already explained to you in details, everything many times and asked for this same, but you never provided any additional information.

First was scammy Kalkulus... project bad, used as an example in the guide. Later was something, about legacy protocol but you never explained what is this all about. And now you come with an accusation that I haven't checked binaries, when I even don't know how to do it.

Slowly I am tired because of this discussion and I feel like we don't understand each other at all.

and here it is 🚨🚨🚨 you saying this is a professional guide to deploy a node - so professionals never verify binaries they deploy? see my point now?

One more and the last time.

If you read my OP carefully, you will see, that this Maternode Setup Guide is added on members request, after discussion in this thread.

This isn't my guide and I haven't found it, but after check, it suited our needs because is detailed and looks professional.

No matter if this is Dash, Kalkulusteam or Pivx guide. The main purpose was, to have a good quality Masternode Setup guide.

There are no links whatsoever, to Kalkulusteam project in my post or guide. There is even no single word about this project in my OP.

If there is no Kalkulusteam name, on the wallet screen in the guide, nobody would ever know, it was made for Kalkulus... project.

You are the only one spreading links to scammy project, as you said, because I don't know anything about this Kalkulus thing.

I hope this finally explains you something, but I rather doubt it.

you asking me to remove links highlighting the quality of the project - why you don't want people to see that? you chose to use scammy project as an example - so maybe you just need to fix your post?))
idk either whats going on - i stated multiple times whats wrong with your post

As I told you in the PM I am doing this to help members and spread the knowledge about cryptocurrencies. Mistakes can happen.

If there are any mistakes in my guide or article feel free to point them out and  I will do my best to correct all of them.

I don't know what you are talking about and kindly ask you to provide a full detailed answer describing all the problems you found in details.

your post misleading users to think that thats how you deploy a masternode but it does not mentioning that this is a legacy protocol)
thats how you deploy masternode, with hardening instructions) https://docs.dash.org/en/stable/masternodes/setup.html

As you see this is only a guide on how to set up a masternode and my post has nothing to do with Kalkulusteam project.

There is no single link to this project, website or wallet in my OP.

Please read my OP carefully and you will understand the purpose of this guide and why exactly this one was used.

Please remove links from posts above to not mislead members and point them to a scammy project (as you said).

Why are you talking about this Kalkulus project here? I don't think I have written anything about this? Can you please explain?

Of course, one should not rely only on one source and check all available information about the project he is interested in, especially Github.

Both these services are good to compare all masternodecoin projects in one place.

If you have something against these services it would be great to post some links or other materials as proof, because like this is only FUD.

these resources are collection of scam projects) they don't care about the code and list any shit that pays their listing fee. want to check a project - go to github, not damn cmc or mnranks if you can not compare projects on github - you better learn or just burn your money)

ps check the github of the coin that is in the footer of mnrank - nice example of overall picture

Every project has different specifications for resources needed to run a masternode on computer:



And here are specifications for VPN:



Here is post from a member who runs 8 wallets on his machine:

https://betweenblocks.org/post/430

But still, I will advise using VPS today. Of course one can use an old laptop for this but here is a great article why you shouldn't.
https://coinguides.org/masternode-requirements/

I hope this answers your questions. If you have any additional please feel free to ask and I will be happy to help (if I can).

Wow, dude. This is very well written and must have taken you quite some time. I think I will bookmark this and come back and ask questions here if I need some help setting up a master node. I have a dynamic IP so I can use the master nodes and I have an extra pc. I am just wondering on average ho much RAM does a node take? How many could I run on 4gb RAM ?? could I run 5? What are other people here using to stake with or use master nodes. I have 1 pc with 2gb ram and a very small 140w PSU that runs 2 wallets staking 24/7 and it quite large so it is resource hungry.

I think the best tools to check all masternodecoins and compare them in one place are:

https://masternodes.pro/
https://masternodes.online/

Two very good services which provide all the info you asked for.

This is a great question because this is the main problem with masternodecoins, after the period of profitability which is from 1 to 5 years, but mainly not more as 3, they just going to be inflated and finally the price is going down. If there is no additional value in the project like anonymous transfers or features inside the wallet like chat or something then with no use is no value and after high POS profitability period, all these projects just become death zones.

Finally, I updated the first post with a guide you found. One more time thanks for your help.

This is a very detailed step by step guide with screens and could be used by many different masternodes setups. No Ubuntu or Linux knowledge needed.

1. Firstly go to Vultr and get an account.

2. Click on the + to “Deploy New Server”.



3. Choose your “Server Location”, choosing the closest place to you, this should minimize ping times.



4. Choose “Server Type”, choose “Windows 2016 x64”.



5. Choose “Server Size”, usually the most basic size will do, choose “20 GB SSD/1 CPU/512MB Memory/500GB Bandwidth”.



6. On “Additional Features” I always choose only “Enable IPv6" (don't know why to be honest).



7. On “Server Hostname & Label”, put the name you want for your VPS.

8. And finally, click on “Deploy Now”



9. Wait until the “Status” of your VPS says “Running”, then click on “View Console”.



10. You will get a screen as below, click on “Send CtrlAltDel”.



11. Click on the icon of “Ease of access”, then choose “On-Screen-Keyboard. This will save you hours of frustration, facilitates typing the correct characters in the password.



12. Go back to vultr.com, click on “Server Details”.



13. Click on “Show Password”.



14. Use the password from step #13 to access your VPS. Use On-Screen Keyboard so you don’t waste time typing incorrect characters.



15. Launch “Internet Explorer”, choose “Internet Options”, then click on “Security” tab, de-select “Enable Protected Mode”.



16. Then click on “Custom level…” button, look for option “File download”, and “Enable” it. Then click “OK”, click “Apply”, and lastly click “OK”



17. On “Internet Explorer” address bar, go to opera.com, and download and install Opera.



18. Once “Opera” is fully installed, and is open, go to your coin website and download and install it.

The steps below suppose that you have already downloaded your desired Wallet to your VPS and have the necessary collateral to run a masternode (X amount of coins). You can buy the collateral needed in exchange were your coin is listed.

19. On the wallet click on “Tools” -> “Debug Console”.

Enter the command: masternode genkey and copy the output on a Notepad.

Enter the command: getnewaddress and copy the output on a Notepad.



20. Send the amount needed for masternodes collateral of (X amount of coins) to the address that you just generated.

Copy the Transaction ID (TXid).

Wait at least 20 confirmations (if you attempt to start your masternode before you get 20 confirmations, your masternode won’t work and you have to restart procedure).



21. Now you need the Transaction Out (TXout), this gets the proof of your masternode collateral transaction.

Open the “Console Debug” and enter the command: masternode outputs

Check that transaction is the same as previous step and copy the result of Outputidx in your .txt file, or your Notepad of step #19.



22. Go to your “NAME OF COIN” system folder and edit the “NAMEOFCOIN.conf” file with your masternode information. Easiest way to find the this file it to go to the wallet of your coin, go to “Tools”, you will have either “Open Wallet Configuration File”, or “Show Automatic Backups”, if “Open Wallet Configuration File” exists, click on it, if it does not exist, click on “Show Automatic Backups”.



23. If from step #22 you had to choose, “Show Automatic Backups”, this step applies for you. Click on the name of the folder named after the coin, see red box below.



24. Access the conf file of your coin.



25. Now you have to enter the following information and save:

rpcuser=YOUR_USERNAME
rpcpassword=YOUR_PASSWORD
rpcallowip=127.0.0.1
listen=1
server=1
daemon=1
logtimestamps=1
maxconnections=64
masternode=1
externalip=YOUR_VPS_IP
bind=YOUR_VPS_IP
masternodeaddr=YOUR_VPS_IP:XXXXX
masternodeprivkey=YOUR_MASTERNODE_KEY

a. YOUR_VPS_IP= you obtain it from your vultr.com portal is below the name of your VPS.

b. bind= same as above.

c. masternodeaddr=same as above + :XXXXX (this is port number, specified by your coin)

d. masternodeprivkey= you obtained this number in step #19.

This is an alternate conf file of your coin, if option above does not work this, should do the trick.

rpcuser=random since this is disable, but needs to have something.
rpcpassword=random since this is disable, but needs to have something.
rpcallowip=127.0.0.1
listen=1
server=1
daemon=1
logtimestamps=1
maxconnections=256
masternode=1
externalip=YOUR_VPS_IP
bind=YOUR_VPS_IP
masternodeaddr=YOUR_VPS_IP:XXXXX
masternodeprivkey=YOUR_MASTERNODE_KEY
addnode=IP specified by your coin
addnode=IP specified by your coin
addnode=IP specified by your coin
port=XXXXX specified by your coin
staking=1

26. Now it’s time to get back to your Desktop Wallet, open it and click on:

“Tools” -> “Open Masternode Configuration File”.

In the ‘Masternode Configuration file’ we’ll need to input the following information:

MN Label:

VPS IP:Port:

Masternode genkey: (we generated previously on step #19).

TX id: (we generated previously on step #19).

TX out: (we generated previously on step #21).





27. Next, save the configuration file, close and restart your coin desktop wallet:

28. After restarting your Wallet, go to “Masternodes” Section, select your Masternode and click on “Start Alias”.



29. VERY IMPORTANT, go to “Control Panel” > “System and Security” > “System” choose “Remote settings”, and click on “Don’tallow remote connection to this computer”.



30. Don't forget to encrypt your wallet, create a backup, keep your VPS up to date with the latest drivers and latest antivirus version.

31. Increase security by setting account lockout policy, so if someone tried too many times, he’ll be locked out for a while. In your VPS, go to Start (“Windows” logo) on your VPS console, bottom left corner, type in “Local Security Policy”, then click on “Account Lockout Policy”, input “3” in “invalid login attempts”, then click “OK”.

---

Guide source: https://medium.com/@Panama_TJ/simplest-guide-to-setup-your-masternode-250a87349e42

Actually the guide i sent you seems pretty good, it has all the details from A to Z and there may be no need for you to write a new one, you could probably just include the guide in the OP.

Sorry that I needed so much time to answer but as you know I had hard times lately on the forum and needed some time to catch up.

This guide is great but I would rather look for one with windows setup because this is the operating system the majority is using.

Of course, Ubuntu and Linux are better suited for this but I don't have enough knowledge about these systems.

Are there any comprehensive & reliable lists of masternode coins? No inflated ROIs, etc

I tried searching the forum with no luck, but using Google I came across this guide , he is using UBUNTU to launch a Masternode >  https://medium.com/@Panama_TJ/simplest-guide-to-setup-your-masternode-250a87349e42

I am not certain if it's something standard or every Masternode would have it's own set up, but i tend to believe that they should be more or less the same.

let me know if this suffice, if not i will dig for more information for you.

I just can't find enough time to write this guide because is a lot of work if I will do it correctly with all needed details like screenshots.

Still, I will try to write this guide but this can take a while.

In the meantime, if you find such a guide somewhere, please let me know.

No, because my username is wwzsocki and not wwzsock. You misspelled and that is why there was no notification.

Anyaways is my thread and I come back here frequently to update and answer all questions.

wwzsocki

That would be nice , i will be waiting for the tutorial , yes the bot will surely inform me when you mention my name like it just did , i am not sure whether it needs the @ before the username when you don't quote my post.  Please let me know if the bot sent you a notification for this post.

Edited : a typo

I will try to find something tomorrow because I think I have such a guide already written a few years ago but I will have to search my social media accounts to find it. 

I have published this tutorial when I was in promotion team for Masternodecoin project, to get people attention and show new (at a cuurent time) way earning money with POS mining.

Additionally, I have seen in my local section text about masternodes and will have to check if there is an updated tutorial on how to set up masternode for beginners.

This is for sure a great idea and I will definitely do something about this in the coming days.

I will mention your username when posting this tutorial and if you have Maggiordomo bot set up for notifications then he will let you know about it.

True said, since you seem to be an expert with masternodes, would you mind putting up a newbie guide on how set up one , in simple and full details ? or , are you aware of any guide on the forum which you have found to be both accurate and simple ?

 i will be willing to translate that to Arabic as some members there are interested in masternodes.

I agree with you fully on this statement.

True but not forget about this 10% of legit masternode coins.

Like I said before this article was written a long time ago but still, if I have to choose to mine then I always chose masternode coin because of flawless staking and masternode rewards compared to resources hungry and time-consuming POW mining.

This is the easiest way for starting cryptocurrency miner or enthusiast to begin because all he needs is an old laptop, internet connection and literally a few $.

I have not picked dash because it is the most expensive , i simply took it as an example because it is one of the very a few coins that have been there for years and still somehow stable, i did you a favour when i went with dash, in fact dash itself is not too far from being a shitcoin , let alone other weaker coins.

IMO , a masternode is just a way for the dev team to sell their worthless coins in bulk, the rewards at first might seem so promising but it's merely a gamble.

It is safe to say that well over 90% of coins that give you rewards for owning a node are shitcoins.

But if you have any good example of other coins go ahead and let me know, will be willing to compare the rewards against mining a pow coin.
 

This is my opinion and we can discuss this subject and maybe I will admit that you are right, but why to take the most expensive coin as an example and not the best performing one at this moment or any other with chances for profit at this moment?

If one wants to invest in maternode he should make a research first and choose the best performing and promising coin from new or old once but he will have to calculate his profits first and look at many other measures not go and blindly buy the most expensive masternodecoin in the crypto space.

When I have written this article some time ago there were plenty masternodes which one can buy and make a nice profit after some time, only from staking and rewards. Of course, everything is changing with the time and I can't change or update this article, every time when circumstances are different.

We can, of course, discuss that further in our comment and I appreciate your input.

The way you make this sound is funny, you put it as a solid fact when it's only a matter of what you think , there is an endless debate on which is better, this is not the right place to discuss the pros and cons of investing in POS vs investing in POW , but if you wish to debate this, feel free to start a new topic on this subject and let's have a debate  

but the least you should do is rephrasing this part to make it more reasonable.



This is SO WRONG !, you do have recoupment and it's almost always higher than investing in POW.

i'll throw a simple example here, Dash masterrnode  requires 1,000 dash

let's take someone who would have followed your advice and bought 1,000 dash @ 1000$ each last year , this means he would have spent 1,000,000$ aka 1 million dollars.


he would have gained 90 dash at most ( 14 months ) so he has 1000+90 dash now which equal to 110*1090$ = 119,900$

so if they decide to quick now , they would have lost  -880,100$ or just about 90% of whatever they invested ( not accounting for other expenses because there is no way on planet you going to run a 1 million dollar node on your home pc, but i'll let it pass)

so now if they decide to keep the Masternode, they only get to make about 550$ a month from a 1 million dollar investment ( as per today's prices).


on the other hand, if they invested that 1 million $ in say Bitcoin miners , at the same period of time they could have acquired  about 350 S9s, at this point they would have been close to getting back that initial investment , or have gotten it back if power is cheap.

and at the average rate of 5 cents per khw , with those 350 S9s , they would make 18,000$ a month now as appose of 550$

and by the way, even if you were to use today's prices / 5 months prices and probably even 1 year from now of masternode vs POW mining , the math will almost always be on POW side, let alone the fact that 90% of POS are worthless shitcoins.

but this indeed does not go without saying that owning a masternode requires almost 0 maintenance or time , no risk of your gears going on fire or simply dying ,etc which is not the case if you were to own mining gears.

TL:DR ;

I think that is the best way of addressing the pros and cons of these two things, it's pretty simple , profit wise POW wins , peace of mind wise POS wins.
owning a Masternode is very very risky, the online calculators make it look so easy and tempting, but it is actually not, neither buying a POW hardware.

You are right, of course, but I remember times when Bitcointalk was such a gold mine. Many times I found pieces of information which brings me a lot of money, right here on this forum. All kinds of info in different sections from mining to the marketplace. But from last 2 or 3 years, this started to disappear and today such info is shared only in private groups on Telegram. At the start, there were not so many scams as today and all great opportunities were checked by high rank and trusted members. Later all disappeared between hundreds of exit scammers and mistrusted members.

It is a bittery fact. Whenever someone say "Please pay atention, I have something to share with you and you can make a fortune from that", please be careful with their advice. It's especially right in financial area, and in crypto. Investors, basically only want to have money, to accumulate more money for their port folios, so why they have to share pure gold for others, and share for free? Easily believe in such advice might lead you to traps.  They key lesson is nothing shared free in financial market.

I like that you are honest in your posts. Normally people don't admit that they won't share anything in the open only lie that they will do that but don't have anything to share. I think the worst truth is better as the best lie.

Whenever with find them (pure gold), let's keep them in secret, because we can make a fortune with them.
In order to find them, it requires lots of things prepared ourselves over long period in crypto, and luckiness, as well as huge efforts spent to search, analyze, and so on. In a nutshell, I don't think there is reason to share such hidden pure gold for totally free, especially I am not rich to do that.

Doesn't want your advice (don't get me wrong) only to know which service you use and if any. Anyways, thanks for the answer because indeed I have misunderstood a little your previous post. I like to know which tools people are using because many times I find services I never heard before and they are sometimes like pure gold. If you know what I mean?

I mentioned about technical term (that usually mis-understood), not service, so I can not give you my advice on which service to use.

I don't like Coinmarketcap only because of the fake volumes and if it goes to the service and how it works I can only say that it is ok at least.

So which services are you using?

Coinmarket cap and Coinmarketbook, I don't like them. I would prefer to use the term: CoinMarket Value. It means total value of coins on market. It changes over time, not only from supply and demands, but also from availability of capital flow from investors. When investors have more spare money to invest, and really decide to buy, total market value will increase. In contrast, total market value will decrease.

I found a great service which shows real volumes on exchanges and what is more important real buy and sell walls.

We all know that almost 90% of exchanges listed on CMC are showing fake volumes and there is not much CMC can do about it as you said @crypto mania.

Service I am talking about is called Coinmarketbook

On the page you can read:

Some time ago I was wondering how can Coinmarketcap list all these scammy projects and exchanges on their page?
After some time I realized this same as @wwzsocki that they just provide the best service possible and to be able to do this they just have to list all this crap because this is the actual state of cryptocurrencies and they just can't hide some of them.
Like you said @r1s2g3 when one is using these services always has to remember that there is no guarantee that even the best looking project is not a scam.
Regulations are needed to change this and we need a little more time for that but is coming and will finally happen.

This article was written some time ago and from this time many things changed and evolved.

Cryptocurrencies are developing constantly and one needs to have a finger on the puls to stay updated.

I will try to add something about Services Nodes, Secure Nodes but first I have to learn about them by myself to share proper knowledge here.

Thank you for this suggestion.

Some other related terms are Service Nodes, Secure Nodes.
The roles on network are a bit different than Masternodes, but they can be sorted out into group of nodes, that have main roles to secure networks better, and maintain healthy networks.

I am not angry but it is the site that I will not like to recommend to a newbie but I thought again and I found even this forum cannot be recommended to someone who is going to put a blind faith.
I guess whenever in doubt use your commonsense  and don't hesitate to ask question.

I am happy that you liked my post/article and thank you for merit support.


That's the problem with cryptocurrencies and services like MnRank.com or Coinmarketcap.com.

They provide a service where one is able in few clicks to see the latest state of each project together with price predictions, profitability, links, analysis and many more.

I think they are here not to judge projects only to provide the best service possible and we have to evaluate them further using the tools they provided.

I don't see any reason to be angry at MnRank because is not their fault that almost 90% of masternodcoins are a scam.

You put a nice guide for a newbie to understand about node, fullnode and masternodes. I see you are also referencing mnrank.com as well as the profitablity.
I think you should add pitfalls in MN concept too, specially when mnrank.com is publishing all MN projects and most of them are scam.

If anybody has questions regarding my post or this subject, please share them and I will be happy to answer if I would be able of course.

I have moved lately few of my threads to beginners section because I think it is a lot better suited for this kind of articles.

I am very happy that you found my post informative and learned something new. This is my main goal to spread the knowledge between people and there is nothing more rewarding for me as such a comment from a happy reader.

I have another part of this article about PoS and PoW mining which is very important to fully understand this subject. The title is:  "What are PoW and PoS mining? Introduction to the masternodes".

Here link if you are interested:
https://bitcointalksearch.org/topic/what-are-pos-and-pow-mining-introduction-to-the-masternodes-5120108

Minexcoin with Minexbank - is a project in which by parking MNX coin in your MinexBank account, you may earn your interest with no risk of losing your money because they are safe in your personal wallet and parking is made by signing a message. The main purpose of MinexBank is to stabilize the exchange rate within the range of no more than 5% of the previous day’s closure price. The five percent growth owes to the practice of global stock exchanges. Once the values are reached, stock markets halt the trading, thus preventing speculators and misguided investors from dictating their own prices. Once the limit values of the five percent range are reached, MinexBank has two options: it either changes interest rates for parking payouts or intervenes to keep the price within the preset range. Coin parking and intervention are the basic financial instruments used by MinexBank.

Which is a pure BS and was already proved by the price which failed to stabilize and lost 99% of its value during this bear market.

Minexcoin - is an original project which uses parking (something like PoS but it isn't) and mining PoW to secure the network.

It is a hybrid algorithm EquiHash with SHA-256.

Ethash - is used for encrypting Ethereum and Ethereum Classic. Ethash was built to be ASIC-resistant through memory-hardness (by requiring large memory, standart ASICs couldn’t decrypt the puzzles). Unfortunately for graphics miners, in early 2018 the first ASIC miners for Ethash were introduced on the market and Ethereum eventually lost its decentralization similarly like Bitcoin.

SHA256 (or Secure Hash Algorithm) - was originally designed by the NSA back in 2002. Later the algorithm found use within the Bitcoin cryptocurrency and is what runs all Bitcoin-based coins. SHA256 is a hash of 256 bits and is what miners decrypt using their mining setups which eventually validates blocks, for what miners are rewarded.

Thank you very much for Your input. I already updated my post and added needed changes. This article was written some time ago and I haven't published here because I thought that the quality is not good enough and that this subject was already discussed on the forum for sure. Some time ago in bounty mania, I realized that my articles are not so bad compared to some posts so I try to update them and publish here to spread the knowledge between Bitcointalk members.

Not quite a very power hungry way to run a network unlike the Sha with the ASIC devices but still crunches a lot of resources.

If you have heard of MNX, they do have a minexbank which you can stake your coins and earn either by quarterly or yearly, I think that's what they call the PoS pools I'm still unsure about it.

i don't think you should use the term "mining" for PoS coins and masternodes,... or basically anything that follow that pattern. mining a cryptocurrency is defined as the process of working to extract new coins and that work is done by using your computing power (whether it is GPU or CPU). but PoS is the process of earning a profit on your stake and they are very different concepts in my opinion and should be referred to with correct terminology.

I must confess that this post is rich in information and educative. There is a lot that most of us in blockchain have been hearing but do not know the real meaning. Let's take for instance NODES, I never know that nodes are simply my computer when it is used for mining. This post really exposes us to much information and my day is made.

This was a very helpful thread for me since I lack some knowledge like this. I already saw "node" in different threads but didn't give any attention to me because I thought it's not very important in my business here in cryptocurrency.

As I read in some articles, the node is quite important in the blockchain, it is something special in the system. I'd like to create some innovative research about this node since I'm trying to explore blockchain for my research.

This article was written some time ago and for masternode PoS coins. Still, this is up to date for these projects today like Dash, PivX, etc.

I don't know what is inside the new Casper implementation for ETH but from what I know they will use sharding, not sure about it.


Just like I said: " Just replenish the wallet with the number of coins that you can afford, and while is open, and not encrypted you earn. This is called PoS mining in the classic sense."

Thanks to You, I have added: "and not encrypted".

Please take into consideration that I am talking about classical PoS and once again I don't know what for new implementations are in Casper.


This is not true. One can stake any amount of coins in PoS projects, I have described.

With a small number of coins, one will stake a coin in a year of time when the network weight will be high enough.

I am actually staking few PoS coins in my wallets with different amounts. To be honest, never heard of PoS pools.

What I have heard is shared masternodes pools and even there are services for this like midas.investments or simplepospool.com.
Where people share together masternodes and take the profits from and split.

I hope this helps if You have any additional questions, I will be happy to help.

I am sorry but I believe this is incorrect.

If you take a look at Casper implementation FAQ, you don't just receive coins when your wallet is open. That's just make zero sense.
https://github.com/ethereum/wiki/wiki/Proof-of-Stake-FAQ

You need to put your coins at stake. You are like betting your coins  that an specific block has valid transactions, and if that block is not accepted by the majority of the network you lose your staked coins.

It's similar to pow, where you are staking energy (processing power). In pow if the block is invalid you lose all this energy.

Also, you cannot stake a small amount of coins, unless you join a  pool

Thanks for this comment (the first one  ) and that you bumped my thread so there is a chance that will be not forgotten between millions of shitpost popping up every day.

I understand that this is not new and people are already familiar with the subject I try to explain here, but no comments at all after a few days is something, I haven't expected.

There is even nobody willing to show my mistakes.. I have already got used to it that there will always be someone who finds a hole in the whole  .

How to make coins on Proof of stake (PoS) using a regular computer? What are nodes, full nodes, and masternodes? What equipment is needed for PoS mining and masternodes?

All the answers you will find in this article!

Proof of stake (PoS) - is a type of algorithm by which a cryptocurrency blockchain network aims to achieve distributed consensus. In PoS-based cryptocurrencies, the creator of the next block is chosen via various combinations of random selection and wealth or age (i.e., the stake). In contrast, the algorithm of Proof-of-Work based cryptocurrencies such as Bitcoin uses mining that is: the solving of computationally intensive puzzles to validate transactions and create new blocks.

What is a node, full node, master node?
First, we define the terms. As you already know, PoS mining is that you get coins just for the work of your wallet, almost without using computer power. We will understand what and how exactly.

Node - when you download a wallet of a particular coin, you begin to synchronize with the network. Synchronization means downloading the entire history of the transfers of this coin in the network. Thus, you download the entire transaction history to continue to store it as a decentralized server. As long as synchronization is in progress, your computer is just a node.

Full node - fully synchronized wallet. When you have downloaded all transactions, you start to store them. Also, an algorithm is written in the full node that allows you to check new transactions for compliance with the network rules before the miners include them in the block. At this stage, you are already starting to earn. Just replenish the wallet with the number of coins that you can afford, and while is open, and not encrypted you earn. This is PoS mining in the classic sense. The more coins you have, the more often you will receive a reward. Check when the reward will be credited is very easy. In the right bottom of the wallet, there are various icons. Navigate on them in turn, and find the right one that will write, whether you participate in a share, and how long to wait for the reward. If you do not have the time provided to receive the reward, try either to wait a few hours (a day) or check the encryption of the wallet. If you want to earn money as a node, you must be open to the world, and the wallet has to be not encrypted.

Masternode - a node that includes transactions in the block. If you set up a masternode, you become a full-fledged miner. Masternodes task is not only to keep network history and check transactions but also include transactions in the block and ensure anonymity of transfers, in essence doing the same work that traditional miners do in PoW mining on video cards and asics. However, there are special requirements for masternodes.

Here is what you need to do:
Download the wallet with the selected coin. Wait for full synchronization. Sometimes it takes a few days if the coin is popular, and there have been a lot of transactions since its launch.
Order a dedicated (white) IP from your Internet provider. Regular local IP, which is also often dynamic, is not suitable. The cost of such a service is quite small.
Open needed ports in the router. Again, when calling the provider, ask if they block ports themselves or not. If not, open them in the router. If yes, then ask the provider to open for you certain ports. Which one and how to open the ports on the router, you will learn further.
Download the instructions for setting up masternode from the official cryptocurrency website. There you can get detailed info with how many coins you need to launch the masternode. Each currency has a different number of coins, respectively, different initial investments and payback periods.
Buy the required number of coins, initially, you can start with a small margin only with staking (POS mining). Transfer them to your wallet.
Make all the necessary settings in the system files of the wallet. The first time it took me about an hour. I'll add it here later.
Run masternode. Make sure the wallet is open. Ensure continuous work of the wallet 24/7. Receive payout 🙂.

Setting up masternode may seem complicated, but believe me, is not. The worst is the first time, then everything is simple and much easier with each new setup, then grouping them, driving them apart, connecting them to pools, watching overheating, and so on. If masternode is turned off (the city turned off the lights, Internet malfunction, you decided to give the computer a rest or went on vacation, etc.), then nothing terrible will happen. You simply will not earn until you turn on your wallet again. To launch the masternode, you just need to press the Start button and fly further.

Availability. In order to start earning there is no need for large investments. You don't need to invest in equipment, you can mine on your good old home computer. No need to rent up additional space or special ASIC miners. The cost of electricity, respectively, is also minimal.

Profitability.  For now, see for yourself - masternodes.pro.

Payback. And here, in general, the most destructive argument. You have no recoupment! In the sense that you have nothing to pay back. The main cost is to buy a guaranteed amount of coins that give you online status as a masternode. At the time of the work, these coins are frozen. But if you decide to leave the game, then all you need to do is turn off the masternode and sell all the coins that you bought earlier and which you had mined. From the very first hour of work, you are going to a pure plus! Lossless! A properly chosen coin will not only give you the opportunity to earn on mining, but you will also earn in the future by selling hopefully more expensive than you bought at the start. Can you sell a video card after mining quickly, and even more expensive than buying? Of course not.

Why making money on a masternode is possible?
You read my article and already looking in the wallet or for the nearest branch of the bank to get a loan? The subject is generally cool but really, no risk at all?
Take your time, gentlemen, there are risks always and everywhere. If mining on masternode would be perfect, probably everyone would be doing only this. Let's look at the other side of the coin.

The chance to burn. At the moment, from the top coins, this technology offers the Dash coin. Just the coins that are needed to start the masternode (at the time of writing) will cost you more than 10 thousand dollars. The annual profitability is only about 6% yearly. I think we all can be much more profitable when we invest 10K $ in something else. But the really interesting profitability is given not by such top coins. Often the younger the coin, the higher the percentage of return (ROI) there, to lure people. Imagine that you bought a coin, tuned to a masternode, and the coin picked up and collapsed just after, to the maximum. Now you may need a very long time, in order to compensate quality with quantity. That is why, when choosing a coin, we cannot be guided only by an indicator of its profitability.

Crypto exchanges. You have to learn how to use them, one way or another. Nowadays, even Bitcoin is not always possible to buy from the hands, and if it is possible, then with huge commissions often. When working with an unpopular coin, you will have to buy it yourself and sell it later. It is not difficult but requires additional knowledge and time.

Binding to the house. You will be tied to the house anyway. The equipment should work without failures, and the probability of fire is also present at the home computer, too. Another thing is that the binding here is much smaller than the miners on the equipment (POW). I personally have 2 laptops. One worker, always with me, and the second at home works non-stop. I set up remote access, and quietly do my business, at any time checking the situation. If the node just crashes, I can run it remotely in a few minutes. All the necessary files from that computer were copied to another place, and if the computer does not sustain the load, I calmly transfer the masternode with all the money to any other computer. If you just turned off the power, then even grandmother skills are enough to start a laptop. To restart the mining rig - the process is definitely more serious.

Conclusion
Gentlemen, I always advise everyone and adhere to this rule myself - do not put all the eggs in one basket. Even if now the earnings on the masternode seem to you to be the most attractive, do not go into debt and do not throw all the money into it. There should be several sources of income.

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On members request, I have added a full masternode setup found by:


This is a very detailed step by step guide with screens and could be used for many different masternodes setups. No Ubuntu or Linux knowledge needed!!!.

1. Firstly go to Vultr and get an account.

2. Click on the + to Deploy New Server.



3. Choose your Server Location, choosing the closest place to you, this should minimize ping times.



4. Choose Server Type, choose Windows 2016 x64.



5. Choose Server Size, usually the most basic size will do, choose 20 GB SSD/1 CPU/512MB Memory/500GB Bandwidth.



6. On Additional Features I always choose only Enable IPv6" (don't know why to be honest).



7. On Server Hostname & Label, put the name you want for your VPS.

8. And finally, click on Deploy Now



9. Wait until the Status of your VPS says Running, then click on View Console.



10. You will get a screen as below, click on Send Ctrl-Alt-Del.



11. Click on the icon of Ease of access, then choose On-Screen-Keyboard". This will save you hours of frustration, facilitates typing the correct characters in the password.



12. Go back to vultr.com, click on Server Details.



13. Click on Show Password.



14. Use the password from step #13 to access your VPS. Use On-Screen Keyboard so you don't waste time typing incorrect characters.



15. Launch Internet Explorer, choose Internet Options, then click on Security tab, de-select Enable Protected Mode.



16. Then click on Custom level button, look for option File download, and Enable it. Then click OK, click Apply, and lastly click OK



17. On Internet Explorer address bar, go to opera.com, and download and install Opera.



18. OnceOpera is fully installed and is open, go to your coin website and download and install it.

The steps below suppose that you have already downloaded your desired Wallet to your VPS and have the necessary collateral to run a masternode (X amount of coins). You can buy the collateral needed in exchange were your coin is listed.

19. On the wallet click on Tools -> Debug Console.

Enter the command: masternode genkey and copy the output on a Notepad.

Enter the command: getnewaddress and copy the output on a Notepad.



20. Send the amount needed for masternodes collateral of (X amount of coins) to the address that you just generated.

Copy the Transaction ID (TXid).

Wait for at least 20 confirmations (if you attempt to start your masternode before you get 20 confirmations, your masternode won't work and you have to restart procedure).



21. Now you need the Transaction Out (TXout), this gets the proof of your masternode collateral transaction.

Open the Console Debug and enter the command: masternode outputs

Check that transaction is the same as previous step and copy the result of Outputidx in your .txt file, or your Notepad of step #19.



22. Go to your NAME OF COIN system folder and edit the NAMEOFCOIN.conf file with your masternode information. Easiest way to find the this file it to go to the wallet of your coin, go to Tools, you will have either Open Wallet Configuration File, or Show Automatic Backups, if Open Wallet Configuration File exists, click on it, if it does not exist, click on Show Automatic Backups.



23. If from step #22 you had to choose, Show Automatic Backups, this step applies for you. Click on the name of the folder named after the coin, see red box below.



24. Access the conf file of your coin.



25. Now you have to enter the following information and save:

rpcuser=YOUR_USERNAME
rpcpassword=YOUR_PASSWORD
rpcallowip=127.0.0.1
listen=1
server=1
daemon=1
logtimestamps=1
maxconnections=64
masternode=1
externalip=YOUR_VPS_IP
bind=YOUR_VPS_IP
masternodeaddr=YOUR_VPS_IP:XXXXX
masternodeprivkey=YOUR_MASTERNODE_KEY

a. YOUR_VPS_IP= you obtain it from your vultr.com portal is below the name of your VPS.

b. bind= same as above.

c. masternodeaddr=same as above + : XXXXX (this is port number, specified by your coin)

d. masternodeprivkey= you obtained this number in step #19.

This is an alternate conf file of your coin, if option above does not work this, should do the trick.

rpcuser=random since this is disable, but needs to have something.
rpcpassword=random since this is disable, but needs to have something.
rpcallowip=127.0.0.1
listen=1
server=1
daemon=1
logtimestamps=1
maxconnections=256
masternode=1
externalip=YOUR_VPS_IP
bind=YOUR_VPS_IP
masternodeaddr=YOUR_VPS_IP:XXXXX
masternodeprivkey=YOUR_MASTERNODE_KEY
addnode=IP specified by your coin
addnode=IP specified by your coin
addnode=IP specified by your coin
port=XXXXX specified by your coin
staking=1

26. Now it's time to get back to your Desktop Wallet, open it and click on:

Tools ->Open Masternode Configuration File.

In the Masternode Configuration file? we'll need to input the following information:

MN Label:

VPS IP:Port:

Masternode genkey: (we generated previously on step #19).

TX id: (we generated previously on step #19).

TX out: (we generated previously on step #21).





27. Next, save the configuration file, close and restart your coin desktop wallet:

28. After restarting your Wallet, go to Masternodes Section, select your masternode and click on Start Alias.



29. VERY IMPORTANT, go to Control Panel > System and Security > System choose Remote settings, and click on Don't allow remote connection to this computer.



30. Don't forget to encrypt your wallet, create a backup, keep your VPS up to date with the latest drivers and latest antivirus version.

31. Increase security by setting account lockout policy, so if someone tried too many times, he?ll be locked out for a while. In your VPS, go to Start (Windows logo) on your VPS console, bottom left corner, type in Local Security Policy, then click on Account Lockout Policy, input 3 in invalid login attempts, then click OK.

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Every project has different specifications for resources needed to run a masternode on computer:



Here are specifications for VPN:



I advise using VPS today. Of course one can use an old laptop to run a masternode but here is a great article why shouldn't do it.
https://coinguides.org/masternode-requirements/

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This is my original text: What is a node, a full node, a masternode. How to earn on this?
Co to jest węzeł, pełny węzeł, masternode? Jak taki ustawić i na tym zarobić?
Wikipedia.org
Guide source: https://medium.com/@Panama_TJ/simplest-guide-to-setup-your-masternode-250a87349e42
My tutorial has just been translated and published in the Philippine local section (GABAY) Node,full node,masternode. Paano mag-set up at kumita ng pera mula dito?.