Get to Know the Chaincoin Masternode
Chaincoin is a cryptocurrency designed to offer users secure transactions across the globe and provide them with an easy way of transferring funds. It offers the compatibility of traditional banking (withdrawing from ATMs, shopping online etc.) while also functioning around the clock. In this short article, I’ll cover the basics on setting up a Chaincoin masternode and start making a profit.
How to Make Money From Chaincoin Masternodes
Similar to other currencies, in Chaincoin’s network, we have standard nodes (most wallets on the network) and masternodes. By hosting a masternode, not only will you secure the network and expand its functionality, but you’ll also be rewarded for your services. For each mined block, the masternodes payout is 20% of the block reward. On top of that, they also collect transaction fees periodically. That is, provided you don’t turn off your device and remain online, you can expect a ROI of 60% at the moment of writing this article. If you decide to abandon this endeavor, you’re free to withdraw your funds. Each coin locked into a masternode, will increase the value of the CHC that remains in circulation.
Chaincoin Masternode Setup
MINIMUM REQUIREMENTS
To set up a Chaincoin masternode, you’ll need the following:
- 1000 CHC, obtainable from Cryptopia
- Download the official wallet and sync the blockchain
- Establish a VPS with 1 CPU, 1GB RAM, 25GB of free space and 1TB of data traffic – Digital Ocean recommended
- Static IP address with Sentinel installed and configured, I recommend using Crontab for scheduling tasks
- linux
- wallet
- chaincoin
How to Set Up a Chaincoin Masternode Step by Step
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VPS Setup – Choose a provider for your VPS and install Ubuntu
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Once you’re done with the previous step, continue with connecting to the VPS using Putty. Install the swap file and configure the dependencies on the VPS
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Install the official wallet on your main machine and on the VPS. Wait for the synchronization to complete and create a masternode address using your main device
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Fund your masternode address with coins from the exchange you’ve purchased them from or wherever your source is. Next up, entering the required data on your local machine’s masternode.conf file, so you can connect to your VPS masternode.
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Finally, launch the masternode on your main machine and check whether it’s running on the VPS.