What is a Masternode?

A Masternode is a crypto full node (computer wallet) that supports the network by hosting an entire copy of the coin’s ledger in real time. In return, the Masternode will receive crypto coins as a reward. It is a great alternative to mining.

How do I setup a masternode?

Make sure that you have the following requirements

Ubuntu Server 18.04
 Required amount of coins to setup the masternode. (5000 BXC)
A unique IP address for EACH masternode

STEP 1: SERVER CONFIGURATION

Update your Ubuntu machine.

sudo apt-get update
sudo apt-get upgrade

Install the required dependencies.

sudo apt-get install build-essential libtool autotools-dev automake pkg-config libssl-dev libevent-dev bsdmainutils python3 libboost-system-dev libboost-filesystem-dev libboost-chrono-dev libboost-test-dev libboost-thread-dev libboost-all-dev libboost-program-options-dev
sudo apt-get install libminiupnpc-dev libzmq3-dev libprotobuf-dev protobuf-compiler unzip software-properties-common

Install Berkeley DB.

sudo add-apt-repository ppa:bitcoin/bitcoin
sudo apt-get update
sudo apt-get install libdb4.8-dev libdb4.8++-dev

STEP 2: DOWNLOAD AND INSTALL BITCOIN CLASSIC WALLET

Download the daemon.

wget “https://bitcoinxc.org/bitcoinclassic-1.0.0-daemon-linux.tar.gz” -O bitcoinclassic-1.0.0-daemon-linux.tar.gz
wget “https://bitcoinxc.org/bitcoinclassic-1.0.0-linux.tar.gz” -O bitcoinclassic-1.0.0-linux.tar.gz

Extract files.

tar -xzvf bitcoinclassic-1.0.0-daemon-linux.tar.gz
tar -xzvf bitcoinclassic-1.0.0-linux.tar.gz

Install.

sudo mv bitcoinclassicd bitcoinclassic-cli bitcoinclassic-tx /usr/bin/

Create the config file.

mkdir $HOME/.bitcoinclassic
nano $HOME/.bitcoinclassic/bitcoinclassic.conf

Paste the following lines in bitcoinclassic.conf.

#----
rpcuser=your_rpc_user
rpcpassword=your_rpc_password
rpcallowip=127.0.0.1
#----
listen=1
server=1
daemon=1
maxconnections=64
#----
#masternode=1
#masternodeprivkey=
externalip=External_IP_address_of_your_VPS
#----

Start your node.

bitcoinclassicd

Wait until the daemon has finished downloading the blockchain.

 

STEP 3: SEND THE COLLATERAL

Open your wallet and wait until your wallet has downloaded the blockchain.

Go to “Tools”.
Click “Debug console”.

 

Create a new masternode private key.

createmasternodekey

This will be the masternode’s privkey. We’ll use this later
 

Show your collateral address.

getaccountaddress “MN1”

Example output

CYfZgaidnyxo8w58wvWrL367AfavZYmUPt

Transfer the required amount of coins to the “collateral address” that you created using the command “getaccountaddress “MN1″”.

Bitcoin Classic requires 5000 BXC to create a masternode. You can buy it on Exchange or bitcoinxc.org

Wait until the transaction has the required masternode confirmations: 15 confirmations.

Go to “Tools”.
Click “Debug console”.

Enter the following command.

getmasternodeoutputs

Example output.

[
  {
    "txhash": "470c7989f22f9f784bbf39464654c89999750fc448ee2cc5fe7c69650a1d078a",
    "outputidx": 1
  }
]

Go to “Tools”.
Click “Open Masternode Configuration File”.

Modify the following line and paste it into notepad.

MN1 External_IP_address_of_your_VPS:14354 Masternode_private_key txhash outputidx

Save the file and close notepad.

Close your wallet.

STEP 4: REGISTER YOUR MASTERNODE

Place the masternode private key in the config file of your masternode and uncomment the values “masternode” and “masternodeprivkey”.

Example config

#----
rpcuser=your_rpc_user
rpcpassword=your_rpc_password
rpcallowip=127.0.0.1
#----
listen=1
server=1
daemon=1
maxconnections=64
#----
masternode=1
masternodeprivkey=Masternode_private_key
externalip=External_IP_address_of_your VPS
#----

Restart your masternode.

bitcoinclassic-cli stop
bitcoinclassicd

Open your wallet.

Go to “Settings”.
Click “Unlock Wallet”.

Enter your wallet passphrase and unlock your wallet.

Go to “Tools”.
Click “Debug console”.

Start your masternode using the command.

startmasternode alias false MN1

Your masternode is now registered and will appear in the masternode list.

You can check the status of your masternode using the command “getmasternodestatus”.

bitcoinclassic-cli getmasternodestatus

Example output

{
  "txhash": "470c7989f22f9f784bbf39464654c89999750fc448ee2cc5fe7c69650a1d078a",
"outputidx": 1, "netaddr": "36.114.162.105:14354", "addr": "XYfZgaidnyxo8w58wvWrL367AfavZYmUPt",
"status": 6,
"message": "Masternode successfully started" }
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