To become a Dash masternode, you need to follow these key steps and meet specific requirements:
Requirements
- Collateral: You must own and lock 1000 DASH coins as collateral in your Dash wallet. This collateral secures your masternode and enables it to participate in the network
- Hardware and Network: You need a Virtual Private Server (VPS) with at least 1 CPU core at 2 GHz, 2 GB RAM, 16 GB disk space, and around 1 TB monthly bandwidth. The VPS must have a static IP address (preferably IPv4)
- Software: Install the official Dash Core wallet on your VPS and your local machine. The masternode runs on Linux OS on the VPS
Setup Process
- Prepare Your Wallet:
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Download and install Dash Core wallet.
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Generate a new masternode private key and address using the wallet's debug console commands:
masternode genkey getaccountaddress <masternodeLabel> -
Save these keys securely for later use
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- Set Up VPS:
- Obtain a VPS with a static IP.
- Install a Linux OS and connect to it via SSH (e.g., using PuTTY).
- Install Dash Core on the VPS.
- Fund the Collateral:
- Send exactly 1000 DASH from your wallet to a new collateral address you control.
- This transaction will be used to prove your stake in the network
- Configure the Masternode:
- Edit the masternode configuration file on your VPS with the masternode private key, IP address, and collateral transaction details.
- Start the masternode daemon on the VPS.
- Register the Masternode:
- Use Dash Core wallet or a tool like Dash Masternode Tool (DMT) to register your masternode on the network.
- This involves providing collateral transaction hash, IP, port (default 9999), and payout address.
- You can choose to manage operator rewards and keys if you outsource operation
- Start and Monitor:
- Activate the masternode from your wallet.
- Monitor its status to ensure it stays online and functional.
Rewards and Role
- Masternodes perform important network functions like validating transactions and enabling PrivateSend and InstantSend.
- They receive approximately 45% of block rewards as compensation, which can generate passive income
In summary, becoming a Dash masternode requires owning 1000 DASH, setting up a secure VPS with a static IP, installing and configuring Dash Core, locking collateral, and registering the masternode on the network. This setup allows you to participate in Dash governance and earn block rewards
