Masternode Setup

Are you ready to move onto the next phase in our relationship?

This guide is for a single masternode, on a Ubuntu 16.04 64bit server(1GB RAM 25GB SDD) hosted by Digitalocean.com and will be controlled from the wallet on your local computer. The cost of this service from Digitalocean is currently $5 per month.

After you’ve got your server details, you need to go through some initial setup before you do anything masternode related. We recommend that you follow these instructions.

The basic requrements for a masternode are as follows:

  • 10,000 DRIP
  • A main computer (your everyday computer)
  • A masternode server (the computer that will be on 24/7 – this guide uses DigitalOcean)
  • A unique IP address for EACH masternode – provided by DigitalOcean

For security reasons, your DRIP is kept on your local machine whilst the masternode is hosted remotely on a DigitalOcean server. For the purposes of this guide, the main wallet refers to the wallet on your local machine and the masternode wallet refers to the wallet on your masternode server.

Use our DigitalOcean referral link here to help support DRIP and to receive a free $10 credit for yourself – which will cover the first two months of your service:

http://www.digitalocean.com/?refcode=164caf691718

Generate Masternode Private Key

Using the main wallet, enter the debug console and type the following command:

masternode genkey (This will be the masternode’s privkey. We’ll use this later so make a note of it…)

Generate Masternode Address

Still in the main wallet debug console, enter the following command:

getaccountaddress masternodename

masternodename can be whatever you like – with those intending on running multiple masternodes often choosing MN1, MN2, etc.

Send Masternode Collateral

Still in the main wallet, send 10,000 DRIP to the address generated above. (Make sure this is exactly 10,000; No less, no more.)

When you enter the address in the ‘Pay To’ field within your wallet, the ‘Label’ field should automatically populate with the masternode name chosen above.

Generate Proof of Collateral

Still in the main wallet, enter the command into the console:

masternode outputs

Take note of the result as this will also be needed later.

Update Masternode Configuration File

Still on the main computer wallet, click on Tools > Open Masternode Configuration File. Add the following line to it:

[Name of Masternode(e.g. MN1)] [Server IP address]:21461 [Result of Step 1] [Result of Step 4] [Number after the long line in Step 4]
Substitute it with your own values and without the “[]”s

Example:
MN1 31.14.135.27:21461 892WPpkqbr7sr6Si4fdsfssjjapuFzAXwETCrpPJubnrmU6aKzh c8f4965ea57a68d0e6dd384324dfd28cfbe0c801015b973e7331db8ce018716999 1

Update Main Wallet Configuration File

Still on the main computer wallet, click on Tools > Open Wallet Configuration File. It should be set up as follows (change passwords and usernames to anything of your choosing):

rpcuser=long random username
rpcpassword=longer random password
rpcallowip=127.0.0.1
listen=0
server=1
daemon=1
logtimestamps=1
maxconnections=256

Save, close and restart the wallet

Update Masternode Wallet Configuration File

Now on the masternode, find the DRIP data directory (Linux: ~/.drip). Open the drip.conf file and make it look like this:

rpcuser=long random username
rpcpassword=longer random password
rpcallowip=127.0.0.1
listen=1
server=1
daemon=1
logtimestamps=1
maxconnections=256
masternode=1
externalip=masternode server ip address
bind=masternode server ip address
masternodeaddr=masternode server ip address:21461
masternodeprivkey=Result of Step 1

Close and restart this masternode wallet.

Start the Masternode

Go back to your main computer wallet, which you should have already closed and restarted after updating the masternode configuration file (if you have forgotten, close and restart now).

Click on the ‘Masternodes’ tab. You should see your list of masternodes here – only one if this is your first masternode.

Right click on your masternode and click ‘Start Alias’.

If everything worked as it should, you should get the following message:

“Successfully started 1 masternode, failed to start 0, total 1”

Back Up your wallet.dat

Watch the Rewards Roll In

Depending on how many masternodes are on the network, it could take anything up to 1-2 hours for your first reward to come in. During our first year, these rewards will be quite high and should come frequently.