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Masternode Setup


Keith
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If you have 10,000 Guapcoin, congratulations!  You can setup your own Masternode!  Be prepared to do some learning and follow the instructions carefully. 

If you're new to processing transactions in the desktop wallet, it's a good idea here (and with crypto in general) to start with sending a few coins (like 1-10) before sending large amounts so that you make sure you're doing it right and having it go through.  No one can get your coins back if you accidentally put in an address wrong. 

You can choose to self-host your masternode where you setup the code on a VPS server, or use a 3rd party where they run the code on their servers.  Either option lets you keep the coins in your wallet.

Masternode Payouts and DAO Voting

  • As of March 7, 2022, the payout is 15.75 Guap per day.  The rewards will gradually taper down through the years.  More info can be found here: https://www.guaptalk.org/topic/230-masternode-and-staking-rewards/

  • If the Tulsa update is able to be secured and completed with a wallet DAO, Masternode owners will also be able to create and vote on Guap proposals through the Desktop Wallet.

Running a masternode requires that you have a desktop wallet

 

Option 1 - Setup via a VPS Server (more control, more difficult, more expensive - around $5-$10/mo)
You self-host by renting a server and running the setup script; you keep your coins in your wallet

Option 2 - Setup via ihostmn.com (less control, less difficult, less expensive - around $1/mo)
They host the MN for you; you keep your coins in your wallet

  • This has been the most reliable and user-friendly method for those not using option 1.
  • Here's the link: https://ihostmn.com/
  • This option is a simpler route than self-hosting.
  • Here is an instruction video done by a Guap community member: https://www.youtube.com/watch?v=gWRdTd43j3k
  • Basically, you setup your ihostmn account, fund your account via PayPal or CoinPayments to pay the MN hosting fees, send 10,000 in coins to a Guap address you've created in your desktop wallet, then follow the ihostmn instructions for setting up the MN.  You still retain your coins in your own wallet.  The MN script is just setup through the ihostMN system and hosted on their servers. 
  • So far our community has had good experience with them, but there's always the risk that their servers could go down or the MN not be installed correctly, or go offline, and you have to rely on them to maintain and fix any issues. Your coins always remain in your control, just like the self-hosted VPS option.

Option 3 - Setup via pecuniaplatform.io (less control, less difficult, less expensive - around $1/mo)
They host the MN for you; you keep your coins in your wallet

  • Here's the link: https://pecuniaplatform.io/
  • This option is a simpler route than self-hosting
  • Here is an instruction video done by a Guap community member: https://www.YouTube.com/watch?v=lUyprxerbCY
  • Basically, you setup your Pecunia account, fund your account with some bitcoin to pay the MN hosting fees, send 10,000 in coins to a Guap address you've created in your desktop wallet, then follow the Pecunia instructions for setting up the MN.  You still retain your coins in your own wallet.  The MN script gets setup through the Pecunia automated system and hosted on their servers.  Their support team will help you with issues. 
  • So far our community has had good experience with them, but there's always the risk that their servers could go down or the MN not be installed correctly, or go offline, and you have to rely on them to maintain and fix any issues. Your coins always remain in your control, just like the self-hosted VPS option.

Once your Masternode is setup, you need to backup the following information:

  • This is important because if your PC crashes, that's what you'll need to setup a GUAP wallet on a new PC and regain access to each wallet address.  You don't want to lose access to your coins!  No one can help you get them without that private key or the wallet dump file noted below.

  • Make sure you backup the private key for each wallet address you have in your desktop. Do these steps every time you create a new wallet address you're going to use!  Here's how you do that:
    • 1) Unlock your wallet
    • 2) Go to settings > debug> console
    • 3) type dumpprivkey followed by your public wallet address, so it looks like this: dumpprivkey GU12345678
    • 4) In the console window, copy the result line and save it somewhere safe
       
  • Another option is to create a wallet backup file by doing this:
    • 1) Unlock your wallet
    • 2) Go to settings> Wallet
    • 3) Under the Backup Wallet heading, click on the words "Select Folder" and choose a location to save your wallet backup file
    • 4) Choose a name for your file and click save
       
  • I actually do both options just to be extra safe.
  • And make sure to save them somewhere safe you trust: in the cloud, on a USB drive, printed keys, etc, not just on the computer that could die because if you only save them on that computer and it dies, then you're still locked out of your coins forever.
     
  • Again, you need to do this every time you create a new wallet address in your desktop wallet!

Checking Masternode Status

  • You can see your status in your desktop wallet by going to Master Nodes.  It's a good idea to do this regularly to make sure its status stays Enabled.
  • You can login to your VPS or to iHostMN or Pecunia to check on the status.
  • You can go to https://guapcoinexplorer.com/masternodes and enter your Masternode wallet address into the small Search bar in the Masternodes section to confirm your masternode status on the network.
  • You can go to https://guapexplorer.com/#/masternode and enter your Masternode wallet address and see if it was online in the past 24 hours or search through the list to see if you've gotten recent rewards.
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On 7/25/2021 at 10:11 PM, Keith said:

If you have 10,000 Guapcoin, congratulations!  You can setup your own Masternode!  Be prepared to do some learning and follow the instructions carefully. 

If you're new to processing transactions in the desktop wallet, it's a good idea here (and with crypto in general) to start with sending a few coins (like 1-10) before sending large amounts so that you make sure you're doing it right and having it go through.  No one can get your coins back if you accidentally put in an address wrong. 

You can choose to self-host your masternode where you setup the code on a VPS server, or use a 3rd party where they run the code on their servers.  Either option lets you keep the coins in your wallet.

Masternode Payouts

  • As of Jan 1, 2022, the payout is 20 Guap per day.  This is a temporary increase until the Tulsa update is complete in February 2022.  Rewards had been at 10 Guap per day, but MN owners voted to adjust the rewards to 16 Guap per day in the Tulsa update.

  • After the update, rewards will increase to 25 GUAP with the following payout… 
    16 Guap to Masternodes
    5 Guap to Proof of Stake
    4  Guap to Treasury

  • After the update, Masternode owners will also be able to create and vote on Guap proposals through the Desktop Wallet

  • More details are in the Rosewood/Tulsa link https://guapcoin.org/developer-updates/guapcoins-rosewood-update/

Running a masternode requires that you have a desktop wallet

 

Option 1 - Setup via a VPS Server (more control, more difficult, more expensive - around $5-$10/mo)
You self-host by renting a server and running the setup script; you keep your coins in your wallet

  • Instructions can be found here: https://github.com/guapcrypto/Guap-v2.3.2-MN#guapcoin-masternode-setup
  • Go to Section 4. How to Setup a MasterNode Guide - Full Tutorial
  • You'll use an online Ubuntu Linux 18.04 VPS (Virtual Private Server) that you rent from somewhere and then configure yourself with the Guapcoin MN script.  Some places that community members have used are: DigitalOcean, Vultr, VPSDime, cloud.ionos.com, etc.
  • You'll also need to install either Putty software for Windows, or Terminal.app for macOS
  • Here are instructions for connection to a DigitalOcean Droplet via Putty https://docs.digitalocean.com/products/droplets/how-to/connect-with-ssh/putty/
  • So far our community has had good experience with this route, but there's always the risk that their servers could go down, which is usually very rare for VPS servers.  The configuration, setup, and maintenance are all your responsibility.  If the MN doesn't get installed correctly, or goes offline, you'll have to figure it out and fix it (of course, you can ask the Guap Community for help along the way). Your coins always remain in your control.

Option 2 - Setup via pecuniaplatform.io (less control, less difficult, less expensive - around $1/mo)
They host the MN for you; you keep your coins in your wallet

  • Here's the link: https://pecuniaplatform.io/
  • This option is a simpler route than self-hosting, and here is a set-by-step video done by Guap expert Steve Fung https://www.YouTube.com/watch?v=lUyprxerbCY
  • Basically, you setup your Pecunia account, fund your account with some bitcoin to pay the MN hosting fees, send 10,000 in coins to a Guap address you've created in your desktop wallet, then follow the Pecunia instructions for setting up the MN.  You still retain your coins in your own wallet.  The MN script gets setup through the Pecunia automated system and hosted on their servers.  Their support team will help you with issues. 
  • So far our community has had good experience with them, but there's always the risk that their servers could go down or the MN not be installed correctly, or go offline, and you have to rely on them to maintain and fix any issues. Your coins always remain in your control, just like the self-hosted VPS option.

Option 3 - Setup via ihostmn.com (less control, less difficult, less expensive - around $1/mo)
They host the MN for you; you keep your coins in your wallet

  • Here's the link: https://ihostmn.com/
  • This option is a simpler route than self-hosting.
  • Basically, you setup your ihostmn account, fund your account via PayPal or CoinPayments to pay the MN hosting fees, send 10,000 in coins to a Guap address you've created in your desktop wallet, then follow the ihostmn instructions for setting up the MN.  You still retain your coins in your own wallet.  The MN script is just setup through the ihostMN system and hosted on their servers. 
  • So far our community has had good experience with them, but there's always the risk that their servers could go down or the MN not be installed correctly, or go offline, and you have to rely on them to maintain and fix any issues. Your coins always remain in your control, just like the self-hosted VPS option.

 

Once your Masternode is setup, you need to backup the following information:

  • This is important because if your PC crashes, that's what you'll need to setup a GUAP wallet on a new PC and regain access to each wallet address.  You don't want to lose access to your coins!  No one can help you get them without that private key or the wallet dump file noted below.

  • Make sure you backup the private key for each wallet address you have in your desktop. Do these steps every time you create a new wallet address you're going to use!  Here's how you do that:
    • 1) Unlock your wallet
    • 2) Go to settings > debug> console
    • 3) type dumpprivkey followed by your public wallet address, so it looks like this: dumpprivkey GU12345678
    • 4) In the console window, copy the result line and save it somewhere safe
       
  • Another option is to create a wallet backup file by doing this:
    • 1) Unlock your wallet
    • 2) Go to settings> Wallet
    • 3) Under the Backup Wallet heading, click on the words "Select Folder" and choose a location to save your wallet backup file
    • 4) Choose a name for your file and click save
       
  • I actually do both options just to be extra safe.
  • And make sure to save them somewhere safe you trust: in the cloud, on a USB drive, printed keys, etc, not just on the computer that could die because if you only save them on that computer and it dies, then you're still locked out of your coins forever.
     
  • Again, you need to do this every time you create a new wallet address in your desktop wallet!

Checking Masternode Status

  • You can see your status in your desktop wallet by going to Master Nodes.  It's a good idea to do this regularly to make sure its status stays Enabled.
  • You can also go to https://guapcoinexplorer.com/masternodes and enter your Masternode wallet address into the small Search bar in the Masternodes section to confirm your masternode status on the network.

 

The link should be this https://guapexplorer.com/#/masternode

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