How to Become a Minter Network Validator
In the Minter blockchain, the validators confirm the transactions, write the information to the blocks, and maintain the network — that is, they act as miners. The main task is to take as many transactions as possible in one stage and process them as quickly as possible. The result is mutual benefit, as the users get the most from the service — lightning-fast transfers, security, and a flexible system. At the same time, the validators collect rewards for blocks and commission fees for the work of the masternode.
The masternode is a server in a decentralized network that processes blockchain data. The number of such servers in the Minter network is limited to 16 at the startup stage and will increase by 4 units per month. As a result, the maximum number of validators will be 256. To maintain a competitive system for transaction validation, the organizer must take into account the server’s capacity, quality, and network bandwidth with the least delay in accessing the server (in milliseconds). Provision of round-the-clock availability of the masternode in a test network is possible thanks to the power of large data centers, for example, Digital Ocean, Google Cloud, or Amazon Web Services. For the main network, however, a data center with direct access to the hardware is recommended.
How to Start Validating
Anyone can try themselves in the role of a validator in the test network. To do this, users need to install the latest software (official client or node). The latest version can be downloaded from the project page on GitHub.
It is enough to download the archive with the executable file of the client and run it using the command line (just drag the file into the CMD window):
In Linux, install the binary version of the executable file and run the command in the terminal:
Next, open http://localhost:3000/ (the link will work only after the node is started) in the browser and get into the GUI of the client, which at this stage will look like this:
The first start of the node activates the synchronization of the blockchain. The speed of synchronization depends on the speed of the Internet connection, the hard drives, and the processor. Once the process is finished, the status of “Is Synced” changes to “YES”:
The Testnet of Minter works with MNT test coins, which can be obtained with the help of the Telegram bot @BipWallet_Bot:
Launch the bot with the “Start” button and sign up (if the account is already registered on the site, you need to enter your login and password). Then press on the “Settings” and “Get 100 MNT” buttons (these coins are needed for testing of network operation).
Then you need to freeze the necessary amount of coins in your wallet to create a masternode. Go to the console of the test network and select the “Masternode” section:
Then we declare the masternode. To do this, enter the public key, which must be copied from the node’s graphical interface at http://localhost:3000/, to the “Public Key” column, then determine the number of coins participating in the stake, the commission charged to the delegators, and the currency for commission payment for declaring:
Next, you can enable and disable the masternode on the page below:
P.S. To declare a node, you must pay a commission of 10 MNT. Whether the node will enter the list of validators or not depends on the size of the stake. At the moment, the top 16 masternodes by stake can be the validators.
How Can I Tell Everyone about My Masternode?
As mentioned earlier, the main task of the validator is to provide users with the most high-quality and profitable service on the platform. The main competitive indicators on the market are transaction processing speed, fault tolerance, and low commission. To build a winning service, it is most important to earn the loyalty of the users, and in the future, customers. But how can you attract an initial target audience?
The British statesman of the 19th century, Thomas Macaulay, believed that the main engine of commerce was advertising. “Nothing except the mint can make money without advertising” is his crowning expression, and it is difficult to disagree with it. Therefore, the first and most important question in the successful development of your masternode is to present the project in the proper light and explain it clearly.
The first thing to think about is how to convert a passive project audience into an active one. That is, to help users take the first steps (learn about the project, register, get training, and so on). The first impression of the product is always the most important. Acquaintance with the site of the project or its plan and presentation can radically change a person’s opinion. After that, it is too late to change something. Therefore, it is necessary to pay attention to small things from the very beginning of project development. For example, correctly design the face of the project — its website. User experience suggests that poorly readable font or an obsessive color palette on the main page of the site will necessarily alienate visitors.
At the initial stage of development of the idea of the project, it is worth consulting with specialists in IT and business. Evgeny Taburyansky, the founder of the StakeholderSpace project, spoke about what a successful project is in an interview with DeCenter, how to achieve customer loyalty and bring the idea to a competitive level.
The first advice Evgeny gives is to achieve full transparency of the validator’s work: “Validators who care about security and, at the same time, are open (i.e., do not hide information about balances and rewards), will inspire the audience’s trust and have the greatest stake,” suggests Evgeny and adds that everyone will have to fight for the audience’s attention.
Evgeny also draws attention to the fact that overestimated rates unconditionally nullify all the efforts of the developers. If you “go too far” with your own interests in the project, you can lose customers once and for all. “After all, there is an objective reality. I have the right to demand some money for my work, but that amount should not be exuberant. I’m not greedy, and 18 percent, 20 percent, or 50 percent are such huge rates that will kill me in a competitive market,” as the developer is certain.
A successful idea and correct implementation are the results of not just financial enthusiasm. The project should become the basis of something global and be interesting not only for the user but primarily for the organizer. Putting your soul into the project and exhibiting extraordinary interest in what everyone will enjoy is a task that people of all generations and professions will cope with. All that is needed is to try to see the future, feel the prospects. This position is held by the pensioner from Yekaterinburg Alexander Pyzhov. His story is worthy of attention. Those who doubt their strengths should read it.