How to Set up a Masternode in Minter
Users can start the masternode in the Minter network in a few minutes. After the creation of a masternode in the project’s blockchain, the user becomes a validator. Since the project is built on the DPoS consensus algorithm, it is the masternode that the delegators will entrust their coins with.
The masternode is a node in the network of Minter. The node operates without stopping, and the network awards the validator a sum for each new block created, which consists of a reward for the block and a commission for transfers.
In total, validators with their masternodes will receive 9.8 billion BIP, that is, 98% of the total emission.
The reward for a successful block starts at 333 BIP and will decrease to 115 BIP in 7 years — the time of distributing block producing incentives. Blocks are created by masternodes every 5 seconds. All earnings from the block minus 20% of the commission to the DAO community and developers are distributed among the masternodes in proportion to their stake every minute after every 12 blocks. Thus, even if the masternode has only 1% of the total stake, the validator receives a reward not once every 100 blocks, but 1% of all commissions charged each block.
The validating masternode can only be the one that will be included in the allocated quota according to the size of own and delegated stake.
The minimum requirements for starting the validator node are:
RAM 4 GB
200 GB SSD
x64 2.0 GHz 4 vCPU
SSDs (preferable for high transaction bandwidth)
The recommended norms for running the masternode from Minter developers:
RAM 4 GB
200 GB SSD
x64 3.4 GHz 8 vCPU
The masternode is declared on the site https://testnet.console.minter.network/masternode. Validators must declare their candidacy, after which users can delegate to their node.
On the start page of the Console in the section “Masternode,” you will be asked to declare your node. To do this, you need to fill in sections “Public Key,” the public key of the node; “Stake,” the amount of delegated coins; and “Commission,” the commission from the delegators, which can be from 0% to 100%. Test coins for the transaction can be obtained in the Telegram wallet @BipWallet_Bot. “Message” is a text that will be visible to all users when making a transaction (optional). The string “Address” means the address of the wallet, where the reward will be sent.
Remember that the Minter network regulates the participation of the masternodes only in terms of the size of the stake (own and delegated). The stake itself will be recalculated once every 10 minutes, that is, the top can change at least 6 times per hour. There is a basic principle of such blockchains, as they are supported by those who are ready to freeze more than others to provide for their work.
At first, there may be two sources for validators. Involvement of delegators from among those who received airdrops at DeCenter, Penthouse, WOK, MonsterChat, and other partner projects. All of them are united by one thing, they are crypto enthusiasts. In addition, professional market players will receive coins in the Early Access Campaign. Thus, the start of the network will be realized with the most engaged audience — enthusiasts and professionals.
The validator does not work by default. In offline mode, they are not included in the list of active validators, so they do not receive any rewards. After declaring the masternode, the user must make a transaction, make a transfer to pay the commission, and start the process. To do this, users need to “set on” the masternode, that is, specify the “Public Key” that was selected during registration and select the commission payment coin.
Below is a method for stopping the activity of a masternode by “setting off” the masternode. To do this, users need to fill in the form — specify the public key and choose a coin for the transaction commission.
The Minter Node API is based on the JSON format. JSON is a simplified data exchange format. It can represent numbers, strings, ordered sequences of values, and a collection of name/value pairs. If the query is successful, the Minter Node API will respond with the result key and the code equal to zero. Otherwise, it will respond with a non-zero code and a key log describing the error. This endpoint shows the current state of the node. To check the node, you can use JSON (example is shown below) to find out whether it works in the normal mode or not, or go to http://localhost:3000/.
The architecture of each masternode must be protected from DDoS attacks. For denial-of-service attacks, an attacker sends a large stream of Internet traffic to an IP address and overloads the network. Then it scans it, tries to find the addresses of various nodes of the validator and disconnect them. To avoid the risk of a DDoS attack, validators must carefully structure their network topology in the so-called Sentry Node architecture. The validator nodes must only connect to fully trusted nodes, which are managed by the validator themselves or other familiar node holders. The node of the validator is usually run in the data center, which provides direct communication with the networks of large cloud computing providers. The validator can use these links to connect to Sentry nodes in the cloud. This will reduce the denial-of-service attack and move the vector from the main node of the validator to its additional nodes. To configure the architecture, nodes should follow certain instructions:
Validator nodes must edit their config.toml
Sentry nodes must edit their config.toml
It is possible to attract delegators to masternodes in any way. In particular, the most active validators began to organize communities around their nodes, create sites where, for example, there is a revenue calculator, detailed delegation instructions, and a personal account showing the schedule of payouts. One of the first validators of the Minter network made a portal with a detailed explanation of the functioning of the system.
After launch, the validator is fully responsible for their masternode and controls its work. All the validator’s activities consist of confirming transactions and generating blocks. More details about the functions of this network member can be found in the guide How to Become a Minter Network Validator.