Masternode setup — easy as A,B,C | photo by on

How to set up a masternode in 10 steps — it’s as easy as ABC

GIN Platform
May 30, 2018 · 12 min read

June Update: Skip to the end of the article for a how-to video from BlockWolf.

By 2100, when we’re sure cryptocurrency will become known to everybody and their dog, we will look back and the only thing we will remember about the process of setting up masternodes will be “and it was called easy”. But for this to be true in the future, we want to make sure that even the least technical person has a chance at creating and maintaining a masternode right now, in the present. All you need is a valid credit/ debit card and some free time on your hands. And, of course, the capital you are willing to invest in a masternode. We’ll be focusing on deploying a GIN MN, but you can follow this guide (maybe tweaked a bit) to run pretty much any other coin we support.

This is going to be a long article, so feel free to jump to the section that interests you the most. Here they are, at a glance:

  1. Fiat money (USD or EUR) in a bank account
  2. Buy BTC with USD or EUR on the exchange platform (kraken.com or cex.io)
  3. Acquire GIN with BTC on crypto-bridge.org, in order to pay for the hosting and management of the masternode
  4. Download and set up your GIN wallet from
  5. Send GIN from your crypto-bridge.org account to your private GIN wallet
  6. Create an account on the platform — either via email or an anonymous seed which you will get from your wallet
  7. Transfer GIN for hosting and transactional fees from your wallet to your (~15 GIN)
  8. Choose GIN as the currency in which you want your masternode launched and click on “Launch masternode”
  9. Transfer the collateral to a newly created ‘pocket’ in your wallet in order to launch the masternode (precisely 1,000 GIN)
  10. Use the setup interface to start up the masternode
  11. The masternode is launched! All set and good to go for collecting rewards!

Ready?

GO GO GO | photo by on

From fiat money to exchange platforms

In order to be able to obtain crypto, you first need some hard-earned fiat money (or maybe not so hard-earned, just let them be fiat). Assuming you have some fiat money in your bank account, you will then need to go to an online exchange platform that permits you to pair fiat currencies with crypto ones. For this step, we have two suggestions: and . Different exchange platforms have different methods of setting up an account and exchanging currencies. These should be pretty self-explanatory once you create an account and follow all the suggested steps. But, just to make things a bit easier for you, we will give you some tips on how to exchange currency on kraken.com.


The exchange platform

Assuming you have already created your exchange account on kraken.com, you need to go to FUNDING → DEPOSIT, and then choose which currency you want to deposit into your kraken.com account. Let’s say you choose Euro, then select DEPOSIT EURO and one of the two transfer methods (whatever suits you). Once you have selected your desired currency and the method of transfer, you will see at the bottom of the page a set of information that you can use in order to make a payment through your bank account. What this means is that once you obtain this set of info, you can go to your online banking platform and fill in the payment details accordingly in order to transfer to your kraken.com account the amount of money you wish to use for an exchange.

Before transferring money, you will have to get your Kraken account verified. In order for this to happen, you need to go to GET VERIFIED and fill in the all the fields required to reach Tier 2. At first, with a newly hatched kraken.com account, you will be Tier 0. For Tier 1 and 2, you will have to provide the platform with some personal information that will certify your honesty as a user. You need to reach Tier 2 to be able to transfer a sufficient amount of money to be able to buy enough crypto to set up your Masternode.

Important note! Currently, on kraken.com, you have a daily limit of $2000 for exchanges. So, depending on the value that you need to transfer, you might have to wait a couple of days before you will have the full amount of money needed to buy your desired crypto quantity.

Assuming that you have managed to transfer fiat to your kraken.com account, now you can go to TRADE and choose between buying either Bitcoin (BTC) or any other cryptocurrency that can be used to buy the cryptocurrency that you are interested in owning — in our case, GIN (You’ll see why in a minute). We won’t go through each of the boxes you need to tick in order to buy BTC on kraken.com, since these are quite easy to follow all by yourself.

Now that you are a proud owner of BTC, we recommend you keep your crypto in a private wallet as opposed to storing it on the exchange platform. This way you don’t run the risk of the platform being hacked and you losing all your money or the risk of having the platform owner make a run for it with all your crypto savings (Remember Mt. Gox?).


Bridging the cryptogap

BTC in private wallet, next step is the creation of an account on , the only platform on which you can trade GIN at the moment. Having GIN is important because you will be needing this cryptocurrency in order to be able to launch your masternode in a super easy way on the (More about this in section 5). You can launch a masternode in a number of other cryptocurrencies on this platform, but the hosting and transactional fees will have to be paid in GIN. If you wish to launch a masternode in something other than GIN, then you can use whichever trading platform hosts that coin. For our purposes, will be the platform since, as mentioned before, for the hosting of your masternode on the GIN platform, you will have to pay a very small GIN fee, regardless of the blockchain in which you want to launch your masternode.

Once you have your account set up on crypto-bridge.org, you return to your kraken.com account, go to FUNDING → WITHDRAW, you select the currency (BTC in our case) and you write down an address to which you want to send the BTC. This address is your crypto-bridge.org address which you will receive once you have an account created there. After you go through all the fields necessary for the transfer (again, these are pretty self-explanatory), you will have BTC in your crypto-bridge.org account, which you can then use to buy GIN in a similar fashion to the one employed when buying BTC with fiat money. In order to be able to launch a masternode on the GINcoin platform, you will need around 1000 GIN. Since you will have to pay in GIN for the hosting and transactional fees, you will also need a small amount of GIN monthly — we recommend 15 GIN monthly for hosting. In total, at least 1015 GIN.

Once you have GIN, we again strongly advise you to move the money to your private GIN wallet. We’ll tell you how to obtain a GIN wallet in a giffy, let’s just look over what we know already.

In order to obtain GIN and create a masternode, you will first need

  1. Fiat money (USD or EUR) in a bank account
  2. Buy BTC with USD or EUR on the exchange platform (kraken.com or cex.io)
  3. Acquire GIN with BTC on crypto-bridge.org, in order to pay for the hosting and management of the masternode

You’ll also need…


The wallet

Obtaining your GIN wallet is as easy as pie. You just need to go to , click on WALLET, select your OS and then the download will automatically start. Once you have the .exe file, you just click on it and follow the easy installation steps. Now your wallet is good to go.


The GINcoin platform account

In order to create a masternode, you need to go on the GIN platform — and click on MY MASTERNODES. After you’ve done this, you will be asked to either Authenticate or Register. We’re interested in the Register part. The first option is that of registering via email in order to obtain the SEED necessary for the creation of the masternode. This is pretty straightforward, so we’d rather walk you through the entirely incognito manner of obtaining a SEED. For that you will have to click on ‘switch to anonymous seed’ and you will be prompted to enter a GIN address.

This GIN address will be obtained from your wallet. For that you have to open your wallet, click RECEIVE and then REQUEST PAYMENT.

This will generate a GIN address which you will copy and then paste into the “Address” on the GINcoin platform.

After entering the GIN address, you will obtain your SEED.

As prompted by a dialogue box on the platform, you will have to either remember your SEED or store it somewhere safely as this is your password for logging in on the GINcoin platform and accessing your masternode.

Once you’ve completed this step, you will have an account on the GINcoin platform.


The masternode

With your account in place, you can now create your masternode. The most important part of a masternode hosted on our platform is the collateral money — the 1000 GIN you will have locked in your wallet in order to be able to launch the masternode. Before you get to locking this sum, you will first have to take care of the hosting fees. Once logged into your GINcoin platform account, you will see in the upper-right corner a dollar sign and your GIN coin balance.

Click on that, then on DEPOSIT.

This will generate an address to which you can send money from your wallet for hosting purposes. The dialogue box that opens when clicking on DEPOSIT will prompt you to wait with that window open in your browser until you will receive a transaction confirmation.

Now, for this transaction to happen, you have to go to your wallet, click on SEND, select InstantSend at the bottom of the tab, and fill in the amount of GIN you want to transfer for hosting — we recommend a minimum of 15 GIN for one month of hosting (your actual spending might vary). Click the SEND button on lower-left corner of the tab and your hosting money has been sent to your GINcoin platform account.

Once you’ve received the confirmation for this transaction in the browser you’re good to go with launching your masternode.

Go to STATISTICS (it will soon display a lot of other nice bits of info, but for now it’s an ever-growing list of coins we support).

Click on the LAUNCH MASTERNODE button under the GINcoin logo and then follow the few easy steps you are prompted to in order to launch the node.

Once the node has been launched, you will receive a command with a newly generated address which you will need to use in your Wallet in order to have the masternode up and running.

So, let’s go back to your wallet. There you will click on TOOLS → DEBUG CONSOLE, and, in the command line you will PASTE the command you got on the GINcoin platform and click enter.

After pasting the instruction you got from the GINcoin platform, your wallet will generate within the Debug console a new address. This address is also located inside your wallet, but you can think of it as a new pocket that you’ve added inside your wallet to keep your money separated so that you don’t accidentally use up your savings money.

Similarly to the way you’ve sent money before from your wallet, you will now send money to this newly received address. Click on SEND, enter the Payment address you’ve just received, enter the amount you want to send

VERY IMPORTANT!

YOU MUST SEND EXACTLY 1000 GIN for the masternode to be launched, NO MORE, NO LESS

Make sure you DESELECT the “InstantSend” function and the “Subtract fee from amount” one. And click again on the “SEND” button in the lower-left corner of the tab.

You will be able to view this payment as “Payment to yourself” in the TRANSACTIONS tab in your wallet.

Now, to finish the masternode setup, go back to your WALLET → TRANSACTIONS, double click on the “Payment to yourself” transaction and check if you have received at least 1 confirmation (STATUS: 1/unconfirmed). If you have, then copy the TRANSACTION ID you will see in the confirmation dialogue box.

Go back to the GINcoin platform browser, click on “I have at least 1 confirmation, let’s proceed” and paste the TRANSACTION ID in the field that prompts you to do so.

Click “Submit” and then wait for your masternode to be ready.

You should next see a message letting you know that you’re almost done and prompting you to go to your WALLET→ TOOLS → OPEN MASTERNODE CONFIGURATION FILE and write down a command line. After writing it and pressing ENTER you will have to SAVE and CLOSE this file. Close the WALLET and open it again and then press CONTINUE in the GINcoin platform window. As you can see below in our screenshot all these steps are already spelled out for you in the dialogue box.

Once your have opened your wallet, you will have to wait for it to fully sync (you will see this in a progress bar at the bottom of the window).

Go to DEBUG CONSOLE and write the command you have received in the dialogue box of the GINcoin platform. Press ENTER and then you will receive a SUCCESS message. If that is the case, you just have to wait with your browser open until your newly created masternode is detected on the network and you will see on your screen your Masternode details.

And… done.


You’re a MasterNode owner! Claim your rewards

Now all you have to do is sit back, relax and check your masternode from time to time to see how much money you’ve accumulated in rewards and to verify that you have enough GIN to pay for the hosting fees so that your masternode does not become inactive.

That’s it from us! If you still feel like you have trouble in setting up a masternode, our discord community has guidelines, further tutorials and just simple old school tech support if you need some extra help in starting your crypto journey. Bon voyage!

If you’re looking to become a masternode owner but don’t know if it’s the right thing for you, check out our article on .

Sorry for the long post, here’s a dog tax | Photo by on

If you need a step by step video tutorial on how to set up your MasterNode, here you go:

Thank you, BlockWolf for the awesome review.

GIN Platform

Written by

GIN provides cryptocurrency investors with an easy way of creating and deploying their own masternode(s) - regardless of their technical abilities | gincoin.io

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