How to Set up a Validator Node on Octopus Network

A step-by-step walkthrough to set up a validator node in Octopus Network

Octopus Network is a multi-chain network born to bootstrap and run Appchains. It allows anyone to deploy a blockchain with its own custom logic and with all of the rigorous security assurances of the Octopus Network via LPoS. [Learn more about LPoS]

The Octopus Network provides a decentralized two-sided platform for Web3.0 investors and Web3.0 Appchain teams. Octopus Validators can stake $OCT tokens to validate a particular Appchain and set up a node to run that Appchain’s protocol. In return, validators are eligible to receive the respective native token of the Appchain they are validating. Octopus Delegators — $OCT holders — can delegate their $OCT to Validators on the Appchain of their choice for a share in the staking rewards of an Appchain’s native token.

This article explains how to set up a Validator node on Octopus Network.

Pre-requisites

• You have a NEAR wallet with at least 1 $NEAR.
• You have a minimum of 5000 OCT tokens in your NEAR wallet.
• You have an AWS Access Key ID and Secret Key.
• You have a Polkadot.js or Avatar Wallet wallet.

Step 1: Go to the Octopus Network Mainnet and sign in using your NEAR wallet [https://mainnet.oct.network/ ]. Then, click on “Living Appchains.”

Step 2: Select an Appchain you want to validate for. I’ll use “Discovol” Appchain as an example here.

Here you can see information about the Appchain including its website and daily rewards.

Step 3: Enter your AWS Access Key ID (We also support Digital Ocean), then click “Deploy.”

You’ll see what type of AWS instance you’ll need to run for this node as well as an estimated monthly cost.

Step 4: Enter the “Secret Key” and click “Confirm.” Keep the “Deploy region” blank and “Random.”

It will take approximately 5 minutes for your validator node to boot. The status of your node should be “Applying” at this stage.

Once your node has booted up, it will start syncing blocks immediately. The status of your node will be “Syncing” and you will see your “Node ID” and “Instance” info. Syncing will take a while. The “Instance” should match the “Resource ID” on your AWS EC2 console.

Pro Tip: To check the syncing status of your node, you could visit https://telemetry.mainnet.octopus.network/ — Find your node under the Appchain you’re validating for.

Once your node has completed syncing, it will start validating for the Appchain. The status of your node will change to “Running”.

Step 5: Next, click “Register Validator.’’

Step 6: Enter the Polkadot.js or Avatar wallet address. This address is used to associate the validator node with you. The validator rewards will be claimable with your NEAR account.

You may find your Polkadot.js wallet address in the Polkadot.js chrome extension.

Step 7: After entering your wallet address, deposit amount (minimum 5000 $OCT), email, and Twitter ID — click “Register” to proceed. If you’d like to accept delegation, toggle the “Accept delegation” switch. You will earn 20% of your delegators’ staking rewards.

After successfully registering your node, you should see your staked OCT displayed. Here, I staked 5000 $OCT.

Step 8: Please wait a few minutes after you’ve successfully registered your node. Then, click “Set Session Key.”

🎉 Congratulations! You’ve successfully set up a validator node on the Octopus Network!

You should be able to see your “Validator ID” displayed in the “Validators” list. You will be receiving rewards in the coming era, usually within 24 hours.

To Claim Your Rewards

Step 1: Click on “Rewards”.

Step 2: Click “Claim All.”

That’s it! You should see your rewards in your NEAR wallet within a few seconds.

Tech Support

Our tech support team is constantly on Discord, so if you have any questions, please join our Discord Channel #validator-assistance: https://discord.com/channels/820671513594167336/870280833662062633