This guide will demonstrate how to set up a single masternode for the very first time. You will need the following before starting:
This guide will cater to the following system configurations:
CentOS or RedHat Enterprise Linux (latest release) or Ubuntu (15.04+) supported
Mac OS X, Windows (64-bit), or most Linux distributions
64-bit x86_64, 2+ cores
Minimum 200GB SSD recommended (500+ IOPS, more is better) for the database partition
About XinFin Masternode
XinFin's token XDC supplants proof-of-work consensus algorithm (popularly linked with mining) with proof-of-stake consensus algorithm, fundamentally using the concept of "validators".
Validators are special nodes used in the DPoS consensus algorithm which validate each transaction occurring on the blockchain network. The result of this validation is to finally append the transaction on the blockchain. A transaction may be accepted by the validator or rejected. (Important: There can be multiple validator nodes in each network.)
Decisions made by these validator nodes are broadcasted through the network as messages which are signed (attested) using validated cryptographic public key. Every validator node running XDC protocol in the RCL network is responsible for deciding its Unique Node List (UNL). This list holds information about which regular nodes does the validator care about.
To set up a masternode, make sure your XDC protocol running node is publicly identified and has gone through the compliance process. Every Node Holder need to upload KYC document and this detail will be visible to the public network.
Why set up a masternode at all?
It is necessary to set up a masternode to operate on XDC protocol because masternodes make the decentralised blockchain network self-sustainable. Deploying masternode is conducive to trusted, scalable decentralised network infrastructure. Such an environment facilitates greater stability and reliability on the network.
Functions of masternode
In DPoS blockchain environment, masternode concept is cardinal to the functioning. A masternode validates each (or segment of transaction depending upon UNL) transaction and is also responsible for writing the transaction onto the truth ledger: the blockchain. As a consequence, this makes decentralised governance of the network possible.
Restrictions on nodes which aspire to become masternodes
Nodes which possess any of the below mentioned characteristics may not qualify to become masternodes:
Incentives to set up your own masternode
Several reasons why setting up a masternode is useful are:
Important: Max number of Master node allowed in the network is 5000.
Special incentives for 21st validator node: information required Depends on Nos of Block created by validator node (incentive In terms of XDC)
Reward Cycle: Every 15 days.
1. a. What is Masternode Node?
Masternode is simply a cryptocurrency full node or computer wallet that keeps the full copy of the blockchain record in real-time.
1 b. What is Validator node?
In XinFin, "Validator Node" are full nodes that incentivize node operators to perform the core consensus functions of running a DPoS based blockchain. Only Validator Node gets incentive to validate the transaction.
How to become a Validator Node?
Under XinFin DPoS, Highest XDC Stakeholder 21 Node Act as Validator node rest node act as Backup node and Private node.
If there is no transaction fees on network then how validator gets incentive?
Network generate additional coin to provide incentive to validator node. Nos depends on network load and numbers of transaction process within the network.
How to get XDC ?
XDC is listed with more then 20 Liquidity Exchanges. The full list of exchanges is available at xinfin.io so that you can purchase XDC from open market to stake under masternode.
Hands on guide: How to Setup Masternode
There are two methods to choose from to set up the masternode:
METHOD 1: DIY Masternode environment set up
git clone https://github.com/XinFinOrg/XinFin-Node.git
Step 1: Install docker & docker-compose
Step 2: Update .env file with details
cp env.example .env
Step 3: Start your Node
sudo docker-compose -f docker-services.yml up -d
Your coinbase address can be found in xdcchain/coinbase.txt file.
To stop the node or if you encounter any issues use:
sudo docker-compose -f docker-services.yml down
To upgrade please use the following commands
sudo docker-compose -f docker-services.yml down sudo ./upgrade.sh sudo docker-compose -f docker-services.yml up -d
You need to download install below mention 3 Software:
git clone https://github.com/XinFinOrg/XinFin-Node.git cd XinFin-Node vagrant up vagrant ssh
If you are having problems with Setup, the first step is to collect more information to accurately characterize the problem. From there, it can be easier to figure out a root cause and a fix.
METHOD 2: Delegate masternode set up to third party service provider
Set up your Masternode using one of these 3rd party Masternode service providers.
DISCLAIMER: This list is provided for informational purposes only. Services listed here have not been evaluated or endorsed by XinFin and no guarantees are made as to the accuracy of this information. Please exercise discretion when using third-party services.
List of service provider to Setup masternode
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If yes, then Contact us to List your service.
Where to operate? Mainnet vs Testnet:
In XinFin, there are two networks where you can run XDC protocol: the mainnet and the testnet.
The mainnet is used to transact real XDC. The XDC's value is tied to real fiat currency via cryptocurrency exchanges.
As developers, you do not want to run application tests with real money. That is what the testnet is for. We call the testnet XinFinTestNet.