If you have not read up our part 2, click here to read it first as this is the continuation of part 2.
Usually you have to download this thing called a PuTTY which is easier for Aaron to control the VPS itself
[Leon] So what's PuTTY?
[Treff] PuTTY ah? PuTTY is just like a remote to enter anything much more easily
[Leon] So I would say, it's something like a GUI. It's like an interface
[Treff] Yup, especially if let's say you have to key in the password itself, yup you can go through here. Because you can just copy and right click on the Putty itself
[Treff] So download it here, but just now we have already downloaded it
[Leon] So where do we go after we click it?
[Treff] Yup, depending on which windows you're using or which other you're using. But for us we're using Windows. So we have already downloaded it just now. Okay so the host name. The host name will be the IP address itself. That is from my address. Usually you can copy & paste.
Okay so usually at the start you can "Login as: root" Then after that usually you have your whole password. But just now I have already installed. Okay, so let's say you have your whole password right you can just highlight your password then you can just go inside PuTTY right-click and press enter.
But in this case we have already set so in this case I will just key in our password. This is the password that I have created just now. What I like about this Crowdfunding coin right, is that there is only one transcript to run. Usually for other coin itself, there is a lot, much more commands to run. So, over here there is only this command. So copy, then after that same thing, right-click over here. Once you right click you will paste. Run the program and press Enter.
We have gotten the final solution which is something like this. So your VPS port is here, your private key is also here. So just now before we start the session we haven't really configured the masternode so over here is blank. So we are gonna show you how to configure the masternode.
[Leon] So minted means we've got some staking coins?
[Leon] Alright man! So as we speak, we got one coin. We got like how many dollars? One Dollar? We just made one dollar through staking.
So usually, there is a few Masternodes. For in this case we must always type"Masternodes genkey"
[Leon] So what are you doing now Treff?
[Treff] So I'm trying to look for the private key and also the transaction key itself
[Leon] Oh, so you're gonna expose your private key? (really Treff... -_-)
[Treff] The main thing that we must be careful of is the "wallet.dat" file
Okay, so this is the transfer hash. We have to configure the masternode itself. So we'll be having to open this file. We will have to enter in this format
So it has masternode 1, which is the alias, IP Address, and Masternode Private key which later on we'll copy from here. Lastly it is the transfer hash
Once you’ve entered everything, always be sure to double check whether you’ve input the correct information. So once that's done right, save the file and you have to go to Masternode then update status. Usually a restart of the client is required. Once you’re able to see your masternodes, it means it’s live!
[Leon] So what are we waiting for now, Treff? What is the process?
[Treff] Just waiting for it to sync then after that we can start the alias. Some Masternode requires you to change a few settings.
Go to "tools", "debug console" and type the command inside, lets say "start masternode alias" MN1. But some masternode will be much more easier to start the alias.
[Leon] What is an "alias"?
[Treff] It’s a custom name given to that particular set of masternodes. It can be anything. Once you’re done syncing, you can actually start the alias.
One thing about most masternodes is that usually they don't have the whole instructions online so sometime you have to figure your way out.
[Leon] So how often do they not write the whole guide online? Is it very often?
To be continued..
If you have not read up our part 2, click here to read it first as this is the continuation of part 2.
[Treff] The main thing about masternodes which I will show you later, which is you would have to transfer exactly in this case, for Crowd Fund coin, will be 1,000 coins to the MN1 from either wallet.
The reason why I put MN1 is just to make sure that we know that this is the first masternode we are building. This is actually just for me to know which masternode it is.
For all future masternodes, it’s the same steps and you could even name it MN2, MN3 so on and so forth. hen after that maybe in the future you earn even more money. Same flow which is to transfer another 1,000. 1,000 CF funds to the second masternode.
[Leon] So does that mean,
[Leon] for the sake of our community right,
[Leon] So if they want to have more than one masternode okay, or rather the way to visualize it as a dream is to have like MN1, MN 2, MN 3, MN 4, all the way to MN 50,000 am I right?
[Treff] Yupp. I mean, yeah, if let's say the coin is really bullish, then yeah.
[Leon] Very bullish and then we got to build okay. Very good. So we will try to aim for MN
[Leon] 5 right? We got 5 masternodes of this
[Leon] Okay that's good. So what's next Treff? What's next?
[Treff] Okay, can.
[Treff] So, after you created the wallet, you have to send 1,000 coins to MN1, copy the address, paste over here. Okay so once you have a pasted that means this masternode should be going to your wallet address. So transfer exactly $1,000. Correction, 1,000 CF funds. So click on send. But I'm not going to do that because we have already done the transaction, which is over here. Payment to yourself. Once you check that the transaction has gone over. Don't worry if you see that the transfer is negative 0.00X because this is the transfer fee.
As you can see over here, payment to yourself, address n/a. Yupp, this is the transaction that's going through. For those who haven't created the VPS, you can go from not only Digital Ocean but any platform whereby there's VPS.
[Leon] Okay Treff can you explain what's this VPS for? What does VPS stand for?
[Treff] VPS stands for Virtual Private Server, which in this case, it means like we are renting a server from someone else. This is to make sure that you don't have the liability of running a server. You don't have to care about the electricity bills. You don't have to make sure that the server is always up and running. There's someone there to make sure that the server is up and running for you. It's actually, I would say pretty much quite affordable. Let's say for this droplet right, you can choose.
So create a droplet.By default we'll be choosing this, Ubuntu. Okay, so for masternode, typically masternode, there's some masternode that need higher memory but by default, right most masternodes will be just going for the most basic one which is just 5 dollars a month.
Okay, so can you imagine for like for 5 dollars a month, right? Like just based on electricity, you should be able to cover for 5 dollars a month. So to me, I feel it's pretty worth it by DigitalOcean. But at the same time, today I'm not sponsored by DigitalOcean. Then after that you can choose your data centre regior for my case, Singapore.
Then after, you can name your droplet. Let's say, usually I put MRCCCFC. For the coin name itself. But for this case, I have already created this so I will just click on create and it will take a while to create the droplet itself. Then after that right you will be able to receive your email that is stating the name the IP and also the password itself.
If you have not read up our part 1, click here to read it first as this is the continuation of part 1.
Okay, so we examined what CrowdFund Coin is doing and we realize it's very similar to Kick ICO, one of the crowdfunding platforms as well.
But the way they distribute their rewards is through masternodes it's very interesting concept which we get a bit of the best of both worlds. We can get bit of the concept of crowdfunding which the company is pretty new. Crowdfunding we know is a billion-dollar industry which results in more people investing. On the other hand, we also know masternodes they can be benefited from.
So we are not holding and we are not HODLing coins that we can't get liquidity over it. So like what I always say, I never ever promote coins.
In fact, I'm not even promoting, I'm just sharing. I'm not telling you to get this coin. I'm just sharing my thoughts on what coins we choose to get, okay so think about it now you get the Crowdfunding billion-dollar industry concept and then you also have the masternodes that gives people, give the community incentive to hold the coins.
So people don't dump, the problem with KICK ICO.
Previously I got in, I spent a lot of money and then so many people started to dump after that. I just lost so much money.
To be honest, right? So from there on I don't really like crowdfunding but crowdfunding and masternodes, Wow.
To me if they can pull this off. It's really a good coin. So me being me, us being us, right?
So what I did was I reached out to the this company.
I say let's work together because I really like the concept. I hope we can pull this off successfully. So they're very nice people over from Ireland So they literally volunteered.
You see that look guys, you know, you guys are doing this life thing
So anyway, you got to build some masternodes. So what I'm gonna do, is I'm gonna sponsor you guys, a masternode. I'm gonna sponsor you something so you can build for the community.
Like literally we build to demonstrate So, I mean it's good for this friendly company as well.
It's good for the founders. It's good for everybody but going forward I can promise you guys that if this takes off we are gonna spend our own money inside as well. we're gonna spend money cause I really like the concept of crowd funding and masternode together.
The billion dollar industry, crowd funding if done right with masternodes gives a very good incentive for people to hold the coin and not just dump it after it lists on CryptoBridge or something.
You see CryptoBridge like what I taught you guys, go and create an account there if you wanna start using CryptoBridge.
So if you guys got CryptoBridge, this company is gonna list on CryptoBridge really soon
They've got a clearance and everything. If not I wouldn't be even doing this with them, right? if not there will be no point. You guys cannot start also, right?
If you really wanna follow us and build this. So before I carry on, I wanna have a disclaimer. I'm not promoting this, they sponsor us yes, but I don't get any incentives from you guys.
I just want to share because we needed a coin for this week as we wanted to build something.
And since we are scouring different ICO concepts we wanted to find something interesting that’s a billion dollar industry. We don't want something that's too small as the market size is too small even if you succeed.
It's like only hard million dollar kind of thing Yeah, so the coin won't do as well.
What we will do instead is, we’re gonna build this coin. That's why I got Treff here with me. Flew away from China just to build for you guys.
[Treff] So for a start you need to you need to have a minimum amount coins depending on how much the Masternode would need. Some masternode require like maybe let's say 1000, 10 000 or even thirty thousand coins
So where do we buy the coins from, right? You can actually buy the coins from exchanges just like this like CryptoBridge or like Gravitex or even BitTrex also. So all you have to do is just go into let's say, right now this coin hasn't been listed on CryptoBridge yet but it will be listed soon.
Okay, so if let's say, once it's listed right, yes you should be able to type Cfund, and it's supposed to come up. So, click on it and you can make your purchase here.
Just like any other platform. Yeah, but you do have to sign up first before you can transfer any BTC to this account. Then from this account you can purchase the CrowdFunding coin.
Okay, so next right? Next all you have to do, usually for masternode wise, in the main website like this. There should be wallet download. So all you have to do is depending on which kind of computer are you using.
So for us we are using Windows so click on this. Yeah, but in our case we have already downloaded, so we are not gonna download today.
[Leon] Which on the documents?
[Leon] Which on the documents?
[Treff] yeah the one you downloaded
So it's already here. So usually it's the name of the coin. Which in this case is "crowdfunding coin - qt". It’s the application so usually the application will be pointing to here is this is actually the wallet itself.
So once you launch it, it should open up like this and close and open again Usually you have to take a while to load and to sync but for us we had already synced it earlier. Yeah, so usually it syncs like using a few minutes of the time.
One thing about building masternodes is that there would be a lot of waiting time due to the syncing process which results in you having to wait for confirmations. And not forgetting, you have to wait for the the VPS to load.
[Leon] So Treff can you explain how long does it take usually for the masternodes to load like the synchronization?
[Treff] okay, this one this would depends on how far away are you from the block, the current block. So if let's say let's say you haven't been using the block for let's say since the start time and let's say the the node is ready. It'll take very very long to load
Sometimes in order to do that you have to go to bootstrap itself or you just have to like this turn your computer on for a few hours for it to load
[Leon] Is it safe to say that?
Well, if our community you know, they buy coins they actively open this wallet every every six hours the loading time will be extremely fast. Is it right to say that?
[Leon] then just now you're mentioning about there's something about the transaction confirmation. Could you explain more on what transaction confirmation is?
[Treff] Transaction confirmation. Actually it's not just for coins whereby it's staking, for all the coins. Even Bitcoin, Ethereum, all this has confirmation. It means like when you're mining that there is different machine to verify that this transaction is a proper transaction.
One confirmation will be roughly one minute but not to be exact but it’s roughly 1 minute.
[Leon] So Treff Can you explain what is one confirmation? Now what happens in the background for one confirmation
[Treff] That means one of the node has been verified. So usually for minimum transaction to go through in masternode cases or in crowdfunding coin cases right for this case to be six confirmation. Six confirmations for a transaction to go through,
For you to build a masternode, you need to have 15 to 20 confirmations. So that will roughly be 15 to 20 minutes.
[Leon] So one confirmation on average in that case that you're mentioning can I say it's for one minute?
[Treff] Yes, roughly 1 minute.
[Leon] So where we are now in a confirmation cycle?
[Treff] This is the one whereby I load in earlier so that we don't have to wait for the confirmation
Cause if it's too long, If let's say you have to do a transaction now and we have to wait for the 57 confirmation, the audience would go
[Leon] So were all doing it for you guys it's gonna be action-packed as possible. The talking now, everybody would wait for 15 because usually 5-7 so were over 15 already. Means it's verified that you can move on to the next step , correct Treff? What's gonna happen next now? So this is just explaining to you about the confirmation part but let's go into how we go step by step.
First I'll through the wallet part itself before I go through I go through the VPS setup. So for their wallet itself, right usually start of the wallet. Usually you just have no label address.
No Label Address?
[Leon] Can you explain what's the no label address?
[Treff] It's just a default address, but in order to create the masternode right, you just have to create another wallet address is created like this then label MN1 then after that you press okay but the thing is fast and already created over here, okay?
[Leon] So what's the purpose of creating MN1 vs using a no label?
To be continued..