Deploying my first full masternode
This past week I was lucky enough to deploy a full masternode for the first time. For those of you not familiar with cryptocurrency and masternodes, please have a look at my first post here.
Passive Income
Masternodes are a great way to earn a passive income but due to a fair amount of start-up money needed, I have opted in the past for a percentage ownership in a shared masternode. This time however I was lucky enough to be gifted the required coins to setup the masternode myself (thank you to my generous friend Jan). Now the specific coin that he gave me is a relatively new, unknown and inexpensive coin known as Mambocoin.
Disclaimer D.Y.O.R
This coin had started out with very high ROI and was eventually dumped by the developer. However, recently a bunch of individuals are trying to resurrect the project and pickup where the original developer left off. The new developers seem to be doing a good job and are very active on Discord. This post is not a shill of this coin at all and I am not suggesting you go out and buy it. I did this for the experience of setting up the node.
Setup
Which brings me to the technical stuff and how inept I really am on the Linux operating system. Thanks again to my buddy Jan, you are able to download his setup scripts which will just run and setup the node for you. He has also included all the steps required to setup the cold wallet. A cold wallet is where the wallet containing the collateral coins to run the masternode are kept on a separate server to the actual masternode itself. This is done primarily for security purposes and you can find Jan’s scripts available on Github here.
Virtual Private Server
As you would know if you had read my previous post on masternodes, you would know that the masternode needs to be online 24/7 which is a challenge unless you have your own server. Fortunately for us the people at Vultr provide very inexpensive Virtual Private Servers that you can use to run your node. My server costs me a whopping $2.50 a month. Click on their banner below to see what they can offer.
Execution
Armed with Jan’s script and my meagre knowledge of masternodes and wallets, I set aside a few hours to try to get everything setup. Needless to say, the scripts were perfect, but things took me longer than expected. However, my masternode has been up and running for a few days now and my rewards are stacking up nicely. I know they are not worth a lot now but if the developers get it right, this little node could be a goldmine.
Screenshot of my local wallet with the rewards
If you would like to join the Mambo discord community you can connect with them here.
Happy building guys!
Nice! I enjoyed reading about your project. Hopefully Mambo will go to the moon one day. :)
I missed the time when setting-up a full Dash masternode didn’t require a large sum of money, but I’m staking a few coins in Dash masternode shares and getting about 6% annual income in Dash from it. As far as passive income goes, I am very pleased with it and will try to increase my investment with time.
Good luck with your projects, @gholsa! I will be following your journey via your blog.
Yes, running a full Dash masternode is generating great profits as well as the capital growth of the coins required to run it. I am all for finding passive income streams...like a friend of mine once told me...streams make rivers :)
"Streams make rivers" Like that ! Small step to success. I am follow your journey
Good luck!
Great job @gholsa! :)
Great link to site here on [masternodes[(https://masternodes.online/new-masternode-coins/) guys
hi
great post @gholsa
I'm only a bit familiar with masternodes and I wanted to ask you a question: what is advantage of masternodes over traditional ICO? from my understanding it's just cheaper to create new crypto based on masternodes but at the same time it's harder to raise funds since not many people know what masternodes are about.
Hope you can share your knowledge with me.
post a bit to old to upvote :( but I will follow you closely
Yours
Piotr
Hi, thanks for following.
I think I would differentiate by saying that an ICO is the methodology to launch a new cryptocurrency / token whereas a Masternode is a specific type of coin functionality. Most coins go through an ICO process at launch, even masternode coins. I think in terms of people knowing about masternodes, I agree that there is not enough knowledge about them out there but with societies focus on generating a passive income, I think there is a good marketing opportunity there. You do need to be careful of the hype though, there are a lot of scam coins with a pump and dump mentality taking advantage of the hype.
Always do your own research before putting your hard earned cash into anything :)
I love to see how responsive you are @gholsa
big thx! :)
From what I've heard launching standard ICO can be very expensive and masternode projects can be over 10 times cheaper.
The problem I see is that not many people are aware of masternodes and therfore demand will be limited.
Do you have any rough idea how much can it cost to launch pre-sale on standard ICO vs masternode?
Cheers,
Piotr
Unfortunately I have not done much research as to what launching a new coin would cost. I think the success of the coin would probably depend on the amount of money and effort put into the development, marketing and launch of the coin.
Cheers
thx for reply. and have a great weekend @gholsa
:)