A master node is a currency hub in some cryptocurrency networks, for example, Vechain. A device can become a master node by following the set procedures in setting up the device in the given cryptocurrency network.
A Vechain masternode is a server connected to the network that runs the VeChainThor full node software and keeps a full copy of the blockchain. Therefore, how do you set up a VeChain Masternode?
Setting Up a Vechain Masternode
Below are the key fourteen steps in setting up a VeChain masternode, the only node authorized to produce and validate blocks. Any individual must know how to set up a masternode because cryptocurrency is becoming a future trend.
The process is not as easy and direct as many people say it is. This article helps to highlight the fundamental processes that you can follow. Hence, in this article setting up a VeChain Masternode will be your guide.
Requirements
The following are the requirements before you set up a VeChain Masternode.
- An amount of money you’re willing to invest in setting up the VeChain Masternode.
- A valid debit or credit card.
- Free time.
Note: The focus of this article is on deploying a GIN MN. However, use it on other networks, too; it will help you easily set up other nodes.
How to Set Up VeChain Masternode
Here is how you can step up your Vechain Masternode:
1. Deposit Fiat in your bank account, either EUR or USD.
2. Buy Bitcoin on any exchange platform, such as Kraken, using your Fiat. Use a credit card.
3. Get GIN using the BTC via the platform crypto-bridge.org. This is to help you pay for the hosting and management of the masternode.
4. Download your GIN wallet from the official Gincoin site. Set it up.
5. Send GIN from your account on crypto-bridge.org to your private GIN wallet.
6. Then use either via email or an anonymous seed to create an account on the GINcoin platform “p.gincoin.io.” You will get the unknown seed phrase from your wallet.
8. Transfer GIN for hosting and transactional fees from your wallet to your GINcoin platform account, a total cost of 15 GIN.
9. Click the currency that you want to use for launching your masternode.
10. Click on “Launch Masternode.”
11. To launch the masternode, create a new “pocket” in your wallet and transfer collateral to it. This costs about 1000 GIN.
12. After that, start up the masternode using the setup interface.
13. Congratulations! You did it! You managed to set up a VeChain Masternode!
14. You’re now all set for collecting rewards.
VeChain for the Future
It is vital to learn additional information about new cryptocurrencies before investing in them. We at “Watcher Guru” has helped break down every little detail about VeChain as a cryptocurrency in a simple manner.
The site covers VeChain and other crypto coins, stating the ones with use cases or not. It even carries out whale tracking. Therefore, it is essential to know how to set up a VeChain masternode as it also helps set up other nodes.