The process of setting up a remote EXCL Masternode may seem daunting but you only need to follow a few steps.
Start with the checklist and work your way through the steps.
Step 0 – Checklist
You will need the following.
- 5,000.1 EXCL coins. You only need 5,000 for your masternode, but do need a bit more to make the transactions.
- Latest version of the EXCL wallet – check the Exclusive website for the official version
- 10 minutes of your time
With that, follow along the steps below and you will be good to go. It is recommended to keep your details in a text file similar to the animations.
Step 1 – Masternode wallet preparation
Your local funds need to be transferred in a special way and set up within the EXCL wallet. Here is how to do it.
First you need to create a dedicated address for your masternode and also create a key that will act as an identifier between your local wallet and the VPS wallet.
Open your wallet and enter the console. From here you will have to issue a few commands to initialize the masternode.
Step 2 – Command line action
You have to enter 2 commands and copy the output from these commands into a text file. The 2 commands are:
getaccountaddress mn1 masternode genkey
Copy those values into the text file for future perusal.
Step 3 – Transfer funds
Now you need to transfer 5,000 EXCL to this address in one single transaction. The EXCL wallet will add the fee automatically.
If you have a masternode already set up, you MUST use COIN CONTROL so coins are not sent from an existing Masternode. In order to activate the COIN CONTROL feature: Go to Settings, select Options, Wallet, and tick Enable Coin Control. If you are using an OS X please check our FAQ to see how this is done on there.
As you are transferring these coins to yourself, within your wallet from one address to another, you will only see the Transaction fee in your transaction list.
Step 4 – Transaction details
Next we need to get the transaction details for the 5,000 EXCL transaction. This information will be used to link Private Key, Address and Transaction together between the local wallet and the VPS wallet. The command required for this is:
Copy those values into the same text document.
Step 5 – Sign up for NODEshare hosting
Now you have completed the first part of setting up the Masternode. You can now purchase a NODEshare subscription and send through the details from the text file you have created along the way together with your payment.
We will then set up your node and send through additional details you will need to complete the setup – the Masternode VPS address. That is the last piece required to setup your masternode. Back on the masternode screen, you can add, start and stop your master node. See the image on how that is done.
Step 6 – Run your masternode
The Masternode will not appear immediately. After about 20 seconds it will appear with a status of “Not in the Masternode list”. That is to be expected. In order to start the masternode, you now simply highlight your masternode in the table and then click on start.
Once your Masternode is running, you can close your wallet and come back at a later point to check on the dividends that have been paid. Happy Dividends!