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How to run a waves full node on Contabo and start mining waves FOR DUMMIES

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Introduction

This is the transcription, you can se Gabrielle (Nowayshecodes) installing the full node and be over her shoulder on her (3 phone cameras) front, side, over the shoulder

Thank you Gabrielle for this collab with ICOprice

This is a step-by-step for real! And all in one place

We won’t omit any step, we won’t assume that you already know how do this and that.

We hope this approach can contribute to an higher rate of success of new people launching their full node and making the network more and more global and decentralized

SHORT VERSION: gimme just the command THE COPY AND PASTE VERSION!

We have been there: you want to have your Waves full node up and running in short time as possible.

This is why we are providing this no-neurons-needed copy and paste version.

But we strongly recommend to understand every step you have done after the setup

for those who can create a VPS on contabo (advanced user)

You need a minuimum of 1000 waves leased but 10000 are recommended if you can

How do you mine waves

Waves supply is fixed to 100 Million

So, how is possible to mine “new waves”?

Those new waves come fairly from adoption, aka actual use of the network

with Pos, you contribute securing the network by making it more decentralized

Why running a Waves node

When you run a waves node, even if you don’t have much to lease, you contribute to the Waves network

Waves gives the world the chance to use a decentralized ledger of transactions. It’s the safest ledger for smart contracts, it has the most compact smart contracts, the faster and cheaper transactions for a permissionless, smart contracts enabled blockchain

Token creation is the easiest on the market

Non fungibile tokens: non fungible tokens are like collectibles they are unique tokens, every non-fungible token is created in just ONE

You can pair a NFT to unique digital items, sports goods>NBA)

Escrow: when a big trasaction happens, and ownership moves from person to person, normally you pay lots of transactions fees. Waves smart contracts make those fees a lot lower, on the condition that the use of a Waves smart contract is accepted by both parties and local lows

In-game credits: in game credits are utility tokens that can be used inside a game or an app. They already exist in the non-blockchain form, and recently a kid got his blockchain-based in-game credits approved by SEC

Really, the sky is the limit, once you understand the potential, you’ll come up with some great ideas! The earlier you join, the better.

And all of this with the most compact smart contracts language in existence: RIDE

RIDE it is the only non-turing complete smart contracts language, making waves nt-smart contracts the safest on earth

How much would a startup spend to create ITS OWN, NON hacker-proof database of transactions for their project?

By just running a waves node, you support the existence of the network, and that ensures that you, has a developer, will be able to use the nework for your transactions part of your app for the time being

New nodes incentives

  • Subribe to the
  • If you are competitive enough and you are able to influence others and let others know waves, also apply for the “Games of Nodes” competition here

Waves mining profitability

First things first… I know you want to know: is it worth it to get it to 

mining waves?

After RIDE activation in July 2019 we can finally say a BIG YES

Not only invocations are increasing network activity, but RIDE

Can create that network effect that waves holders were waiting for.

Developers are going to love it, businesses and startups can use it safely.

Ivokations? RIDE? What? Take it like a dogma: this is what is attracting developers and creating more transactions for the network

To mine waves, you either have to hold waves or promote your waves node and ask those people to lease their waves to you

If you mine solo, we recommend to hold at least 10000 (10 thousands waves)

How much waves you earn by mining with a full node?

Let’s assume you hold and stake 10000 waves to your own node

at 5% yearly ROI,

It’s 500 waves a year

Aka roughly around 10 waves per week

While that doesn’t seem to be much, it doesn’t take into account 

coin appreciation (if you decided to mine waves, I assume you see

Untapped potential for it)

And further adoption, which can take yearly ROI even higher.

Because yes, when you have a POS chain, adoption means higher rewards

For miners.

Staking goals:

At 10-30 usd per waves, 10000 waves would bring 10-30 dollars a week,

40-120 dollars a month with current network activity

Therefore, you should aim to accumulate at least 10k waves if you believe in the future of waves

That can be around 1k thousand dollars a month.

Accumulate slowly

If you have waves on an existing wallet, DON’T transfer your waves to this new full node wallet.

LEASE to your full node, instead.

Prerequisites:

Coins: You don’t need? any waves to start running a node, but you need at least 1000 waves leased to your node

Where to buy waves: we recommend Wirex, Bitpanda, or Binance for now

Hardware: since you are going to use Contabo’s VPS, your local hardware doesn’t really matter. You just need to be able to run a terminal app.

Wheter

If you own a Samsung or Huawei Device we also encourage to try it out, you can use easily their Desktop version

You just need an adapter like this and your tv

Software: A terminal on your Desktop

Mac And Linux: Terminal

Windows: Putty or Remote Desktop

Samsung Dex and EMUI Desktop (Android)

Why Contabo

They offer the best VPS

Payments are monthly and easy

What Contabo VPS configuration is the best for Waves mining

Let’s get started

so first things first go to contabo. Be careful here, they have 2 webisites, one for german customers (.de) one other for international customers (which is the one you want to use:

https://

Choose the VPS , it’s 8,99 euro a month, you have 3,99 euro of initial setup costs (you pay that costs only the first month)

Now, just create the account, use paypal for payment

  1. Wait for the setup email, its subject will read something along the lines of “Your login data!”

you will be provided your my.contabo.com dashboard password, but the thing we really need is the “Your VPS” section of this setup email

Then you have to wait a bit for the setup passwords for SSH

Create your node wallet

Now we need to prepare for the next steps, and the first thing we need is to create a waves wallet for the node.

Go to waveswallet.io

Create new account

Copy the wallet seed and store it safely

Optional: be fancy, create a waves alias!

Your Nodewallet is empty, send 1 waves to your node public address from an exchange like Binance

Then go to it will cost just to create the alias.

You can use your newly created waves username to receive additional donations form your supporters

Swagger that!

We need to create an encrypted password for the node, we will use a tool called Swagger

It all happens locally on your machine, so don’t worry

SWAGGER SCREENSHOTS FROM ALREADY MADE VIDEO

Open this link on your Desktop browser

https://nodes.wavesnodes.com/api-docs/index.html

Click utils, then /hash/secure

PIC HERE

Type your plain-text password (aka “Password to protect wallet file” that you set on the configuration file) here as Value

PIC HERE

Then, click Try it out!

PIC HERE

Now, in the Response Body you have your password hashed

PIC HERE

Backup this “hash”.

This hash complete name is your “Api-key-hash”

We are ready to start

Now, on Linux / Mac, open terminal

ssh root@IP.ADDRESS.RIGHT.HERE

REPLACE IP ADDRESS with your VPS ip address and hit enter

You will get a welcome message

apt-get install software-properties-common

Type Y and hit enter

copy paste and hit enter:

sudo add-apt-repository -y ppa:webupd8team/java

copy paste and hit enter

sudo apt-get update

copy paste and hit enter:

sudo apt-get -y install oracle-java8-installer

Now, here you need to check what’s the current Waves version before pasting this command

Use your browser (chrome it’s good) and go to this web url:

https://github.com/wavesplatform/Waves/releases/

Write down what’s the latet version

copy paste and hit enter in one line

wget https://github.com/wavesplatform/Waves/releases/download/v1.0.2/waves_1.0.2_all.deb

wget https://github.com/wavesplatform/Waves/releases/download/vX.X.X/waves_X.X.X_all.deb

YES! You are now installing waves node on your Contabo VPS

Admire: how beautiful is that!

If

sudo dpkg -i waves*.deb

So copy 

 and paste it

In the configuration file where it says api-key-hash

From your backup file,

Copy ENCODED SEED and paste it in the configuration file, where it says BASE58 string

seed=“

(DELETE #) – uncommenting means deleting #

Hash of API key string

Api-key-hash=“

RUN THE COMMAND TO EDIT THE WAVES NODE CONFIGURATION FILE

Now you have all you need to edit the node configuration file.

Run (aka copy/paste and hit enter):

vim /usr/share/waves/conf/waves.conf

You are now shown the “Waves node settings” config file, it starts like this (why sometimes you don’t see the text in blue / red?):

What key or keys combination to use to edit this file?

Now, on your bottom of your keyboard you have the “insert buttons”

Depending on your keyboard and laptop model these insert keys maybe placed in different places. Here is where they are on mac keyboard

use them to navigate through the config files fields and edit this

What strings to change?

We need to change 12? strings totals, by uncommenting and changing whats in the hyphens:

  1. wallet password in plain text
  2. encoded passeord (aka api key hash)
  3. encoded seed aka base58 string

# Password to protect wallet file

    password = “rishewaves!”

Insert here the password we have created in the SWagger that! Pararagraph

  # Network address

    bind-address = “0.0.0.0”

change the 0.0.0.0 part with:

 

# Node name to send during handshake. Comment this string out to set random node name.

    # node-name = “My MAINNET node”

     You are suggest to comment this string out.

What it means is, you have to remove the hash before node-name.

When you do that, My Mainnet node text becomes red and you can modify it.

# Wallet seed as BASE58 string

    # seed = “”

again, comment this string out.

What should we put in there where it says seed ? THE ENCODED SEED you got from waveswallet.io it’s the BASE58 encoded string

 # Node’s REST API settings ———OK———

  rest-api {

    # Enable/disable node’s REST API

    enable = no

change it from no to yes to enable rest api

# Hash of API key string

    api-key-hash =””

  }

 features {

    supported = [2] 

  }

Change it to:

supported = [2,5,6] 

ADD this string before the last graph parenthesis

 checkpoints.public-key = “”

Put your public key in here, aka your waves wallet address for your Node that we previously created

Once you have edited them all, to save the file,

  1. press ESC (you will see the INSERT mode disappearing from the bottom left of terminal)

2. then,

and hit ENTER

if you need to edit back the file again,

connect via ssh and use the same command we used before:

vim /usr/share/waves/conf/waves.conf

Now, just few ocmmands to end the base Node installation:

sudo systemctl start waves.service

sudo systemctl enable waves.service

journalctl -u waves.service -f

MAKING YOUR VPS SAFE

Firewall

sudo apt-get update

sudo apt-get install ufw

sudo ufw allow 1020

sudo ufw allow 6868

sudo ufw allow 6869

sudo ufw allow http

sudo ufw enable

FAIL2BAN

sudo apt-get install fail2ban

sudo service fail2ban restart

sudo apt-get install unattended-upgrades

sudo dpkg-reconfigure unattended-upgrades

sudo apt-get install unzip

UPDATING THE NODE TO THE LATEST VERSION

wget https://github.com/wavesplatform/Waves/releases/download/

vX.X.X/waves_X.X.X_all.deb

sudo dpkg -i waves_X.X.X_all.deb

reboot

Lastly, check if your node is in-sync:

journalctl -u waves.service -f

Errors to not do:

  • dont send all your waves to your waves node wallet: create a main wallet and a node wallet. Lease your main wallet waves to the node wallet

You can also go to wavesexplorer.com and see what’s the lates mined block

We won’t cover rewards distribution to your lessors, that’s for another tutorial

The alternatives to running your own waves node

So, when you run a waves full node you have full control on your rewards,

Leasing to waves nodes worth supporting

Moonwalking  non-bullshit crypto influencer

Wayle first third party Waves wallet app, it’s like waves and venmo had a baby

Software on your computer

USING A “TERMINAL”

Mac: Apple Screen Sharing

Install Ubuntu on your Contabo VPS

Rewards Distribution

We can do it for you

While it’s really easy to run a waves node (just follow this tutorial),

And relatively cheap, you may want to be buy some

Time and let experts do it

In order to support the network, we offer Full setup

Of a waves node on Contabo

Price: 50 waves

The price includes all the initial setup, not maintenance/

Rewards Distribution

References_

https://docs.wavesplatform.com/en/waves-node/how-to-install-a-node/on-ubuntu.html

https://medium.com/wavesgo-educationfund/how-to-configure-your-server-for-a-secure-waves-node-58558bec02f1

https://medium.com/wavesgo-educationfund/how-to-install-and-configure-a-waves-platform-full-node-and-payout-scripts-bad70ffbdbfd

Common errors:

Package java8-runtime-headless is not installed

apt-get update
apt-get install openjdk-8-jdk

apt fix-broken install
Updated on August 15, 2019

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