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
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
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.
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.
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.
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)
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:
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
- 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
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
Click utils, then /hash/secure
Type your plain-text password (aka “Password to protect wallet file” that you set on the configuration file) here as Value
Then, click Try it out!
Now, in the Response Body you have your password hashed
Backup this “hash”.
This hash complete name is your “Api-key-hash”
We are ready to start
Now, on Linux / Mac, open terminal
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:
Write down what’s the latet version
copy paste and hit enter in one line
YES! You are now installing waves node on your Contabo VPS
Admire: how beautiful is that!
sudo dpkg -i waves*.deb
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
(DELETE #) – uncommenting means deleting #
Hash of API key string
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):
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:
- wallet password in plain text
- encoded passeord (aka api key hash)
- 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———
# Enable/disable node’s REST API
enable = no
change it from no to yes to enable rest api
# Hash of API key string
supported = 
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,
- press ESC (you will see the INSERT mode disappearing from the bottom left of terminal)
and hit ENTER
if you need to edit back the file again,
connect via ssh and use the same command we used before:
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
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
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
sudo dpkg -i waves_X.X.X_all.deb
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
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/
Package java8-runtime-headless is not installed
apt-get update apt-get install openjdk-8-jdk apt fix-broken install