Deploying a Rapids $RPD Masternode on Rapids.Host

Updated — May 10, 2021 after Rapids Supply Reduction that took place on May 7, 2021.

You asked for it, here you have it! A complete guide to deploying your first masternode. The procedure is being written with Windows users in mind using rapids.host masternode hosting service. If you use a mac, there may be slight differences in where your files are stored. If you don’t use a masternode hosting service, the process is quite technical. You can find assistance in Rapids Support group on telegram, but it is highly recommended to use a hosting service.

Before starting with the heavy lifting, check this video from Rapids Network Academy. It will work for more intermediate and advanced users. If you don’t consider yourself a geek, the video will still be useful to have an overall idea of the process. It’s less than 4 minutes so go ahead and watch it!

What you need to know before starting

Proof of Stake (PoS) crypto currencies like $RPD are secured by a network of nodes, some being known as masternodes and others as stakers.

A masternode is basically a computer program that runs 24/7 to help secure the network. In exchange for securing the network, each masternode receives a reward for the blocks it is securing. On Rapids Network, a block is secured and validated every minute, and the reward is split 60% for the masternode, 20% for the staker, and 20% for Development. At the time of writing, there are 475 masternodes securing the network, which means every masternode is securing 3.03 blocks per day in average. For the privilege of running a masternode, all you need is 10,000 RPD, locked in your own wallet on your desktop computer or laptop. Download Rapids Core wallet here for Windows, Macintosh or Linux.

A staker is a user that runs his desktop wallet. There is no minimum required to start staking, although the recommended minimum is 1,000 RPD. As long as your wallet is running on your computer and unlocked for staking, you will get staking rewards. If you close your wallet or turn off your computer, you no longer receive rewards. For lower amounts, or if you do not want to leave your computer on for extended periods, you may want to join a staking pool, like the Smart Pools offered by Rapids Network. You will find various options of staking pools on Internet, with varying rewards and fees. Choose the one that fits your needs best.

For an in-depth study of masternodes VS staking, pros and cons, stay tuned for an upcoming article. The current ROI for masternodes is around 16% and 4% for staking $RPD at the time of writing, but remember, it’s not all about the ROI. Do your own research and choose what fits you best.

Let us now start deploying your very first RPD masternode with rapids.host. You can always come back to this article later on for refreshers when you deploy your second, third, forth or more masternodes.

Prerequisites

Before starting you will need the following:

1. A funded rapids.host account. If you do not have an account yet, go to rapids.host, click Signup and follow the prompts. You get FREE wallets for each supported crypto when you sign-up, so go ahead! Next, you will need to fund your account. The supported currencies are DOGE, BTC and LTC. Because of transaction fees, it is recommended to fund your account with DOGE at this time. RPD will soon be accepted as well. Keep in mind hosting fees are 1 EUR per month for your masternode. To fund your wallet, go to the Wallet tab, click Deposit, find your selected coin, click +Generate Address (or View address if you already generated one), then copy your wallet address and deposit your funds to this address as you would usually do. Once you have deposited your crypto in your free wallet, go to the Exchange tab and proceed with getting some EUR for your crypto. Your Balance will update automatically.
2. The Rapids Core Wallet with at least 10,000 $RPD. Download and install the wallet from this page. If this is your first time to install, it may take up to 2 hours or more to synchronize with the blockchain, be patient or find help in Rapids Support if ever you get stuck. If you already have RPD on another wallet, simply transfer at least 10,000 plus fees to your Core wallet. Otherwise, you can buy RPD on several exchanges including Graviex and Stakecube.

You are now ready. Let’s go!

Get started

1. Creating your masternode address. Be aware that you need to use a new address for each masternode, and that your funds will be locked on this address. Of course, you can unlock the funds at any time, and the funds never leave your wallet, so you are 100% secure! Moreover, you can create as many masternodes as you want, simply create multiple addresses in your wallet. Each masternode will have its unique wallet address. In your wallet, click on the Receive tab, then Generate Address. If you created a password for your wallet and locked it, you will be asked to enter your password at this point. You can name this address, for example “Masternode 1” by clicking Edit Label. Copy your masternode address and save it, you will need it later. Now you need to save your private key so you can get back your funds easily in case your wallet or computer crashes, you lose your password or someone steals your device. To get your private key, go to the Settings tab, click Debug, then Console, and type “dumpprivkey [address]” in the console. Replace [address] with your masternode address. The console will show a string of letters of numbers. This is your private key. Never share it with anyone! This is like the PIN code of your ATM or credit card. Copy your private key and save it in a secure place. This is for your eyes only and you will not need it for this procedure.
2. Funding your masternode address. You already have 10,000+ in your wallet, now you need to transfer exactly 10,000 to your wallet address. Go to the Send tab of the wallet. Click Coin Control, select the wallet address where you already have funds, and click OK. In the Rapids address field, enter your masternode address. In the Amount field, enter 10000 and click Send. Enter your password and confirm the transaction by clicking SEND in the popup confirmation window. At this point, you want to lock the funds to avoid unwillingly spending or staking them. To lock your 10,000, go to the Send tab of the wallet, click Coin Control and make sure List Mode is enabled. Find the line with your 10,000 RPD, right click then select Lock unspent in the popup menu. You will also need the transaction ID later. To find it, go back to the Home tab of the wallet, click on the latest transaction, it should show “Payment to yourself…” and click the copy icon next to the ID field. Save this transaction ID for later on. You may now close your wallet.
3. Deploying your masternode on rapids.host. You are now ready, login to rapids.host and go to the Coin tab. Find RPD and click Deploy. At this point, have your masternode address and transaction ID handy. Follow the prompts until successfully deployed.

4. Activating your masternode in your Rapids Core wallet. Go to your Dashboard in rapids.host, and click on the line of your new masternode. Click the blue Copy masternode line button. Find your masternode.conf file. It is usually found in C:\Users\username\AppData\Roaming\Rapids on Windows. Please note, this is a hidden folder. To display hidden files, from the file explorer, go to the View tab and check Hidden items. If you use a mac, the location may differ. Check with Rapids Support to get the exact location for your operating system. Open the masternode.conf file with Notepad or a similar application, and paste the config line in a new line at the bottom of the file. Save and close the file and restart your Core wallet. Go to the MASTERNODES tab of your wallet, click on the sandwich icon next to your masternode status and click Start. (Make sure your collateral transaction has at least 15 confirmations.) In the popup box, click OK and enter your password when prompted. The status should now show ACTIVE. After a while, the status will change to ENABLED, meaning your masternode is now running and you will start receiving rewards within 24/48h. You can now close your wallet or repeat the procedure to deploy another masternode.

Getting back your funds

If you need to get back your funds for one reason or another, you can do it anytime. Simply follow the following steps:

1. Unlock your funds. Find your masternode.conf file and open it with Notepad or a similar application. It is usually found in C:\Users\username\AppData\Roaming\Rapids on Windows. If you use a mac, the location may differ. Check with Rapids Support to get the exact location for your operating system. Delete the line of the masternode you want to unlock. Save and close the file, and restart your Core wallet. Your funds are now unlocked and you can do whatever you like with those funds.
2. Destroy the masternode on rapids.host. Once your funds are unlocked and used, you cannot use the same address to start a new masternode. You can destroy it on rapids.host to avoid paying the monthly hosting fee. Go to your Dashboard in rapids.host, click the masternode you want to destroy, then click the red Destroy Masternode button. Keep in mind that you will need to restart this procedure from the beginning to deploy a new masternode in the future.

Thank you for reading. Thanks to Gilberto, our technical support, for reviewing this article. If you found this article useful, give it some claps, follow me and share with your friends. You can also follow me on Twitter. Please send your suggestions or comments to nicolas@rapidsnetwork.io

Last updated, May 10, 2021