Optimizing Masternode Management with Multinode Capability

Introduction

Masternodes are instrumental in blockchain networks. They can be described as servers with full copies of the blockchain, backed by a certain collateral amount, and providing advanced services to the network. In exchange for the services they render, node owners are rewarded for their efforts.

Due to their role in a blockchain network, it is important to have enough masternodes that are effectively managed. However, users have to bear significant costs in acquiring virtual machines if they decide to operate multiple nodes. Additionally, managing multiple nodes can be challenging and problematic.

To address these issues, the Multinode feature was introduced along with the DECENOMY Multinode script. This feature aims to reduce costs and simplify the management of multiple nodes. In this post, we will break down the concept of Multinode hosting and its intersection with the Multinode script to improve the masternode hosting experience for users.

Understanding Multinode Capability

The Multinode hosting of masternodes is a feature that allows a full node to accommodate multiple masternodes while sharing the same resources. This has been achieved through strategic improvements in the full-node software.

In practice, a masternode owner can run several daemons of DECENOMY coins on a single virtual private server (VPS). For each coin’s daemon, the user can have multiple masternodes. For example, a single VPS can host daemons of Sapphire, Flits, Monk, etc., and under each coin, one could potentially have seven SAPP nodes, ten FLS nodes, twelve MONK nodes, and so on running simultaneously.

In contrast to the traditional method of running nodes, where each masternode requires a dedicated virtual machine with a unique IP address or is limited to running multiple nodes of the same daemon, the Multinode hosting approach significantly reduces costs. This means that if you want to have a diversified masternode investment portfolio, you won’t need to purchase numerous virtual servers, which can be relatively expensive.

The Role of Multinode Script

The Multinode script is a Linux-based tool designed to simplify the operationalization of Multinode hosting for masternode owners. This tool can also be used to manage all DECENOMY coins and single nodes.

Some of the operations you can perform using the script include:

• Effectively manage several masternodes of different DECENOMY coins: This gives users the flexibility to add new nodes and remove older ones as needed.
• Track your wallet’s status and access wallet statistics: Determine if you need to update your wallet based on the version you have installed and what’s available on GitHub. You can also identify a fork based on the block hashes provided by the script.
• Monitor the statuses of your masternodes: View detailed information on each masternode such as tx hash, netaddr, addr, etc. Additionally, verify the status of a masternode using the ‘Masternode on Explorer’ option.
• Conveniently perform maintenance tasks: This includes wallet updates, bootstraps, and connection management.

Benefits of Multinode Capability

• Cost efficiency: The Multinode hosting feature helps save costs. Imagine needing to run ten masternodes the traditional way; this would mean spending on ten separate virtual machines. However, with this feature, a single virtual machine will suffice.
• Resource optimization: The reason for this possibility is that resources are tied to the daemon rather than each masternode. This implies that you will need fewer resources to run multiple masternodes, allowing you to use the remaining server resources for other tasks.
• Simplified management: With the multi-node script, it has become much easier to deploy several nodes concurrently, keep track of each node, and perform maintenance operations. For example, previously, if you wanted to synchronize a wallet, you would have had to download the Bootstrap file from the explorer and replace certain files on your system. Now, users no longer need to go through this rigorous process to sync their wallets.
• Decentralization: Having an economical way of running multiple masternodes, along with the existence of the multi-node script, will likely lead to more nodes on the network. This increase happens because running many nodes becomes cheaper with minimal technical requirements. Overall, this contributes to a secure, decentralized, and reliable network, faster transactions, and signifies strong community and ecosystem growth.

Setting Up Multinode Capability

• Prerequisites:

To get started with setting up multiple masternodes using the DECENOMY multi-node script, ensure the following requirements are met:

1. Collateral Amount: Ensure you have the necessary collateral for each masternode.
2. VPS: Preferably a server with Ubuntu 22.04.
3. Desktop Wallet: Download the wallet of the coin.
4. Terminal Emulator: A tool like PuTTY for accessing your VPS.
5. DECENOMY Multi-Node Script: Download the script to manage your masternodes.

• Step-by-step guide:

1. Install and run the DECENOMY Multinode script on your VPS.
2. After launching the script, select the coin you want to configure masternodes for.
3. Download and install the wallet for the coin you want to deploy a masternode for.
4. Create the collateral transaction from your desktop wallet. Repeat this process for each masternode you want to deploy.
5. Open the masternode.conf file from your wallet to find the masternodeprivkey. Each masternode will have a unique key.
6. Using the terminal, create your masternode multinode instances with the masternodeprivkey. Repeat this process for each node you want to set up.
7. After all nodes are successfully created, return to your wallet to start them.

For detailed instructions on how to deploy masternodes using the Multinode script, refer to this post.

Best Practices for Managing Multinode Setups

• Regular maintenance: Ensure your wallets are updated, which can easily be done using the DECENOMY Multinode script. The script undergoes regular improvements, so always check for new releases. This helps you stay informed about new capabilities and possibilities for enhancing your masternode management.
• Monitoring and optimization: Leverage the DECENOMY Multinode script to monitor your wallet status, potential forks, and your masternodes. This should be a regular activity, as it will help you identify faulty nodes promptly and fix them accordingly. Additionally, you will stay on track with mandatory wallet updates and other important maintenance tasks.
• Security considerations: Always ensure that you have backups of the wallet.dat files on secure and external storage. Furthermore, sensitive information such as IP addresses and private keys should be kept from public reach. Finally, use official DECENOMY links whenever you download any applications, including desktop wallets, the Multinode script, bootstraps, etc.

Conclusion

To recap, using Multinode capability offers significant benefits, including cost savings, efficient resource utilization, and streamlined masternode management. With the DECENOMY Multinode script, users can easily deploy and monitor multiple masternodes, ensuring their systems are up-to-date and secure. By following the outlined steps, from setting up your VPS and wallets to managing multiple nodes, you can optimize your masternode operations effectively.

We invite you to consider implementing Multinode capability to enhance your masternode management experience. Not only does it simplify the process, but it also contributes to a more secure and decentralized network.