WOLFCOIN MASTERNODE MANUAL

Transcription

1 WOLFCOIN MASTERNODE MANUAL

2 Contents Introduction... 3 About Wolfcoin Blockchain... 3 Download the Wolfcoin Wallet... 4 Installation of your Wallet... 5 Make a receiving address Closing the Wolfcoin Wallet Introduction to Wolfcoin Masternode Block Reward Allocation Masternodes Masternode Requirements Understanding Wolfcoin Masternodes Setting up your Wolfcoin Masternode Starting your Masternode for the first time Securing your Wallet Backing-up your Wallet About Wolfcoin Wallet... 45

3 Introduction The purpose of this manual is to show you how to install, and connect your Wolfcoin Wallet as a Masternode to the network running the Wolfcoin Blockchain using the Wolfcoin QT Wallet. This Manual will show you how to make a Masternode on your computer as well as on a VPS. About Wolfcoin Blockchain Wolfcoin Blockchain with Masternodes and Mining Reward Systems The Wolfcoin blockchain and network are both designed and engineered to ensure store of value, transactional security, and fungibility. The main goal of the Wolfcoin blockchain is to facilitate fast and secure transactions with a governance that helps sustain the network for the benefit of all users. The Wolfcoin blockchain is a two-tier network comprised of a Proof of Work (PoW) consensus mechanism powered by miners and a Proof of Service (PoSe) system powered by masternodes. Miners receive rewards for ensuring the security of the blockchain and masternodes are rewarded for facilitating the features of the network including Private Send and Instant Send. Wolfcoin uses the X11 hashing algorithm and is based on the Bitcoin Core codebase version 0.12.

4 Download the Wolfcoin Wallet Go to and download the Wolfcoin Wallet.

5 Installation of your Wallet After you have downloaded the wolfcoin-qt-windows.zip file, right-click it to unzip the files by clicking Extract All.

6 Select the destination where you want your files extracted and click Extract.

7 Open the newly created wolfcoin-qt-windows folder and open the wolfcoin-qt.exe file to start installing the wallet.

8 Choose use the default data directory and click OK.

9 Windows Defender Firewall will ask you if you want to allow the Wolfcoin Wallet access to networks, make sure to check both Private networks, as well as Public networks. Then click Allow Access.

10 Now the Wolfcoin Wallet will automatically download the Wolfcoin Blockchain.

11 After all the Blocks in the Wolfcoin Blockchain have been downloaded, the Wallet will automatically synchronize with the network by downloading additional data and synchronizing with masternodes. Be patient, this process will take approximately 30 minutes on average, depending on the speed of the network and your internet connection. After your Wolfcoin Wallet is fully synchronized the installation is completed.

12 Make a receiving address To make a receiving address there are several ways, but the best way is to click the Receive tab, then type 0 (the number zero) in the Amount field. Now uncheck the Request InstantSend and click Request payment.

13 Now a window with your new receiving wallet address and QR-code will be shown. You can save the address and QR-code by clicking the Save Address or Save Image buttons on the bottom. In case you immediately want to use the wallet receiving address, for example to link this wallet receiving address with your WolfpackBOT Crowdsale Member s Area wallet. Once this address is in WolfpackBOT s Crowdsale system, fulfillments of coins in your Member s Area wallet, or newly received Wolfcoin will be transferred to your Wolfcoin Wallet on your own computer.

14 To bring up the Receiving address detailed information, like the QR-code image or the address for convenient copy/paste, double click the bar in the Requested payments history.

15 Closing the Wolfcoin Wallet Closing your wallet properly will avoid your data from becoming corrupt and having to reload and synchronize with the entire Blockchain once again. To properly close your Wolfcoin Wallet, you can use the key combination Ctrl+Q. You can also open File and click Exit.

16 Introduction to Wolfcoin Masternode Wolfcoin is offered to users as a utility coin redeemable for WolfpackBOT subscriptions, the WolfpackBOT hardware console, and WolfpackBOT and Wolfcoin apparel and merchandise. Wolfcoin is a utility fungible coin that can be traded for like-value once listed on exchanges. This utility, coupled with the Proof of Work mining and Masternode reward system, makes the use of Wolfcoin potentially appealing to all WolfpackBOT users whom are interested in earning more Wolfcoin (WOLF) to use towards subscription discounts and other rewards. Genesis block mined on December 21, 2018 Pre-mine: 300,000,000 WOLF X11 hashing algorithm, CPU/GPU/ASIC mining available 60 second block time Block reward halving activates at every 400,000 Blocks by 50% Dark Gravity Wave difficulty adjustment algorithm Maximum Theoretical Supply: 1 Billion WOLF Decentralized single-tier masternode network Superior transaction anonymity using Private Send Instant transactions using Instant Send

17 Block Reward Allocation Block Height Block Reward MN 80% PoW 20% Timeframe Time Genesis Block Mainnet Premine 1 300,000, Stage I-II-III 2 400, months 92 days First Year 400, , months 273 days Second Year 1,200,000 1,600, year 365 days Third Year 2,000,000 2,400, year 365 days Fourth Year 2,800,000 3,200, year 365 days Fifth Year 3,600,000 4,000, year 365 days Sixth Year 4,400,000 4,800, year 365 days

18 Masternodes The In addition to traditional Proof of Work (PoW) rewards for mining Wolfcoin (WOLF), users are also rewarded for running and maintaining masternodes. Masternodes are used to power Private Send, Instant Send, and a governance system. Users are rewarded for running masternodes; 80% of the block reward is allocated to pay the masternode network. 20% of the block reward is allocated to pay the X11 PoW miners. Masternodes enable the following services: Instant Send allows for near-instant transactions. Wolfcoin Instant Send transactions are fully confirmed within two seconds. Private Send gives financial privacy by concealing the source of funds on the blockchain. Masternode owners must hold 10,000 WOLF in their dedicated Wolfcoin wallet, which the wallet proves by signing a message and broadcasting it to the network. Those coins can be spent at any time, but spending them will cause the wallet to lose masternode status and stop earning rewards.

19 Masternode Requirements The requirements for a Masternode are as follows: 10,000 WOLF A computer or VPS running Windows with a static IP address A dedicated IP address In addition to the 10,000 Wolfcoin held in collateral, masternodes also have minimum hardware requirements: Minimum Recommended CPU 1x 1 GHz 1x 2 GHz RAM 1 GB 2 GB Disk 8 GB 16 GB Network 400 GB/month 1 TB/month Masternode bandwidth use ranges between GB per month and will grow as the network grows.

20 Understanding Wolfcoin Masternodes A masternode is a server with a full copy of the Wolfcoin blockchain, which guarantees a certain minimum level of performance and functionality to perform certain tasks related to block validation, as well as Private Send and Instant Send. The masternodes are rewarded for this service, using a concept known as Proof of Service. This is in addition to the Proof of Work done by miners to secure the blockchain. Anyone can run a masternode. The objective is to have enough decentralization to ensure that no single person controls a significant fraction of the masternodes. However, to avoid bloating the network with unnecessary masternodes or encouraging reckless operators, there is one required condition: you must hold 10,000 WOLF in your Wolfcoin Masternode Wallet. If the owner moves or spends those coins, the masternode stops working and rewards cease. Masternodes are rewarded by the network for the Private Send, Instant Send and governance services they provide. 80% of the block reward is paid out to the masternodes and 20% to miners. Masternodes are randomly selected for rewards in each block (approximately every 60 seconds). As more masternodes are created, the duration between rewards increases. Due to the selection algorithm, there is always an aspect of randomness to reward selection, but in the long term all masternode owners should receive similar rewards. If the collateral behind a masternode is spent, or if a masternode stops providing services to the network, it is removed from the masternode list until normal service resumes. This way, masternodes are given incentive to provide efficient and reliable services to the network. Having many servers holding a full copy of the blockchain and working together for the network is extremely useful. Thanks to the reward system, there is no risk of not having enough masternodes, and the developers can rely on them quickly to deploy new features. This is the true strength of Wolfcoin: an incentivized system of thousands of distributed servers working 24/7 means that Wolfcoin can scale more efficiently and deploy services more quickly. The more masternodes, the better and safer the Wolfcoin network.

21 Setting up your Wolfcoin Masternode In this step-by step guide we will help you through the process of setting up your wallet as a Masternode, make sure you follow this step-by-step guide to the letter. let s start! Open Tools, click Open Wallet Configuration File.

22 The Wallet Configuration File will be opened in Notepad, add the following two line to this file: masternodeprivkey= externalip= Leave this file open, as you need to get the information for the masternodeprivkey= The externalip= your own Static IP-address, on which the Masternode accesses the internet.

23 Now open Tools and click Debug console.

24 Type masternode genkey in the input field and press enter.

25 You will get an address in the output screen, copy that address. go to the open Wallet Configuration File and paste it after masternodeprivkey= After you have pasted this information, you can save the file and exit as you now have both the IP-address, as well as the Masternode Private Key entered.

26 Open Tools and open Debug console once more.

27 Open the Wallet Configuration File in Notepad. This time type masternode outputs. Now copy the key under masternode genkey. To avoid confusion, your masternode key will also be called your Private Key in the next few steps.

28 Open the Tools and click Open Masternode Configuration File

29 make sure your line has the same build-up as the line under Example. Masternode 1 (if you have more, number the Masternodes +1 for each additional Masternode. Then your staic IP-address, followed by a colon ( : ), now the portnumber, this is always Next is the key you just generated by typing masternode outputs in the Debug console. The Transaction ID (TxID) we will do later, so leave this window open. IMPORTANT: watch the single space inbetween masternode1, portnumber, Masternode key, TxID, and output index!

30 Now click the Transactions tab and look for the transaction of exactly 10,000 WOLF. If you haven t done so, do this now to your wallet address you want to use as a Masternode. IMPORTANT: the transaction should be EXACTLY 10,000 WOLF, if the transaction was less, or more, the masternode will not work! Now double click the transfer of exactly 10,000 WOLF.

31 Double clicking the transaction of exactly 10,000 WOLF, results in this screen, copy the transaction ID. Copy the Transaction ID number in the Masternode Configuration file, followed by the Output index number, this can either be 0 or 1. Now save the Masternode Configuration file and close.

32 Exit the Wallet, as shown in the image. NEVER exit by clicking the X in the right top corner of the wallet. You can also use the key combination: Ctrl+Q.

33 Starting your Masternode for the first time The purpose of this manual is to show you how to install, and connect your Wolfcoin Wallet as a Masternode to the network running the Wolfcoin Blockchain using the Wolfcoin QT Wallet. This Manual will show you how to make a Masternode on your computer as well as on a VPS. Click on the Masternodes tab.

34 If you don t have this tab open Settings and click on Options. Next click the Wallet tab and check the checker-box for Show Masternodes tab. This will require a restart after clicking OK.

35 Select the masternode you wish to start by clicking on it. IMPORTANT: Wait until the synchronizing is 100% complete, once 100% synchronized click on Start alias to start the selected Masternode.

36 You will now get a confirmation screen asking you if you are sure, click Yes.

37 As an extra security measure you will be asked to enter your passphrase (password), enter it and click OK. You will get a confirmation of successful activation of your Masternode.

38 You will now see your Masternode being PRE_ENABLED. It will completely enable after approximately 30 minutes. When it says ENABLED, you re Masternode is setup correct. That s it, All done!

39 Securing your Wallet To secure your wallet you have to encrypt your wallet.

40 Now you will be asked to provide a passphrase to the wallet, this can be a password consisting of more than ten random characters, or choose for a phrase consisting of eight or more words. Enter your passphrase and repeat your passphrase. Then click OK.

41 WARNING: make sure you know your passphrase, backup your passphrase! If you encrypt your wallet and lose your passphrase, you will lose all of your Wolfcoin! When sure you can retrieve your passphrase, click YES to encrypt your wallet.

42 After your wallet encryption process is completed, click OK. Your Wolfcoin Wallet will now automatically exit. Start the Wolfcoin Wallet by opening wolfcoin-qt.exe in the wolfcoin-qt folder.

43 Backing-up your Wallet To make a back-up of your wallet start your wallet and make sure the wallet is fully synchronized, then click File and then click Backup Wallet.

44 Save the file as 'wallet.dat', and save it in a folder named Wolfcoin Wallet. Please save this folder and file on a USB, or another HD for safe keeping as this file is your wallet and all of your Wolfcoins. Tip: for extra safety save this folder to a second USB, or HD and keep the second device save in another location.

45 About Wolfcoin Wallet Wolfcoin Core version v g (32-bit) Copyright (C) 2018 The Wolfcoin Core developers Copyright (C) The Dash Core developers Copyright (C) The Bitcoin Core developers Please contribute if you find Wolfcoin Core useful. Visit for further information This is experimental software. Distributed under the MIT software license, see the accompanying file COPYING or This product includes software developed by the OpenSSL Project for use in the OpenSSL Toolkit and cryptographic software written by Eric Young and UPnP software written by Thomas Bernard.