[GUIDE] Cli-Wallet Installation on VPS [For Masternode Owners & Stakers]

[Zvereigh 14]

OBJECTIVE :

This thread is made with purpose :

1. Sharing knowledge about Masternode & Staking

2. Sharing knowledge about Cli-Wallet installation on VPS

3. Masternode owners and staker can know how to install CLI-wallet on their VPS (Using Ubuntu 16.04).

 

EXPECTED BENEFITS :

- Readers can know the difference between Masternode & Staking activity.

- Readers can setup Cli-Wallet in their own VPS (Using Ubuntu 16.04).

- For Masternode owner. If you install QT wallet on PC, CLI-wallet (masternode wallet) on VPS. then the rewards you get from your nodes, you can send directly to your Cli-wallet. So you can run masternode while doing staking without requiring shared pool services (3rd party).

 

PREFACE :

Cli-Wallet (Common Line Interface Wallet) is one of types of wallet that always provided by project devs when launching their project (see an example below).

These wallets are run based on an open source program. Needed when you want to run your masternode coins  or/and running staking activities. As a refresher for your memory (especially for those who already know about the meaning of masternode project) and also as a learning for those who just know about masternode project, perhaps you can read some of following threads and article :

1. Masternode & Staking

1. What’s the Difference between Proof of Work (PoW) & Proof of Stake (PoS)

2. What Is A Masternode And How Is It Useful For Cryptocoin Investors

3. Cold Staking vs. Masternodes – What’s the difference?

 

2. Cryptocurrency Wallet Types

1. All Cryptocurrency Wallet Types, Explained

2. Getting started with the CLI wallet

3. Command Line Interface (CLI) vs. Graphical User Interface (GUI)

From several articles that i mentioned above, we can draw conclusions as follows :
- Cli-Wallet can be installed on vps.
- Masternode owners need VPS to run their masternode coins.
- Cli-wallet does'nt require high specification. Because user interface that appears is only a command

Clearer difference between GUI Wallet (Desktop wallet, QT Wallet) & CLI-Wallet, you can see in the below image.

GUI Wallet

- GUI Wallet (Desktop wallet, QT Wallet) is the most used type of wallet. Due to the ease of installation.
- Installing a GUI wallet can be done on the device you have (PC/Laptop), and can also be done at VPS (with Windows OS/RDP).

CLI Wallet

- CLI Wallet is a type of wallet that is absolutely needed when you want to run node.
- Because it is open source, CLI Wallet has higher security system than GUI wallet. (Relatively safe against trojan activity).
- In same vps, you can do staking or running nodes that you have simultaneously. The benefits, you don't need to turn on your PC/Laptop 24/7 continuously. (Always use a trusted vps provider.)
- Command in cli-wallet is similar with the command that applied to GUI wallet. The difference only lies in UI. (User Interface).

 

Additional Information :
In order to connect to your VPS, there are already many terminal software. Beside Putty, Bitvise, SFTP which incidentally requires installation on your PC/Laptop, now there is terminal software in the form of apps. One of it is Termius. I have used this software for almost 1 year. Since 1 year ago, i didn't installed a wallet in my pc anymore, because i am already comfortable using CLI wallet. This factor is also a reason why i'm interested using Cli wallet. Because it makes me easy to monitor coins that i have at anytime and anywhere. Termius apps shape as follows :

 

CONCLUSION :

From several articles and information that i have mentioned above, i hope that you already know and understand about :
Meaning and the difference between Masternode & Staking.
The difference between GUI Wallet & CLI wallet.
Benefit when install and using CLI Wallet for your investment.

 

INSTALLATION SESSION :

VPS specifications required :

- VPS with OS Ubuntu 16.04, RAM 1GB, 25 GB SSD (For new projects. Under 1 years).
- For old projects (above 1 years), Adjust vps specifications with the requested requirements. (Example :  Dash Masternode requirements)
- Terminal Emulator (Putty, Bitvise, Termius and kind of it)
- Paper, Pens and Patience

 

Installation Steps :

Because of limited space, i will put installation steps in next page. 

 

Bibliography.
External Articles : All Cryptocurrency Wallet Types, Explained
Monero (XMR) Github
Safe Insure (SINS) Github

 

 

Edited September 28, 2019 by Zvereigh

[Zvereigh 14]

Reserved for installations step.

[hexwin 4931]

Wow. 
That is perfectly explained for everyone to understand easy.

I will also follow installation steps when you post them.

Thanks for you efforts  bro

[Zvereigh 14]

On 10/12/2019 at 8:58 PM, james said:

hlw i want to setup a maternode did i required to buy vps or i can setup it on my pc please reply iam confused peoples are saying that i cannot use masternode without owning vps

So, Basically you must have 2 wallets.
1. Wallet that functions as an MN
2. Wallet that functions to save your node coins.

 

You can install your MN wallet on another PC (if you have one). and this computer must have a different IP than your coin storage wallet (MN Wallet). Different IP here means:
1. a different IPV4 address
2. One of your wallet has an IPV6 address.

 

Having a VPS is not a mandatory, as long as you have the conditions that i mentioned above. if you don't have it, then you:
1. Can rent vps (VULTR, Digital Ocean, etc)
2. Hire a 3rd party service to run your MN. While your coins still in your personal wallet.

 

Hope this can help.

 

[Crypto123 0]

For me I have already provided new and useful information, the first time I hear about the Cli-Wallet and how to install it on a VPS device as well as the currency conversion that Master Node gets to this wallet. Thank you for this helpful post.

[bentayebsalah 2280]

This was a helpful topic for and understandable steps in how to create VPS mining on the Monero coin for example

[Thekingcallme 1975]

Sounds like a good idea to mine via vps and I've never tried that before so is it worth it or not
If it is good and profitable, I will

[AnetASk 98]

Wew. Pretty good topic, and said truly easy. 
I'm gonna follow you from that day. 
Huh, very good, thank you.