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Please help with setting up a masternode on Electrum

C

Comper

New member
Hello!
I have read the official manual.
, but I still have a lot of questions.
I have a cold wallet with no internet access. And I have a view-only wallet with internet access.
I understand that now I need a VPS server.
What i need to install on this server, Dash core or Electrum?
The instruction does not give me an understanding, is the setting done in the local wallet or on the server?
Can someone explain to me how to set up a masternode using a Electrum cold wallet and VPS server?
Thanks a lot for the answers!
 
Yes, I read that manual.
And there is still a guide for electrum. (For some reason, forum doesn't allow me to insert a link, so I'll show it in the screenshot.)
electr.jpg

The guide deals only with one Electrum wallet and does not say anything about VPS server.
Or Electrum does not need a server and the masternode is launched only on a local wallet?
 
Ah I see. On your VPS you don't need to run an electrum server, only the Dash Core server:
github.com

Releases · dashpay/dash

Dash - Reinventing Cryptocurrency. Contribute to dashpay/dash development by creating an account on GitHub.
github.com github.com

Fetch the binary, check the SHA256 and unpack it:

wget https://github.com/dashpay/dash/rel...0.3/dashcore-0.17.0.3-x86_64-linux-gnu.tar.gz

sha256sum dashcore-0.17.0.3-x86_64-linux-gnu.tar.gz

tar zxvf dashcore-0.17.0.3-x86_64-linux-gnu.tar.gz

Full instructions in the above link.

Is there a specific reason for using Dash Electrum? If you're just starting out then usually a hardware wallet with DMT is the easiest route.

As you go through the setup process, make personal notes, it will greatly speed up future updates.
 
The reason to use Electrum is safety. Because it allows you to create cold storage. Hardware wallets connect to a computer with internet access, so they are not 100% secure.
 
Comper said:
The reason to use Electrum is safety. Because it allows you to create cold storage. Hardware wallets connect to a computer with internet access, so they are not 100% secure.
Click to expand...

It depends. There are pros and cons on both sides. My reading was they are relatively new to node hosting so might be easier and safer to go the hardware wallet route. More advanced users might later move their collateral into cold storage in various ways.

Wallets connecting via usb are vulnerable to usb firmware attacks. Hardware wallets such as trezor can be cracked if someone gets physical access to it e.g. police raid etc. In fact, all hardware wallets are technically vulnerable as their purpose is to move passwords from your inside brain to the physical world.

Paper wallets don't just burn, they are also vulnerable to ink fading if you use cheap / substitute inks. Also vulnerable to police raids, though you can split the private key into parts.

Air gapped computing can also be breached via multiple methods e.g. the Iranian centrifuge hack. CPU data and screen data can both be read via the monitoring of electricity lines, passwords via the sound of the keys being typed, and so on.

Anything is possible but there's a balance to be made, to get up and running without being so technical that money is lost through user error.

In the end it's about managing risk and flying under the radar long enough to establish a base to work from.
 
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