Add maxconnections=35 to your wallet configuration file (magnet.conf). While 35 should give you a good enough connectivity to the network you can increase this number up to 50 if needed.
Frequently Asked Questions
Wallet
Download the bootstrap file here. You should extract bootstrap.dat into your wallet data folder and restart the wallet. It should allow any wallet to fully validate the Magnet blockchain in <30 minutes regardless of the internet connection speed.
CD into the magnet daemon folder and type the following command: ./magnetd sendtoaddress my_address amount_in_mag_unit (e.g. ./magnetd sendtoaddress MkbuFvxBsvKxAxUreFxcajoV 500).
CD into the magnet daemon folder and type the following command: ./magcli walletpassphrase “passphrase” timeout_in_seconds.
Anonymized inputs cannot be mixed with normal inputs. Go to Settings > Options, click on the Display tab and check the box “Display coin control feature”. Go back to the Send tab and click Inputs. This will allow you to select the inputs.
Use the -datadir command line option to specify an alternative data directory (tip: create a shortcut) and add -listen=0 to avoid port conflict.
Example: mag-qt.exe -datadir=c:/wallet1 -listen=0
It is entirely up to you. These values will be read by all Magnet processes on your machine so any will do.
This is a false positive and we are currently working on code-signing the Windows Wallet to help antivirus identify us as a legitimate program. In the meantime, you will either need to whitelist the program or compile it from source if you possess the technical expertise/resources. We can assist either way so feel free to get in touch.
Masternode
Go to Check MN and type your masternode IP in the box. Alternatively, you can search using your masternode public address.
No, the purpose of masternode is to strengthen the network hence a single dedicated (or separate) machine is required to host a Magnet masternode.
Yes, add a new line to the masternode.conf file. You will need the IP of the VPS, the new private key (masternode genkey command), the collateral transaction ID and output ID.
To make sure the masternode IP is registered as VPS and does not conflict with your local IP you should add externalip=insert_your_ masternode_ip_here to the local configuration file (magnet.conf).
MAG Chain
For a detailed breakdown and 121 months projection you can visit this link.
Our total supply is open ended. The chain will have a very low (0.5 MAG per block) coin generation rate after 10 years and if current parameters have not been changed by then, we can decide as a community how we want to grow. By then circulating coin supply will be around 60 million MAG.
Masternode Setup
Introduction
Basic Requirements:
- 10,000 MAG
- A computer for running Control wallet
- VPS Masternode Server (Ubuntu 14.04/16.04/18.04) with a unique IP address for running Remote wallet
Control wallet – holds your collateral of 10,000 MAG locally and can be closed without affecting the masternode runtime.
VPS – Virtual Private Server for running Remote wallet. Few VPS providers: Vultr, Digital Ocean.
Remote wallet – runs on Masternode Server VPS and is meant to be online 24/7.
IP address – your rented VPS has a unique IP address. Used for accessing VPS and in wallet configuration files.
Configuration
Step 1
Download and fully sync the Control wallet. Open it up and enter the debug console (Tools > Debug Console).
Enter the following command:
masternode genkey
The console will display your masternode’s privkey. Save it to be used in Step 5.
Step 2
Next, enter the following command and pick your masternode name:
getaccountaddress MASTERNODE_NAME
The console will display your masternode address. Copy it for the next step.
Step 3
Now send exactly 10 000 MAG to this address. Be careful and check your masternode address twice before sending out collateral. WARNING! There is no way to recover your funds if you make a mistake entering your masternode address!
Step 4
Still in the Control wallet Debug Console enter the command:
masternode outputs
The console will display your masternode txhash which is a longer number/letter combination and outputid which can be 1 or 0. Save them for the next step.
Step 5
Open masternode.conf file from your Control wallet drop-down menu (Tools > Open Masternode Configuration File).
Add the following line to masternode.conf and enter your own corresponding results from previous steps:
MASTERNODE_NAME YOUR_VPS_IP:17172 PRIVKEY TXHASH OUTPUTID
Example:
MN1 31.12.135.1:17172 832WPpkqbr7sr6Si4fdsfssjjapuFzAXwE3CrpPJubnrmU6aKzh c8f4965ea57a68d0e6dd384324dfd28cfbe0c801015b973e7331db8ce018716139 1
Save and restart your Control wallet.
Remote wallet setup on VPS and configuration
Step 1
Connect to your VPS using SSH client. We recommend using Bitvise Client, Putty.
Create a wallet directory and download Linux wallet.
mkdir mag
cd mag
wget https://github.com/magnetwork/mag/releases/download/v1.0.0/mag-1.0.0-x86_64-linux-gnu.tar.gz
Unpack downloaded archive.
tar -xvzf mag-1.0.0-x86_64-linux-gnu.tar.gz
Give permissions to unpacked files.
cd mag-1.0.0/bin
sudo chmod +x magd
sudo chmod +x mag-cli
Start the wallet to create a data folder named .mag in your Home folder.
./magd -daemon=1
Stop the wallet before entering configuration.
./mag-cli stop
Step 2
Enter mag.conf file:
nano /root/.mag/mag.conf
Insert the following information to your Remote wallet mag.conf:
rpcuser=PICK_YOUR_USERNAME
rpcpassword=PICK_YOUR_PASSWORD
rpcallowip=127.0.0.1
server=1
listen=1
daemon=1
logtimestamps=1
maxconnections=256
masternode=1
externalip=YOUR_VPS_IP:17172
masternodeprivkey=PRIVKEY
Ctrl + X and Y to save and exit the conf file.
Step 3
Start the wallet.
./magd
Make sure Remote wallet is working and fully synced.
./mag-cli getinfo
Starting your masternode
Go back to your local Control wallet and find Masternode tab.
Click Start Alias button to start your masternode.
Go back to Your VPS terminal window and enter the following command to check on your masternode status:
./mag-cli masternode status
Correct output from console is – “status”: 4 “message”: “Masternode successfully started”.
Congratulations! You are now running your MAG masternode!
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