How do you set up a dynode for dynamic? I have read the white paper, i dont get it lol

The config file shows

Dynode config file
# Format:  alias IP:PORT dynodeprivkey collateral_output_txid collateral_output_index


I know alias is just the whatever i want to name it, IP is (my IP address?) port is 31300 looking at the other dynodes. But what the hell is the rst?