To be ready for if/when Level 1 nodes open up again, do you need to have exactly 600,100 XBY on a single address? Can you have more?
Also, do most people run these nodes at home or do you need to set up a VPS?
To register a node you need to have the exact amount, but once it is registered you can add more coins to that address if you wish (the wallet/coins gets placed in cold storage either way). Nodes only break if the balance goes below 500k coins.
You will be able to run them at home of course, or on a VPS. I know a lot of people in the Slack who are planning on using VPS. Energy consumption should be really quite low as well due to the nature of Proof-of-Signature.
Thanks so much for the info Bigboss, your posts are always very helpful!
I will get an address ready that has exactly 600,100 XBY on it (500k for the L1 node + 100k XBY fee + 2 x 50 XBY transactions).
I like the idea of using a VPS but does that mean that you have to have your wallet with 500k XBY in it sitting on the server? I remember reading with some of these masternodes you can simply link to an address that contains the required sum which can be safely stored offline.
Also, what happens if the VPS goes down and your node goes offline? Do you immediately lose your L1 node status or is there some leeway for uptime?
As far as I understand it, the deposit wallet is not the actual node wallet that will be sitting on the VPS. You can put your deposit wallet in cold storage after it has been successfully registered as a valid node. This provides additional security for your deposited XBY as hackers have nothing to gain even if they break into the VPS with the node wallet because the actual XBY is in a separate deposit wallet.
You do not lose your node for downtime. Only if you reduce the required deposit amount from the 500,000 XBY level.