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

OBJECTIVE :

This thread is made with purpose :

Sharing knowledge about Masternode & Staking
Sharing knowledge about Cli-Wallet installation on VPS
Masternode owners and staker can find out 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).

CLI-Wallet Monero (XMR)

CLI-Wallet Safe Insure (SINS)

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

Quote from: MARKCoinNetwork on October 17, 2018, 02:04:49 AM

MARKEducation: MASTERNODES PART I

WHAT IS A MASTERNODE?
-snip-

Following quote is very sufficient to explain about masternode project. Please read it and please turn on/enable automatic translation in your browser.

Quote from: evilsign on September 21, 2018, 12:32:17 PM

Sebelum membahas apa itu masternode, alangkah baiknya agan-agan sudah mengetahui dan paham apa itu PoW dan PoS. Untuk Selengkapnya anda bisa mencari di forum ini, sudah banyak yang membahas perbedaannya.

Sederhananya adalah PoW(Proof of Work) itu kita menggunakan perangkat keras secara langsung sebagai hashpower seperti VGA dan CPU atau ASIC untuk menambang(mining) alias mendapatkan reward dalam bentuk coin, seperti bitcoin dan etherum. Sedangkan untuk PoS(Proof of Stake), kita menggunakan aset kita dalam bentuk saldo coin di wallet pribadi kita (dengan jumlah minimal yang telah ditentukan) agar kita mendapatkan reward dalam bentuk coin itu juga(staking). Sama seperti kita menaruh saham, jadi reward yang kita dapatkan bergantung dengan seberapa besar saham yang kita taruh. Selain itu PoS lebih ramah lingkungan karena menghemat konsumsi listrik. Contohnya adalah ignis dan reddcoin.

-SNIP-

2. Wallet Types

1. External Articles : Understanding Crypto Wallets
Internal Article (In Indonesian Local Board) :

Quote from: Dermelon on April 30, 2018, 11:40:11 PM

Wallet Types (Please turn on your automatic translations)

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.

Image 1. GUI Wallet

Image 2. CLI-Wallet

GUI Wallet (Image 1)

- 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 (Image 2)

- 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 :

TERMIUS APPS

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.

Quote from: Vann on December 02, 2017, 12:47:56 AM

With POS coins you are staking coins i.e. holding coins in a full node client wallet to accumulate enough stake to mine a block and earn a reward based on the POS annual percentage rate for that coin. Typically with POS you can hold any number of coins and still be eligible to stake. The more coins you have and the longer you have them staking, the quicker you will be able to earn enough stake to mine a block and earn a POS payment. Your client node doesen't need to be online to earn stake, but it must be online to be able to mine a block to earn a reward.

With masternodes you are hosting a full node client and holding a fixed number of coins as collateral in order to be eligble to perform network functions for the blockchain and are rewarded a fixed number of coins from the POW block for that service. Your masternode must be online in order to be able to qualify for a payment.

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 put installation step in next column.

Bibliography.