Staking Series (5 part series — PART 3)
Staking has become popular in the last few months as the prices of the mining hardware are skyrocketing due to the high demand. If you are new to staking, you can read our initial guide on staking and the popular coins that you can stake.
One such coin is Tierion(TNT). It is one of the new coins that you can stake and make a profit. In this article, we will go through a simple guide on to stake TNT. Also, we will discuss whether it is profitable to stake TNT and how can you sell them to book profit. At the time of writing, we are also staking TNT and want to spread the information to our readers. However to participate, you first need to do node registration. Currently, they run registration from time to time(generally once per month). To learn more about their registration process, you can visit their registration update medium post.
Staking Tierion works a little different compared to other staking coins. You just need to transfer the coins to a staking wallet, and it’s done. NEO, for example, only needs to be transferred to online wallet such as neotracker.io, and you will get 5–5.5% annual return in the form of GAS. GAS is another cryptocurrency is part of the NEO’s ecosystem.
We will be using Amazon for setting up the Tierion node. The node is important and without it you cannot stake TNT at all. However, don’t get overwhelmed by the steps. Even if you are not techy, you can easily follow the guide and get your TNT node set up.
The first step is pretty straightforward. You need to create an ERC20 compatible wallet. You can do it by simply going to the https://www.myetherwallet.com and create one. Also, you need to transfer the minimum amount of ETH and TNT to the wallet. The minimum value of ETH is 0.01 ETH and 5000 TNT.
The next step would be to create a Amazon Lightsail account. You need to buy a server. However, don’t buy the customer support or upsell features that they offer.
After you create your account, you need to create a instance where your node will be live. To do so, you just need to follow the basic steps mentioned below.
1. Click on the “Create Instance.”
2. Now select the region where you want the node to be live from. It is always advisable to select the region closest to you.
3. Now select OS only, and then follow it up by selecting, “Ubuntu”. We will run few commands below to setup the basic node.
4. To ensure proper functionality, you need to choose minimum $10 plan. If you want to be extra careful about resources, then it is advised to go for $20 plan.
5. Last, but not the least, you need to choose a name for your Ubuntu server.
Static IP is required to make your server available to the internet or other resources. To do so, you need to click on the “Create Static IP”.
Now click on the zone and location of the Ubuntu Server and attach the Static IP. Finally, you need to name your static IP for easy access later on.
Great, you have installed the Ubuntu server and also attached a static IP to it. Now, you need to set up. In this part, we will be using commands. If you haven’t used commands before, don’t worry. You just need to copy and paste the commands.
Put the above command one line at a time. The above commands will help you to simple update and upgrade your Ubuntu packages.
To get your Tierion node up and running, you need to install some core software. Once installed, simple editing will make them useful. You need to install 4 main software into your Ubuntu OS. They are Docker, Google NTP Service, Ubuntu 16.04 Updates, and Chainpoint Node.
All of this software can be installed using a simple script that we have created. Just copy and paste the following script command to get it done.
Congratulations! You have successfully installed the Tierion software. It is now time to edit it so that it works.
The above code will open up the config file. You just need to edit it and save it.
Use the arrow keys and move to the “.env”. Once you are there, press enter.
Now, you need to press “i” for editing the entries.
You need to edit the “NODE_TNT_ADDRESS” to your node wallet address you created in the step 1 and “CHAINPOINT_NODE_PUBLIC_URI.” to your staticip address. It should follow the format of “http://ipstaticadress”
Once done, click on ESC and type “:wq”
The last step is to start and verify the node. This will also help you check if there are any potential issue. Let’s get started.
This will move you to the node directory.
The two above command will start your node and start creating logs. If there is no error, you have successfully started your TNT node. If you see some error, you need to check their documentation and see how to fix it.
The last step is to monitor your Tierion node for few hours simply. If everything runs fine, you will be verified by the TNT network and rewards should start flowing in.
So, what do you think about the tutorial? Comment below and let us know.
Credit — Kyle.