How to Start Your Node
29th December 2020
There is an opinion among young crypto enthusiasts that if you want to control your finances, then you need to run your node.
What is a full node?
The main goal of full nodes is to provide secure cryptocurrency transactions. The presence of your node in the blockchain network doesn’t guarantee income. It doesn’t mean you’re a miner if you have a node.
A full node is a computer connected 24/7 to the Blockchain network.
The blockchain network consists of different nodes, but none of them are critical for the network’s existence. The nodes are fully synchronized with the network and communicate via a common protocol that defines the functionality of the network.
Each full node stores its copy of the blockchain and uses this copy to verify all cryptocurrency transactions and blocks. The node confirms the transaction, transfers data to other full nodes.
The node not only verifies transactions but also supports the decentralization of the network, guarantees users’ privacy.
There are three options to set up a complete node.
Option 1. Running a node on your local computer
- Open source OS like Linux (Debian / Ubuntu), Windows, or macOS.
- The hard drive is encrypted or protected from unauthorized access (firewall).
- 350 gigabytes of free disk space and 2 gigabytes of memory (RAM)
- Intel CPU i7- 7700K processor with a hash rate of 360 per second, or AMD CPU Ryzen7-1700X with a hash rate of 610 / second.
- Unlimited broadband internet connection with at least 400 kilobits (50 kilobytes) per second download speeds. The initial node setup typically uses 195 gigabytes to sync with the blockchain.
The websites and videos provide detailed instructions on how to set up the primary client. The first download and blockchain synchronization can take several days, subsequent downloads are faster.
Option 2. "Knot in a box"
You don’t have to understand configurations to use this method. You buy a pre-configured full node with an interface for controlling the device and the ability to view the data:
- A hard drive can be connected to your computer.
- A hardware wallet with USB input quickly connects to your computer or laptop.
This is an option to outsource the heavy work of loading and storing the blockchain to an external mobile device with less power consumption. The cost of such devices ranges from $ 300 to $ 1,770.
Option 3. Running a node in the cloud
You need to create an account in the cloud service to run a node there. Then create a virtual machine to speed up the connection and synchronize it with the cloud of your personal computer. In this case, you need to ensure that the firewall is configured correctly to avoid hacking. After that, you will need to install the software and configure the appropriate port parameters on your cloud computer.
Is there an alternative to creating your nodes?
You don't have to create your nodes to manage your digital assets effectively. The necessary equipment is expensive. Besides, you spend a lot of time on configuration and monitoring the conditions.
Focus on your project and connect to the GetBlock platform, which provides free access to Bitcoin, Ethereum, Monero, Litecoin, and other most popular cryptocurrencies’ nodes using JSON-RPC, REST, and Websockets.
All you need to do is to select the desired node and make a request. GetBlock will do the rest!