Bithereum’s Proof-of-Uptime v2.0
NOTE: You must have a different BTH address associated with each node you are running!
*Info about referrals is at the bottom of this blog
Download the Bithereum Node Tool here:https://github.com/BTHPOS/node-management-tool/releases
Bithereum Bootstrap to block 602,763 (instructions below):https://drive.google.com/file/d/1Zhe_SfOYvdILcb0omuVAHpdHVaf0gV_b/view?usp=sharing
Bithereum Node Map: https://node.bithereum.network/#!/
Node Tool Video Tutorial: https://www.youtube.com/watch?v=C9heigHV4jk&feature=youtu.be
Bithereum’s first iteration of Proof-of-Uptime (PoU) has been running for 4 months now and the number of nodes has grown week over week; last week there were 186 nodes!
Proof-of-Uptime will now be shifting into phase 2, as we introduce the Bithereum Node Tool. The node tool is REQUIRED for anyone who wishes to participate in PoU, since this is what will be used to check uptime and issue the weekly payouts.
For those who are unaware, Proof-of-Uptime is a completely new initiative, unique to Bithereum, that rewards ANYONE who runs a BTH node. This system functions similarly to mining rewards which are earned for an individual’s work in every Proof-of-Work algorithm. In most PoW systems, including Bitcoin and Ethereum, there is a misalignment of incentives when it comes to full nodes. Though running a full node is absolutely crucial to the success of the network in the first place, there is no model in place to incentivize this, relying on people to be ideologically attached to a project rather than financially incentivized in the way that every miner is.
This initiative is also different from the idea of masternodes, in that it’s not required to have any BTH to earn node rewards. Keep in mind that this is the first iteration of the node tool; future iterations will be released as needed and we plan to add referrals in the future as well.
Bithereum Node Tool
This is a completely new and unique tool in the space that allows anyone to run a node with ease, even those with a limited technical understanding. Simply download the tool, choose “Add Node” then “Create New” and click through the various steps to start running your node.
You can decide where to save the folder on your computer, and choose which BTH address you’d like to use for your PoU payouts. We recommend creating a new folder for each node you will be adding. When your node is fully synced, you’ll be able to use the tool to monitor your node’s uptime and add more nodes if you have the storage capacity.
For those of you already running a BTH node, you’ll be able to add any existing nodes you have. Simply click “Add Node” then “Add Existing” and fill in the information during the next steps. If you’re adding a node from a different machine, you’ll need to enter the IP, P2P, and RPC ports.
Again, the node tool is REQUIRED for anyone who wishes to participate in PoU.
For those of you who do not understand what P2P/RPC ports are, or the difference between local and network IP addresses, you can just elect to create a new node and the node tool will take care of everything for you!
Getting Started (For New Nodes):
- Download the Bithereum Node Tool for your operating system (Mac/Windows/Linux): https://github.com/BTHPOS/node-management-tool/releases
- Download the Bithereum Bootstrap (to block 602763): https://drive.google.com/file/d/1Zhe_SfOYvdILcb0omuVAHpdHVaf0gV_b/view?usp=sharing
- Create a new folder called “Node 1” (or anything you’d like). Unzip the Bootstrap file and drag the two folders called ‘blocks’ and ‘chainstate’ into the “Node 1” folder.
- In the Node Tool, click ‘Add Node’, then ‘Create New’, then ‘Choose Folder’, and select your “Node 1” folder.
- Enter your BTH address, or create a new one and SAVE YOUR PRIVATE KEY.
Give it a minute and your node will start running from block 602,763! If you’d like to add a second node, create a new folder called “Node 2”. Stop the first node, copy and paste the ‘blocks’ and ‘chainstate’ files into the “Node 2” folder. Select the “Node 2” folder when creating a new node. You can start the first node back up again after this.
Things to Keep in Mind:
1. When adding an existing node, be sure that your IP address is a public address (accessible via port forwarding to 18554 and 18553).
2. If you would like add private/local ip addresses to the node tool, you can do so only if your node tool is running on the same network as your full nodes. Local IP addresses typically start with 192.168 or 10.0.
3. P2P and RPC details such as RPC port, RPC username, RPC password, and P2P port can be found in your full node configuration. If you don’t know where your configuration file is or you have not set one up, it is best to simply create a new node instead.
4. The BTH address associated with your nodes on the Node Tool do NOT need to be your address generated from the full node. You can use any BTH address that you have BTH in, even if you generated the address on a mobile wallet (ex. Guarda).
5. At any point if you’d like to shut off your machine, it is highly recommended that you stop your node by going to “Edit” then click “Stop this node”.
6. It is recommended that you have at least 4GB of RAM on your machine for all versions. If you have below this, it is possible that your machine will slow down.
7. When creating a new BTH address through the Node Tool, be sure to save your private key!
Node Tool Screenshots:
PoU Payout Breakdown v2
In PoU, the amount each full node will be awarded with will be based on 2 things:
- BTH Holding (in USD)
- Uptime %
Your reward tier will be determined based on the amount of BTH you hold in terms of USD, earning a higher amount of BTH with each increasing tier. However, it’s NOT required to have BTH to earn rewards. Secondly, the percentage of time your node is up, will be the percentage of how much of your reward you will earn.
Check the chart below for a breakdown:
For example, if someone is holding 500 BTH at $0.10 per coin, and their node is up 80% of the time, they will earn 12 BTH for the week (Tier 4, 80% uptime).
With PoU v2.0, you can officially earn BTH for downloading the node tool as well as referring others to do the same! Check out the following link to get started: https://nrs.bthfaq.com. The rewards are the following:
- If you “register” on the NRS(Node Referral System) and the node tool is reporting, you will receive 5 BTH .
- If you refer someone else, both parties will receive 1 BTH upon the referee entering their address into the referrers link.