What is ChainCoin?
ChainCoin is a currency, established in 2014, offering freedom from centralised banking allowing you to use digital currency in the real world. It was the first coin launched with eleven hashing algorithms chained, one on top of the other with intentions of Freedom from centralized banking and creating a strong Society to support the movement into cryptocurrency.
ChainCoin will be as easy to use as your local bank. Put money in, pull money out, spend your money, and best of all, your ChainCoin works for you 24/7. All this happens outside current centralized banking allowing more freedom over our funds than ever before.
No more middleman
Even though the blockchain network is decentralized, many of the services that allow its use in the real world are still centralized. This takes away a fundamental aspect of why we use blockchain networks. With Project X-Chain we aim to create truly decentralized ecosystem by “chaining” multiple blockchains together and providing a decentralized in-wallet exchange. Using this technology a library of applications can be developed to further enhance and assist ChainCoin’s community.
Any feature, whether it be an enhancement or major addition, incorporated into the ChainCoin ecosystem, must adhere to one (or more) of the core objectives. This will ensure ChainCoin stays true to the vision of offering viable real world solutions.
- Decentralization: No middleman means no chance of pollution from outside the blockchain
- Onboarding: Ensure it is always simple and easy to acquire CHC coins.
- Spending: Withdraw cash from ATM’s, spend with debit cards, or buy online – same as you can with your local bank.
- Control: ChainCoin will be a feature-rich online bank / wallet allowing you the highest control over your funds.
- Rewards: If you own ChainCoins, they earn you more ChainCoins. If you invest in ChainCoin, and be part of the ecosystem, you get rewarded for your contribution.
- Community: Digital currencies are strong as the community that supports them.
- No pre-mine
- CPU/GPU mining
- 11 hashing algorithms chained
- 16 coins per block (currently 8 per block)
- Reward halves every 700800 blocks (2 years)
- Block time: 90 seconds
- Total coins: About 23 million
- 25% of reward goes to masternodes
- P2P Port 11994
- RPC Port 11995
CHAINCOIN RETURN ON INVESTMENT
1000 CHC is required to create a masternode.
You can find out the ROI of a Chaincoin masternode at http://www.chaincoin.org/chaincoin-roi/ >>
The full dashboard is here: Chaincoin ROI Dashboard >>
To achieve this ROI, masternode owners must place 1,000 CHC into the wallet associated with their node. Moving the funds out of the wallet will remove the masternode from the network. Additionally, the wallet address will no longer be eligible for rewards either. It is possible for users to move their funds out of the wallet at any given time, although it is not in anyone’s best interest to do so overnight. With the rewards being paid out regularly, there is a lot of passive income to be generated by running a masternode.
FREQUENTLY ASKED QUESTIONS
1. How do I create a masternode?
A masternode not only earns you an income, it provides a valuable service to the Chaincoin network. As such, it needs to be hosted on a computer that is online 24/7 and has a static IP address. This is not normally your home computer. We strongly recommend you use a hosted VPS such as those provided by vultr.com. We have developed a written guide and a set of tutorial videos to help you deploy a masternode. You should have some level of computer ability before attempting this. You should also follow the guide EXACTLY, checking that you have file and pathnames correct (for example, ~/.chaincoin is right, ~./chaincoin is wrong. chaincoin.conf is right, chaincoind.conf is wrong). The PDF guide is here: How to Setup Masternodes The tutorial videos are here: YouTube Guide to Chaincoin Masternodes
2. What do I do if I run into a problem?
– Firstly, check you have followed the setup steps exactly. If you are using the PF< try watching the videos as well, and vice versa. You might see you missed a step or typed something wrong. – Wait. Some actions on the server (starting it, receiving coins etc) can take some time. – Join our Slack teamat Chaincoin Slack Invite and go to the #support channel
3. Can I run multiple masternodes from one server?
Masternodes are designed to help the network. As such, each one should be on a separate server. Trying to run more than one on the same server might seem like a good idea for you, but it doesn’t really help Chaincoin! Having said that, we havent found a reliable way to run multiple masternodes on one server. Each one would need it’s own IP address for a start. This may change in future, with new releases of the code. If so, we’ll update the Wiki
4. How do I setup a masternode on Mac/Windows/Raspberry PI/My refrigerator
We are working with teammembers and developers to create guides for other operating systems. Your masternode should not really be hosted on your Desktop – it really needs to be on a fast network, 24/7, with a static IP address Having said that, as guides for other operating systems are developed, we’ll let you know here and at chaincoin.org
5. How many coins do I need to run a masternode?
To be able to run a masternode you need to have exactly 1000 CHC. These coins have to be transfered in exactly one transaction so if you send 2 x 500 coins to your address it will not work.
6. What is POS_ERROR when I check my IP masternode ? How to fix that ?
POS_ERROR — How to fix, stop masternode service. Delete mncache.dat. Start masternode service. Unlock node on wallet, enable again. – sliff2000
7. I get an error “You must set masternode=1 in the configuration file”
This error happens when you don’t put masternode=1 in chaincoin.conf file or you put chaincoin.conf file in the wrong directory. Most common problem is omitting . (dot) in front of chaincoin when following the masternode guide. In UNIX systems .chaincoin and chaincoin are two different directories. To check contents of your chaincoin.conf file type
nano ~/.chaincoin/chaincoin.conf and add the missing lines to fix the error.
8. How to check if my masternode is running?
You can check status of your masternode by typing
masternodelist status <your-mn-ip> . If the status is Enabled your masternode is running.
9.Does having more coins in the masternode increase reward?
No. If you have multiple thousands of CHC coins you can increase rewards by running multiple masternodes.
10. Is there any way i can configure masternode to work with no-ip/dynamic-ip ?
No. This is not possible.
11. I started my masternode couple of days ago an I still haven’t received any rewards is everything ok ? What should I do?
First check the status of your masternode by typing
masternodelist status <your-mn-ip> . If it says enabled it is ok and you will be receiving your reward soon. If it says expired restart the masternode. Rewards are random so sometimes it can take couple of days before you get your first reward. Sometimes you get multiple rewards on the first day and then it takes forever to get next reward. As the number of masternodes grow it takes more time.
12. Where is my wallet.dat located?
In windows it is in c:\users\(username)\appdata\roaming\Chaincoin on Linux (Ubuntu) in ~/.chaincoin directory.
13. How to edit the chaincoin.conf on ubuntu VPS?
14. I sent my coins from cryptopia to my VPS. Cryptopia says that the transfer is complete but I still have 0 CHC when I check balance with chaincoind getinfo ? Are my coins lost ?
Your coins are not lost. To be able to see the balance on the VPS your VPS wallet has to sync with the network. Once this process is complete you will be able to see your funds. To see if transaction went through on the blockchain copy/paste your receiving address into Blockchain Explorer . This will show you your address current balance.
15. My wallet is not syncing i have 0 connections for hours is there a solution?
You can solve this problem by adding nodes directly to the chaincoin.conf under listen=1 line. And then restarting the client.
Nodes list can be found by typing chaincoind masternodelist status and then adding them if they are enabled. Alternatively you can find nodes on block explorer http://220.127.116.11:3001/network but keep in mind that some of them are home computers and might be offline. If you are really lazy just copy couple of the nodes from this list. (list is created by randomly copy/pasting 40 of the nodes from masternodelist output on 07/16/2017)
addnode=18.104.22.168:11994 addnode=22.214.171.124:11994 addnode=126.96.36.199:12003 addnode=188.8.131.52:11994 addnode=184.108.40.206:12062 addnode=220.127.116.11:11994 addnode=18.104.22.168:11994 addnode=22.214.171.124:11994 addnode=126.96.36.199:11994 addnode=188.8.131.52:11994 addnode=184.108.40.206:11994 addnode=220.127.116.11:11998 addnode=18.104.22.168:11994 addnode=22.214.171.124:11999 addnode=126.96.36.199:11994 addnode=188.8.131.52:11994 addnode=184.108.40.206:11994 addnode=220.127.116.11:11996 addnode=18.104.22.168:11994 addnode=22.214.171.124:11994 addnode=126.96.36.199:11994 addnode=188.8.131.52:11994 addnode=184.108.40.206:11994 addnode=220.127.116.11:11994 addnode=18.104.22.168:11994 addnode=22.214.171.124:11994 addnode=126.96.36.199:11994 addnode=188.8.131.52:11994 addnode=184.108.40.206:11994 addnode=220.127.116.11:12004 addnode=18.104.22.168:11994 addnode=22.214.171.124:11994 addnode=126.96.36.199:11999 addnode=188.8.131.52:11994 addnode=184.108.40.206:11994 addnode=220.127.116.11:11994 addnode=18.104.22.168:12025 addnode=22.214.171.124:12020 addnode=126.96.36.199:11994 addnode=188.8.131.52:12006
16. My node has stopped responding to commands. When I type chaincoind getinfo nothing happens and I am unable to shut it down with chaincoind stop ?
You will have to kill the process or restart the server
17. When should I backup my wallet ?
It is best to backup your wallet.dat before you send the coins to your wallet. If you followed the tutorial best time to do it is just after you generated new address with chaincoind getaccountaddress 0. You can also make additional backup after the transaction.
18. How to backup wallet.dat?
The easiest way is by using a FTP client like Filezilla https://filezilla-project.org/download.php?show_all=1 . To connect to your server type in your server IP address and port 22 and then navigate to .chaincoin folder and download wallet.dat file.