So, you are being awesome and contributing to the Monero network by running a full node. Now it’s time to ensure that it keeps running. Hardening a public facing server is best practice, regardless of the services provided, but is especially important when that service may control cryptocurrency.
Introduction It’s easy to contribute to the Monero network. You can USE Monero, contribute your time, donate, mine it, or run a Monero node. Running a node is just using your compute resources to store a copy of the Monero blockchain. It take relatively little CPU, memory, or network, and only a marginal amount of storage. In this guide, we will build a Monero node on a Virtual Private Server with 1vCPU, 1GB of memory, and 60GB of disk space.
Overview In a previous post, we discussed WHAT a multisig wallet is. Now it’s time to create one. Multisig in Monero At the time of writing, multisig support is available in the development branch of the Monero source on Github but is not yet available in a released version. You will need to build the binaries yourself from source before proceeding. Example: Alice and Bob want to build a multisig wallet together.
The decentralized nature of cryptocurrencies makes them super resilient. The same cannot be said for individual wallets if not cared for properly. In a previous post we covered the different types of Monero wallets and the potential use cases for each. Here, we will discuss the methods for creating a Cold Wallet for Monero. A cold wallet is nothing more than a Monero wallet which isn’t connected to the internet.
It’s widely recognized that using a cold wallet to store your Monero is best practice. It’s fairly simple to use a View Only Wallet to view any incoming transactions to your wallet. What this doesn’t provide is an ability to see outgoing transactions from your cold wallet, and therefore doesn’t show you true wallet balance. While cold wallets are cold for a reason, and it’s not recommended to do this continuously, the following will provide a guide for viewing your true Cold Wallet balance.
Monero wallets can be a bit tricky due to the overarching privacy features built into Monero. Adding levels of security by creating offline, cold wallets can make the use of wallets even more confusing. This guide will walk through the process of creating a “View Only Wallet” using the Monero wallets. WTF is a View Only Wallet? A “View Only” wallet is what it sounds like: a wallet where you can “view” incoming transactions to your wallet.
Hot wallet, cold wallet, view only wallet, online wallet, web wallet; what type(s) are best? Best for you? Most secure? Most usable? Managing and securing your XMR needs to balance “ease of use” with security. This guide will go through the options available, some of the providers for each type of wallet, and a high level recommendation on what may work best for you. TLDR; Maintain a local (on your machine) hot wallet with minimal funds.
In order to use Monero you will, at some point, interact with a Monero full node. A full node is nothing more than the Monero software running and synced with the full blockchain. You can run one of these on your laptop, a small VPS, or use a “trusted” node someone else created. Create your own Remote Node Creating and using your own remote node is an awesome option. You get to support the Monero network, offload the uptime requirements from your personal box to a VPS, and maintain the trust and security by controlling the node yourself.
Monero is private and that’s awesome. But the privacy adds a bit of complexity to the currency environment. Bitcoin uses two keys: a public address and a private key. Pretty simple. Monero has four with some (somewhat) cryptic names. This guide will walk through the different keys, how they are used, and what you need to do with them. Creating Monero Seeds, Keys, and Addresses I’ll use the following values going forward:
If you can build a computer, you can build a mining rig. Mining monero is the best way to accumulate Monero in a truly anonymous manner. You are essentially trading electricity (and the cost associated) for Monero. Additionally, you can gain some cost efficiencies but repurposing the equipment you’ve purchased in the instance where you decide to stop mining. I.e. using a GPU array for machine learning training, or building a virtual lab from your Xeon processors.