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Best practices on forging singapore
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Author Topic: Best practices on forging  (Read 1687 times)

theghost1980

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Best practices on forging
« on: February 12, 2017, 10:39:38 pm »

Hello there. I'm still configuring some nodes. My next step will be start forging. This is why I would like to ask you some questions:

1._ What is the best practice to forge?

   As far as I know, one of the best practices is to keep 2 accounts. #1 account with a small balance, which is the one being "exposed" to  the net, while running on the Node. And #2 account which is holding a bigger balance (not exposed) and is forging in the #1 account. If I'm wrong about this correct me please.

2._ What is the best way to calculate an investment / return on a monthly basis

  I would like to know how do you calculate how much to invest, based on how much you want to ear each month.

3._ What do I need to start forging

  - A minimum of 1 Node 24/7 (that can be also not only one, in case someone wants to get more forge power)
  - 2 Accounts (The one running the forge in the node + the one holding the NXT amount)
  - A minimum of 1 NXT to forge

4._ Last but not least. Would you point me to a guide "step by step" about the forging set up?

Thanks in advance for your precious time!
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lurker10

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Re: Best practices on forging
« Reply #1 on: February 13, 2017, 07:42:07 am »

1 is correct, except the "exposed" part isn't accurate.

2 is unknown, forging isn't profitable with the current volume of transactions, you forge to secure the network and your investment in NXT. In the future hopefully it'll be profitable. Securing the network and your investment in NXT can be viewed as a future profit, so do it.

3 you need a node and the minimum forging power of 1000 NXT but don't expect much with the minimum amount. One node can have multiple accounts forging. The best practice is how you wrote it in #1, set up a small account with 1 NXT and lease to it. Forging power != balance of the account, click on Account info in the dashboard to see the forging balance. When you lease your big account's balance to the small account, the big account's forging balance will be zero, and the small account's forging balance will be its own + leased from the big account = sum should be 1000+ NXT.

4 get a vps to run 24/7, set up NXT and a self-signed ssl, log in with your small account through the https://vps.ip.add.ress:7876 (click on add security exception in the browser when it complains because ssl is self-signed). Self-signed ssl is the .keystore file generated with the command here:
https://bitcointalk.org/index.php?topic=345619.msg5485142#msg5485142
you need a secured connection to forge because the passphrase is sent to the node when you turn on forging. For all the other normal functions (sending money, using asset exchange, etc) the passphrase is not sent, all transactions are signed in the browser javascript, but forging is different, hence SSL is recommended.

If you forge on your home PC you don't need SSL as you open localhost:7876 and passphrase is never sent outside your machine.
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