How to use ~1 Zen, that was sent to master node address


#1

Hi, friends! I’ve just created a Node and even received the first payout. My apologies for a stupid question. Is it possible to withdraw or some how use 1 Zen (5 obligatory incremental installments), that I have sent to the Node addres ? At the moment, I spent 43 Zen in order to run the Node. 42 on my Wallet + 1 on the Node. I’m planning to create another Node - so I need all Zens available). Thank you!


#2

Hi there, PomabyJob. As you’ve seen, your payout goes to the node’s staking address. If you plan to deploy additional nodes based on the payouts from this one, you can either let it accumulate in the staking address until you’ve got another node’s worth of Zen, or create a new transparent address and periodically move the accumulated Zen (over the 42 Zen staking requirement) to that address. If the latter, then once it’s gotten enough Zen for another node, you can either designate the address you’ve been saving the Zen to as a staking address, or create a new transparent address for staking for the new node, transfer 42 Zen to that address, and you’re on your way. Hope this helps.

PS I suggest you backup your wallet every time you create a new address in it and make sure the wallet is kept in a safe place, preferably somewhere offline.


#3

Thank you for the valuable explanation! Maybe you can tell me - whether is it possible to use some how these Zen that were sent to masternode address? In order to run node it is obligatory to make several small transactions (e.g. 5 transactions 0.1-0.2 Zen each) from your wallet to the masternode’s address. Is it possible to withdraw these Zen?


#4

You’re welcome. I believe the funds sent to the node’s private address are used in challenges. I think each challenge consumes 0.0001 Zen, the same amount as sending a message. So you ARE going to be using it, but only to validate your system’s suitability for the task. You can’t also use it towards the 42 Zen for staking since that has its own address. I hope this helps.


#5

You can do what I recommend, fund the node with enough zen to run for 2 years. I fund all my node’s challenge z addresses with 0.15 ZenCash, sent in five increments of 0.03. I stake with the Arizen wallet since it makes node management of multiple node stake addresses so easy. So my process is as follows… From Arizen, send 0.1505 ZenCash to my swing wallet (0.0005 Zen is to cover the five transactions), then send five transactions of 0.03 Zen (+ the 0.0001 network fee) to my secure node’s z address.

An additional suggestion I would offer is, backup your node’s wallet.dat file as soon as you generate the z address. This is just in case your VPS provider has closed your node for whatever reason, and it is generally good practice to be in, to secure your funds.

If you are on windows, using putty to work with your node, you can look at my most recent abbreviated guides that includes scripts to backup and restore important files and keep them encrypted. To move files from your node to your pc, you can use PSFTP as part of PuTTY or use SFTP for Linux or MacOS.
You can see how to use SFTP to move your wallet.dat file in Psyrax’s VPS Migration Guide.

Cheers!


#6

Thank you for your explanation!