30.05.2019 Chris Moffat

SafeNodes! Collateral funding begins!


Team SAFE is thrilled to announce the beginning of the SafeNodes setup process: SafeNodes Key Creation and Funding. The beginning of making crypto better and Safer for everyone with the MATCH protocol.

Please keep in mind that this is JUST the first step, and we will be providing additional steps very shortly as people’s funded collateral addresses gain maturity.

1: Go to: safenodes.org on a Desktop computer (not intended for mobile) This is a local, client-side app. An internet connection is not required for key generation.

Source code here: https://github.com/Fair-Exchange/safenodes.org

2: Create an extremely strong, 20-character password with numbers, letters, Capitals, and s*pci@l ch@ar@ctrs. Remember this password. Keep it SAFE, do not share.

3. Copy the “Safekey” and “SAFE Collateral Address”. This is a public key. You will need these soon

4. Print off the resulting keys. Store it in a SAFE and secure location following best practices for Paper Wallets. Or, alternatively, use your prefered methods for storage.

5. Fund the “SAFE Collateral Address”. It may be any amount at or above 10k SAFE. Tier amounts are 10k, 50k, and 100k. Compounding will be permitted.

That is all for now! Please stay tuned for further news and Steps :)

Would you like to know more? We will be providing a considerable amount of additional information on discordmediumtwittertelegram. Just now, @Cam [Trivia Challenge!] has generously provided an Introductory Video to SafeNodes key creation and Funding:

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SafeNodes FAQ:

1) Collateral questions- “I have xxx Safe, how should I make my nodes?” etc etc.
Any amount less than 199,999 keep in one node. The ideal earning range is between 100k and 199k, so keeping the fewest nodes in that range is recommended.

More info: The three tiers, 10k, 50k, and 100k, each earn a little bit more at the base rate, i.e. one 50k tier node would earn slightly more than 5 10k nodes. Also, the earnings are not limited to the base node amount, but are paid based on number of coins in the node. So 15k in a node earns more than 10k in a node. There is an upper limit on the coins in a node that will earn, to incentivize large holders and pools to have more than one node, so amounts above 200,000 in a single node will not earn any more than just 200,000.

2) Will it run on a raspberry pi
Not yet.

3) Do i need a vps?
No VPS is required. However, you may choose to use one if you don’t want to leave your PC powered up 24×7.

4) What hardware is required to run a 10k/50k/100k node.
At this time, if your computer will smoothly run a full-node wallet (the agama-based wallet most people use), then you have what is needed to run the first phase of SafeNodes.

5) Do I need a constant internet connection?
Yes, with a reasonable uptime, so that you don’t miss out on rewards.

6) Why do I have to register a new address on safenodes? Why can’t I use my existing address?
Using the SafeNode registration page is the easiest way to generate all the keys required to run your SafeNode. This will also ensure that your SafeNode collateral is in cold storage. Storing your collateral in a hot wallet is an unnecessary and undesirable risk.

7) Why am I getting addresses for rvn/btg/btc etc.
The notarization process sends information in both directions across the blockchains, so these addresses again are tied to your Safe Key to properly reward notarizations.

8) When will I be able to run a node?
Soon! The basic node, which is a local wallet, will be able to be implemented in this first phase.

9) Can I access my funds in my safewallet?
Two parts: First, as with any cryptocurrency, as long as you hold the private key, yes you can access those funds.
Second part (pay close attention): If you are sending amounts in and out of your wallet address associated with your Safe Key for a SafeNode, you risk losing some rewards. This is because the coins require maturity in order to be eligible for rewards. The way blockchains and cryptocurrencies work means that sometimes to send an amount, your wallet actually sends out a transaction that contains more than the amount that is being sent to the recipient and the “change” is then sent back to your wallet in that transaction. Those coins (the change) would now not be considered mature. So it is recommended to not use your Safe Address associated with your Safe Key this way. Furthermore, by sending coins to and from this single address, you are losing your own privacy.

10) Why do i have to print out a paperwallet?
A paper wallet is considered more secure, as it is not online and connected to the internet. This is also known as “cold storage” and you probably know that all exchanges keep a certain amount of their assets in cold storage to be safe. You should do the same. This allows you to run a “hot” (connected) wallet for the notarization node, using a “cold” wallet to store your funds securely.