How to Run a 5ire Validator Node and Participate in the Network

Running a 5ire validator node allows you to participate in the network, contribute to its security and decentralization, and be eligible for the 5M $5IRE Validator’s Airdrop.

This step-by-step guide will walk you through the entire process of participating in the pre-mainnet campaign.

Step 1: Minimum Requirements

To run a validator node, you need to have at least 100,000 $5IRE tokens stored in any supported wallet on the Ethereum Mainnet.

Step 2: Stake $5IRE on a Validator’s Pool & Get Whitelisted

Once you have 100k $5IRE tokens, the next step is to stake them on a validator-specific staking pool. Head over to this page to access the staking interface and stake your tokens.

Connect to the 5ire Staking Interface to the 5ire Wallet by clicking the “Connect Wallet” button.

Click to Approve the connection.

Info: This is a chance for the early supporters, especially validators, to earn rewards and also ensures that their tokens are actively participating in the network.

Input your 5ire wallet native address to be automatically whitelisted for running the validator node.

Note: If you don’t have the 5ire wallet already set up, head over to this page.

After successful whitelisting, the equivalent amount of 5ire tokens will be airdropped to your 5ire native wallet.

Step 3: Validator Node Setup

Prerequisites

1. A server or cloud instance with the following recommended requirements.

• CPU: Core 8, Threads 16
• RAM: 32GB
• Storage: 100GB SSD (250+GB for archives)
• Software:
• Linux Version: 18.04 LTS or above
• Yarn: Version 1.22.19 or above
• Docker: Version 20.10.10 or above

2. A stable internet connection.

3. Basic knowledge of command-line interface (CLI) operations.

For full requirements, protocols, and best practices, head over to this page.

Set Up The Node

Step 1: Download the Docker image using the following command

docker pull 5irechain/5ire-thunder-node:ga

Step 2: Run the Docker image for the desired node

docker run -p 30333:30333 -p 9944:9944 5irechain/5ire-thunder-node:ga — no-telemetry — base-path /5ire/data — chain /5ire/specs/5ire-thunder-SpecRaw.json — bootnodes /ip4/3.17.180.216/tcp/30333/p2p/12D3KooWA33HomkBqsKNqEbaP3ubXCSxHmqDNNPDf2qPzmiS9FsL — validator

NOTE

1. The above commands assume that you have installed Docker on the server according to the Docker guidelines. If the current user hasn’t been added to the docker group then you will need to prepend sudo to the command before running.
2. The above validator node command assumes that you are installing a node in a machine that has Docker installed

Step 4: Accessing the Validator App

1: Connect Node

You must enter the node IP address and port (Format: protocol://IP:port) in the node information section and click on Submit.

Format for entering the node information:

Format: protocol://IP:port

Example: ws://127.0.0.1:9944

Example: wss://www.example.com

NOTE:

The “wss” protocol uses WebSocket over a secure TLS/SSL connection, while the “ws” protocol uses an unencrypted connection.

If the system firewall is enabled, the Node host must make the following ports (TCP) accessible:

9944: For web sockets and RPC

2: Connect Wallet

Once the node connection is established successfully, you must log into the Validator Application.

In the left panel menu, click on the Connect Wallet button. Once you’ve approved the connection, you will be redirected to the next step.

If you are a first-time user of the app, then you will be directed to the next step to set up an account name on the platform.

Step 5: Setting Up The Account

After successfully connecting to a wallet, you are taken to the dashboard page. The dashboard page provides you with all relevant information, including:

The dashboard page shows the status of the validator.

The status could be Active, Inactive, or Waiting.

If you have not completed the process of becoming a validator, the status will be shown as “-”.

To continue with the validator setup process, click on the Setup as a Validator button.

Verify Wallet Address and Generate Rotate Keys

You will now be redirected to a page with the associated wallet address visible in the top left-hand corner. The rewards will be received in this wallet.

Click on the Generate Rotate Key button and it will auto-generate your rotate key.

Once the rotate key is generated, click Next to proceed.

Step 6: Bond/Stake $5IRE

Input the staking/bond amount(minimum 100k $5IRE) to use for creating a validator bond.

Input the commission percentage that will be taken out before the rewards are distributed amongst the associated nominators.

Note: If you’re in the queue, the higher the amount you stake, the greater your chances of being selected to become a validator.

Step 7: Authorize your transaction

Click on Bond & validate to authorize the transaction. A small fee will be deducted from the account balance to process this transaction.

Once this transaction is approved, the validator bond will be created.

After completing the validator bond creation process, you will be redirected to the Validators page. The validator status will be updated to Waiting until the next validating era.

The remaining data points, such as blocks proposed, points, nominators, uptime, rewards earned, etc. will be updated once the validator validates blocks on the 5ireChain network.

Additional details on the Validator Application can be found here. If you need any support, please reach out to us by joining us here.

Frequently Asked Questions

Q. Do I need to stake exactly 100,000 $5IRE?

A. No, you don’t need to exactly stake 100k $5IRE. Especially if you’re early, you don’t need to stake more than 100k 5IRE tokens.

However, if there is a queue of validator’s waiting, then the more $5IRE you stake, the better your chances of being selected.

Q. Which wallets do I need to become a validator?

Firstly, you need Metamask or any other supported wallet that can store your ERC-20 $5IRE tokens. You need to stake your ERC20 5IRE tokens to the validator-specific staking pool.

Secondly, you need to set up your 5ire Wallet where you will receive the equivalent native testnet $5IRE tokens, which you can then bond/stake to become a validator.

Q. Do I still earn APY from staking my 100,000 $5IRE after becoming a validator?

Yes, you can still earn handsome APYs(up to 35%) while participating as a validator. This is our way of rewarding early supporters of the 5ireChain network.

Q. Which browsers are compatible with the 5ire wallet extension?

Currently, 5ire wallet is available for Google Chrome and Mozilla Firefox.

More information about 5ireChain can be found by clicking on the following links:

Website: https://5ire.org

Testnet Explorer: https://explorer.ga.5ire.network/

LinkedIn: https://www.linkedin.com/company/5ireChain

Twitter: https://twitter.com/5irechain

Discord: http://discord.gg/5ire

Telegram: https://t.me/OfficialFireChain

Facebook: https://www.facebook.com/5irechain

Instagram: https://www.instagram.com/5irechain