Set up Binance Smart Chain Validator on Ankr
1. Head to app.ankr.com to deploy and click the Deploy A Node button.
2. Search or scroll down to find the Binance card, hover over it and press Deploy button next to label Validator Node.
3. Now you are taken to the configuration page. The hardware configuration is already set at the optimal system requirements, but you are allowed to increase the specifications if you wish to do so by using Advanced button.
4. The platform also recommends a cluster, which is usually the one that has the most freely available resources. In this particular case, the recommended cluster is the UK cluster, but another cluster may be recommended depending on your location.
5. Provide a Validator Name. You can use this name to find your validator in the Binance Smart Chain explorer. The Binance Smart Chain testnet explorer is available here.
6. In order to become a Validator you need a Binance Chain wallet and a Binance Smart Chain wallet, and link them both to your node. For extra security, it is recommended to use a separate Binance Smart Chain wallet to receive the rewards.
Please make sure that the Binance Smart Chain address was not used to run a Validator before. The blockchain will not allow a Binance Smart Chain address to apply for a Validator status more than once.
If we take the suggested extra security into consideration, you will need 3 wallets:
- 1 Binance Chain wallet
- 2 Binance Smart Chain wallets
To create the wallets, follow the instructions below:
- Binance Chain wallet: https://docs.binance.org/wallets.html
- Binance SmartChain wallet: https://docs.binance.org/smart-chain/wallet/metamask.htm
7. When the wallets are ready, you need to enter the following information, which you receive upon creating the wallet
- Binance Chain Mnemonic phrase, composed out of 24 words
- Binance Smart Chain Private key
- Binance Smart Chain Reward Address (recommended). The Validator rewards are sent to a separate address for increased security.
Please note that Ankr will not store this information anywhere, so make sure to back up this information safely!
8. Select your preferred payment option (ANKR ERC-20, ANKR Native, USDT or credit card). If you choose to pay with cryptocurrency you need to deposit funds on the generated address. Once the funds are received, you can proceed with the next step.
For July 31st until August 31st, 2020, Ankr provides free hosting for Binance Smart Chain Validators. During this period step 8 is not necessary.
9. Proceed by clicking the Deploy Node button. Your node will start deploying, which will take approximately 5 minutes
10. Once the node is deployed it will automatically sync with the Binance Smart Chain, which will take approximately 10 minutes.
Once your node is synced, your node will be a Full node. Now you can apply to become a Validator.
11. When the node is synced, go to the Manage tab for the next steps.
12. In the Manage tab you can transfer BNB tokens between chains, by clicking the Transfer button.
On the Validator Balances section you can verify your token balance per chain.
You can find your transaction on the Internal Transaction tab of the Binance Smart Chain explorer.
You can see the same transaction on the Binance Chain explorer.
13. Now you can apply to become a Validator by clicking the Apply button.
14. Now select the number of tBNB tokens you want to stake to your Validator. Keep in mind the minimum stake of 1,000 tBNB.
Please note that Binance Smart Chain is currently in testnet phase and the minimum required stake might change before the mainnet release.
16. A pop-up screen appears where you need to submit the commission rate of your Validator.
The Validator takes a commission from the rewards received when it has delegated tokens. You can choose a value that matches your desired profitability for your Validator, but keep in mind that this value should be attractive enough for people to delegate tokens to your Validator. This value cannot be higher than the Maximum Commission Rate.
Maximum Commission Rate:
The commission rate can be changed at any point in the lifetime of the Validator. The Maximum Commission Rate ensures the commission will never exceed a certain threshold. This feature increases the trust of your Validator, and helps other users to decide whether to delegate tokens to your Validator. The Maximum Commission Rate cannot be lower than the current Commission Rate.
After your Validator application is submitted, it might take a while until your Validator status is approved by the chain. Once the Validator is approved, the Validator status in the Manage tab is changed to Elected.
The transaction is also visible on the Binance Chain.
- Binance Smart Chain homepage: https://www.binance.org/en/smartChain