A Host name is required to assign a unique name to your VPS. Often this can be a real DNS name, but technically it can be anything. For example, you own the platinumvps.com, so it is always common for you to pick a host name using it, for example, you may choose myvps.platinumvps.com as your host name. If you do not own a domain name, you can technically enter anything that's a valid host name; for example, you could enter "vps.yourname.com". The host nameservers can be easily changed after the installation if you ever desire so.
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