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Updated instructions for Fedora 23 can be found here http://bytefreaks.net/gnulinux/bash/howto-make-terminator-terminal-act-like-guake-terminal-in-fedora-23

For Ubuntu 16.04LTS here http://bytefreaks.net/gnulinux/howto-make-terminator-terminal-act-like-guake-terminal-in-ubuntu-16-04-lts-the-easy-ways

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Installation:

We had to install the beta version so that it supports a new feature that is not currently available in the Ubuntu repositories:

sudo add-apt-repository ppa:gnome-terminator/ppa
sudo apt-get update
sudo apt-get install terminator

After that, create the following file: ~/.config/terminator/config  and add the following text in it:

[global_config]
  enabled_plugins = LaunchpadCodeURLHandler, APTURLHandler, LaunchpadBugURLHandler
  always_on_top = True
  tab_position = bottom
  sticky = True
[keybindings]
  hide_window = F12
[profiles]
  [[default]]
    background_darkness = 0.75
    background_type = transparent
    foreground_color = "#ffffff"
[layouts]
  [[default]]
    [[[child0]]]
      position = 0:24
      type = Window
      order = 0
      parent = ""
      size = 1679, 298
    [[[child1]]]
      position = 839
      type = HPaned
      order = 0
      parent = child0
    [[[terminal3]]]
      profile = default
      type = Terminal
      order = 1
      parent = child1
    [[[terminal2]]]
      profile = default
      type = Terminal
      order = 0
      parent = child1
  [[original]]
    [[[child1]]]
      type = Terminal
      parent = window0
      profile = default
    [[[window0]]]
      type = Window
      order = 0
      parent = ""
[plugins]

This will configure terminator to accept the F12 button as a hide/show command wherever you are and will initially create a session with two terminals when you start terminator, as in the screenshot below: