1) How to use your Reddcoins to stake (getting rewards)
First of all a small introduction into Reddcoin – More information @ https://www.reddcoin.com/
2) What is REDDCOIN?
Reddcoin is the social currency that enriches people’s social lives and makes digital currency easy for the general public. Reddcoin achieves this by integrating a digital currency platform seamlessly with all major social networks to make the process of sending and receiving money fun and rewarding for everyone.
You can TIP with Reddcoin for good content on Twitter, Twitch and other social media sites.
3) What is staking?
Staking (minting) is in the short term for a system called POS (Proof of Stake)
Proof of stake (POS) works different than Proof of Work (POW) because you need no CPU/GPU/ASIC power to mine coins and gain interest. A good example for a POW System is Bitcoin, where you need a lot energy and “work” to generate Bitcoins.
POS at Reddcoin means that you get money for securing the network for just being online. As a reward you get a 5% Interest rate back in return.
4) How does that work and what do I need to know?
First of all you need to know that the random generator does not work if you have a zero balance in your wallet.
Here is a list what you actually need to do:
- Download and Install the Reddcoin Wallet on a computer you know you don’t have to turn of. Here is the official Link to the Projekt Website: https://www.reddcoin.com/#Wallets
- Buy Reddcoins on a Exchange or use https://Shapeshift.io or via https://changelly.com
- Unlock your Wallet just for staking –> Settings – Unlock Wallet
- You should be aware that when you have to unlock the wallet, you should have checked the checkbox: “Only for staking” – Otherwise a virus or a hacker can transfer your coins to another wallet without a password!
- Now the grey symbol at the bottom of the wallet turns after a few seconds from grey to green and you can see the statistics when your next stake might be.
- The rdd coins have to be matured to start staking. This means you have to wait for about 24 hours after sending the coins to your wallet to be player in this staking game.
5) What else do I need to know?
- Your wallet has to be online, in sync and unlocked.
- Its like a lottery pot – Every coin is ticket to stake.
- More coins means – more tickets – higher chance to stake
- Staking is a random process. There is no guarantee that you stake once every xx hours.
- Coins have a coin-age – Higher coin-age is better.
- Coins with old coin age will be spent first.
- Make sure if you read, ask, exchange that it is REDDcoin not REDcoin(Both coins exist)
6) Diving a little deeper
You can also activate a hidden feature called coin control where you can see the priority and the coin-age.
–> options – wallet – “Enable coin control feature”
You can access the feature via the send button: –> send – inputs
Here you can see all your coins stored in you wallet, the coin age and the block confirmations:
- https://www.reddcoin.com – Project Page
- https://wiki.reddcoin.com – Reddcoin Wiki
- https://agroff.github.io/posv/ – A very good article about Reddcoin staking
- https://wiki.reddcoin.com/index.php/Proof_of_Stake_(PoS) – About POS
- https://www.reddcoin.com/papers/PoSV_FAQ.pdf – The original FAQ from 2014
- http://coinmarketcap.com/currencies/reddcoin/ – Reddcoin Market Capitalization
Hope that helped you through the world of staking.
If you have any questions, just leave a reply.
Have a good staking day ;)