Reddcoin(Rdd) FAQ How to start staking (minting)?

in #altcoin • 7 years ago

I take questions about Reddcoin. If you have any. Please feel free to ask me in the comments.

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Q:

How do I start staking my Reddcoins?

A:

  • First of all. You have to own Reddcoins. You can do that by buying them on one of the exchange sites currently trading them.

  • Next you have to download the official Reddcoin Wallet.

  • Now open the wallet and let it sync until you are at the current block. (this may take a while~4-8h)

  • After that just withdraw your balance onto your wallet by using one of the addresses under: (Files/Receiving addresses...).

  • Now encrypt your wallet by choosing a Passphrase (Settings/encrypt wallet...) and unlock it again (Settings/ unlock wallet...).

  • finally, just wait for your coins to mature (takes around 8h to do so ~500confirmations)

  • Let your wallet run 24/7 for staking. Just let your money do the work.

If you feel like Donating Rdd:
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#blockchain #crypto #howto #tutorial
7 years ago in #altcoin by
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     7 years ago 

    what is special about reddcoin, is it a lending platform or just like other coin that is not inn for long term?

    [-]
     7 years ago (edited)

    It is an altcoin meant to be an online tipping currency on Twitter, Reddit, Twitch etc. Think of it like STD but without being tied to one Internet site.
    The unique thing would be the algorithm which is PoSV (Proof of Stake Velocity) which means you can mint coins in two ways:

    1. keeping the coins in your wallet "ageing"( which is described in this post)
    2. spending them by tipping online users for content you like.

    This eliminates the problem with normal PoS currencys which is that everyone is just holding them waiting for their rewards. Reddcoin rewards you by spending it.