A Social Network Coin with staking opportunity
Reddcoin (RDD) is a full-fledged social network coin. It allows tipping on social networks to bring cryptocurrency awareness to the public.
It’s no secret that social media companies like Facebook and Twitter monetize your data and social media activity. But for the vast majority of users, your “likes” and “retweets” provide no economic value.
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Reddcoin has internet points with actual monetary value.
With Reddcoin, you can tip people and businesses in crypto for social media activity such as “likes” and reposts. You can then use their Reddcoins to purchase items online, in-game credits for Freemium games, or rewards and loyalty points.
Right now, you can tip with Reddcoin on Twitter, Twitch, and Reddit. The project plans to add functionality with Facebook, Instagram, YouTube, and other social media platforms as well.
The plan for Reddcoin is to be the internet’s official “like” button.
Reddcoin uses a modified Proof-of-Stake model. So you have to hold, or stake, your coins in the Reddcoin Core wallet to participate in the network and earn RDD.
With Reddcoin, your ability to sign blocks is based on accumulated coin age. The longer you stake your coins and hold them in your wallet, the more RDD you can earn.
It makes sense… Staking rewards are received on a regular basis. It could be as short as a day, or possibly a week or longer.
But every time you earn a staking reward, those coins start earning staking rewards as well. In other words, you can compound your holdings.
To participate in staking, you must connect your wallet to the coin’s network. In this way, your “stake” is helping to secure the network by competing to sign blocks.
That means you’ll need to keep your wallet unlocked and staking pretty much constantly.
For some people, that’s a major inconvenience. But if it’s not a problem for you, staking RDD yields at least 5.1%. Coin holders who stake frequently can earn up to 6% interest on their holdings.
The digital payments market is an $885 billion industry. Both WeChat and Twitch are using tipping micropayments with great success. Reddcoin can already be used on Twitch, Twitter, and Reddit. Be aware though that RDD has 5% annual inflation. (Future Potential: Medium)
By staking RDD, you can earn yields of 5.1–6%. (Income: Medium)
The market for digital payments is very large, and micropayments open up new use cases. Reddcoin is a leader in social tipping in the cryptocurrency space. Keep in mind that space is incredibly competitive, so make sure to use the right position-sizing. (Risk: Medium)
Most of your time is required upfront to buy your stake and set up the wallet. However, you’ll need to monitor your wallet on occasion to make sure it’s unlocked and staking. (Effort: Medium)
Current Price: $0.001871
Market Capitalization: $53,871,992 (CMC Rank#100)
Current Supply: 28,808,713,174
Total Supply: No Data 🙁
How to Earn Income From Reddcoin (RDD)
Below is the basic process to earn income from Reddcoin:-
- Step 1: Buy RDD.
- Step 2: Set up your Reddcoin Core Wallet.
- Step 3: Send your RDD to your wallet.
- Step 4: Unlock your wallet to start staking.
Pro Tip 1
There’s no minimum amount of RDD to start staking.
Pro Tip 2
You must have your wallet continuously unlocked and connected to the network in order to earn rewards from staking.
Pro Tip 3
An extra computer or laptop can come in handy with staking coins that require a constant connection.
Pro Tip 4
Make sure to keep your computer plugged in and to turn off the sleep and shut down modes so that it doesn’t become inactive.
Also, be aware that your computer will restart from time to time for upgrades. While you can set up the wallet to open upon restart, you will still need to unlock your wallet to start staking again.
Pro Tip 5
Reddcoin also has a product called the Reddcoin StakeBox. It’s a device that allows you to stake your Reddcoin cryptocurrency.
Plus, you can hold your Reddcoin off your computer securely and still receive staking rewards. You can find it here.
Please note: This is not a recommendation for StakeBox, nor have we used the product. However, we wanted to make you aware of all available options.
Please note: Some of the screen captures might be outdated by the time you read the instructions below. However, the information in our guides is still valid. Many companies release new versions of their programs. Always use the most up-to-date release.
- Buy Reddcoin (RDD) on Bittrex.
- Download the Reddcoin Core wallet.
- Go to the Reddcoin website and click “Get Started.” See the picture below.
- Select the wallet for your operating system by clicking on the appropriate picture.
- Open the folder once it has downloaded.
- The Reddcoin Core setup wizard will pop up.
- Click “Next” to continue. See the picture below.
- Once the installation is complete, click “Finish.” See the picture below.
- You may have to set up network security to allow access for private networks.
- Click “Allow access” when you’re ready. See the picture below.
- The Reddcoin Core wallet will open and start syncing with the network.
- The Reddcoin blockchain is over four years old, so this may take a few hours. (You may want to do this in the evening and let it download overnight.) See the picture below.
- Go to “Settings.”
- From the dropdown menu, select “Encrypt Wallet.”
- By encrypting your wallet, you’ll be setting up a unique password or passphrase. This will be used to complete operations in the wallet. (See the picture below.)
- Make sure to save this information in a safe location.
- After you have set the passphrase, the Reddcoin Core wallet will shut down.
- Back up your wallet. But first, open the wallet again.
- Once the wallet is open, click the “File” tab, and then “Back Up Wallet.”
- This will prompt you to save your wallet.dat file.
- Save this file in a safe and secure location.
- (When you back up your wallet, you’re creating a .dat file, generally named wallet.dat. The .dat file will be used to restore your wallet in the case of hardware failure. Make sure to save your .dat file in a safe location. And make sure it’s in a location separate from your wallet. In other words, store it outside of the computer where you have your wallet. For example, you can store it on a USB drive.)
- Transfer your RDD to your wallet.
- To do so, click on the “Request” tab at the top of the wallet.
- Then, click “Request payment” to pull up your wallet address.
- A pop-up will appear with your address. See the picture below.
- You are now ready to start staking.
- To do so, unlock your wallet. You can do so by clicking on “Settings” and then “Unlock Wallet” from the drop-down menu.
- That will open a pop-up window for entering your passphrase. See the picture below.
- Enter your passphrase and click the box “For staking only.”
There are a few things you should know about staking RDD:
- You need to unlock your wallet for staking, as shown in Step 11.
- You can confirm you’re staking by scrolling your mouse over the arrow symbol at the bottom right corner of your wallet.
- Your computer and wallet must be running to stake and receive coins.
- Coins must mature before they start staking. This takes a few hours.
- There is no minimum number of coins needed to stake.
Thanks for reading! Feel free to check out some of my similar Cryptocurrency related post below.
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Reddcoin (RDD): Project Overview and Income Opportunity in 2019 was originally published in Data Driven Investor on Medium, where people are continuing the conversation by highlighting and responding to this story.