Mining has increased both as an activity and a topic amongst cryptocurrency enthusiast. More and more people have grown curious about it until it grown exponentially for the past couple of years or so. Here, we will talk about Reddcoin Mining and Reddcoin’s services that you could take advantage of.
What is Reddcoin?
There are many mineable cryptocurrencies out there but Reddcoin is special. Reddcoin’s main objective is to improve people’s social lives meaning it is a social coin. To make this a reality, Reddcoin can be seamlessly integrated with leading social media platforms as Reddit and Twitter to make the process of sending, receiving or withdrawing not only easy but rewarding for users. That’s why Reddcoin is called the social currency coin.
Since security and speed is a top priority especially when it comes to online payment, the platform adopts a Proof of Stake velocity (PoSV) as it consensus algorithm. This way, coin users do own the coin (because of staking) and use it—that’s why there is the velocity aspect. Most importantly though, the platform solve common problems inherently present in traditional proof of work and stake consensus algorithms. That’s beside savings on electricity costs.
Because the network has to seamlessly operate in social media platform, the platform has introduced a new service Reddcoin-ID. This operates at the blockchain level. Reddcoin-ID efficiently connects a user social media identities, private keys, and the networks username. Other than this service, there is Reddcoin Broadcast that is useful for marketing and profitable for social media influencers.
Before minting/mining your Reddcoin note Proof of Stake Velocity (PoSV) is what replaced the proof of work and it allowed coin owners to earn five percent of what they are staking in an annual basis.
This is how you mint/mine your Reddcoin:
- First, visit Reddcoin and depending on your computer operating system, download a suitable wallet and become a full node. Note this though, depending on the total bandwidth and the size of the blockchain at the time of download, full node download might take a couple of days before syncing is complete.
- Deposit some RDD to your wallet. If you don’t have some, then you can buy them at popular exchanges as Bittrex or Yobit.
- Once deposited, generate a new address—you can make labels if needed, and then request payment. A pop-up window with a QR code, URI and public address will appear.
- Encrypt using a suitable password and unlock your Reddcoin wallet on the pop-up window.
- After completing this, you are ready to mint RDD.