How do I start staking Reddcoin?
Staking Reddcoin is incredibly easy and can be done using practically any computer and the Reddcoin wallet found on their website. The wallet first needs to catch up to the blockchain, which can take a long time. This process can be bootstrapped to make it a little bit faster. You then need coins in your wallet that have been there for at least 8 hours. Lastly, you simply press a button in your wallet to make your coins available for staking and you will start earning rewards.
Although easy and available to anyone, just using your own PC to stake your Reddcoin is not the best approach. Reddcoin uses a Proof of Stake Velocity system which provides more rewards for continues staking and reduces the relative rewards of intermittent staking. You can read more about this system in another article on our blog. Because continuous staking offers the greatest return on your investment, it is useful to stake on a device that can remain active continuously. Although you could use an old computer to achieve this, its power consumption would likely cause a substantial dent to your earnings and its hardware is likely not designed for always-on purposes. For this reason, we have developed the OmniStaker, an easy to use device that can be used to contiuously stake Reddcoin and other Proof of Stake currencies. The OmniStaker can stake continuously with low power consumption and is therefore the most cost-effective solution to maximise our staking earnings.