[Giveaway] Extra staking incentive

Hi guys and gals,

I’m going to pick one day this week to send an extra 10000 Reddcoins to the addresses that verify the first block of each hour. The day will not be announced ahead of time so grab your coins and get staking as soon as possible!

For those who don’t know, staking helps secure the network and participants are rewarded with newly generated coins when they confirm a block.

Could someone explain staking? When I was very new to the coin, I heard talk about it, but don’t really understand.

My understanding (which could be wildly off-base) is that rather than “mining” as is done with BTC and other coins, the users themselves keep their wallets open (connected to the network) and then and new coins are generated in this way.

Is this correct? What is the bit of magic?

I leave my client open 24/7 and have had many coins generated, but I still don’t understand how it works.

thanks for the awesome move sir. you should also consider making a giveaway here because staking is mostly achieved by big bagholders :smiley: you dont want to miss out on those poor reddheads

I am still currently waiting for my wallet to finish downloading the blockchain and synchronizing before I can actually start staking…

I am currently on a mobile only so do you have any way how to do it on mobile

strerd That’s exactly right. The magic is in how users compete to verify blocks. Rather than basing your chances of verifying a block on pure computational power like bitcoin’s Proof of Work algorithm, coins that use Proof of Stake (or Proof of Stake Velocity) determine each node’s hashrate based on how much coinage has been accumulated. Therefore users with more coins (who have a bigger stake in the currency) will receive more of the newly-generated coins.

GrayPhoenix Thanks I understand a bit better now.

johnbrainless I’ve done some here in the past and I plan to do more in the future.

AkshatBahety said:

I am currently on a mobile only so do you have any way how to do it on mobile

Not yet, but that’s part of the plan for Social X.

I just sent out the staking bonuses!

I selected Friday (6/19/15) as the day and used Reddsight to find the first address that staked each hour (UTC). Congratulations to all of the winners! Some earned the bonus more than once and I even had one of the winning addresses myself!

Stay tuned for more giveaways in the near future.

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GrayPhoenix Very nice. By Reddsight , do you mean http://live.reddcoin.com/ which can be linked from https://www.reddcoin.com/ and clicking on the Explorer link found at the top?

I just wanted to confirm your resource for those interested in how you found those addresses for the rewards if they were not already aware :smiley:

Kraatus said:

GrayPhoenix Very nice. By Reddsight , do you mean http://live.reddcoin.com/ which can be linked from https://www.reddcoin.com/ and clicking on the Explorer link found at the top?

I just wanted to confirm your resource for those interested in how you found those addresses for the rewards if they were not already aware :smiley:

That’s it. Thanks for adding the link for everyone.

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GrayPhoenix you’re welcome, and thanks for the tip :slight_smile: