Staking reddcoin (RDD) on a Ubuntu VPS

Reddcoin is a decentralized tipping Platform that allows people to seamlessly send & receive digital currency on Social Networks. It’s a POS (Proof of Stake) Cryptocurrency which means you don’t need power hungry hardware to mine it. This tutorial will show you how to stake your reddcoins on a cheap cloud server.

You can always stake coins on your computer. But the advantage of staking them on a cloud server is that, you don’t need to keep your computer turned On 24/7. And it costs only $5 per month for a cloud server. You can follow this tutorial to setup your VPS for cloud staking. It may seem like a difficult task if you’re new to command line. But it’s not. If you know how to copy and paste, you’ll be fine.

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Get reddcoin cloud staking setup

Let’s start by getting a VPS for you. Head over to my recommended VPS providers list and grab a Ubuntu 16.04 x64 server with at least 1GB (1024MB) RAM.

Next step is connecting to your VPS. I have it covered on a post from 2013. Open connecting to VPS tutorial and use PuTTY method to connect to your VPS.

Even Though we went for 1GB RAM server, the installation process requires more resources than that. We’ll get around that by creating a swap file. Paste following commands one by one on your putty command line to create a 2GB swap file.

dd if=/dev/zero of=/swapfile bs=1M count=2048
chmod 600 /swapfile
mkswap /swapfile
swapon /swapfile
echo "/swapfile none swap defaults 0 0" >> /etc/fstab

Now let’s start building your Ubuntu 16.04 server for reddcoin cloud staking. First add Bitcoin repository to the server because reddcoin is a Litecoin fork and Litecoin is a Bitcoin fork.

add-apt-repository ppa:bitcoin/bitcoin

Update apt cache

apt update

Now install some dependencies that are going to be needed.

apt install build-essential libtool autotools-dev autoconf libssl-dev libdb4.8 libdb4.8-dev libdb4.8++-dev libminiupnpc-dev libqt4-dev libprotobuf-dev protobuf-compiler libqrencode-dev libqt5gui5 qttools5-dev qttools5-dev-tools libboost-all-dev

Update apt cache again,

apt-get update && apt-get -y install pkg-config

Download latest reddcoin core wallet from Github

git clone https://github.com/reddcoin-project/reddcoin

Navigate to reddcoin directory,

cd reddcoin

Compile Reddcoin with Berkeley DB 4.8. Start by running autogen.sh

./autogen.sh

Create a directory for Berkeley inside reddcoin directory

REDDCOIN_ROOT=$(pwd)
BDB_PREFIX="${REDDCOIN_ROOT}/db4"
mkdir -p $BDB_PREFIX

Download Berkeley DB 4.8

wget http://download.oracle.com/berkeley-db/db-4.8.30.NC.tar.gz

Extract downloaded files

tar -xzvf db-4.8.30.NC.tar.gz

Navigate to Berkeley’s build directory

cd db-4.8.30.NC/build_unix/

Configure

../dist/configure --enable-cxx --disable-shared --with-pic --prefix=$BDB_PREFIX

Install Berkeley DB

make install

Now navigate to reddcoin directory again,

cd $REDDCOIN_ROOT

Configure reddcoin

./configure LDFLAGS="-L${BDB_PREFIX}/lib/" CPPFLAGS="-I${BDB_PREFIX}/include/"

Install reddcoin

make #this one takes time
make install
cd /usr/local/bin
strip reddcoind

Reddcoin is now installed on your VPS. But using root user to access your wallet is dangerous. We’ll now create a new user for staking. Let’s call it staker.

adduser staker && usermod -g users staker && usermod -aG sudo staker

Set a password and follow the instructions to create the user. Above adds new user to a group with same name. Let’s get rid of that.

delgroup staker && chmod 0701 /home/staker

Create a new home directory for new user.

mkdir /home/staker/bin

Copy reddcoin to new directory

cp reddcoind /home/staker/bin/reddcoin
chown -R staker:users /home/staker/bin
cd && rm -rf staker

Login as new user,

su staker

Create a configuration file for reddcoin.

nano /home/staker/.reddcoin/reddcoin.conf

Above command will create a blank file. Paste following lot and close (Ctrl+X) the file.

daemon=1
rpcuser=reddrpc
rpcpassword=Z01BBDFKF
txindex=1

Change permissions of the configuration file,

chmod 0600 /home/staker/.reddcoin/reddcoin.conf

Reddcoin is now installed. But isn’t ready to use. Your wallet needs to sync with blockchain first. This take an extended period of time. We can make things faster by adding bootstrap file. But still, it’ll take more than 10 hours even if your connection is super fast. Start by navigating to reddcoin directory.

cd /home/staker/.reddcoin

Check Github releases page for new version of bootstrap file and change the link in below command accordingly. The latest version at the moment of writing is v2.0.1.2.

wget https://github.com/reddcoin-project/reddcoin/releases/download/v2.0.1.2/bootstrap.dat.xz

Extract it

unxz bootstrap.dat.xz

Now start reddcoin wallet,

cd && cd bin
./reddcoin

You should see the message Reddcoin server starting. Congratulations!! You reddcoin wallet will be ready in few hours once the blockchain is fully synced. Now you can exit Putty by typing exit and let it sync. You can use username staker next time you login to your VPS.

Get your reddcoin wallet address from command line

Following command will return your wallet address.

reddcoin-cli getaccountaddress ""

Your wallet can have multiple addresses. You can create new addresses with following command. Make sure to change vpsfix with a friendly name.

reddcoin-cli getnewaddress "vpsfix"

You can check your balance with following command

reddcoin-cli getinfo

Import an existing wallet

You might be moving an existing wallet to cloud. If that’s the case, following command will import your wallet to the server. Replace privatekey with your own.

reddcoin-cli importprivkey "privatekey"

How to stake

You don’t have to do anything else to start staking. Just send some coins to your wallet and it should start staking. You can see the status of staking with following command.

reddcoin-cli getstakinginfo

Backup!!!

Now it’s time to backup your wallet. Following command will return private key for your wallet address. Write it down and keep it safe.

reddcoin-cli dumpprivkey "myaddress"

That’s it. You can find more commands to manage your wallet by running following command,

reddcoin-cli help

Now if you want send me a tip, you can run following command to send me 100 RDD. Any amount is accepted.

reddcoin-cli sendfrom "" "RvCkffNQMmw49i86rX7sSFD4Po2hSTQMxf" 100