RNDCoin and Steemit
RNDCoin (Random Price Today) is a cryptocurrency that operates on the Ethereum platform. It has a total supply of 37,799,999,999,999 RND tokens. It is currently trading on Uniswap v3 and Uniswap v2. The goal of the project with RNDCoin is a one that aims to create a decentralized random number generator that can be used for various applications such as gaming, gambling, and lottery. RNDCoin is not to be confused with ReddCoin (RDD), which is a different cryptocurrency designed for social tipping and payments.
RNDCoin is based on the Steem blockchain, which is a decentralized platform that supports social media and online communities. Steem uses a proof-of-stake consensus mechanism and has three types of tokens: STEEM, Steem Power (SP) and Steem Dollars (SBD). RNDCoin is a token that runs on the Steem blockchain and can be exchanged for other cryptocurrencies or fiat currencies. It is also used to reward users for creating and curating content on the Steemit platform, which is a social media network that runs on Steem.
RNDCoin random number generator – how it works
The random number generator works by using a smart contract that interacts with an oracle service called Chainlink VRF. Chainlink VRF is a verifiable random function that provides a provably fair and unpredictable source of randomness that is secured by the Ethereum blockchain.
The smart contract requests a random number from Chainlink VRF, which then generates a random number and a cryptographic proof of its randomness. The smart contract verifies the proof and uses the random number for the application.
The creator of RNDCoin is not clearly stated on the official website or the social media accounts. However, according to GitHub, the repository for RNDCoin (Random Price Today Coin) was forked from CryptoNote, which is a reference implementation for creating new cryptocurrencies. The GitHub account that forked RNDCoin is named victortv3, but there is no further information about this user. Therefore, it is possible that victortv3 is the creator of RNDCoin, or at least one of the developers.
Steemit on the other hand was created by Ned Scott and Dan Larimer in 2016. Ned Scott is a former financial analyst who co-founded Steemit Inc., the company behind Steemit. Dan Larimer is a blockchain developer who also created BitShares and EOS, two other popular blockchain platforms. Larimer left Steemit in 2017 to focus on EOS. Steemit was launched as the first application built upon the Steem blockchain, which is a decentralized platform that supports social media and online communities.
The connection between RNDCoin and Steemit
First of all Steemit and RNDCoin are both applications that run on the Steem blockchain. Steemit is a social media platform that allows users to post and curate content, and earn STEEM tokens for their contributions. The main connection is that RNDCoin is a token that is also used to reward users for creating and curating content on Steemit, as well as for using a decentralized random number generator service that is powered by the Steem blockchain. RNDCoin is similar to Steem Dollars (SBD), which is another currency that is used to reward users.
The Steemit platform – more in detail
Steemit is a blockchain-based blogging and social media website. Users can gain a cryptocurrency, STEEM or RNDCoin, for publishing and curating content. The company is owned by Steemit Inc., a privately held company based in New York City and a headquarters in Virginia.
Steemit is designed as a decentralized application (DApp) built upon the Steem blockchain, which is a platform that supports social media and online communities. It allows users to post and vote on various types of content, such as articles, videos, photos, podcasts, etc. Users can also interact with each other through comments, messages, and communities.
Different kind of users
Steemit is used by a variety of people who are interested in creating and consuming content on a decentralized and incentivized platform. According to Steemit, the platform has over 1 million registered users as of May 2018. The users can post and vote on various types of content and users can also interact with each other.
The users can earn STEEM tokens for their contributions, which can be exchanged for other cryptocurrencies or fiat currencies. More than that the users can also use their STEEM tokens to increase their Steem Power, which is a measure of their influence and voting power on the platform.
Earn either STEEM or RNDCoin
There are several ways to earn both RNDCoin and STEEM on Steemit, depending on your skills and preferences. Here are some of the most common ones:
- Start your own blog. The most direct way of making money on Steemit is to own a blog. If you have an active blog with interesting articles you can quickly gain a following. The more followers you have, the more rewards you will receive. But blogging is probably the most time-consuming way of generating rewards on the Steemit platform.
- Write articles for other people. If you have good writing skills, you can offer your services to other Steemit users who need content for their blogs or websites. You can negotiate the price and terms of your work with them, and get paid in STEEM tokens or RNDCoin.
- Comment and upvote. Another way of earning STEEM on Steemit is to comment and upvote on other people’s posts. By doing so, you can earn curation rewards, which are a percentage of the rewards that the post author receives. The more valuable your comment or upvote is, the more curation rewards you will get.
- Lease out STEEM Power. STEEM Power (SP) is a measure of your influence and voting power on the Steemit platform. The more SP you have, the more weight your votes have, and the more rewards you can earn. You can increase your SP by converting your STEEM tokens into SP, which is called powering up. However, once you power up, you cannot easily convert your SP back into STEEM, as it takes 13 weeks to power down. Alternatively, you can lease out your SP to other users who need more voting power, and earn passive income in return.
- Curate articles for Curie. Curie is a community project that aims to discover and reward high-quality content on Steemit. Curie has a team of curators who manually review and upvote posts that meet their criteria. If you want to join Curie as a curator, you need to have some experience and reputation on Steemit, and follow their guidelines and rules. As a curator, you will earn a portion of the curation rewards that Curie receives from upvoting posts.
These are some of the ways to earn STEEM or RNDCoin on Steemit, but there may be more opportunities as the platform evolves and grows. The key is to be active, creative, and consistent in your contributions.
Using the rewards outside the platform
Yes, it is possible to use Steem outside of Steemit, as Steem is a cryptocurrency that can be traded on various exchanges or used for other applications that run on the Steem blockchain. However, there are some limitations and conditions for using Steem outside of Steemit, depending on the type of Steem token you have. RNDCoins on the other hand only use two exchanges this far.
There are three types of Steem tokens: STEEM, Steem Power (SP), and Steem Dollars (SBD).
- STEEM is the fundamental unit of account on the Steem blockchain. It is liquid and can be sent, sold, or exchanged in any way a holder sees fit. STEEM can be converted to both SP and SBD. Turning STEEM into SP is referred to as powering up.
- Steem Power (SP) is as mentioned a measure of your influence and voting power on the Steemit platform.
- Steem Dollars (SBD) are tokens that are designed to be pegged to the US dollar. They are used to reward users for their content on Steemit, and can also be used for payments or trading. However, unlike STEEM, you cannot use SBD outside of the Steemit platform. You will first have to convert your SBD into STEEM and only then you will be able to convert that STEEM into Bitcoin or USD.
Therefore, if you want to use Steem outside of Steemit, you need to have STEEM tokens, not SP or SBD. In the case of RNDCoin, you may need an external exchange.