RYZ Staking and Rewards Walkthrough
Tron’s answer to HEX, the RYZ token, offers high interest staking and bonus rewards with an easy to-use DAPP
Royal Starz, otherwise known as RYZ, is a TRC20 token based on the Tron blockchain that allows high interest reward staking. The protocol is largely inspired by Ethereum’s HEX token that has, regardless of the criticisms it has received, seen huge appreciation since its inception.
RYZ and HEX alike are designed to yield huge increases in value over time and reward users in the process. Concretely, value appreciation is what these coins do well, and is solely why they are being used by the Cryptocurrency community.
According to CoinStats, HEX has grown 3522.48% in the past 6 months alone as eager cryptocurrency enthusiasts obtain their HEX and take part in the rewards system. This growth is what RYZ will be aiming to replicate.
Users can start receiving rewards with RYZ in a couple of ways, one of which is totally free. Firstly, users can claim free RYZ based on their Bitcoin holdings — simply verify you own BTC and you will receive a corresponding RYZ value directly to your Tron wallet.
The second method is by utilising what the protocol terms the Adoption Amplifier, allowing the user to convert Tron’s native token, TRX, into RYZ tokens based on the RYZ tokens minted for a particular day. Users can partake in the Adoption Amplifier on any given day to receive a share of the that day’s minted RYZ tokens.
RYZ Staking is a digital Certificate of Deposit product
RYZ’s staking mechanism is powered by a smart contract hosted on the Tron blockchain. This smart contract mimics a Certificate of Deposit, a product that is traditionally offered by banks that are designed to reward users for leaving funds in an account for a prolonged period of time.
This is exactly how staking works with RYZ, only it is controlled by no one and is totally automated via the smart contract hosted on Tron. But beyond these time-based rewards, RYZ also has bonuses built-in to the protocol with a BigPayDay bonus that further rewards users at key prolonged periods of staking. These bonuses are typically huge in size that offer dramatic increases on your holdings.
The longer you stake RYZ, and the more you stake, the more you are rewarded.
Users can convert TRX into RYZ by using the Adoption Amplifier tool, claim RYZ using Bitcoin holdings with a Claim tool, and also be rewarded by referring other users to the protocol with a Refer tool. These tools encompass the Certificate of Deposit product on a blockchain.
Leverage RYZ to receive staking rewards and benefit from price appreciation
The following sections will walk through the process of accessing the RYZ dashboard to start staking and earning rewards on your tokens, and explore the system in more detail. We will cover the major functions of RYZ’s browser based DAPP including:
· Setting up an account on TokenLink (Tron’s bowser extension hosting a Tron wallet) to access the RYZ DAPP.
· Using the Adoption Amplifier to transform TRX into RYZ, and receiving a share of the daily minted RYZ tokens.
· How to claim free RYZ based with your Bitcoin holdings.
· How to leverage the Refer function and be rewarded for introducing new users to RYZ.
As mentioned, the DAPP is fully integrated with the TronLink browser extension, and provides real-time feeds of your rewards and overall activity. Your TronLink wallet can seamlessly connect to the RYZ DAPP that makes it possible to manage staking through as many wallet addresses you require.
TronLink is very similar to Ethereum’s MetaMask browser extension that acts primarily as a wallet but also as a bridge between the Tron blockchain and web apps. We’ll briefly cover how to set up a new account with a TronLink wallet further down.
Installing the TronLink Extension
TronLink is available for iOS, Android and as a browser extension for Chrome. We will be using the browser extension here — simply visit the extension in the Chrome Web Store and add it for free. Once installed, it will appear in the top right of your browser window.
Since the Cryptocurrency friendly Brave browser is also built on top of Google Chrome, Brave can also support TronLink as a browser extension.
The RYZ DAPP will require a TronLink wallet to use its functions so be sure to create a new wallet, not forgetting to take note of your mnemonic — the 12-word phrase generated when creating your wallet address.
This mnemonic phrase is used to recover your wallet address if you lose access to it. The phrase is used as a parameter in a cryptographic function to securely generate your wallet address from the phrase. This is a one-way function, meaning one cannot reverse the function to generate the mnemonic phrase from the wallet address, making this safeguard secure and reliable
Accessing the RoyalStarz DAPP
With TronLink set up, we can now send and receive RYZ and use the DAPP to start earning rewards.
The team behind RYZ are busy developing a DAPP to make their reward system simple and transparent. The DAPP can be accessed at https://royalstarz.io/ , and is currently in active development. We will refer to the this DAPP in the following sections.
Transforming TRX into RYZ Using the Adoption Amplifier
Let’s first cover the Adoption Amplifier section of the app. This is where we transform TRX tokens into RYZ tokens, and can be found be visiting the Transform tab.
Every day a limited amount of RYZ are minted and distributed to the users who deposit TRX into the amplifier. The RYZ minted every day is distributed proportionately to how much TRX each user deposits.
Currently the RoyalStarz platform has 50.000.000 (50 million) RYZ available per day. Given the that we are in the early stages of the DAPP now might be the best time to leverage the Adoption Amplifier to receive a larger share of tokens.
This is what the Adoption Amplifier looks like from the dashboard:
Simply press the Enter button and choose an amount to participate in that day’s RYZ share. Once the day is over, there will be an Exit button where you can claim your share of RYZ. The Adoption Amplifier is that simple.
You can take part in the Adoption Amplifier every day, and there is no limit to how much TRX you can deposit. The more you deposit, the greater your share of RYZ.
Claiming free RYZ with your Bitcoin Holdings
The second method of receiving RYZ is with your Bitcoin holdings.
The idea here is that you will receive RYZ depending on how much Bitcoin you hold. The more you hold, the more free RYZ tokens you will receive. This is a way of rewarding users who have already invested in Cryptocurrency, and promotes the ecosystem as a whole.
To claim RYZ from Bitcoin, you need to sign a transaction to prove that you hold the BTC in a corresponding wallet address. Once you sign a transaction as proof of ownership, you can then use the Claim tab in the RoyalStarz DAPP to receive your free RYZ.
The Electrum Bitcoin wallet provides a simple way to sign BTC transactions, and is available for all major operating systems.
Making a Claim is super simple within the Claim tab:
Even one Satoshi (0.0000001 BTC) is eligible to receive RYZ, so no BTC amount is too small to receive free RYZ.
Insert your BTC address and the system will check whether you indeed own that address. RYZ will then be minted directly into your TronLink wallet.
The Claim reward is currently 2000 RYZ for each BTC claimed.
Start Staking RYZ
Where things start to get interesting with RYZ rewards is with its Staking system. Staking provides high interest rewards for users who voluntarily stake their RYZ tokens. Once tokens are staked, interest will be generated indefinitely until you withdraw your tokens from the staking pool.
Not only this, if you hold your tokens long enough (currently 365 days) then you will be rewarded the huge BigPayDay bonus. How huge this bonus is will depend on how much RYZ you stake.
Your reward rate and eligible bonuses are all outlined before you stake within the Stakes tab of the DAPP:
This is also the place to keep track of your active stakes and view your entire staking history.
The maximum Staking time is 5555 days.
Staking is where your RYZ gets to work on your behalf and generate you more RYZ. Once your tokens are staked, simply keep them staked to generate rewards on a daily basis. Leave your RYZ staked for long enough and you will receive the BigPayDay bonus.
Summary
The rapidly growing DeFi ecosystem is showing no signs of slowing down. RYZ is on course to repeat the success of HEX with its own solution hosted on the Tron blockchain, with an equally compelling product designed to appreciate in value over time.
After reading this piece, the reader is now fully prepared to leverage what RYZ offers, and can take advantage of the early adoption rewards and bonuses on offer.
About the Tron blockchain
The Tron blockchain is a strong competitor to other smart-contract centric blockchains such as Ethereum, EOS or NEO (that each come with their unique protocols and consensus mechanisms), boasting throughput of over 2,000 transactions per second, currently outnumbering its main competitors by a large number. The blockchain itself provides high availability while maintaining a high level of decentralisation, and therefore robustness and reliability to the services it hosts. It uses the delegated proof of stake (DPoS) consensus algorithm to maintain chain integrity.
If the reader is interested in exploring more about the Tron blockchain, their GitHub organisation page is a good place to start. The blockchain implementation itself is coded in Java, and can be found here on GitHub.
Smart contracts are executed in an isolated runtime environment known as the Tron Virtual Machine (or TVM). RYZ leverages this powerful infrastructure to provide its decentralised staking and rewards system.
