How To Use RandApp BETA MVP On Testnet
Welcome to Rand’s guide to testing out our latest MVP! Rand App is a user-friendly app that gamifies decentralised finance, (DeFi) allowing users to generate passive income, by creating or joining easy-access prize pools to win big on their savings
As we develop the app and work towards a full launch in Q1 of this year, we’re excited to get your feedback through our first MVP launch. So be sure to join our Telegram group and share your thoughts!
How does it work?
The Rand app offers two types of products:
- Private vaults, created among friends and family.
- Public vaults, hosted by Rand, and anyone can participate.
Users participate and stake in liquidity pools intuitively and easily through the Rand crypto vaults. They can either join a public vault or become a game master by creating a private vault inviting friends and family to join and add funds to it. Once all users have deposited their funds to the vault from their bank accounts or private wallets, the funds will be converted into a stablecoin cryptocurrency.
Within the public vaults, these coins will be redirected to the Rand Yield Aggregator where they will be redistributed to the current best-yield strategy in the market. On a weekly basis, the coins that were initially pooled will be returned to the prize vault along with the interests accrued. The interest will then be distributed to a randomly picked prize pool winner.
Within the private vaults, for example, friends and family will be able to pool funds in order to produce yield and achieve financial goals together such as earning and saving for next year’s Christmas holiday or paying their rent.
In this first release we are testing Rand’s features with potential users in order to test the functionality of the app’s development thus far. Take into account that this MVP does not reflect the final UI and UX of the App and that we aim to launch the full version by the end of this Q1. The logic of this first release is executed through a sum of smartcontracts deployed on Rinkeby testnet. Launching first on test-net allow us to explore the boundaries of what is possible, and to gain user feedback in order to have a great and secure launch.
How To Access & How To Use
Begin by visiting https://mvp.rand.network/
Be sure to explore the Explainer Video and prompts before hopping in to get a better understanding of what Rand App is, and how it works. Once on the home screen, let’s begin by clicking “Try it now”.
Once inside, let’s connect a Metamask wallet so that we’re able to deposit “Test” funds into our private and public vaults!
Once our Metamask wallet is connected, we can add funds to our account’s balance!
At this stage, you are simply adding test funds, so you don’t have to worry about locking up your actual crypto in the app quite yet!
For this example, let’s select $500 worth of the stablecoin, DAI.
Now that you have added funds to your account, let’s go ahead and click the Globe Icon on your title menu at the bottom of your screen to view the Rand Public Vault.
Once inside the Rand Public Vault screen, you will be able to see all the details about the latest public vault.
Click “Join” and add some of your test balance to the public vault to join and stand a chance of winning the weekly yield prize!
Remember the more you deposit into the vault, and the longer you lock up your funds in the vault, the higher your chance of winning. However, if you do not win, you will always be able to withdraw your funds!
Private vaults are a great way to generate return on your savings with friends and family for a common goal! For example, you and your family will be able to create a private vault for 1 year, and use all the yield produced by the deposited funds to spend on next year’s Christmas presents!
Let’s start by clicking on the “Friends” Icon to head over to the Rand Private Vaults, where you’ll be able to view all the private vaults you are currently in, or create a new one!
In the top right corner, let’s click “Create” to begin creating your first private vault!
Simply, name the vault, choose the amount of participants you want to add, select the maximum deposit amount, choose the number of days you would like to run the private vault for, and hit create!
Now you will be able to hit add participants and share the link with your friends and family to prompt them to join!
We hope this guide was helpful! In order to give back to our community, and to say thanks for following our journey, we’re giving away $50,000 worth of $RND tokens to a limited number of BETA testers! To get your share simply visit: https://beta.rand.network/ and follow the steps to join our BETA test group!
For a full video walkthrough by the Rand Network CEO, Pol Martin, check out: https://youtu.be/TLSz9y2OAp0