What is ReddCoin (RDD)?
Future of RDD Cryptocurrency and know how to buy RDD

What is ReddCoin (RDD)?

#1: What is ReddCoin?

Ever felt annoyed at the myriad of apps and platforms you had to use, in order to send and receive money over various social platforms? ReddCoin, a new cryptocurrency currency, aims to provide a single service through which you can send money in the form of RDD to anyone, anywhere, on any platform. It eliminates the reliance on any vendor-specific payment method, and has 0% transaction fees, for the both the sender and receiver.

ReddCoin: The Basics

  1. ReddCoin is a peer-to-peer, decentralized cryptocurrency (code: RDD), which aims to be a one-stop solution for transferring payments and ‘tips’ to friends, family, and others, through social media platforms, or as the wiki says, to be, ‘The Social Currency’.
  2. It lays emphasis on seamless integration with various social platforms, such as Reddit, Twitter, or Facebook, and serves as an alternative to services like Venmo.
  3. The concept of ‘tipping’ is similar to that of liking or sharing a post on a social media platform. The difference is, with ReddCoin, when you ‘tip’ someone, the content-creator will actually receive something of real-world value, in the form of RDD, instead of just a virtual ‘pat on the back’ as with likes or shares.
  1. ReddCoin was released to the public in February, 2014, after an Initial Public Coin Offering (IPCO) on BitcoinTalk.org in January raised over $100,000 to fund development. It was developed with the collaboration of various Reddit users, with the account ReddCoin and laudney being credited as the co-founders.

 

#2: What are the benefits of ReddCoin?

Technology

  1. ReddCoin was derived from Litecoin, and aims to make using digital currencies hassle-free for users across a wide range of social media platforms. Initially, ReddCoin utilized the Scrypt Proof of Work (PoW) algorithm for securing the ReddCoin blockchain and verifying ReddCoin transactions. However, it later switched to a much more environment-friendly Proof of Stake Velocity (PoSV) algorithm.
  2. The Proof of Stake Velocity (PoSV) is a unique algorithm that tries to improve the Proof of Stake (PoS) approach, by emphasizing both ownership (Stake) and activity (Velocity). The frequency of a unit of any currency flowing through the economy while being used by members of the economy within a given time period is the velocity of money.
  3. Modifications to PoS were made to “promote more active network participation.” The most important difference between PoS and PoSV is that while PoS has linear coin aging (if a coin is held for a day, it is equivalent to one day of coin age), PoSV has non-linear coin aging. PoSV solves issues in traditional PoW & PoS algorithms and tries to alleviate concerns economists have had on considering cryptocurrencies as real-world currencies.

Usage

Using ReddCoin is extremely streamlined and easy, akin to pressing the like button for a post. You can pay a friend some money, or ‘tip’ someone for a social media post you liked, instantly and without any transaction fees, by just clicking a button.

Key Features of ReddCoin

Proof of Stake Velocity - Aunique algorithm that tries to improve the Proof of Stake (PoS) approach, by emphasizing both ownership (Stake) and activity (Velocity). PoSV tried to address issues in both PoW & PoS approaches and significantly lessens the environmental impact caused due to mining such as in Bitcoin.

Decentralized Tipping Platform - A tipping platform based on the blockchain technology that allows users to buy, and perform transactions in RDD and send RDD to anyone, anywhere, including content-creators for any content they may  have uploaded.

Redd-ID – This serves as a unique ID, which allows a ReddCoin user to associate a username with a wide array of information such as public keys and social network identities, providing an easy identification method. It is implemented at the blockchain level.

ReddWallet - A secure wallet which also provides ReddCoin users with various social features to increase engagement, increasing security of the decentralized network, and facilitating ease-of-use of the ReddCoin cryptocurrency.

 

#3: How to Buy & store ReddCoin?

Earning Coins: ReddCoins can be earned by selling services or products in exchange for ReddCoins, or using social networks with ReddCoin integration such as Reddit.

Buying Coins: RDD can be bought and sold on over 20 exchanges, with Bittrex, Cryptopia and Upbit being the biggest in terms of volume. Others include Changelly, Godex, Shiftex, ShapeShift, and CoinMonkey

With the RDD cryptocurrency being available with over 80 pairings across nearly as many exchanges, it can get difficult to get the best price for your transactions. Which is where CoinSwitch steps in.

While cryptocurrency exchanges provide you a platform to buy or sell the RDD cryptocurrency, CoinSwitch, the largest cryptocurrency exchange platform, comes in to help you make the right decision by providing the prices for RDD on multiple crypto exchanges. It supports more than 140 coins and 45,000 pairs of cryptocurrencies. You can choose whichever pair you want with your token and compare the prices at exchanges. This way you can choose the best deal for you!

What’s more - with CoinSwitch, you do not rely on a separate RDD wallet from the exchange to store your RDD cryptocurrency. Instead, all transactions happen to and from your own personal private wallets on CoinSwitch.

Storing ReddCoin

ReddCoin Wallet: In order to actually mint coins, or take part in staking, the ReddCoin wallet needs to be downloaded from the official ReddCoin website, and it needs to have a certain balance of RDD. It of course, works as an ideal storage mechanism for your holdings as well.

 

#4: What is the future of ReddCoin?

Also Read: Complete Analysis of ReddCoin | Live ReddCoin (RDD) Price Charts And Predictions

  1. While remaining relatively under the radar till now, ReddCoin has seen consistent growth and development since its inception.
  2. Being one of the only coins in the market which specifically target transactions on social media, it has limitless possibilities, and will prove to be a wise investment.

Price History

Date

Open

High

Low

Close

Volume

Market Cap

Jun 01, 2018

0.006294

0.006451

0.006057

0.006168

2,286,380

181,334,000

May 01, 2018

0.009051

0.009051

0.008376

0.008909

15,626,500

260,740,000

Feb 01, 2018

0.008967

0.009366

0.006653

0.007377

3,682,130

257,711,000

Oct 01, 2017

0.001217

0.001266

0.001083

0.001143

1,257,630

34,857,000

Aug 01, 2017

0.001117

0.001243

0.001053

0.001202

643,745

31,927,500

May 01, 2017

0.000095

0.000100

0.000057

0.000071

64,418

2,673,620

Mar 01, 2017

0.000026

0.000028

0.000014

0.000024

204

726,461

Jan 01, 2017

0.000017

0.000029

0.000017

0.000025

1,162

468,793

Jun 01, 2016

0.000035

0.000041

0.000032

0.000041

1,396

990,354

Jan 01, 2016

0.000017

0.000019

0.000014

0.000018

276

476,589

Jun 01, 2015

0.000010

0.000012

0.000009

0.000010

266

267,063

Jul 01, 2014

0.000045

0.000045

0.000031

0.000039

15,656

1,164,020

Feb 10, 2014

0.000035

0.000035

0.000018

0.000020

7,925

270,516

ReddCoin has continued to deliver impressive gains for its investors, beginning trading at $0.000035 in February 2014, and attaining a high of around $0.008 around the same time in 2018 - a return of 228 times in just 4 years!

 

#5: How is currency different from other cryptos?

  1. Social currency – Instead of the hallmarks of a commercial currency, ReddCoin focuses on integration with social platforms, and aims to be a peer-to-peer payments platform with tipping capabilities.
  2. PoSV – A derivtive of Proof of Stake, Proof-of-Stake-Velocity aims to minimise shortcomings in both Pow and PoS approaches, leading to less complexity in generation of new coins, and significantly less strain on resources and the environment.
  3. No Hard Limit on Maxmimum Coins – The total number of ReddCoins in circulation will experience a permanent 5% annual inflation rate, thus there is no hard cap on the number of RDD, unlike Bitcoin. As of now, ReddCoin has a circulating supply of 28,773,308,124 RDD.
  4. Significantly less computing power required – This means that every ReddCoin user is automatically a minter. ReddCoins can even be minted on mobile devices, since it takes significantly less computing power to mint.
  5. Extensive integration into popular social-media platforms – Its tipping system has already been enabled on Twitter, Reddit, Twitch, and Justin.TV, with the development team constantly adding new social media platforms to their list.

 

#6: Should you invest in ReddCoin?

  1. The trajectory of ReddCoin is positive, and it seems to be proving a sound investment for cryptocurrency users both new and experienced, especially if users want to experience the seamlessness of ‘tipping’ people on social media platforms on the go.
  2. With regular updates from its team for keep user engagement on a high, along with an increasing trend amongst users, especially millennials to spend on content they like to read and watch, should set ReddCoin up for a good future.
  3. Having said that, from an investor perspective, there are other cryptocurrencies out there who have delivered returns even higher than ReddCoin’s already impressive 228x (from low to high) in 4 years. They may also be worth a look.
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