What is Reddcoin (RDD)?
Imagine being paid in cryptos for your FB post and being able to redeem them for products, gift cards and other items. Welcome to Reddcoin. See Reddcoin as the “social media currency” with a peer-to-peer payment system (p2p).
Launched for the public in 2014, Reddcoin is a decentralized social cryptocurrency that allows anyone to instantly send and receive RDD payments (their native cryptocurrency) on social networks with no transaction fees. This is essentially the blockchain version of Venmo, Facebook Cash or Snapcash Snapchats, which allow you to easily transfer money to your friends and family via their respective social media platforms.
However, unlike those big social media networks that require you to use their native platform to send and receive money, Reddcoin allows you to seamlessly integrate its payment features across multiple platforms like Reddit, Facebook, Twitter and Moreover. Plus, you can do more than just send and receive money instantly to people with Reddcoin: you can “tip” content creators in the same way you would “like” a message.
Reddcoin uses an ecological approach called Proof-of-Stake-Velocity (PoSV). This is radically different from Bitcoin’s Work Proof Protocol (PoW) which requires large amounts of energy for mining. Every Reddcoin user automatically emits Reddcoins during staking, as it is an integrated function of the downloadable official wallet (which you need to start using it).
Key features of Reddcoin
Reddcoin is a social cryptocurrency that can be integrated with many social media platforms to send / receive money at no cost.
It is an open-source peer-to-peer cryptocurrency derived from Litecoin.
She devotes a large part of her efforts to facilitating the “payment” of small amounts of HHW on social networks, done in a similar way to “like” a position on FB.
The PoSV algorithm is a new point of view on PoS that encourages both ownership (activity) and activity (speed).
His tipping system has already been activated on Twitter, Reddit, Twitch and Justin.TV.
How does Reddcoin work?
As noted earlier, Reddcoin connects to your respective social media networks and allows you to send almost instant, no-charge RDD payments to anyone with whom you interact on your network. You can send a RDD to your mother for rent, pay a colleague who bought you a Chipotle burrito for lunch, or “tip” a content creator for a nice puppy post. Just click on the “tip” button to send a micropayment to that person.
Reddcoin uses PoSV, which was originally designed by the Reddcoin team to replace its old PoW protocol. PoSV is essentially a new approach to the Proof of Stake (PoS) that meets the needs of its social currency to encourage “stake” and “velocity” activity.
In their own words, changes to PoS ‘were needed to promote more active participation in the network’. The biggest difference between the two is that if PoS presents a linear aging of currencies (each day a unit is held, you get a currency age day), PoSV experiences a non-linear aging of currencies.
PoSV Minting, the counterpart to the PoW mining business, allows anyone to “build” RDDs with PCs, laptops and mobile devices instead of expensive, energy-intensive mining platforms like GPUs or the ASICs. With PoSV, the more RDD you have in your wallet, the greater your chances of finding a valid block and receiving rewards. To do this, all you have to do is keep your wallet running and connected to the internet.
Reddcoin was created on January 20, 2014 as a cryptocurrency PoW. On February 2, 2014, after raising $ 100,000 in Initial Public Coin Offering (IPCO), Reddcoin was made public. On April 29, 2014, it was announced that Reddcoin would switch from PoW to PoSV.
In 2017, Reddcoin made an official announcement listing its team members, including developers John Nash and Leonard Simonse.
In the following Tweets, they publicly announced additions from developers such as Bradley Ploof and James Tweeg. They have been active in updating the community via Twitter, but if you want to be directly informed about the progress of the teams project, check out their GitHub or Trello (which includes the project roadmap).
RDD currency supply and sustainability
When the transition from PoW to PoSV was made on August 1, 2014, there was about 27 billion RDD. At present, ReddCoin has a rolling stock of RDD 28,773,308,124. Currency issuance leads to inflation of up to 5% per annum, and there is no limit to the maximum supply of HHW.
RDD’s trading history
As you can see above, Reddcoin has remained relatively stable since its creation: that is to say, until December 2017. On January 7, it reached a maximum of $ 0.03, then followed the came out of many other currencies at this time and lost significant value. At the time of writing, RDD is being treated for a fraction of a cent.
Conclusion – Should I trade reddcoins?
It is difficult to predict the future of Reddcoin. On the one hand, it seems a little strange to tip people on social media when we could just show our appreciation by “loving” their content. But we already give tips for a lot of things, so why not for content? The social media platform Steemit has already been successful with its similar functionality, which pays STEEM users for creating and managing content, so it’s not unreasonable to see the trend spread.
That said, Reddcoin has come a long way since its debut in 2014. The Social Cryptocurrency, which aims to integrate with almost any social media platform as a peer-to-peer payment platform with payment capabilities, already works in several social media sites. It will be interesting to see the growth of Reddcoin during the year 2018.