Here’s an easy way to understand Reddcoin. Imagine you are an influencer on Instagram and instead of likes, your followers pay you in crypto to show their appreciation. Influencers already use platforms like Patreon to get fans to show their monetary support but being paid in crypto coins is a game changer. For one, it is far more valuable than fiat currencies and can be traded for other coins.
Reddcoin has been rightly dubbed the social media coin and has a peer-to-peer payments system.
When was Reddcoin launched?
Reddcoin became available to the public in 2014.
What does Reddcoin do?
Reddcoin, a decentralized social crypto currency, allows anyone to instantly send and receive RDD on social networks with 0 transaction fees. Think Venmo but for blockchain.
However, the major difference is that while a lot of social media networks allow you to send and receive money, you need to use their platform to do so. Reddcoin can be seamlessly integrated on multiple platforms on the other hand. Apart from sending and receiving money, you can tip creators like you would ‘give gold’ to a Redditor.
What algorithm does Reddcoin use?
Reddcoin’s environmentally friendly approach PoSV or Proof of Stake velocity is quite different from Bitcoin’s PoW. Just like you need to have a Bitcoin paper wallet or a Bitcoin hardware wallet to start mining, you need to have the official Reddcoin wallet to start ‘mining’ Reddcoin. Every user of Reddcoin mints Reddcoins while staking.
Features of Reddcoin
- Social cryptocurrency coin which can be integrated in multiple social media platforms and has a bright future because of this real world application.
- Peer-to-peer open source crypto currency derived from Litecoin allows people to send and receive money on social media.
- Zero transaction fees
- Allow micro-payments in the form of tipping
- PoSV is a much better take on PoS and encourages both ownership and velocity
- Tipping system has already been tested on Twitter, Reddit, Twitch.
How does Reddcoin work?
Reddcoin connects to your social media network and allows you to send RDD to anyone instantly. You can also send micropayments to content creators in the form of tips.
PoSV is a modification of PoS and in their own words , “[modifications] were needed to promote more active network participation.”
PoSV has a non-linear coin aging whereas PoS has a linear coin aging. PoSV minting allows anyone to mint RDD with inexpensive devices like PCs, laptops and mobile devices.
In PoSV, the greater the amount of RDD you hold in your wallet, the higher your chances of finding a valid block and receiving block rewards.
Unlike other crypto coins where you have to do some research to find the best crypto wallet, RDD has its own official wallet that you just need to connect to the internet to keep receiving minting awards.
Is it worth investing in RDD?
RDD was created on January 20, 2014 and raised $100,00 in their IPCO. There is no limit to maximum supply of RDD and given its real-world applications is definitely worth investing in. You can also collect enough RDD, consult the RDD/BTC price chartand convert all your RDD to BTC since BTC is more stable.