I will cover up an in-depth analysis of almost all major great things everybody should know about Reddcoin. The answers to major questions will be discussed in detail as well. We have some common questions below:
- What is Reddcoin?
- What are the Key Features of Reddcoin?
- How does Reddcoin Work?
- Reddcoin supply and sustainability
- Where You can buy and Store Reddcoin?
- What can be a potential future of Reddcoin?
What is Reddcoin?
Imagine yourself being paid in cryptocurrency for your Facebook and Twitter posts, Yes the mainstream social media platforms and being able to trade products, gift cards, and other items on social media. It can be potential currency of social media of the future thus also called as "Social Media Coin" with the decentralized payment system.
It was released back in 2014 to the public being decentralized social cryptocurrency which allows us to instantly send and receive RDD payments across social media networks without any transaction fees. It can also be termed as facebook cash, Snapchat snapcash which enables them to send and receive payments to friends and family via social media platforms.
However, Reddcoins allows you to smoothly send payments on multiple platforms like Reddit, Facebook, Twitter, and beyond, regardless of their native platforms to send and receive money. One can do more than to just send money, as you can "Tip" money to content creators as we do here on Publish0x, and similarly, by like or favorite a post, users will earn RDD coins.
What are the Key Features of Reddcoin?
Reddcoins has many key features that will be discussed in points below:
- The main feature is being a social cryptocurrency which can be integrated into many different social media platforms for sending and receiving payments with zero fees.
- Reddcoin derivatives derived from Litecoin being a peer to peer open-source cryptocurrency.
- It will allow users in "tipping" of small amounts like Publish0x tipping feature in RDD coins on social networks and allow them to earn RDD by liking a post.
- POSV (Proof of Stake Velocity) algorithm is new in regard to PoS which is unique in both Ownership (Staking) and (Velocity).
- Reddcoin tipping is already enabled on Twitter, Reddit, Twitch and Justin TV.
How does Reddcoin Work?
As I have told earlier about the feature of Reddcoins in connecting you to respective social media networks by enabling you to send instant RDD payments with near to zero transaction fee. You can send RDD payments to your loved ones in your family or your friends beyond borders by using the power of social media all at once. You can tip someone's post instantly to send micropayments. We see this feature here on Publish0x as well.
Reddcoin former algorithm was Proof of Work (PoW) and it was redesigned to Proof of Stake Velocity (PoSV) with a new take in the unique algorithm in the crypto market. The modification was required to generate more activeness of users in participating within the network. RDD can be mined using ordinary CPU and GPU and mobile devices instead of expensive PoW algorithm Asics and mining rigs. The more coins you are holding to your wallet, the more chances for you to finding a block by running wallets on your computer 24/7.
PoSV algorithm is a substitute to PoW and being an innovative algorithm that encourages both ownership (Stake) and activity (Velocity). PoSV solves issues in PoW and PoS algorithms by eliminating wasteful consumption of electricity for mining purposes. Similarly, Ethereum upgrade is about to happen to a new algorithm with Delegated Proof of Stake DPoS to overcome the mining process and shift it to staking after the upgrade.
For an overview, Reddcoin was created back in Jan 2014 as PoW cryptocurrency but on FEB 2014, after a month and raising of $100k through their initial coin offerings they release to the public on April 2014, after 3 months that they are shifting their algorithm from proof of work PoW to PoSV respectively. Their Official Team members named John Nash and Leonard Simonse.
Reddcoin supply and sustainability
When the transition from Proof of Work (PoW) to Proof of Stake Velocity (PoSV) was made back in 2014, there were approximately 27 Billion Reddcoins. But as of now, to till writing of this article, its circulating supply is 28,808,713,174 RDD which results in the minting of up to 5% inflation annually. There is no maximum supply mentioned by the team.
If we see the above graph, Reddcoin remained flat since its inception but on Jan 7th of 2018, it reaches its all-time high of 0.03$ per RDD. Then as of fate of cryptocurrencies come down, it losses significant value since then. Now, it has a lot of potential gains if the wave of bullish trend cripples the profits in the crypto market. You can see the graph for RDD from 2014 to till today. On Coinmarket Cap 44% gain in the past 24 hours is observed as of writing this article.
Where You can buy and Store Reddcoin?
You have the facility to buy and store RDD on the mentioned Below exchanges with Trading pairs. While you can store your RDD on the supported wallet by the official reddcoin website, and also you can store on a mobile wallet named Coinomi.
The Below graph is shown with trading pairs and volume of past 24 hours only with total trading volume of $2,787,339 USD as per Coinmarketcap. You can buy on the mentioned exchanges, however, the Reddcoin team is struggling hard to list RDD on major exchanges like Binance and Bittrex.
- VCC Exchange RDD/BTC $1,265,902
- Bittrex RDD/BTC $1,265,381
- Bitvavo RDD/EUR $145,765
- Upbit RDD/BTC $82,949
- YoBit RDD/BTC $22,960
- Crex24 RDD/BTC $1,261
- YoBit RDD/ETH $1,035
- C-Patex RDD/BTC $151
- YoBit RDD/USD $135
- Altilly RDD/USDC No Volume
Note: Reddcoin (RDD) is executing a soft-fork consensus upgrade to move to its PoSV v2 staking algorithm. Users who have not upgraded to the new wallet are advised to do so.
What can be a potential future of Reddcoin?
It's hard to predict the future of Reddcoin in general, but one thing is sure after a brief study about the project I have found the conclusion that it can compete for steemit and similar social media platforms if their teams keep the momentum of progress in advancements to the project. Reddcoin has come a long way since 2014 from its beginning and it has gained many folds in the first wave of a bullish trend back in Jan 2018 from 0.000019 to 0.03$ a coin which is 150,000% gain if compare with 2014 to 2018 statistics. You can comment if you find my calculations wrong but that's the fact to the matter. You can check the Coinmarketcap Charts.
Note: Financial investment in Crypto Currencies is highly risky, so I will not recommend investing from your earning directly into any project. But rather consider to invest from your savings especially which you can afford to loose. The cryptocurrency market is highly volatile and one should have the proper knowledge to dive into it. Thanks for the read!