Reddcoin was developed on January 20, 2014 and released to the public in February of the same year, after raising $ 100,000 through the company's Initial Public Coin Offering (IPCO). The crypto initially used a protocol PoW (Proof of Work), bought on April 29, 2014, passed to PoSV (Proof of Stake Velocity)
Reddcoin is a decentralized social cryptocurrency that allows users to instantly send and receive cryptocurrency payments on RDD on social networks with payment of transaction fees. It's similar to Venmo, Facebook Cash, or Snapchats Snapchats, which allows you to transfer funds to other people via their respective social media platforms.
But unlike these major social media networks, Reddcoin does not require you to use its native platform to send and receive money, allowing you to seamlessly integrate its payment features on platforms like Reddit, Facebook, Twitter and many others. In addition, in addition to sending and receiving money immediately to people with Reddcoin, you can also give advice to creators of similar content as "Like" or "Favorites" to a post.
Reddcoin uses a protocol called Proof-of-Stake-Velocity (PoSV) that is completely different from Bitcoin's proof-of-work (PoW) protocol that requires huge amounts of energy for its mining operations. Each Reddcoin user automatically deletes Reddcoins because the stakeout function is integrated into the official downloadable wallet (which you need to own before using RDD).
How does Reddcoin work?
Reddcoin connects to their respective social media networks and allows the sender to make immediate RDD payments at no cost to any individual who chooses to interact on the network. Just click on the "tip" button and the micropayment is sent to the person you want to receive it.
Reddcoin uses PoSV, which was originally created by Reddcoin developers to replace its previous PoW protocol. PoSV is, in essence, a new approach for Proof-of-Stake (PoS) that meets the requirements of its social currency to increase "Both property (share) and activity (speed)".
The team stated that changes to the PoS "they were necessary to promote a more active participation in the network ". The main difference between the two is that while PoS has a linear coin aging system, the aging of PoSV coins is not linear.
The age of the coin is obtained by multiplying the number of coins by their age, ie the time elapsed since the last transaction. This means that contributions to the network can be made without requiring the computer to be powered.
PoSV rewards users who have more active portfolios and transactions than those who have pending portfolios.
The regular Proof-of-Stake gives rewards to each portfolio equal to the age of coins. ReddCoin PoSV is an ideal system that can be implemented efficiently for networking. People who make transactions more often using their portfolios are entitled to receive more incentives.
How do you achieve ReddCoin?
Another notable distinction between ReddCoin and other cryptocurrencies is that coins are not generated by mining but by coinage. To coin ReddCoin you just have to unlock a wallet that contains RDD coins.
The coinage process is activated when a portfolio is active and online. Counting ReddCoin eradicates the costs of coin mining, increases extraction speed and the need for expensive data mining hardware.
RDD coin supply
When the RDD moved from PoW to PoSV on August 1, 2014, there were almost RDD 27 billion. At the time of writing, ReddCoin has a circulating supply of 28,808,713,174 RDD. The Mint generates inflation of up to 5% inflation per year, while the maximum supply of RDD does not exist.
RDD price analysis
Until December 2017, Reddcoin remained relatively flat with very low values. On January 7th it rose to its historical maximum value of $ 0.03 cents, then, like the rest of the encrypted market, it collapsed. At the time of writing, RDD is priced at $ 0.004680 USD.
Where can you buy Reddcoin?
RDD can be traded on exchange sites like BITBOX, BiteBTC, Bittrex, Bisq, Bleutrade, C-patex, Crex24, Cryptopia, LiteBit.eu, Trade Satoshi, Upbit and YoBit. The currency can be traded mainly against BTC and ETH, but on some exchanges it is also possible to convert BCH, LTC, USDT for RDD. The Fiat options, even if limited, are USD and EUR.
Where can you keep Reddcoin?
The portfolio supported by Reddcoin can be downloaded from the official Reddcoin website, or the RDD coins can be stored on the Coinomi mobile wallet.
Reddcoin is a currency with an ambiguous purpose, since it seems a little odd to give advice to the contents of social media when we could simply show appreciation for "sympathy" as we have done until now. But this strategy was successful with Steemit's social media platform, as it implemented a similar feature, which pays STEEM token users for content creation and care, so the trend is likely to be adopted by more audiences. wide.