What is Reddcoin?
Side note: If you hold Reddcoin and if you’re not trading your ReddCoin, they need to be in the desktop wallet helping to secure the network and earning up to 5% “interest”.
I didn’t know this and just wanted to share this with everyone that owns RDD. I found that info from a post of one of the developers of Reddcoin! (read post here)
RDD the social currency that enriches people’s social lives and makes digital currency easy for the general public. Reddcoin achieves this by integrating a digital currency platform seamlessly with all major social networks to make the process of sending and receiving money fun and rewarding for everyone.
Reddcoin is a peer-to-peer open source cryptocurrency derived from Litecoin that seeks to be fully integrated into all platforms of social media.
The goal of RDD is to become “the social currency that enriches people’s social lives and makes digital currency easy for the general public.”
Reddcoin was introduced January 20, 2014 and officially launched February 2, 2014.
Currently, Redd coin is experiencing growth on social media platforms reddit, Twitter, and Twitch.tv among others as a digital tipping currency.
RDD was originally designed to have a hard cap of 109 billion coins, with approximately half of these being mined by the end of 2014 through a Proof of Work (PoW) system.
On April 29, 2014 it was announced that Reddcoin would transition to a brand new Proof of Stake Velocity (PoSV) algorithm beginning mid-to-late Q3 2014, and would have a permanent annual inflation rate of up to 5% with an uncapped coin limit. At the time of transition to PoSV on August 2, 2014, there were approximately 27 billion Reddcoins in circulation.
On 23 January 2018 there are 28.626.594.445 Reddcoins in circulation
Reddcoin – The Social Currency
Reddcoin was conceived to be a digital currency aimed at bringing cryptocurrencies to mainstream social media and the general public.
While modeled after Bitcoin and other alternative cryptocurrencies, Reddcoin’s focus was not immediately on an accumulation of wealth, but rather on achieving a wide distribution of Reddcoins across many social media platforms.
The concept called for Reddcoin to become the quintessential online tipping currency.
Reddcoin users have begun attempting to realize this mission through tipping campaigns on Twitter targeting journalists with backgrounds in cryptocurrencies as well as Bitcoin and Altcoin enthusiasts with large social media followings.
In addition, Reddcoin reddit users are known to tip Reddcoins in appreciation of posts and comments on both the Reddcoin community subreddit and other public subreddits.
Similarly, tipping campaigns have been conducted in appreciation of new content posted by users of Twitch.tv and Twitter.
These tips are often the way that new users first become familiar with Reddcoin.
What is Reddcoin’s Future Potential
As far as I know, Reddcoin is the only cryptocurrency targeting social media platforms directly.
This means that RDD has little no competition and has the first mover advantage. Facebook alone has approximately 2 billion active monthly users, youtube has 1 billion and Twitter has users in the hundreds of millions.
If RDD succeeds in becoming the cryptocurrency of choice for platforms like Facebook, Twitter and Youtube then it has the potential to be one of the most successful cryptocurrencies with a market cap in the top 10!
Proof of Stake (PoS)
Redd coin differs from cryptocurrencies like Bitcoin in that it uses Proof of Stake (PoS) instead of Proof of Work (PoW) to distribute coins throughout the network.
In the PoS model, coins are minted by a process known as staking instead of mined.
Staking is easy, anyone who owns Reddcoins can begin staking from their PC, mobile phone or Tablet simply by downloading the Reddcoin wallet. As long as your wallet is connected to the Reddcoin network and contains Reddcoins, you will periodically receive staking rewards in the form of more Reddcoins.
The more coins you own, and the longer you hold the coins in your wallet, the greater and more frequent the staking rewards.
One of the major advantages of PoS over PoW is that it saves massive amounts of energy. This is because the PoS model negates the need for mining coins, which requires massive amounts of energy.
Reddcoin – Start Tipping Now!
The more we use RDD and start implementing this tipping on social media, the faster and bigger this Cryptocurrency will grow!
It’s us the investors that will drive the success of this social media coin!
The team have no plans to make deals with specific social media platforms such as Facebook. Instead, the Reddcoin developers have created a Google Chrome extension which allows you to tip Redd coin on Twitter, Reddit and Twitch.
The reason why the team are refraining from making deals with specific social media platforms is because it saves them from being tied down contractually to one platform.
It’s a decentralised currency that should be available for all to use whatever social media platform they may prefer.
By developing a Chrome extension that works across all social media platforms, no one misses out on the great features offered by Redd coin!
How to Download and Use the Reddcoin Wallet!
The above video will give a good overview of how to download and use the Reddcoin wallet.
You can also use apps like Coinomi to store your Reddcoins, but the advantage of holding your Reddcoin’s in the wallet is the fact that you can be minting your own coins just by staying connected to the network and having Reddcoins in your wallet!
I think this is a really cool feature to the wallet!
How to buy Reddcoin?
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