ReddCoin (RDD) – A Decentralized P2P-Cryptocurrency
What is ReddCoin?
ReddCoin is a decentralized P2P-cryptocurrency that is designed for tipping and sending money between users on Social Media. The slogan of the project is “The Social Currency.”
It can be implemented on various social media networks like Twitter, Reddit or Twitch and users can tip each other with ReddCoin.
Payments are near instant and fee-less. The block time of ReddCoin is 60 seconds, and the consensus mechanism is called Proof-of-Stake-Velocity (PoSV) which is a version of Proof-of-Stake that added activity (Velocity) to the equation.
Velocity is defined as the frequency at which one unit of currency flows through an economy. The big advantage of PoSV against PoS is the fact the PoSV incentives people to use the currency actively instead of solely hoarding them.
It started in early 2014 and was originally a PoW-based cryptocurrency. Around 100,000 USD was collected through a token sale, and ReddCoin was officially released at 2. February 2014. The team behind ReddCoin decided to switch to PoSV at 29. April 2014 and the actual transition took place on 1. August 2014.
Can Reddcoin be mined?
No, the consensus mechanism is a form of Proof-of-Stake. Therefore you cannot mine, but you can stake your tokens to help secure the network and get additional tokens as compensation. In contrast to traditional PoS-systems, the overall activity of the user is taken into account by adding the factor of Velocity.
What differs ReddCoin from other Cryptocurrencies?
ReddCoin is designed for the purpose of tipping people on Social Media. This use-case makes ReddCoin predestined for a large number of very small transactions. The consensus mechanism is well thought out and innovative.
How much is it worth today?
What is the total and the circulating supply?
The maximum supply of RDD is theoretically infinite; the total grows 5% per day. The circulating supply at the time of writing is 28,808,713,174 RDD.
Where can you buy RDD?
You can buy RDD on several cryptocurrency exchanges, most notably Upbit and Bittrex.
Can RDD be sold for cash?
You can sell RDD for cash on several cryptocurrency exchanges that have fiat-pairings, most notably LiteBit.eu (not recommended).
The ReddCoin team works on new wallets, both for Desktop and for mobile systems. Strategic partnerships with the gaming industry and an improved version of the PoSV-algorithm are on the roadmap as well. Overall development seems very active.
Verdict and Rating
3.5/10 ReddCoin is a project that is around for a long time and serves a specific use-case. ReddCoin tipping is currently integrated into Twitter, Reddit and Twitch and strategic partnerships with more social networks and the gaming industry are planned.
However what I don’t like is the annual inflation of 5%, this makes this project not suitable for investment purposes. But it has to say it isn’t intended to be an investment vehicle. Instead, it is built as a functioning tipping currency for social media, and it works great for this use.
DisclaimerThe writer’s views are expressed as a personal opinion and are for information purposes only. It is not intended to be investment advice. Seek a duly licensed professional for investment advice.
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