What is Reddcoin?
Reddcoin (RDD) is a type of cryptocurrency. A cryptocurrency is a digital peer-to-peer medium of exchange with no central authority or banks managing its transactions, unlike fiat money that derives its value from government regulation or law (e.g. The U.S. Dollar, Euro, etc.). You do not need a bank or any central authority to use cryptocurrency. Reddcoin is powered by its users. With Reddcoin, you are essentially your own bank.
Reddcoin is dedicated to one thing – tipping on social networks as a way to bring cryptocurrency awareness and experience to the general public. Social networks are now part of our everyday lives. They give every person on this planet a fair chance at showing the world how awesome they are. Getting an upvote, like, or retweet for your well-received comment or picture is fun, but unfortunately, they have no real value. Fortunately, there is now something better than imaginary internet points – Reddcoins.
Cryptocurrencies are complicated. Let’s face it – the average person has no idea how cryptocurrencies work. They would like to get involved, but usually have no idea where to start. Reddcoin’s objective is to fill those voids by integrating a seamless cryptocurrency tipping system with all major social networks to make the process of exchanging coins simple, fun, and rewarding both for the giver and the receiver.
Initial Public Coin Offering (IPCO)
Reddcoin was created on January 20, 2014, as a PoW cryptocurrency. On February 2, 2014, after raising $100,000 through their Initial Public Coin Offering (IPCO), Reddcoin was released to the public. On April 29, 2014, they announced that Reddcoin would transition from PoW to PoSV.
When Reddcoin was first introduced, the development team introduced an Initial Public Coin Offering of 5.45 billion Reddcoins in exchange for Bitcoin from interested investors. This money raised used to support in the development, publicity, and support of Reddcoin during and after launch. Over the following weeks, 168.8347 Bitcoin was raised. To prevent a large influx of Reddcoin to the trading markets after launch, the 5.45 billion Reddcoins were distributed to the 386 investors over a 90 day time span at 1.11% of the total to be received distributed to each investor each day, ending in mid-May 2014.
Reddcoin is an advanced cash secured by a cryptographic algorithm. At the core of Reddcoin innovation lies an algorithm, worked by lead designer Laudney, called Proof of Stake Velocity (PoSV). As Bitcoin has picked up standard presentation one of the repeating reactions has been its mining calculation, known as Proof of Work (PoW), this secures the system and boosts members.
With the coming of mining pools – frameworks that gathering together the energy of thousands of diggers – the PoW algorithms that safe Bitcoin and “altcoins, for example, as Litecoin and Dogecoin, are available to the 51% attack. This mining-pool issue was not predicted at the start of Bitcoin; it is currently evident that utilizing PoW to secure a cryptographic money arrange empowers the enormous centralization of mining influence.
The self-declare social currency, Reddcoin is one of the several altcoins to experience price rise mid this year. The Reddcoin price rose so far that it has even challenged Dogecoin on the market cap charts. I anticipate the price of Reddcoin to keep on rising in 2018 and beyond making it one of the best cryptocurrency you need to invest your money.
CoinGecko ranks Reddcoin 9th in overall coin health with a 52% rating. The rating indicates that the coin is performing well and its price may shoot anytime. Reddcoin has maintained high CoinGecko ranking for several months, resulting in a positive price trend. My advice to investors is to bet on the future and long-term success of Reddcoin.
How exactly does ReddCoin work?
ReddCoin is a blockchain currency just like the many others on the market today, but what makes ReddCoin stand out is its platform and minting. ReddCoin has a dedicated team and there is already plugins which can be used to tip ReddCoin on multiple social sites like Twitter, Youtube, Facebook, and Reddit instantly with zero transaction fees. This allows users to do more than just like or retweet, but send actual benefit to the other person through micro donations.
What is minting?
Minting is a new system that allows users with ReddCoin to stake their coins and gain more over time. Traditionally, coins are mined using a massive amount of computing power and energy, but ReddCoin uses an environmentally friendly method called minting. Anyone is able to mint ReddCoin on laptops and smartphones. When a user holds ReddCoin in the wallet, they automatically begin minting their coins and earning more ReddCoin without having to setup a miner and use power. The more ReddCoin a person has in their wallet at a given time, the more minting profit they will receive.
Reddcoin Tipping on Social Networks to Bring Cryptocurrency to the General Public
Social networks are now part of our daily life. They offer everyone in the world a fair chance at demonstrating to the world how awesome and wonderful they are. Getting a million likes for various posts that you post or comments is fun, but unfortunately, it has no real value. Maybe there is something better that needs to be added like ReddCoin.
We all know how cryptocurrency is complicated. We have to face it, the average person has no idea how cryptocurrency work. They would to get involved but usually have no idea where to begin. Reddcoin will fill those vacuums by integrating a smooth cryptocurrency tipping system with all major social networks to make the process of exchanging coins simple, exciting and rewarding both for the receiver and the sender.
THE FUTURE OF REDDCOIN
Reddcoin is aimed to offer the mechanism to perform micro-donations across different social networks. Looking at its development, their goal is to overcome challenges of developing an innovative to offer a completely decentralized network for various social media.
I really could say Reddcoin is the granddaddy of social cryptocurrency. As far as what I know, I always think of it as the first cryptocurrency that is focused mainly on micro tipping and social platform use. It seems 2018 and the future is gearing up to be the year social networking gets taken over by cryptocurrency and especially Reddcoin. We have seen other Altcoins perform big thing, and soon we will have Reddcoin accomplishing big things on social networks.
Currently, there are a lot of exciting projects geared towards social networking for 2018 and beyond.
Generally, cryptocurrency is on the way to change the way social networking works. This will affect social networks like Facebook in a way that will benefit the end user of social sites. The place of Reddcoin in this new sea of social networking platforms.