Reddcoin and its RDD coin: A starter’s guide
Our economies heavily depend on digital forms of payment. This has necessitated the innovation of multiple payment methods accessible on our mobile devices. However, most of these payment methods usually depend on third-party companies that keep a record of all the transactions. Cryptocurrencies eliminate the need for these companies in a bid to lower transaction costs. One such cryptocurrency doing that is Reddcoin and its RDD coin.
What is Reddcoin?
Reddcoin is an open source peer-to-peer form of digital currency that has taken the digital coin market a step further by making numerous improvements to the already existing structures of digital currencies. Launched January 24, 2014, Reddcoin is a social currency that is not dependent on central authorities and banks to keep a centralized ledger of all transactions. Instead, it is powered by its users.
It basically gives the user the ability to control their bank. Unlike other cryptocurrencies, Reddcoin’s main aim is to improve social networking by integrating a digital currency platform with major social networks to make transactions more comfortable and enjoyable. It focusses on enhancing how the 2.8 billion social media users carry out transactions online.
Understanding cryptocurrencies can be confusing to the average person. Reddcoin attempts to bridge this gap by making transactions simple and a rewarding experience for both parties involved in a transaction.
RDD Coin price
Following China’s plan to crack down on the international trading of cryptocurrency by its citizens, almost all the significant cryptocurrencies faced a substantial decline in value. As of this writing, Reddcoin is valued at USD 0.005205.
Reddcoin held an Initial Public Coin Offering (IPCO) in a bid to raise Bitcoin to raise funding for the creation of a new digital currency centered around social media. The IPCO successfully raised 168.83 Bitcoins which were valued at over $100,000 in two stages. The IPCO was increased by 386 investors who got 5.45 billion Reddcoins in return, which they used to support the team of Reddcoin developers for the creation, promotion, and the general improvement of the Reddcoin brand and infrastructure.
The IPCO was rolled out in 2 phases. In the first phase, investors were offered 2.2 billion Reddcoins, which were distributed based on the number of shares they had bought. The remaining 3.25 Reddcoins were distributed in a second phase which lasted two weeks until February 15.
In the second phase, Reddcoins were distributed according to the shares the investors had purchased. This resulted in the early investors being rewarded with a more significant percentage of coins. Large investors were also credited with higher shares of Reddcoins. This way, large investors were encouraged to invest while pushing away small investors to help support investors that were genuinely interested in the success of Reddcoin.
Reddcoin: How it works and its key features
Reddcoin’s payment method facilitates the seamless transaction of funds between its users on social networks. It is an efficient tipping cryptocurrency used to provide an additional incentive to social media content creators. Unlike other cryptocurrencies whose operations are based upon a Proof of Work model, Reddcoin uses Proof of Stake to distribute coins. The Proof of Stake model is a new innovative algorithm that encourages both ownership (Stake) and activity (Velocity).
Unlike other cryptocurrencies, the coins are minted in a process referred to as staking instead of being mined. By eliminating the mining process, Reddcoin saves a lot of energy as there is no need for mining.
The staking process is quite easy, and one can begin staking from their devices as long as they own Reddcoin and have downloaded the Reddcoin wallet. A user gets more Reddcoins as staking rewards as long as their wallets are connected to the Reddcoin network. One receives staking rewards more frequently if they own coins and hold the coins for a more extended period in their wallet.
Reddcoin is not partnered with any of the social media platforms. Instead, the Reddcoin team developed a Google Chrome extension which facilitates tipping on Twitter, Reddit, and Twitch. Being that Reddcoin is decentralized, the developers avoid being tied down by contracts and prefer spanning around multiple social media platforms. Therefore, if one enjoyed a Twitch stream or a post on Facebook, they could quickly make a microdonation with Reddcoin to the content creator with zero transaction fees.
RDD Coin: Use and utilities
Branded as “The Social Currency,” Reddcoin is a cryptocurrency fully dedicated to social networks. It enables social media users to tip other users as a way of commending them for a good job. The main aim of the Reddcoin developers was to create a hybrid of cryptocurrency and reward points. However, in this case, the reward points have monetary value. The tipping system is already active in certain social networks such as Twitch, Twitter, Reddit and even Justin.TV.
The tipped users can then use the awarded Reddcoins to make purchases on various websites, tip other users, or even use them in games to buy in-game credits. These transactions are of great benefit to all parties involved including the businesses and the developers. Usually, once a user purchases in-game credits, they can only utilize them on the game website. However, with Reddcoin the user can use the in-game credits on several other gaming websites. This helps eliminate any hesitation to purchase a game or in-game credits.
Reddcoin: Platform and technology
Reddcoin is a decentralized cryptocurrency platform with no affiliation to third-party companies to verify transactions. Instead, it’s powered by blockchain technology which enables its users to transact at reduced to not costs at all. Each Reddcoin user has a Reddcoin Redd-ID which allows participants to associate a username with rich information including public keys and social network identities.
Reddcoin is one of the only cryptocurrencies that has launched a voice amplification platform known as Reddcoin Broadcast. The Reddcoin Broadcast is a platform that enables a Reddcoin user and their followers, or supporters, to share a particular message simultaneously. This allows a message to propel fast through various social media platforms thus driving attention to it that it cannot be ignored. This feature enables creators who use Reddcoin to share their new ideas and projects.
While other services who have a similar platform, such as Thunderclap, charge up to $200 for the broadcast feature, Reddcoin offers it for free. However, only campaigns attributed to Reddcoin can be broadcasted on the platform.
The process of setting a campaign is natural. All a user has to do is to sign up on the platform with one of the support accounts. Once they are signed, they can then broadcast as many campaigns as they want.
Reddcoin history, the team, and its founders
The launch of Reddcoin was announced on January 20, 2014, as a digital currency centered around social networks via an Initial Public Coin Offering (IPCO) on BitcoinTalk.Org. It was launched as a Script Proof of Work (PoW) cryptocurrency and released to the public on February 2, 2014, after raising approximately $100,000 in funding through the IPCO to support the development of the coin.
Over 5.45 billion Reddcoins were distributed to investors in exchange for the financial support they offered during the IPCO. The cryptocurrency has initially been rolled out with a logo that featured a red alien mascot on a gold coin. However, this was changed to the current logo which looks like a piggy bank with a red coin being inserted into the jar like a tip.
On February 2014, the development team introduced the idea of a Reddcoin Application Programming Interface (API). The beta testing for this application kicked off April 1, 2014, and launched on April 5, 2014. The application interface was created to enable simple transaction process between Reddcoin users.
Reddcoin announced a transition from the Proof of Work model to a Proof of Stake Velocity model on April 29, 2014. This was a major advancement for Reddcoin as the new algorithm was among the first of its kind in the cryptocurrency market. The new model was designed to eliminate the dependence of the blockchain on electrical energy thus reducing its environmental effects.
The new model was integrated into the Reddcoin framework on July 2014, and its utilization began a month later.
The second phase of Reddcoin development was launched on September 6, 2014, by Reddcoin lead developer, Larry Ren. Ren announced that the social currency had finished its first phase which involved the distribution of coins through IPCO, mining and tipping transactions. He announced that the second phase, which he named Social X, would involve the introduction of lightweight, staking Mobile Wallets, Deterministic Hierarchical Wallets, and Redd-ID.
The Reddcoin team is made up of several members from up to 6 different time zones.
The Reddcoin wallet provides various innovative social features that are offered by other cryptocurrencies. These features enable improved social interactions among its users. They include:
- The replacement of the old QT interface with a completely redesigned GUI.
- The wallet is able to function as n application on a user’s PC while also operating as a front end.
- The wallet has additional social features such as Twitter news feeds which keep the users updated.
Since mid-2017, Reddcoin has aimed to develop a Blockchain-based identity system. Significant progress has been made on this with the creation of the Redd-ID. Reddcoin also seeks to make progress on mobile staking. Reddcoin also aimed to create a mobile wallet that would accelerate blockchain synchronization in the last quarter of 2017. In the first quarter of 2018, Reddcoin aims too make significant progress in mobile staking.
This is the dedicated website for all Reddcoin users. There are constant updates and news information regarding the cryptocurrency.
Through tip bots, one can award a Twitter user who utilizes Reddcoins tips by either liking or retweeting their tweets. Recent news about Reddcoins is also spread through this social media platform, where they currently have over 96 thousand followers, using various hashtags.
Just like with Twitter, there is a Reddit Tipbot available through which the various Reddit uses who also use Reddcoin can tip other Reddit users. Multiple subreddits have been created to spread the news on the numerous advancements and changes made on Reddcoin.
Reddcoin is active on Facebook and boasts 26,730 followers on the social media platform. Reddcoin is active on the site and posts daily content.
Once a user deposits some coins to the telegram Reddbot they can be able to use the funds for in-group tipping.
Reddcoin: How to buy RDD
Reddcoin can be purchased through the use of other cryptocurrencies such as Ethereum (ETH) and Bitcoin (BTC) at various exchange sites including Bittrex, Upbit, Cryptopia, and YoBit. One can also buy BTC from exchanges sites such as Coinbase then deposit it to the respective wallets on the previous exchanges.
Reddcoin is a decentralized digital currency that is centered around social media platforms. It enables its users to transact efficiently at absolutely no cost. Some have likened it to an internet-like button as it involves the tipping of various online creators that an individual wishes to commend.
This concept is known as micro tipping and has been used on several other platforms as well such as Steemit. Coins are minted instead of being mined, a process that is environmentally friendly and saves a lot of electrical energy. Since its launch, Reddcoin has taken the market by storm with its market value and cap rising very rapidly.
However, it is speculated that a conflict exists between the pseudo-anonymity and the real identity of individuals. Therefore, Reddcoin will need to do a great deal of improvement on their provision of anonymity.
Reddcoin: Final thought
Reddcoin has been widely accepted as the social currency and its currently being used by many people as tipping service. Since its launch, Reddcoin saw a steady rise in value and its value only began to decline after China’s plan to stop international trade using cryptocurrencies. I foresee a future in which Reddcoin will continue to grow exponentially and will register a rapid rise in value and may even hit $1.