What is RDD
Imagine that you are paid with cryptocurrency for your posts on Facebook, which you can then exchange for products, gift cards and other useful things.
Reddcoin is exactly what it plans to do. Reddcoin is a ‘currency for social networks’ with a peer-to-peer payment system.
Released in 2014, the Reddcoin project has become a decentralized social cryptocurrency that allows you to instantly send and receive payments in RDD coins (the project’s own currency) inside social networks without any transaction fees.
The project is a blockchain version of Venmo, Facebook Cash or Snapchats Snapcash, which makes it easy to send money to friends and family through the appropriate services within these social networks.
However, unlike the main social networks that require using their own platforms to send and receive money, Reddcoin allows you to easily integrate your own payment functions into several platforms at once, such as Reddit, Facebook, Twitter and so on.
In addition, you can do much more than just send and receive money to people with Reddcoin instantly: you can “tip” the content creators – it’s as simple as putting a “like” or “add to favorites” post on your social network .
Reddcoin uses the Proof-of-Stake-Velocity (PoSV) environmentally friendly Proof of Stake-Velocity (PoSV) approach.
This algorithm is fundamentally different from the “proof of work” algorithm, typical for Bitcoin, which, as you know, requires enormous energy costs for mining.
Each Reddcoin user automatically issues Reddcoins coins when he starts using the platform’s services, as this is a built-in function of the downloadable official wallet (which must be opened if you want to use the Reddcoin services).
Key Features of Reddcoin
- Reddcoin is a social cryptocurrency that can be integrated into many social networks to send / receive money without commissions.
- This is an open source peer-to-peer cryptocurrency developed on the basis of Litecoin.
- The project devotes a lot of effort to people using the RDD cryptocurrency and leaving small tips to content creators on social networks like the “like” marks on Facebook.
- The PoSV algorithm is a new variation of the Proof of Ownership algorithm, supporting both ownership of ownership and activity.
- The tip system has already been implemented in social networks such as Twitter, Reddit, Twitch and Justin.TV.
How Reddcoin Works
As mentioned above, Reddcoin can be combined with the corresponding social network to transfer RDD coins almost instantly without commission to any user of the social network.
You can send RDD coins to your mother to pay the rent, or to a colleague who offered you a sandwich during lunch, or “give tea” to the author of the post “for a funny little kitty joke”.
All you need to do is click on the tip button to automatically send a person a small amount.
Reddcoin uses the PoSV algorithm previously developed by the Reddcoin team to replace the previous PoW protocol.
PoSV is a new vision of the Proof-of-Stake protocol (PoS or proof of ownership), which takes into account the needs of social cryptocurrency to promote both ownership and activity.
According to the project team itself, ‘changes to the PoS algorithm were necessary to facilitate more active participation in the network.’
The biggest difference between the two algorithms is that while PoS has a linear coin aging (each day the coin you own becomes older), the PoSV algorithm assumes non-linear coin aging.
In the case of PoSV, the more RDD coins you have in your wallet, the more likely you are to find the right block for which you will receive a reward.
For this to happen, all you have to do is keep your wallet active and provide it with constant access to the Internet.
About the Reddcoin Project
On February 2, 2014 after the initial placement of coins (as a result of which the project raised $ 100,000), Reddcoin became available for public use.
On April 29, 2014, the team announced that Reddcoin would switch from PoW to PoSV.
In 2017, Reddcoin officially introduced their team, including the main developers: John Nash and Leonardo Simons.
Subsequent Twitter posts featured the rest of the project’s developers, namely Bradley Pluf and James Twig.
They are involved in promoting the project via Twitter, but if you need more information about the development of the project, then visit the official pages of Reddcoin in GitHub or Trello, their roadmap is also presented there.
Total number of RDD Coin Supply coins and their prospective profitability
Currently, 28,773,308,124 RDD are being traded on the market.
It is expected that cryptocurrency will be subject to annual inflation of 5%, there will be no restrictions on the maximum number of issued RDD coins.
- Support for all browsers from Linux to Android (mass product should not have restrictions on use);
- Own wallet for storing coins, which adapts to any device;
- Social API
- The ability to make microtransactions;
- Instant confirmation of transactions;
- High level of safety of customer funds;
- Confidentiality and security in operations regardless of their amounts;
- Support and interest of the masses;
- The availability of benefits for use in business projects.
The future of Reddcoin is hard to predict. On the one hand, it seems strange that we are offered to “tip” people on social networks, when we can express our approval under the article / post with “like” marks.
On the other hand, it’s customary to tip always and everywhere, for almost any service, so why not thank the creator with money for interesting content?
The social network has already begun to implement a similar function – the site pays STEEM coins to users for creating and curating content, so there is nothing wrong with this trend spreading to all social networks.
At the same time, Reddcoin has come a long way since the beginning of 2014.
Social cryptocurrency, whose goal is to integrate with all social networks as a platform for peer-to-peer payments with the ability to tip, is already functioning on some popular communication sites.