Reddcoin is a decentralized blockchain-based project, which has found its own way to become notable among other numerous cryptocurrencies. Reedcoin offers the services of social currency that improves people’s social presence and makes the digital currency more understandable and useful for people who are not deeply involved in the cryptocurrency world.
RDD as a social coin
Social media is a big business, and the better part of the adult population is its active participants. The evolution of social media platforms has been speedy, but there are some human activities that are not properly organized on those platforms. The reward for content is an example of this.
Now everyone may become a social media influencer and get paid for the content with the help of socialcoins such as RDD. ReddCoin creates a system of tipping with a peer-to-peer payment structure which enables sending and receiving money in RDD coins on social networks as a reward from readers without transaction fees. Looking forward, RDD is meant to substitute “likes” retaining the evaluation function.
How Reddcoin works
It is not difficult to start getting tips. If content creators want to turn their “likes”, “retweets”, and “hearts” into money, they need just to register with the ReddID browser extension and get a personal name linked to the wallet address. ReddID is a blockchain-based naming service that lets users connect their usernames with social network identities. And if you wish to stimulate your favorite author with coins, you are just to click the button “tip” under the post.
By contrast with basic social media that require the usage of their own platforms for sending or receiving money, Reddcoin allows integrating their payment functions simultaneously into a number of platforms such as Reddit, Twitch, Justin.tv, Twitter, etc. The project aims to partner with Facebook, Instagram, and YouTube as well.
It is also possible to use Reddcoin for purchasing items on websites and playing games, as well as for staking. If a user wishes to get passive income, he or she may set up the Reddcoin Core Wallet and upload some RDD to it. The wallet should be unlocked and connected to the network. Staking requires no minimum amount of RDD. The annual return is about 5%, and it is based on the initial investment. PoSV (Proof of Stake Velocity) algorithm used by the project transforms all stakeholders into miners automatically. Mining results depend both on ownership (stake) and activity (velocity).
RDD token details
The Reddcoin initial public coin offering took place on January 20, 2014, while the token was released on February 2, 2014. 5,45 billion Reddcoins were sold, and the team got 168.83 Bitcoins for the projects’ infrastructure development.
RDD is traded on several exchanges, such as Bittrex, Cryptopia, YoBit, etc. There are several ways to store coins. A user may take advantage of the official project’s wallet or the mobile Coinomi wallet. The official wallet is more profitable because its users get the reward if they store coins in it. But the process of its installation takes much time – up to two days. The wallet is available for Windows, Linux, and Macintosh.
The Reddcoin team
The Reddcoin team operates internationally, the team members live in Europe, North America, and Australia. According to LinkedIn, Reddcoin Solutions LLC is headquartered in Albuquerque, New Mexico. The project started in January 2014, but they officially introduced their team only in 2017.
Jay Laurence is the CEO/COO of Reddcoin. He is a Bitcoin SHA256 and Scrypt Miner, and he also has volunteer experience. John Nash is the CTO and Lead Developer. He lives in Sydney, Australia, and before starting at Reddcoin he was a Project Manager and Solutions Architect at Ooyala, a content supply chain platform.
The company continues looking for volunteers to join the team.
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