What is ReddCoin (RDD)?
RDD Coin Price
What is Reddcoin | A Quick Overview
Reddcoin is a decentralized social media based cryptocurrency that aims to have complete privacy and ease for the user. They allow usernames and provide even the ability to backup a wallet, as some of the main features.
The History of Reddcoin
On January 20, 2014, Reddcoin was announced with an ICO, as a scrypt proof-of-work digital currency on Bitcointalk.
On February 2nd, 2014 the first of the public received coins and 5.45 billion that were sold doing the IPCO were distributed in the next 90 Days.
The beta began April 1st, 2014 and the ReddAPI was launched on the 5th.
On March 9th a flaw in the source code was revealed, and the network was temporarily taken offline.
It was then in April when they announced the switch from POW to POSV (proof-of-stake velocity).
In early September 2014 Social X was revealed, and after development that has continued to update the platform over time.
As of today tipping platforms have been created for Reddit, Twitter, Twitch.tv, and Justin.tv.
The Reddcoin Team
RDD Coin Media
~27 billion RDD at the end of PoW
Interest rate: 5% inflation yearly
Block Time: 60 Seconds
Currency Code: RDD
The Purpose of RDD Cryptocurrency
RDD cryptocurrency was created to address a growing use of social media without the cryptocurrency to match it.
With tipping on Bitcoin, it remains psuedo-anonymous.
Whereas RDD coin was aiming to make it fully anonymous with their features of switching public keys and hosting a wallet on multiple devices.
Reddcoin’s creation was out of the need for a more easily mass adoptable cryptocurrency that anyone could use.
The Features of RDD Coin
Proof Of Stake Velocity
This is an algorithm aiming to increase both staking in the traditional proof-of-stake consensus model and another metric called velocity.
Velocity is defined as the activity and usage of the coin.
To participate, users just need to hold a large amount of Reddcoin and keep the wallet running while connected to the internet.
They claim this is better than using the electricity and energy of proof-of-work and traditional proof-of-stake models.
A Decentralized Tip Platform - Social X
This is their platform for both wallets and usability.
Essentially, it touts a few beneficial features specific to the Reddcoin wallet and coin:
- Blockchain size
- Ever increasing with time
- Wallet.dat file has to be backed up often to help secure a users funds and make sure all newly generated keys are backed up
- With private keys randomly generated and stored in the wallet.dat file, users have to manage each wallet independently or they will receive a newly generated private key for each device and platform.
- Cold Storage
On this platform and wallet, Reddcoin has complete anonymity which allows for truly anonymous tipping without the pseudo-anonymous sending that comes via Bitcoin.
Redd-ID | A Social Identification Platform for the Blockchain
This is a blockchain based identity...
In other words, it will allow users to associate a username with one private key, as well as other information like an email address, address, and avatar.
The extra information does get shown publicly, allowing users to share info easily.
To register, it does cost RDD coins, which depends on the actual username.
These IDs can then be transferred to another address, or it occurs by an auto-expire annually, which can be renewed.
ReddWallet - A Social Wallet
This new social wallet has a few unique features that Reddcoin team touts (1):
1. Complete redesign of wallet GUI that replaces traditional QT interface
2. The wallet can both work as a local desktop application and operate as a front end that communicates with a daemon running on a remote server
3. The wallet provides various social features including IRC chat for official channel #Reddcoin, /u/reddcoin news feeds, Twitter news feed and official announcement feed.
What We Think of RDD Coin
Rdd coin was created and developed in 2014.
The time was a bit different, and the need for more different coins that included features to help with mass adoption was very high.
In today’s age, it is getting more and more competitive.
With the main utility a tipping and anonymous coin, Reddcoin has a lot to compete with.
Fighting its way to being a currency - we will see how it plays out.
In 2017 RDD was pumped by John McAfee who boasted about how he loved the coin, but otherwise, it has been pretty stable in these years.
We do not currently hold RDD coin and likely will not shortly as it does not fit into our investment portfolio.
If you liked this review and want to help support the academy donate some ETH below!
MORE FROM THE CRYPTOCURRENCY INDEX
What is Steemit (Steem)? A Digital Currency and Publishing Platform STEEM Coin Price STEEM Dollars Price What Is Steemit? A Quick Summary Steemit is a blockchain based platform that allows publishers to be rewarded for their content in a decentralized model. Essentially, it is a blockchain based Cryptocurrency paying medium. Publishers can be…
What is Ardor Coin (ARDR)? ARDR Coin Price What is Ardor | A Quick Summary Ardor is a blockchain platform with the use of using NXT child chains to create and scale the blockchain. These child chains are “light” blockchains which then help developers employ their blockchain. The History of ARDR Ardor was developed as…
What is Ethereum Classic (ETC Coin)? ETC Coin Price What is ETC? | A Quick Summary Ethereum Classic is a decentralized platform for smart contracts. These programs run without any possibility of downtime, censorship, fraud, or third-party interference. ETC coin came before ETH (Ethereum) that sits at #2 on coinmarketcap. We will get into this…