What is ReddCoin?
ReddCoin (RDD) is the first cryptocurrency to used personalized IDs for social media tipping. Along with Dogecoin, it was at the forefront of integrating coins with social media, its platform seamlessly integrated with some of the biggest social networks of today. ReddCoin also helped pioneer the art of “microtransactions,” meaning very small amounts of money could be sent back and forth between users for an ever smaller fee.
History of ReddCoin
Launched in February 2014, ReddCoin is one of the older cryptocurrencies that is still immensely popular. Before the term ICO was originated, ReddCoin launched its “coin IPO” in January 2014, which was successful but relatively small compared to the ICOs of today. It was listed on its first cryptocurrency exchange only days after launch, keeping a humble profile until it enjoyed a massive explosion in interest and price in May 2017. In January 2018 it briefly had a market capitalization of over $900 million, and even though it has substantially decreased in value since it currently maintains a rank within the top 100 coins by market cap.
How ReddCoin works
For blockchain security, transaction processing and coin generation, ReddCoin uses its own hashing algorithm called “Proof of Stake Velocity,” which is like traditional Proof of Stake except that new coins are generated at a much faster rate. As a result, there are currently almost 29 billion RDD in circulation. ReddCoin is different from most other cryptocurrencies in that it encourages its users to create a “ReddID” that can be linked to user Reddit and Twitter accounts. By doing so users can “tip” posts and content that they like by sending ReddCoin directly from their wallet. The ReddID Tipping System Android app and Chrome browser extension further simplifies the process by allowing users to send RDD with a single click.
ReddCoin has features not shared by most other cryptocurrencies that render it a unique and widely popular coin. In addition to acting as a “tipping service” coin, it offers the following benefits:
Large community base. Compared to most other coins on the market, ReddCoin has been around for a significant period of time, allowing it to grow a large, widespread community.
Large support team. Regarded as being some of the most engaging in the industry, ReddCoin developers and support team members are readily available to help users navigate the operation of their wallets and apps.
Fast transaction speeds. With a block time of 60 seconds, RDD transactions can be confirmed roughly 10x faster than those of bitcoin.
Coin-specific app development. Even after over four and a half years in existence, new apps are still being made for ReddCoin, expanding its use as a tipping service beyond Reddit and Twitter. In addition to now offering a light browser wallet, ReddCoin users can search for other users by ReddID to allow tipping activity across the web.
Mobile staking. ReddCoin developers are currently teaming up with other altcoin developers to allow the staking of RDD on mobile devices. This means that RDD can be earned from a mobile phone without the need for a computer-based wallet client.