|Creation Date||February 2014|
What is Reddcoin?
Reddcoin aims to become a ‘full-fledged social network coin’, and until now, has primarily been used as a tipping coin on supported platforms which include Reddit and Twitter. On these, users can tip their favourite content creators by sending them RDD, similar to how Dogecoin can also be used as a tipping coin. The tipping system is active and can be used in Reddit & Twitter at the moment. It is in beta, but it works and has many users. Reddcoin relies on the API support of social media platforms. So as long as a platform gives open API support, Reddcoin can be used to send tips on there.
Reddcoin defines itself as a ‘social currency’ and promises to be a simple cryptocurrency for the masses. Anyone can download a Reddcoin core wallet on their computer, and receive 5% interest a year just for having the wallet. Reddcoin works on POSV – Proof of Stake Velocity- which basically means eco- friendly staking, eliminating the electrical waste that comes from much of crypto mining, so this is ideal for users’ home computers.
Reddcoin is a relatively old project in the cryptosphere – it’s been around since January 2014 – and in that time has built up a strong community and loyal following within the crypto space, which will have been helped by the fact that anyone who bought into Reddcoin before May 2017 will have done very well on their investment, which can tend to build loyalty. Reddcoin is one of the few cryptocurrencies that has held up well in the bear market of 2018, the project is continuing to live up their roadmap and bring positive surprises. It is one of the existing cryptocurrencies that is probably most likely to still be around in several years time.
Despite the name and contrary to popular belief, Reddcoin is not officially related to or associated with Reddit – the project was born on Reddit, but it is not an official coin of the platform.
New Reddcoin features. What is planned for Reddcoin?
The developers are working on making the tipping function more user friendly- they are creating a new protocol called “SocialX” to make giving tips simpler and faster. Once this new protocol becomes active, (the developers say 30% is done), each RDD holder will have a Social ID (Redd-ID) and this ID will be tied to their wallets. For example, when you click the “tip” button on a social media platform, you will just need to enter your ID/Password and you are done and there will be no more need to deal with a wallet and complex crypto wallet addresses to send tips. The developers aim to complete the Redd-ID system as fast as possible. After that, they hope to start working with and being accepted on more social media platforms alongside Reddit and Twitter.
Reddcoin have recently released Reddpay.me, a payment processor which allows any two users to transfer Reddcoin to each other between two email addresses, without needing to register or understand how crypto transactions work. Transfers are fast and cost 1.75%. You can choose to send in a choice of fiat currencies, and the site converts this into the equivalent amount of Reddcoins to send. The public beta is now live on this site, and the ability to request money is expected to be live soon.
Reddcoin have also announced on their site that they are exploring a partnership with https://investaco.in/, with the intention of offering a Reddcoin backed Debit cards and a global network of Reddcoin ATMs. In this partnership, they are also looking at ways to get fiat to Reddcoin pairs- to help people buy and sell straight between fiat and Reddcoin rather than having to go through a crypto exchange. They are actively looking to find ways to make Reddcoin more usable in the real world, for payments and micropayments, rather than just limited to online social tipping.
The Team and Community
The identity of the developers are unknown, but they are fairly active on social media- they use Reddit, Twitter, Facebook, and Telegram for communication, and even have a wiki page.
Reddcoin also has a strong and vocal community/ support group- at https://www.reddheads.com.
Reddcoin has one of the most active, vocal and supportive communities in crypto, You can reach the developers and the community directly via their own website: https://www.reddcointalk.org – it is a well used site where anyone is free to share their own opinion. Surprisingly, Reddcoin is also fairly popular in South Korea where there is also strong support.
|ICO Date / ICO Price||No ICO|
|Is The Coin/Token Live?||Yes|
|Current Value (Total)||$ 291.476.728|
As for the coin itself, it is not mineable. RDD is a PoS coin and only staking is possible. The inflation rate is 5% per year and each block takes 60 seconds to create. Just download a wallet for your operating system, keep it connected to the internet as long as possible, and continue staking the coin. Of course, you can also buy & sell it via exchange sites too.
|Available In||Can be used on any social media platform / can be traded into other crypto-currencies and Fiat currencies via exchanges|
|Can Be Traded In||UpBit, Bittrex, Cryptopia, LiteBit.eu, YoBit, BleuTrade, Trade Satoshi, Coinhouse|
|Can You Buy It With Fiat Money?||Yes|