Picture a platform like Steem that rewards users for the content they post but this time on every social platform. That is what ReddCoin (RDD) is about as the platform covers every social platform instead of a particular platform like in the case of Steem.
According to a report by Pew Research, social media is a huge money-spinning industry with more than 68% of adults in the U.S alone using Facebook. Not to talk of the rest of the world and other users on other platforms. As of September 30, 2018, Facebook alone has more than 2.27 billion active users per month. With the rise of social media, we have seen many businesses branch out and that includes the popular influencer social media marketing, which generates a huge amount of money earned by the influencers for the content they create.
However, not everybody will get to be an influencer. Therefore, more brands push for micro influencing, and cryptocurrencies like RDD could be a bridge to fill the gap for every content creator. The belief is that users should also earn for making social media what it is today. Social media executives should not be the only ones earning most of the dollars.
What is ReddCoin?
RDD token is crypto that can be used to send payments or tip users for social content on every social platform such as Twitch, Reddit, Twitter, etc. The RDD crypto is a mineable token, which uses a Proof-of-Stake-Velocity (PoSV) consensus mechanism.
To understand what is ReddCoin, we will look at the project and what it is all about. The ReddCoin protocol is community-driven and brings the option of micro-payments to all social platforms. The RDD crypto is basically a native token of the ReddCoin protocol.
Mining the cryptocurrency ReddCoin is eco-friendly because it uses the unique PoSV algorithm. Moreover, staking the RDD crypto uses little to no resources as it can be operated on mobile, desktop, low-end, and embedded devices. RDD’s PoSV algorithm enables the protocol to operate a mainly feeless transaction process while maintaining an authentic, trustless, and transparent blockchain.
What Makes ReddCoin Unique?
Apart from being created to tip, share or donate to people globally, ReddCoin has been used to eliminate several bottlenecks in the blockchain industry such as high transaction fees and slow transactions. Transactions on ReddCoin take seconds to confirm and a new block is created each minute. Also, the transaction fee is zero and that means you are unlikely to experience transaction fee hikes or insane gas prices when there are increased activities on the blockchain. This makes RDD suited for donations and micropayments.
From the perspective of the users, RDD ReddCoin offers a window of monetizing content for creators and a chance for charities to seek funds through several social media networks. So, content creators have a platform that rewards them for their activities. The holders of RDD crypto can stake their RDD coin and get ReddCoin as a reward. They also help secure the ReddCoin blockchain by staking their tokens.
ReddCoin History
When ReddCoin was announced on BitcoinTalk.org back on January 20, 2014, it was to be a Proof-of-Work cryptocurrency and it raised up to $100,000 through its Initial Public Coin Offering (IPCO) on the forum meant for the development of the protocol. RDD was released on February 2, 2014, and 5.45 billion RDD were shared with investors that participated in the IPCO, which lasted 90 days.
By April 2014, the ReddCoin community made the decision to migrate the protocol to PoSV from PoW. The PoSV was created solely for securing the ReddCoin blockchain. This unique algorithm ensures that the future of ReddCoin is eco-friendly and has a less environmental impact. The PoSV was finally implemented by July 2014, and the transition was done on August 1, 2014. The resulting effect is the reduction of the RDD hard cap from 109B RDD to almost 27B RDD, which will undergo 5% yearly inflation.
The Founders of ReddCoin
The original founder is Jonathan Petenaude who designed the fundamental code for the ReddCoin network. Him and Larry Ren came together to start the now-defunct ReddCoin Ltd that was initially in charge of the platform. Ren and Jonathan left their role in 2015 and the rest of the ReddCoin team teamed up with the ReddCoin community to further the development of the ReddCoin masternode and the network in general.
The key team members of the ReddCoin blockchain are John Nash, Tim Musick, Jay Laurence, and David Faust as of November 2020. John Nash also called CryptoGnasher is the project solutions designer and he is a highly experienced IT expert with deep experience in project management. The project leader is Jay Laurence, who is an early adopter of the project and an experienced developer. Timothy Musick handles business development while David Faust takes care of operations at ReddCoin. Apart from these core team members, the rest of the team are mostly volunteers.
Key points of the project
- Proof of Stake Velocity (PoSV)
PoSV is derived from the PoS algorithm and this unique algorithm focuses on staking (ownership) and velocity (network activity). The algorithm aims to tackle the issues in the PoS and PoW algorithm while being environmentally conscious.
- Decentralized Tipping Platform
You can tip users for their content right on the blockchain thanks to ReddCoin. Content creators can be rewarded in the cryptocurrency ReddCoin for their content. Also, anyone can transact using the RDD token.
- Redd-ID
Redd-ID is a unique Identity for users on ReddCoin to link their username with all kinds of data like social media identities, and public keys for easy identification of each user on the blockchain network.
- ReddWallet
It is ReddCoin’s native wallet that offers users of the protocol several social tools to improve engagement and security of the platform as well as enabling the ease of use of the RDD crypto.
Why is Swapzone the best place to get RDD?
How to get ReddCoin? You can do it ReddCoin on Swapzone, which is a ReddCoin exchange aggregator for the best ReddCoin rates in the market. Isn’t it the best place for getting RDD? Here is the tutorial on how to do it.
Step 1. On Swapzone, you can select any RDD pair from the list of tokens then the site will pull up from all the RDD exchanges.
Step 2. Input the amount of RDD tokens you want to exchange.
Step 3. Select the exchange that suits you by clicking on the exchange button.
Step 4. Input the address where you want to receive the RDD token. There is also an option for a refund address, which is the address where the asset you are swapping will be refunded to incase of any issues.
Step 5. Click on proceed the exchange button to carry out the exchange.
Step 6. Don’t forget to leave an honest review and rate the exchange.
