What´s a Reddcoin?
Reddcoin emerged from an ambitious concept to create a currency specifically for use in social networks. The technical details contained nothing out of the ordinary to begin with. Its main advantage is that it is much more suitable for CPU and GPU mining, allowing home-based users to generate coins with ease.
The hashing algorithms that became popular with Litecoin had a block time of 60 seconds. This speed is similar to other major currencies, with Reddcoin additionally providing high-cap coin potential, with a market capitalization of some 131 million US dollars.
Reddcoin later released an updated algorithm that is unique. Reddcoin officially released POSV and began its new regime on August 2, 2017, with many more exciting features promised. Reddcoin’s IPOC is one of the few legitimate IPOs in the digital currency landscape.
Reddcoins – about the developer
The developers at Reddcoin approach things from a different angle than most, with an IPOC at the start of reissuing. An IPOC is comparable with an IPO, the difference being that coins take the place of shares.
This has enabled the provider to build a vast community with plenty of confidence. It also allows developers to place firm focus on other parts of the business.
The IPOC yielded 164.44 Bitcoins used in the development and return stages, with investors receiving some 5.45 billion Reddcoins. Every 90 days, 1.11 percent of these are released.
This has served to prevent market flooding, while stimulating great interest in investment and mining. Reddcoin is not only very flexible, it has also been evenly distributed up until now.
Purpose and uses of Reddcoin
Reddcoin (RDD) is used in social networks and can be utilized as a means of payment for content creators. This token was created to increase awareness of cryptocurrencies and encourage user experience with this form of digital money.
Today, social networks are an essential part of our daily lives. It’s always a boost to receive positive communications, be it a message on your profile, comments on your photos, or a retweet of something you’ve said. However, none of these things has any real value.
Now there’s a way to enrich these social media staples with real value, thanks to Reddcoin. These tokens use the staking as a replacement for PoW Reddcoin Mining, with an estimated 5 percent reward issued annually.
RDD – a little background
Reddcoin is a social currency that was made available to the public in 2014. The main objective of this currency was to enrich social media activity and to introduce its cryptocurrency applications to the general market.
The coin achieves this by integrating a social currency platform with all major social networks. This makes the process of receiving and sending money fun and rewarding for all users.
Some of the specific technical details of this cryptocurrency include the utilization of Scrypt as its algorithm. The maximum coin count stands at 109 billion RDD.
The block time of the coin is 60 seconds and time block bisection rate is 500,000 blocks. The pre-mine of this coin states that 5 percent was fully distributed to IPOC investors. The reward per block is 100,000 RDD.
Reddcoin stands in the same category as other currencies such as Dogecoin, with both sharing economic and ecosystem aspects that have a community-based focus. One of the main features that makes Reddcoin unique is that this cryptographic currency had a successful IPOC.
This special fund was used to maintain the right structure and improve marketing campaigns for the currency. In most other cryptocurrency, central financing is usually underestimated and neglected.
However, with Reddcoin, the fund enjoyed much focus and the result has been a boost to development potential for the currency going forward.
Another quality that makes Reddcoin unique is that it was created with a clear vision of being a social currency. The design of the currency is professional and it is aimed at real traders and companies.
This special currency is also one of the fastest growing currencies in the world.
This is evidenced by significant numbers of people discussing it online through various social media platforms. The number of users is also increasing rapidly as more people learn about its advantages over other cryptocurrencies.
People who can develop are encouraged to join the community. These are the people with special skills who can develop browser plug-ins, graphics, bots and more.
By sharing their work with other members of the community, they increase the chance of earning more money. These people make up only a single percent of the overall community, but their contribution is crucial.
The fact that such people are members of the community plays an important role in ensuring that everything is consistent with the aim of striving for a social currency.
Reddcoin can be traded online on various exchange platforms, including Bittrex, Yobit, Cryptopia, Shapeshift, Libebit and Bluetrade.
It’s also offered at Gobiw, which is a popular Chinese stock exchange. These various exchanges are helpful because they deliver more choice to the users, while providing the means for effective trade.
The wallets that users can utilize include the official Core Wallet, the Mobile Wallet, plus Electreum Clients. You can also use multicoin wallets.
Although Reddcoin puts its users first, it has recently refocused slightly toward the Chinese market. This is due to the fact that China accounts for more than 50 percent of the global trading volume in cryptographic currencies.
The country also enjoys rapidly developing industry that is able to create a vast market. Reddcoin is working to establish long-term relationships with various Chinese Internet companies, including infrastructure development and marketing of this cryptocurrency.
Alexander Weipprecht is the managing partner of Provimedia GmbH. As a trained IT specialist for application development, he has been advising leading companies on the following topics for more than 10 years: online marketing, SEO and software. Cryptocurrency is becoming increasingly important to businesses and investors. Through Coin Report and Krypto Magazin Germany, Alexander wants to give all people easy access to the subject matter.