Reddcoin (RDD) Review – Crypto Coin Judge
What is Reddcoin?
Launched in January 2014, Reddcoin, quite like SALT, TenX, MaidSafeCoin, Santiment, Siacoin, BitShares, and a lot more works as a decentralized cryptocurrency. The new cryptocurrency invention is mainly crafted for social media platforms like Facebook, Twitter, Twitch TV and YouTube. The primary goal of this cryptocoin is to allow you to send and receive money easily, quickly and efficiently. Today Reddcoin stakeholders comprise people from around 100 countries, with different age, interests and background.
Supposing that you really like and enjoy a post on Facebook, you can tip some Reddcoin to the lucky user and that too for 0 percent transaction fees. This accounts for extra incentive to create quality content, thus benefitting both the social media platforms and creators.
Reddcoin is the only cryptocurrency that is directly targeting the social media platforms. This denotes Reddcoin may hardly have to face any competition in the cryptocurrency world, and may even have the first mover advantage. This way if Reddcoin turns out to be the cryptocurrency of choice for platforms, such as Twitter, Twitch TV, YouTube and Facebook then it may become one of the most successful cryptocoins with a market cap in the top 10!
Reddcoin- transition from PoW to PoSV
Dissimilar to BAT, Cardano, Stratis, Populous, Waves, and more, Reddcoin takes advantage of Proof of Stake (PoS) in place of Proof of Work (PoW) when it comes to distributing coins across the network. Under the PoSV model, a user can mint coins undergoing a process, called staking instead of mining. Any user owing Reddcoins can exploit this staking process from his/her PC, Tablet or mobile phone just by downloading the Reddcoin wallet.
What PoSV does?
PoSV brings significant reduction in the wastefulness of mining, negates mining arms race, avoids the threat of multipools and ASICs, averts the inherent conflict of interests by ASIC manufacture, rolls out new forms of coin-aging functions to discourage storing and encourage spending as well as increased contribution to the network.
Overall, Reddcoin fills the niche of a digital social currency that is strongly incorporated with human social interactions and works as the yardstick to quantify and concertize people’s intangible asset of social influence.
Remember as long as your wallet remains connected to Reddcoin network and has Reddcoins you will continuously be receiving staking rewards in terms of more Reddcoins. The more coins you own, and the longer you keep the coins hold in your wallet, the greater and more often the staking rewards.
One of the key benefits of PoS as compared to PoW is that it helps in saving a huge amount of energy. This is why; the PoS model eliminates the exigency for mining coins that needs a huge amount of energy.
How does Reddcoin Work?
The Reddcoin platform enables you to go beyond the extra miles of “Favorite,” “Like,” or “Retweet” buttons anytime you listen, read, or watch content on social media platforms like Facebook, Twitter, YouTube, Twitch TV, and others. It allows you to tip money instantly with just a simple click of a button.
Using the Reddcoin (RDD) cryptocoin, followers can show more appreciation and love toward their friends, family, and members. They can in fact offer a new stream of income to content creators through micro-donations.
Reddcoin’s eco-friendly minting process levels the playing ground. It enables you to take part in the minting process irrespective of your technical knowhow. The Reddcoin protocol thereafter promises to reward those who contribute to the security of the network simply by connecting their secure wallets online, which doubles as the nodes (communication data) on the decentralized global Reddcoin network.
ReddCoin, similar to SALT (SLT), OmiseGO (OMG) and other cryptocoins, has an extensive list of works to be completed in future. Until the next quarter of January 2018, the decentralized network intends to introduce the second version of its mobile wallet, while in the upcoming months of the same year; it is committed to complete what it claimed through its roadmap. The smartest move Reddcoin is going to take is the generation of 5 percent income that it wants to generate with smartphone.
Reddcoin’s social wallet
Reddcoin, with its decentralized cryptocurrency, claims to change the way social media incorporates into the crypto arena. The new Reddcoin wallet allows users to use and manage their funds quite like any other digital currency, but can now remain hooked to Reddcoin at all times. The new wallet comprises IRC feeds, Twitter feeds, /r/Reddcoin feeds and even a feed related to company’s any official announcement, all in one easy-to-use wallet design.
Reddcoin’s social wallet is compatible with Mac OSX, Linux and Windows. While at present lying in invitation-only beta testing, the platform intends to start it within upcoming weeks. Moreover, Reddcoin aims to make it more social by integrating more and more social features.
On the design front, the wallet looks functional and beautiful. It is simple, sober and colorful. Moreover, it comes branded with the curious little currency’s style. The wallet in fact acts both as a local desktop application and as a front-end, which interacts with a daemon sprinting on a remote server.
Start tipping now!
The Reddcoin does not have any such plan, which indicates that it wants to make any deal with any of the social media platforms. Rather, its team of developers has developed a Google Chrome extension, which allows you to tip Reddcoin on Twitter, Twitch and Reddit. The reason behind why Reddcoin is avoiding to make any deals with certain social media platforms is that it does not want itself to be contractually tied down to any specific platform. Reddcoin in fact wants to make itself accessible by everyone no matter what social media platform he/she is connected to. Moreover, with the development of a Chrome extension that functions through all social media platforms, Reddcoin will not let anyone miss the great features that it will be offering to them.
Reddcoin seems to have a lot of potential when compared to several other cryptocurrencies that boast a lot but offer just a little. However, if you still need to wait until it is launched full-fledged.
Reddcoin in Media
Bravenewcoin: The Advent of Tipping and Reddcoin
99bitcoins: Why Reddcoin is the Social Currency
Reddcoin in social media