What is Reddcoin (RDD)? Complete set of cryptocurrency RDD

Continuing the series of articles about Coin and Token by Techtipsnreview. Today, let’s learn about Reddcoin (RDD).

Follow the article!

What is Reddcoin?

Reddcoin is a Blockchain Currency.

As defined by the Reddcoin dev team (RDD)

Reddcoin (RDD) is a cryptocurrency that is likened to a “social currency” with a peer-to-peer (P2P) and decentralized payment system.

Reddcoin is a coin using the Hasing algorithm encrypted by Litecoin (LTC).

Reddcoin is the original social network tip. Users can reward content creators on social networks.

According to the definition of Techtipsnreview

Reddcoin (RDD) is the first social cryptocurrency. Designed to link with existing social media platforms like Youtube or Reddit.

Reddcoin can be used to transfer money and gifts to your family members or celebrity idols.

In addition, Reddcoin is also used to “tip” to the owner of articles and videos with creative and meaningful content as an appreciation of the viewer for the creator.

Reddcoin enriches everyone’s social life and makes digital money accessible and easy for Internet users.

What problem does Reddcoin solve?

Here are the issues that the dev team wants to improve today:

• Low liquidity: You cannot use in-game currency or reward points in supermarkets, real-life stores or other fields.
• Individuals who contribute and create free content on social networks such as Twitter, Reddit, Twitch receive nothing but comments, likes… that do not make economic sense.
• Cryptocurrency is too complex, leading to a very small number of people exposed to it, affecting commercialization.

What is Reddcoin’s solution?

To implement the above changes, the dev team has applied the power of Blockchain technology to the payment service. Specifically, the dev team has applied the PoSV consensus algorithm to create an ecosystem suitable for users.

Some features of the above solution:

• Users can use Reddcoin to buy in-game items, as well as use to pay on websites.
• Content creators can profit from the likes and comments of their videos or artwork. By converting Reddcoin they earn from users tipping them into gift cards, credit cards.
• With the creation of a Blockchain ecosystem on social networks, it is easy for users to access Cryptocurrency easily. From there, commercialization becomes easier.

I will talk in more detail about the technology and ecosystem of the project in the following sections. Please watch closely.

What is RDD Token?

RDD is the coin of the decentralized storage network. RDD was issued by Reddcoin Foundation via IPOC on 02/02/2014.

Currently, the RDD is running on the mainnet of the project itself.

Basic information about Reddcoin (RDD)

• Ticker: RDD
• Blockchain: Reddcoin
• Consensus: Proof of Stake Velocity (PoSV)
• Token type: Currency
• Circulating Supply: 28,808,713,174 RDD
• Total Supply: infinite

Token Allocation RDD

The dev team has no plans to allocate tokens. The project only set aside 5.45 billion RDD for developers in an IPOC (Initial Public Offering Coin) round.

Token Sale RDD

The project launched IPOC (public coin offering) on ​​02/02/2014.

The project sold 5.45 billion RDD and raised 164.44 BTC (about 100,000$).

Token Release Schedule RDD

The project paid off the tokens to investors in 90 days with 1.11% released every day.

For staking brothers, the amount of RDD received depends on the amount of RDD in the wallet. The more RDDs in the wallet, the more RDDs received from staking, ranging from 5% – 6%/year.

You will receive RDD after about 8 hours from the time you stake RDD in your wallet.

Reddcoin (RDD) rate today

What is outstanding about Reddcoin (RDD)?

In this part, I will talk about technology and applications in life as well as the project’s ecosystem.

The biggest difference of Reddcoin compared to other projects is the Proof of Stake Velocity (PoSV) consensus algorithm.

The PoSV algorithm is an algorithm based on the PoS stake mining algorithm. It encourages both ownership (stake) and interactive activities. This is completely different from Bitcoin’s proof-of-work (PoW) mining algorithm which requires tremendous energy. Based on this new PoSV algorithm, users can indirectly mine Reddcoin by staking an amount of RDD into the wallet.

Next I will talk about how the project works. Let’s follow along with her to continue writing!

As I mentioned in the above sections, Reddcoin integrates the project’s ecosystem into social networks and allows users to send or pay with RDD instantly with almost zero cost.

Users can send or “tip” RDDs to content creators on the social networks they like. What you need to do is click the “tip” button to send that person a small amount of money, to motivate them to create more good and useful content.

What is RDD Token used for?

RDD Token is used for the following purposes:

• Pay RDD staking users at the rate of 0.43%/month and 5.12%/year.
• Use as a reward for friends or someone for creating useful content on social networking sites. It’s like “like” a post on Facebook. RDD is used on social networking sites such as: Twitter, Reddit, Twitch…
• Pay transaction fees on the Reddcoin network. Although this fee is not significant.

RDD Token Transaction Fee

Currently, RDD is running on its own platform. So when transacting or transferring RDD, users will have to bear the following fees:

• Network transaction fees on the Blockchain network are collected by Reddcoin. The current average transaction fee is $0.0004. However, transaction fees peaked around $0.6 in early November 2018.
• Exchange fee: withdrawal fee, transaction fee collected by the exchange.

How to earn and own Reddcoin (RDD)

Currently, Reddcoin (RDD) is sold out. The project no longer runs Airdrop & Bounty programs. RDD Token is also not mineable.

Brothers who want to receive free RDD can staking by depositing an amount of RDD in their wallet and leaving it for at least 8 hours. The more RDDs in your wallet, the more rewards you will receive. After chatting with the dev team, I received information that the reward rate fluctuates around 0.43%/month and 5.12%/year.

In addition, you can own RDD by buying directly at the exchange. RDD is currently being supported for trading on a number of major exchanges such as Upbit, Bittrex, YoBit…

Safe Reddcoin (RDD) Storage Wallet

Reddcoin (RDD) already has its own wallet. You can go to the link below to download: https://reddcoin.com/#Wallets

In addition, if you regularly trade RDD, you can always store it on the wallets of exchanges. Some exchanges currently support RDD such as: Upbit, Bittrex, YoBit…

Reddcoin Exchange (RDD)

Currently, you can buy, sell and trade RDD at many different large and small exchanges.

Some exchanges currently support RDD listing such as: Upbit, Bittrex, YoBit, CoinExchange, Crex24…

Future of RDD Token

In Reddcoin’s Business Model, RDD is used as Currency.

Here I would like to emphasize the Business Model of the project as follows:

The goal of the project is to become a universal payment currency globally. With PoSV consensus algorithm, users can mine RDD for free without spending too much money and energy.

Besides, with the integration of the platform on social networks, it helps users to easily access Cryptocurrency as well as Blockchain technology.

With the above two main factors, the project dev team hopes that many people will know and use RDD Token. In addition, with almost zero cost is also an attractive point for users.

So when will the demand to buy RDD Token increase?

With the growing social network, it will make Reddcoin easily accessible to users. According to the latest statistics, there are currently 3.397 billion people using social networks and will continue to increase in the future. This is a potential market that Reddcoin can exploit.

In the future, when the number of social network users increases, the need to “tip” content creators, or give gifts to celebrities, idols, and family members will also increase. That forces people to use RDD for payment. From there, the demand to buy RDD Token will increase. That has a significant impact on the price of RDD Token.

However, Reddcoin’s ambition to become a global means of payment also encounters other competitors that have been present for a long time, typically Bitcoin. This is absolutely true when we look at the price chart of RDD after about 5 years of launch.

Should invest in RDD Token?

Some keypoints I note down so that you can learn more and make your own investment decisions:

Roadmap

Up to now, the project has completed what was mentioned in the roadmap.

Here’s what the dev team will do in the near future:

Q4/2019:

• Integrate payments on RDD APIs.
• Launching Redd ID 1.x
• Launch of RDD Mobile Wallet App.
• Integrated on Debit Card.
• RDD Core 2.x and PoSV v2.

Mainnet

Reddcoin already has its own Mainnet.

Products

Currently, the project has 3 official products on the Reddcoin Blockchain including:

• Redd ID.
• Reddcoin POS.
• Reddcoin Core Wallet.

Partners

Not long ago Reddcoin partnered with HOLD Finance – a well-known crypto-lending finance company in Europe. This partnership will help Reddcoin provide users with the ability to use their RDD to secure fiat loans, which are safe, fast, and risk-free to your assets.

In addition, Reddcoin also cooperates to develop its ecosystem on major social platforms such as Youtube, Instagram and Facebook to expand its influence on users.

In terms of tokens

RDD is Currency Token. It is used to pay transaction fees on the network. Reddcoin as a means of payment on websites.

summary

At the end of this article, I hope you have more useful information about Reddcoin (RDD) before making an investment decision.

Do you have any thoughts or questions about this Reddcoin (RDD) coin? Please leave a comment below. Me and the Techtipsnreview team will respond as quickly as possible.

In addition, you can join Techtipsnreview Insights to discuss more about the coins/tokens that interest you.

Best regards and see you in future posts!