ELI5 ReddCoin Cryptocurrency

ELI5 ReddCoin Cryptocurrency
on February 10, 2018

Mineable? If so how is it mined?

ReddCoin (RDD) is a cryptocurrency inspired by Reddit and social media in general. It was created to be able to tip its members and launch microtransactions. Since it can be incorporated into other social networks it is ideal for sending digital currency to users which serves as a reward. Reddcoin uses scrypt and can be mined using the same algorithm as Dogecoin and Litecoin.

The ReddCoin blockchain promotes users to obtain coins and uses them. They provided ReddCoin wallets with features intended to help users spend their coins or share it with others.

Maximum circulating coins

ReddCoin Cryptocurrency has 28,774,151,177 circulating coins.

History

ReddCoin is a network that lets anyone send and receives RDD payments using the social network. Users can easily transfer money to their family and friends through any social media platforms; it’s a version of Facebook Cash or Snapchat’s Snapcash by blockchain. It uses PosV also known as Proof of Stake Velocity that has a more friendly approach, unlike Bitcoin’s PoW or Proof of Work that need a great amount of energy to mine.

Via Initial Public Coin Offering, ReddCoin was introduced on January 20, 2014, but officially starts on February 2, 2014. The goal is to become the top social currency that will help people in their social lives and make digital currency easy for the general community. It was made to have a limit of 109 billion coins and 50% of it was mined by the end of 2014 through PoW. ReddCoin was planned for a transition to PoSV on August 2, 2014, that helps it gain 27 billion coins in circulation. As of January 2018, this network has already 28,626,594,445 ReddCoins.

What makes it Different?

Since ReddCoin is associated with social networks such as Facebook, Twitter, and Reddit, just like hitting like buttons, users can tip a specific person they want to in just a click. They can use it as an alternative to tipping using other currency because it’s faster and cheaper.

Reddcoin also has special features that make it different from another blockchain network. Through social media platforms, the user can send and receive money without paying a dime. It’s a peer to peer source originated from Litecoin that dedicated efforts to use tipping method using social networks. Also, it uses an algorithm that has both ownership and activity.

Who is behind REDDCOIN?.

ReddCoin made way in announcing the new list of their team members along with the developers John Nash and Leonard Simonse. Through tweets, they publicly presented the addition to the developers like Bradley Ploof and James Tweeg. Other team members are Eric Wursteisen, Samuel Gosling, Daniel Platten, Ryan Colditz, Jason Brink, Jay Laurence, and Thomas Van Engelen.

 

https://coincentral.com/reddcoin-rdd-beginners-guide/

Contacts

Official Website: http://www.reddcoin.com/

Announcement Thread link to BitcoinTalk: https://bitcointalk.org/index.php?topic=423597.0

Block Explorer Links: http://live.reddcoin.com/

Github source code link: https://github.com/reddcoin-project/reddcoin

See also

What is Reddcoin (RDD)? A Beginner’s Guide

About Reddcoin

ReddCoin (RDD) Is Mounting A Challenge To Become The Number One Social Coin (And it’s succeeding…)

ReddCoin (RDD)