What is ReddCoin?
With the idea of becoming a specialized currency in social networks, Reddcoin initially attracted a lot of attention in the world. Reddcoin's technology is relatively popular when using popular cryptographic Hashing algorithms similar to Litecoin. Reddcoin puts the mission of communication and advertising on social networks such as Facebook, Twitter, Youtube and Twitch on top. Reddcoin makes sending or receiving money online on social networks easy and fast. This creates a positive effect that encourages users to create better quality content.
Reddcoin always asserts the difference when it mainly focuses on a single goal of connecting social networking platforms directly. As a result, competition will be significantly reduced. Reddcoin is considered as a potential coin thanks to the opportunity to reach a huge number of customers with little competition. It is estimated that Facebook users are up to nearly 2 billion people, while Youtube is approximately 1 billion and hundreds of millions of Twitter users.
The RDD cryptocurrency officially went public in mid-August 2016. With the ambition to become the most valuable and top digital currency, RDD coin is constantly improving as well as adding many direct exchange features.
Mechanism of action
Some featured features:
-Cryptocurrency used in social networks for free transactions.
-Peer-to-peer open source derived from Litecoin.
-Incentivize users with a “reward” system that corresponds to social interaction. This bonus system has been put to use on Twitter, Reddit, Twitch, and Justin.TV.
-Using coin mining system with PoSV algorithm. It can be said that PoSV algorithm is a new advancement of PoS.
-Platform integration on Chrome extension
How Reddcoin Works
Reddcoin allows users to pay RDD instantly, with no fees. As a result, you can send RDDs to anyone with the same social media background or “reward” content creators on that site with a single “tip” click, and then send a payment that you would like. In just about 60 seconds, a block of RDD Coin can be generated.
While Bitcoin applies the Pow algorithm, ReddCoin uses new technology with PoS, thereby, improving the distribution of coins. PoSV, designed by the Reddcoin development team itself to replace and upgrade features for the old PoS protocol. Specifically, an obvious new change of PoSV such as no linear currency life (PoS counts each day of coin holding will become a day of the coin's age). PoSV minting corresponds to PoW mining, which makes it possible for anyone to "mine" RDD with the CPU of a personal computer, laptop or smartphone instead of expensive, energy-consuming mining devices. Thanks to PoSV, you will have many chances to find a valid block reward/block just keep your wallet active and connected to the Internet. In general, both PoS and PoSV algorithms save relatively optimal energy.
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