What is ReddCoin (RDD)

RDD is a coin used for social network donation, tipping and micro-transactions.
This coin is the personification of the proverb “to give credit where it is due” .

The coin has been established through a fork of Litecoin in 2014.

The developers describe this coin thusly:

“Reddcoin is the first Social CryptoCurrency

Reddcoin is the original social network tipping, content creator and micro-donation cryptocurrency. Reddcoin (RDD) was originally forked from Litecoin in 2014. The products currently on the Reddcoin blockchain include: Redd ID, the Reddcoin Core Wallet and Reddcoin POS.”

“Reddcoin is dedicated to one thing – tipping on social networks as a way to bring cryptocurrency awareness and experience to the general public.”

“Reddcoin makes digital currency easy for the general public. By integrating a digital currency platform seamlessly with major social networks, sending and receiving tips and micro-transactions are cheap, fast and rewarding for everyone.”

ReddCoin currently uses Proof-Of-Stake-Velocity as a mining algorithm.
This algorithm has been developed by the ReddCoin development team to substitute the Proof-Of-Work algorithm used during its inception in 2014. (To learn more about the Proof-of-Work algorithm I suggest checking out my book “Binary Gold, Crypto” wherein few basic algorithms are explained. You can purchase the book by clicking the hyperlink here.)

The Proof-Of Stake Velocity algorithm differentiates itself from the more classic algorithms.

“In traditional PoS, coins held over time accumulate Coin Age linearly – that is, for every day a coin is held, one day of Coin Age is accumulated. Under this setup, a coin holder can keep his or her wallet offline for an extended period of time, and then turn the wallet on for just a few hours or days and receive many months’ worth of Coin Age rewards. While the coin holder sees no appreciable difference in the long run to his or her coin earnings, this setup is non-ideal because the network only gains in the security of such a user for a very small amount of time relative to their reward. Proof of Stake Velocity attempts to solve this problem by incentivizing regular staking and maintaining a wallet online full-time. PoSV introduces a non-linear coin-aging function in which Coin Age is accumulated more quickly in the first few days and weeks after a transaction than in later weeks. People who use their coins to stake regularly and sign blocks every 2 weeks or less are thereby able to earn up to 20% more rewards than people who keep their wallets offline for extended periods of time. This extra incentive to maintain an active wallet in turn increases the security of the Reddcoin network by ensuring that larger numbers of coins are being actively staked.”
Source

To put this to plain English:
ReddCoin is designed to be spent in order to get greater rewards in return.
The longer you hold and stock up/save this currency the more its value diminishes.

This is common to ALL coins and cryptocurrencies.
They attract value through use and attract value through demand and availability.
The entire blockchain gets more secured with each transaction made.
ReddCoin adopted, and developed, their algorithm in such a way that its main focus is on “intensive use”.

A detailed whitepaper about this algorithm can be found here: Proof Of Stake Velocity (PoSV).

Opinion and analysis.

A coin with GREAT potential.
Its focus on social network micro-transactions and integration into popular platforms makes it a cryptocurrency which is in need of much more attention than it currently receives.

With the ongoing COVID-19 pandemic, people are massively flocking to social media and creating and sharing like never before.

Current devaluation of fiat money and the stark increase of interest in Cryptocurrency in general makes this coin more important than ever before.

When I first researched this coin, and started reading up about it, I was reminded of one of the very first entries I made with my IN FOCUS-series. Mainly my entry about BasicAttentionToken and its dedicated browser (which I still use to this day) BRAVE.
I spoke very highly of both browser and Token and still do to this very day.

It should come as no surprise I will communicate the same sentiment where it concerns this specific coin.
The ability “to give credit where it is due” is an additional incentive for creators to continue their good work. It is enabling the survival of “the arts” by making creative endeavours more worthwhile and actually stimulating the industry that envelops “the arts”. An industry so important yet so often forgotten and emasculated when economies turn to shambles.

Implementation and awareness of this coin is thereof of major importance.

For once I will deviate in saying that this coin a “must-have” in your digital wallet.
Instead it is a “must-spent”-type of coin in order to fully enjoy the returns and benefits it has to offer.

Additional information:

The whitepaper: https://reddcoin.wpengine.com/reddpaper
The official website :https://www.reddcoin.com/get-started/
The ReddCoin community: https://www.reddcoin.com/community/
Market capitalization: https://coinmarketcap.com/currencies/reddcoin/

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For the inquiring minds did I develop an extensive course on Cryptocurrency.
Find more about it here: The Ultimate Guide to Cryptocurrency.