Reddcoin is nothing but a social media based payment system
With over 1500 variety of cryptocurrencies initiated with the inception of Bitcoin, since 2009. Most of the cryptocurrencies were predominantly invented, in order to solve the problems of the current unstable centralized form of financial governance. However, many cryptocurrency tokens in the market are focused on the improvement as well as the transformation of the field, other than the financial domain too. Therefore, one can conclude that the Blockchain Technology can effectively be modeled, to fit into different domains apart from the financial one. The incorporation of Blockchain Technology along with the cryptocurrencies is so popular that it has it is consistently compared to the era when the internet was invented and a similar chaos was observed all over the world. Let’s read about a new cryptocurrency Reddcoin (RDD).
Reddcoin (RDD) is highly popular among the social media platforms as it is mainly developed to work in collaboration with the social media platforms. Basically, Reddcoin is nothing but a peer-to-peer payment system, which would be incorporated within the social media platforms. The users, by utilizing which, would avail rewards in the form of Reddcoin for each and every update as well as popularity on the social media platform respectively. Interestingly, these funds can be exchanged for various online offers, gift cards, products, and other items.
Developed in the year 2014, the Reddcoin blockchain platform seemingly connects with the social media platforms. It allows the uses of the cryptocurrency to initiate transactions within social media with 0% transaction fees. I am pretty sure that everyone must be aware of Facebook cash or Snapcash which easily allows the social media users to transfer money to their relatives and friends. The Reddcoin platform is nothing but the Blockchain version of it.
Use case of Reddcoins
One of the main upper hand of the Reddcoin Blockchain platform is that it connects various social media platforms for cross payment systems between multiple types of social media platforms. It is clearly evident that major social media websites like Facebook, Reddit, Twitter, supports only their native’s payment systems but with the incorporation of the Reddcoin platform, cross payments have been made possible. The users can also send Reddcoin to the content creators of various social media platforms in the form of tips.
How does it work?
It is highly interesting to know that Reddcoin has been directly derived from Litecoin. Also, the Reddcoin blockchain platform uses it’s on developed Proof of Stake Velocity consensus mechanism in order to maintain the authenticity within its areas of interest. This mechanism was invented by the team members in order to replace its former and inefficient Proof of Work algorithm. The model, basically, is nothing but Proof of Stake mechanism but viewed from a different frame of reference. The mechanism also concentrates on the activity on the social media platforms. Here, Velocity refers to Activity and Stake refers to the Value of a user, in the process of mining.
One must be looking out for ways to mine Reddcoin, but as the cryptocurrency itself has a different application, the Reddcoins are not mined but are minted. The process of melting can easily be made possible through the usage of laptops desktops along with another form of computing devices. As it inherently incorporates, the Proof of Stake mechanism, more the amount of Reddcoin one holds in their wallet, higher the probability of obtaining a valid block and receiving the block reward respectively. They even provide a state of art Blockchain wallet, Reddwallet which inherently incorporates the social media facilities for higher engagement of the decentralized coin.
The crypto project seems to be reliable enough for the investment purposes and us easily available at the exchanges like Bittrex, Poloniex, Yobit, etc. The social media coin became popular, only after a Twitter endorsement done by John McAfee. It is also expected to become one of the popular cryptocurrencies, but only when transactions on various social media platforms becomes a daily activity.
When it comes to the cryptocurrency investments, it becomes highly challenging for the investors. The Steemit cryptocurrency Blockchain platform has already gained enough popularity and is one of the coins which Reddcoin has to fight in order to become the top cryptocurrency within, at least the social media.