The crypto world is not just about the biggies like Bitcoin, Ethereum or Litecoin. A number of altcoins are fast emerging and a bunch of them actually show some amazing potential. ReddCoin is certainly one of those altcoins that speaks of immense promise. I’m nicely surprised that I missed that one till today and now that I have got to know about it, I am actually positive about the coin.
Your social currency
Launched in 2014 as a Litecoin fork, ReddCoin is driven by the mission to be “the social currency which can enrich our social lives as well make virtual currency easier for general populace.” It’s a decentralized P2P cryptocurrency which looks to be the universal solution for tipping and transferring payments across social media to family members, friends or content creators.
When it comes to receiving or sending money over different social platforms, we generally have to install a number of apps- in sync with each social media where we wish to carry financial transaction. And handling too many such apps makes the whole game really complicated and baffling. This is where ReddCoin assures to offer help.
The cryptocurrency extends one single payment mode by which users can send/receive money to/from anyone on any social media platform. In other words, with ReddCoin, you won’t have to install individual apps for financial transactions for each social media platform. The money would be sent in form of ReddCoin or RDD. Reddcoin wallets work in the browser on any social network without direct integration, keeping your funds separate from the platform.
The coin aims for easy integration with varied social portals like Reddit, VK, QQ, Twitch, Facebook, Twitter or Reddit. When you will generate your own wallet with ReddCoin, you will be able to link your social media accounts to the coin and then enjoy seamless payment transaction with RDD. In regards to transaction fees, neither the receiver nor the sender would have to pay a penny to tip or send payments with RDD. and sending payments with RDD is almost like hitting on a “Like” button.
One of the most important parts of Reddcoin’s solution is their ReddID product. ReddID was the first blockchain product to link a readable name to a wallet address seamlessly on the blockchain, in 2017. This allows a user to register their own unique name secured on a blockchain and control their own keys without reliance on any company or platform. Many other cryptos have tried to enable this function, but almost all use a shared wallet and users do not have access to their own keys in the name “easy-to-use”. ReddID turns this on its head, allowing users to hold their own names and data, and only share what they wish.
Revolutionary PoSV (Proof of Stake Velocity) algorithm
One of the main reasons why there should be more discussions on ReddCoin is its revolutionary PoSV algorithm. Although the coin started with PoS algorithm yet it soon changed to PoSV for better results. And I must say they did a fantastic job here.
A very unique algorithm, PoSV is designed to enhance the PoS methodology by stressing on both Stake (ownership) and Velocity (activity). Put simply, the new algorithm is strategically designed to resolve issues witnessed in PoS and PoW algorithms. Unlike PoS which is burdened by the problem of linear aging of coin, PoSV speaks of non-linear aging. Kudos to PoSV for its great attempt to eliminate concerns that bar economists from considering cryptocoins as actual real-world currencies. PoSV reduces environmental impact of mining caused by energy-extensive costly mining rigs such as those used to mine Bitcoin. With RDD, you can mine the coins with your mobile or tablet as well and save the environment – as well as your pocket.
And even more importantly, Reddcoin has rewritten their special PoSV algorithm, just this last month to make it even more suited for advancing the Reddcoin mission. The new algorithm adjust dynamically to how many stakers are on the network, offering up to 5x multiplied stake rewards and funding the dev team work simultaneously. This “PoSV v2” is currently activating on the Reddcoin network and comes closer with each new Reddcoin staking wallet that goes live.
ReddWallet upgrade means huge leap for the coin
ReddCoin comes with its own secured wallet (ReddWallet) that supports the coin users with a plethora of social features. These advanced features serve to enhance engagement and improve security of ReddCoin’s decentralized network. Added to all these mentioned above, these features also mean to facilitate easy use of RDD.
But as of now, the talk of RDD tinsel town is all about the recent Reddcoin Core Wallet upgrade. While the feel and look of the wallet has been kept unchanged, major developments have been carried to enhance the wallet’s underlying engine. Aimed to take the RDD blockchain to a new direction, the upgrade is also meant to incorporate the most advanced BTC core security as well as feature code into RDD. This is the PoSV v2 algorithm that is the heart of Reddcoin.
You can read more in detail about that at www.medium.com/@techadept. TechAdept is the project leader of Reddcoin.
The ReddCoin ecosystem is driven by the mission to be a different kind of crypto, and a different kind of community. The user-supportive community has been redesigned to be self-funding and user-protective as well as environmental-friendly financial solution for our next generation. It’s about time that we focus more on it to spread the word about the coin and also enhance its rate of adoption.
Official Website: https://www.reddcoin.com
Official Medium: Medium.com/@techadept