Overview

26/10/18 07:47 UTC-4

Reddcoin – Cryptocurrency for social networks

Reddcoin and social networks
Reddcoin and social networks

The Reddcoin platform is designed to make money payments on the basis of existing social networks. Being a cryptographic asset with an open source code integrated from Litecoin, Reddcoin provides a process of monetizing products and services based on social networks. In addition, the network makes payments RDD using the function p2p.

 

Work principles

The debut of the decentralized cryptocurrency Reddcoin was held in 2014 and was aimed at solving issues related to fast payments on Internet sites such as Facebook and Reddit. In addition to high transaction speed, the network does not impose commission fees and allows you to use any digital asset.

Interesting in the section: Lisk: Course and Prospects

Unlike Bitcoin, which uses the PoW confirmation algorithm, the Reddcoin network is configured under a more democratic method called PoSV. This algorithm does not require the enormous computing power of the entire network and gives the opportunity to reward users not only for the work, but also for owning a certain amount of cryptocurrency. Thanks to PoSV, RDD can be mined by any user of the network on the basis of its computing device, it is enough to load a branded purse on it and connect to the Internet.

 

Capitalization

In August 2014, after switching from the PoW algorithm to PoSV, there were about twenty-seven billion RDD coins in the network. To date, the current stock of this cryptocurrency has risen to a level of 28 billion units. As a result of the production of the same currency, inflation is about five percent per year. By the end of last year, the cost of one RDD was three hundredth cents, but in early 2018 it again slipped to one hundredth cent. Despite the decline of the cryptocurrency market, the inflow of investments into RDD is two hundred million dollars.

Interesting in the section: Main Features and Future of the Decred

Buy or sell Reddcoin tokens on Internet platforms such as Cryptopia and Bittrex. Invest in RDD is best at the Coinbase exchange, and only then transferred to wallets registered on other resources. You can store coins on a special purse, called Coinomi.

 


Given that social networks are developing quite rapidly, the Reddcoin payment platform has good chances to consolidate its success in the implementation of money transfers via Facebook. Close cooperation with centralized platforms allows Reddcoin to confidently look to the future, even despite the cheapening of the digital currency for the first few months of 2018.

Editor: Yuliya Soroka

#Reddcoin #RDD #cryptocurrency

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