Reddcoin (RDD) is a social media cryptocurrency project designed to enrich people’s lives using the blockchain technology. The crypto strives to remove the blockchain and crypto complexities in and return provide a virtual currency that is easy to use and applicable for the general public. To ensure seamless connectivity, the platform is constantly connecting with social media platforms and networks. Reddcoin team has made receiving and sending funds a fun affair in the industry.
The cryptocurrency made its debut in 2014 and has since inception given people on social media an opportunity to access peer-to-peer services right on their social media accounts. With Reddcoin (RDD) they are able to send and receive gift cards and RDD at zero transaction fees. When one thinks of Reddcoin it is extremely hard to ignore Facebook, Twitter, Snapchat among other social media platforms.
While most of these social platforms have their own supported digital cash services like Facebook Cash and Snapchat’s Snapcash, Reddcoin has been designed to integrate with these platforms, therefore, eliminating the need to use other digital Cash services. In addition, Reddcoin users can “tip” RDD to their favorite authors, social media influencers and other content creators. Imagine a “tip” as you would when you “like” or “clap” a post.
The network utilizes one of the most environmentally-friendly consensuses referred to as Proof-of-Stake-Velocity (PoSV). Unlike Bitcoin (BTC) high energy consuming Proof-of-Work (PoW), PoSV uses the least amount of energy during mining. The users of Reddcoin are able to mine the coins when they stake. This feature is integrated in the official wallet which is a requirement for all Reddcoin users.
Concerning the future of this project, the network was delighted to have acquired legal documentation that defines RDD as a Utility Token and not a Security Token. The documentation was granted on June 4, 2018. Significantly, this means that RDD is now able to freely carry out business with institutions that have high regards for regulations. In addition to that, it can transcend all geographical boundaries around the world without worrying about various global jurisdictions.
The team has recently announced the release of ReddID Social Tipping Extension. The new version is allowing users to have only one ReddID for all their social media platforms. It eliminates the trouble of having to keep track of multiple blockchain addresses. In addition to that, a user is able to tip or be tipped with a single button. The details of how the new release works are currently available on GitHub. However, it encompasses features like improved Twitter title display and ability to review names before sending out to network among others amazing features.
Reddcoin (RDD) is a $107 million digital asset that is currently ranked 55th in the market. Its trading volume recently plunged to $820,404 and the market cap to $91 million following the overarching declines. The current recovery is also reflected in the rising volume which currently stands at $3.4 million. The majority of Reddcoin (RDD) trading is taking place on Upbit exchange, which currently holds 49.38% of the volume in RDD/BTC pair. Bittrex comes in second at 48.29% in RDD/BTC trading pair.