Cryptocurrency RDD (Reddcoin): review of technology, features and prospects

The Reddcoin cryptocurrency appeared in 2014. It is open source, like most cryptosystems.

The main goal of the creators is full integration with social networks.

The company that issued the token managed to raise more than $100,000 to finance the project.

After the ICO, the coin itself appeared.

Initially, the creators of the project expected to limit the number of coins at 109 billion.

By the end of 2014, almost 50% of the total had been mined.

However, later, the project organizers announced the transition to a completely new Proof-of-Stake-Velocity (PoSV) algorithm:

• 1 minute target block;
• just under 27 billion mined in the PoW phase;
• 5% per annum in the PoSV phase;
• retargeting difficulty: each block using Kimoto's gravity protocol.

About the coin

Reddcoin is a social currency that enriches people's social lives and makes cryptocurrency accessible to the general public.
Reddcoin achieves this by integrating the digital currency platform into all major social networks to make the process of sending and receiving money fun and rewarding for everyone. Reddcoin works for its users. With Reddcoin, you are essentially your own bank.

Reddcoin's goal is to provide social media rewards to quickly spread awareness and experience of cryptocurrency to the general public.

Social networks have become a part of our daily life. They give every person an equal chance to tell the whole world about themselves. Getting a positive review, like or retweet for your comment or photo is fun, but unfortunately it has no real value. Luckily, there is now something better than imaginary internet likes: Reddcoins.

Let's face it - the average person doesn't know how cryptocurrencies work. They would like to get involved, but usually have no idea where to start. Reddcoin's goal is to fill these gaps by integrating a unified cryptocurrency system across all major social networks to make the coin exchange experience simple, fun, and rewarding for everyone.

Reddcoin was conceived as a full-fledged social network coin - or, you could say, a social currency. The developers are currently creating a hub that will manage the various social media accounts that will be created on Facebook, Instagram, YouTube, etc.

The plan is to turn Reddcoin into a hybrid of cryptocurrency, bonus points, etc. So far, Reddcoin has been integrated into Twitter, Twitch and Justin.TV, as well as Reddit.

The idea is to create a system that allows people and businesses to automatically give rewards to users. People can then use their Reddcoin on websites to purchase items or use them in games (like Freemium) instead of purchasing in-game coins. This will benefit businesses, developers and users.

If you buy coins in a game or for a specific site, you can only use them there. With Reddcoin, you can potentially use the coin almost anywhere, helping ease fears about purchasing games or site coins.

Reddcoin's plan is to become the official "Like" button of the Internet. Can you imagine getting paid on Instagram for your photo, on Facebook for tagging your location, on YouTube for a stupid video you uploaded there as a joke, on Reddit for your witty comments?

Now imagine being able to instantly exchange those Reddcoins for physical goods or gift cards. Or even transfer all your Reddcoins to the game you love to play. You will get paid for things that require no effort or that you probably already do for free anyway.

How is RDD mined?

As noted above, the coin is based on an unusual Proof of Stake Velocity technology.

This is an original algorithm developed by the team as a replacement for the original Proof of Work algorithm used in previous cryptocurrencies.

You don't need to use graphics cards or ASICs to mine cryptocurrency. The principle here is that to open new blocks you need to accumulate Coin Age.

This indicator determines how long the holder kept the coin in his wallet without conducting any transactions.

After the transaction is completed, the coins begin to “age” from 0.

For linear calculations, for every minute, day, week, the coin accumulates the corresponding age (minute, day, week).

Reddcoin uses a different approach to accumulating the age of a coin.

In the first seven days, a slightly larger age accumulates, and after 7 days, a smaller one. As a result, if a user holds a coin for a year, it will not accumulate 365 days of age.

As a result, the more currency you have in your wallet and the more it is stored, the more new coins you can receive. In order to increase the volume of “production”, you can register on the Eobot pool, which is located in the USA.

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Road map

2018:

• System monitoring for core network elements
• Redd-ID API
• Website redesign
• Creation of "Reddcoin Solutions LLC"
• Creation of “Technical Operational Infrastructure”
• Creating a “Corporate Strategic UX Plan”

2019 and 2022:

• PoSV 2.0
• Web wallet (cross-platform)
• Cross-platform hosting
• New features for QT wallet
• Ledger Nano support
• Streamlabs (Twitch) integration
• Desktop Core Wallet – Update
• Mobile wallet (IOS and Android)

Prospects and course

At the moment, the RDD rate is $0.00004. This, of course, is quite small, but do not forget that this cryptocurrency appeared quite recently, which means that over time it will definitely grow.

Mining Reddcoin is quite simple, since you don’t need a powerful computer to do it. In addition, there is a high probability that the rate will grow quite quickly, which means you can easily increase your capital several times. And, who knows, maybe this cryptocurrency will repeat the history of Bitcoin, Ethereum and other fairly well-known platforms.

Development team

The development team is completely open access. In total, the team consists of 19 people.

Jay "TechAdept" Laurence is the founder of the project.

John "Gnasher" Nash - developer.

David Faust – manager.

Chris Goudt is a member of the board.

Michael Tieso is a Lead Web Developer.

Ryan "Coldie" Colditz - Art Director.

"JanH" - developer.

Charles "Lvtion" Lennon is the main developer.

Mat "IndieBlock" Waller - developer

Pax "PaxTech" Ola - manager

Terri Hatcher - developer

Major Jamaa - developer

Next come the advisors.

Community representatives.

Advantages and disadvantages of cryptocurrency

PROS:

• High potential, as the development team sets big goals for itself.
• No need to buy expensive mining equipment. Rare coin mining is carried out not only by storing coins in a wallet, but also by proof of mining.
• Behind the coin is a strong team of developers who came up with and implemented a new Proof of Stake Velocity (PoSW) algorithm.
• Rare coins are also interesting for investors because they currently have little value.
• Small transaction fees. Moreover, in some transactions they are completely absent.
• The operation time is only 1 minute.
• There is its own forum where users and developers can discuss plans for the future.

CONS:

• As for the disadvantages, these include the fact that cryptocurrency is still not integrated with most social networks. Accordingly, it has not yet fulfilled its declared function.
• The community of those who use rarein is also not very large. Finally, the disadvantages include the fact that installing and updating the wallet takes a lot of time.

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Where to store?

You can store RDD on official cold wallets for operating systems such as:

• Windows
• Linux
• Mac

You can find these wallets from the official Reddcoin website.

You can also store coins directly on the exchange where they are traded.

Faster Sync

To use the bootstrap feature, follow the instructions below:

1. Download bootstrap.dat.xz from the official source.

2. Extract:

1. Linux: xz -d bootstrap.dat.xz
2. Mac: you can get xz from MacPorts or macpkg.sourceforge.net
3. Windows: Install 7Zip

3. Copy the extracted bootstrap.dat to the root folder of your installed Reddcoin wallet, which can be found:

1. Linux: ~/.reddcoin
2. Mac: ~ /Library/Application Support/Reddcoin
3. Windows (depending on Windows version): APPDATA / Reddcoin OR APPDATA/ Roaming / Reddcoin OR APPDATA/ Local / Reddcoin

4. Launch a wallet that automatically imports the blockchain from bootstrap.dat

Once the import is complete, the bootstrap.dat file will be renamed to bootstrap.dat.old, which can be deleted to save disk space.

How to buy Reddcoin cryptocurrency

In order to purchase coins, you need to register on one of the exchanges that offers such cryptocurrency.

In particular, these include:

• Cryptopia. This foreign exchange offers the opportunity to trade Bitcoin and other cryptocurrencies. Here you can carry out transactions in fiat money. However, you won’t be able to purchase RDD for fiat currencies here.
• Yobit. A very popular exchange in the cryptocurrency community. Offers an interface in Russian. There are no commissions when replenishing a trading account in fiat money. Here you can buy rare coins for bitcoins.
• EXMO, CEX, Binance . Using the services of these exchanges, users can also purchase rdd cryptocurrency.

You can check the Reddcoin transaction at https://live.reddcoin.com.

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Where can I buy?

The coin is traded on the following exchanges

Cryptocurrency storage methods

Social Reddcoin Wallet opens up new opportunities in the management of personal funds. The wallet offers fresh solutions for fiat currencies and digital coins. The latest version of the service includes several types of feeds: IRC, Twitter, as well as those associated with official company information. The elements are combined into a single application with an intuitively simple and clear interface.

You can download the official wallet from the Redcoin company website. The software is adapted for use on equipment running popular operating systems: Mac OS, Linux, Windows. Programmers continue to improve the functionality of software designed for storing cryptocurrency. Gradually, more and more social options are opening up to users.

The design of Reddcoin Wallet is very nice and elegant. Key interactive elements are harmoniously integrated into the company’s corporate style. The wallet acts as a local application, as well as an interface that customizes interaction with the decentralized Blockchain platform.

Features of RDD cryptocurrency

• PoSV algorithm
  . An innovative algorithm in its structure that encourages Stake ownership and Velocity activity. Due to this, it was possible to get rid of the shortcomings of the other two algorithms, as well as eliminate the large waste of energy for mining.
• Tip Platform
  . The team working on RDD has created a decentralized platform. With its help, users can easily send and receive tokens via social networks to anyone. At the same time, content creators are supported through micro-donations.
• Redd-ID
  . A unique feature provided at the blockchain level. It allows you to associate a username with a wealth of information, including public keys and social network IDs.
• reddwallet
  . A modern wallet that gives users many social functions. With their help, the possibilities of interaction between people are expanded and the level of security of the entire network is increased.

The basic principle of Redcoin operation

The platform allows you to go beyond traditional social media buttons such as “Favorite”, “Like” and “Retweet” while reading and viewing content on social networks. It also allows you to instantly reward publication authors with just the click of a button.

Using RDD tokens, followers can rate their friends, seven members, and any other users. This essentially opens up a new revenue stream for quality content creators through micro-donations from readers.

This allows you to participate in the process, regardless of his technical know-how. In return, they are rewarded for contributing to the security of the network by simply activating wallets that act as network nodes.