Reddcoin Review: Does RDD Still Have Potential??

Jun 20, 2019


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📝 Overview 📝

Reddcoin was launched as a fully fledged cryptocurrency for social media. Essentially, it was developed back in 2014 as a Coin that could be used to tip content creators through their social channels.

Reddcoin is a fork of Litecoin and has really quick transaction times and block propagation. Reddcoin has a block time of only 60 seconds which is 10 times faster than that of Bitcoin’s.

They moved away from the Proof-of-Work consensus algorithm to a unique mechanism called Proof-of-Stake Velocity. This punishes those inactive nodes and rewards the active nodes with higher returns.

They have also recently released ReddID which allows people to tip online through a simple browser plugin. All they need is their unique ID in order to send them RDD. The coins are then stored in a light wallet that is on the browser.

The project completed a relatively small ICO back in 2014 where they raised $100,000 for 5.4bn RDD tokens. RDD is the native token in the Reddcoin ecosystem and it is used by the users to tip in the ecosystem.

The team used to be anonymous but back in 2017 they released their information and they have backgrounds in mining and software development.

GitHub activity appears quite dry recently when compared to other projects in the space. There is a strong and enthusiastic community behind the project though.

Prices have been through quite a ride in the recent bull and bear markets and they are far below the all time highs reached in 2018. However, they are still above the ICO price.

The main exchanges where you can buy RDD are Bittrex and Upbit although they are trading on a number of different exchanges. In terms of storage, RDD can be kept in either the core wallet or in the new ReddID wallet.


📜 Disclaimer 📜

The information contained herein is for informational purposes only. Nothing herein shall be construed to be financial legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Trading Forex, cryptocurrencies and CFDs poses considerable risk of loss. The speaker does not guarantee any particular outcome.