Reddcoin
RDDReddCoin (RDD) is about rewarding users for the content they post but this time on every social media. However, not everybody will become a big influencer. Therefore, more brands and creators push for micro influencing, and cryptocurrencies like RDD could be a bridge to fill the gap for every content creator. The belief is that users should also earn for making social media what it is today. Social media executives should not be the only ones earning most of the dollars. Let’s now learn what is Reddcoin and how is its history, what is so special about it and, of course, we can’t miss out on showing you how to perform the best rate Reddcoin exchange to Reddcoin swap.
What is ReddCoin?
ReddCoin is crypto that can be used to send payments or tip users for social content on every social platform such as Twitch, Reddit, Twitter, etc. The RDD crypto is a mineable token, which uses a Proof-of-Stake-Velocity (PoSV) consensus mechanism.
To understand what is ReddCoin, we will look at the project and what it is all about. The ReddCoin protocol is community-driven and brings the option of micro-payments to all social platforms. The RDD crypto is basically a native token of the ReddCoin protocol.
Mining the cryptocurrency ReddCoin is eco-friendly because it uses the unique PoSV algorithm. Moreover, staking the RDD crypto uses little to no resources as it can be operated on mobile, desktop, low-end, and embedded devices. RDD’s PoSV algorithm enables the protocol to operate a mainly feeless transaction process while maintaining an authentic, trustless, and transparent blockchain.
What Makes ReddCoin Unique?
Apart from being created to tip, share or donate to people globally, ReddCoin has been used to eliminate several bottlenecks in the blockchain industry such as high transaction fees and slow transactions. Transactions on ReddCoin take seconds to confirm and a new block is created each minute. Also, the transaction fee is zero and that means you are unlikely to experience transaction fee hikes or insane gas prices when there are increased activities on the blockchain. This makes RDD suited for donations and micropayments.
From the perspective of the users, RDD ReddCoin offers a window of monetizing content for creators and a chance for charities to seek funds through several social media networks. So, content creators have a platform that rewards them for their activities. The holders of RDD crypto can stake their RDD coin and get ReddCoin as a reward. They also help secure the ReddCoin blockchain by staking their tokens.
ReddCoin History
When ReddCoin was announced on BitcoinTalk.org back on January 20, 2014, it was to be a Proof-of-Work cryptocurrency and it raised up to $100,000 through its Initial Public Coin Offering (IPCO) on the forum meant for the development of the protocol. RDD was released on February 2, 2014, and 5.45 billion RDD were shared with investors that participated in the IPCO, which lasted 90 days.
By April 2014, the ReddCoin community made the decision to migrate the protocol to PoSV from PoW. The PoSV was created solely for securing the ReddCoin blockchain. This unique algorithm ensures that the future of ReddCoin is eco-friendly and has a less environmental impact. The PoSV was finally implemented by July 2014, and the transition was done on August 1, 2014. The resulting effect is the reduction of the RDD hard cap from 109B RDD to almost 27B RDD, which will undergo 5% yearly inflation.
The Founders of ReddCoin
The original founder is Jonathan Petenaude who designed the fundamental code for the ReddCoin network. He and Larry Ren came together to start the now-defunct ReddCoin Ltd that was initially in charge of the platform. Ren and Jonathan left their role in 2015 and the rest of the ReddCoin team teamed up with the ReddCoin community to further the development of the ReddCoin masternode and the network in general.
The key team members of the ReddCoin blockchain are John Nash, Tim Musick, Jay Laurence, and David Faust as of November 2020. John Nash also called CryptoGnasher is the project solutions designer and he is a highly experienced IT expert with deep experience in project management. The project leader is Jay Laurence, who is an early adopter of the project and an experienced developer. Timothy Musick handles business development while David Faust takes care of operations at ReddCoin. Apart from these core team members, the rest of the team are mostly volunteers.
Key points of the project
Proof of Stake Velocity (PoSV)
PoSV is derived from the PoS algorithm and this unique algorithm focuses on staking (ownership) and velocity (network activity). The algorithm aims to tackle the issues in the PoS and PoW algorithm while being environmentally conscious.
Decentralized Tipping Platform
You can tip users for their content right on the blockchain thanks to ReddCoin. Content creators can be rewarded in the cryptocurrency ReddCoin for their content. Also, anyone can transact using the RDD token.
Redd-ID
Redd-ID is a unique Identity for users on ReddCoin to link their username with all kinds of data like social media identities, and public keys for easy identification of each user on the blockchain network.
ReddWallet
It is ReddCoin’s native wallet that offers users of the protocol several social tools to improve engagement and security of the platform as well as enabling the ease of use of the RDD crypto.
Best place for ReddCoin exchange: Swapzone
Now that you know what is ReddCoin, you may wonder how to get ReddCoin. You can do it on Swapzone, which is a ReddCoin exchange aggregator for the best ReddCoin rates in the market. Isn’t it the best place for getting RDD? Here is the tutorial on how to do it.
- On Swapzone, you can select any RDD pair from the list of tokens then the site will pull up from all the RDD exchanges.
- Input the amount of RDD tokens you want to exchange.
- Select the exchange that suits you by clicking on the exchange button.
- Input the address where you want to receive the RDD token. There is also an option for a refund address, which is the address where the asset you are swapping will be refunded to incase of any issues.
- Click on proceed the exchange button to carry out the ReddCoin exchange.
- Don’t forget to leave an honest review and rate the exchange.
Popular pairs to convert Reddcoin
Frequently asked questions
What is the Reddcoin exchange rate?
An exchange rate is the rate at which one cryptocurrency can be exchanged for another through a certain crypto exchange provider. Cryptocurrency exchange rates on Swapzone reflect current prices of crypto assets and are updated every 30 seconds for you to keep track of any market changes and fluctuations to profit when buying the dip or going with the best exchange rate and the lowest exchange fees. All cryptocurrency exchange providers have their own rates, which depends on supply and demand, mining rewards, costs and so on. See what else might affect the rate in our article on prices.
There are two types of exchange rates aggregated by Swapzone – fixed rates and floating rates. To receive the exact amount of crypto that is displayed at the beginning of the exchange and shield yourself against the market's volatility, opt for fixed-rate offers. If you're ready to take a risk and receive less or more than the sum displayed, go with floating-rate offers but bear in mind that floating rates may drastically change any second. You can refresh your memory on how to get the best exchange rate here.
Where to find the lowest transaction fees?
Crypto transaction fees may vary depending on the network (Ethereum transaction fees tend to spike during the congestion on the network), your chosen cryptocurrency, an instant exchange provider as well as its transaction processing speed and internal policy. These fees may be relatively low but it’s crucial to know they may be imposed in the first place.
If you want to exchange cryptocurrency with the lowest fees, beware of the offers with a grey-colored “Transaction fees are not included” label displayed under the exchange rate. To avoid having to pay an unexpected amount of fees during the exchange, opt for those that do not have that label. Read our articles to learn more about how to exchange cryptocurrency with the lowest fees and find out which assets have the lowest transaction fees.
What is average transaction time?
Transactions usually take from 5 to 30 minutes to be processed, especially if you choose currencies with speedy networks. However, there are several factors that may affect and slow down the exchange process, i.e. transaction volume, blockchain capacity, network updates, cryptocurrency itself and the capacity or chosen exchange platforms.
The processing may take longer due to the large transaction volume, congestion of the network, blockchain overload and market overload, technical issues or system failures, lack of liquidity or network maintenance.
The transaction may be also stuck if you forget to add a required Extra ID, mistake networks or use the wrong wallet for a chosen crypto asset. If you worry that the exchange processing is taking too long, please, contact us at [email protected] or via our live chat on the landing page.
How to choose a cryptocurrency wallet to store Reddcoin?
To exchange, buy, sell or trade cryptocurrency and store your crypto keys safely and securely, you need a crypto wallet. Choosing the best cryptocurrency wallet is a question of preference and need. To learn more, read our guide on how to choose the best cryptocurrency wallet for your needs.
There are several types of wallets for different crypto assets and tasks. Software wallets, or hot storage wallets, are connected to the Internet and come in many forms: Web, Desktop, Mobile or Browser Extensions. If you want to build a large crypto portfolio, you might want to look at multi currency wallets like Exodus, MetaMask, TrustWallet, Atomic or Guarda. If a coin or a token of your choice isn’t available there, you can always opt for a single-currency wallet that is usually designed by the project that launched the asset.
If you take safety and security matters seriously, go for hardware wallets, or cold storage wallets, like Ledger or Trezor, or even paper wallets. We strongly recommend you to do your research before creating a wallet: read the reviews to see what the community thinks, learn about the fees a particular wallet imposes for performing transactions, check out supported currencies and networks and see its security policy.
What is the best cryptocurrency exchange for beginners?
There are loads of different crypto exchange services, with new platforms emerging every month. Exchange providers differ by supported currencies, liquidity providers, fees, customer support, user interface, level of privacy and anonymity and customer support, which makes it hard for beginners to understand which one to choose. To learn more about what these exchanges offer and how you can assess them, read our guide on how to choose the best exchange platform.
To navigate them through the field full of services, we conduct research and thorough analysis of the market & list both prominent and promising exchange providers, keeping in touch with their teams 24/7. We give you all the necessary data on the offers they provide as well as their brief history, KYC/AML policies, reliability and advantages, while also indicating their downsides so that you don’t have to do that yourself.
What is Swapzone?
Swapzone is an instant non-custodial cryptocurrency exchange aggregator that helps users make an informed choice when exchanging crypto assets. To make this possible, we gather the information on the exchange providers, select the parameters for comparison, aggregate and sort available deals & give an option to make a swap through providers' APIs in the same interface with a common user flow for every exchange. Still have doubts? Here's 9 reasons why you should use Swapzone to exchange crypto.
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