Redd
RDD
A cryptocurrency for social network interaction.
Top Markets
Summary
Key Metrics
24h Volume
The aggregate trading volume for RDD on Bittrex over the past 24hrs, in USD.
Circulating Supply
Amount of RDD that is currently available to the public and in circulation.
Market Cap
The Marketcap is calculated using the last price on Bittrex and liquid supply sourced from Messari.io
Key Info
Sector
Currencies
Category
Payments
Token Type
Native
Token Usage
Payments
Consensus Algorithm
Other
On-Chain Governance Type
Delegative on-chain vote
overview

Reddcoin aims to be a cryptocurrency narrowly tailored for social media platform use, something the team believes is a key catalyst for mainstream cryptocurrency adoption. Tipping, purchasing content, storing donations, and general social-based monetary exchange is a growing practice that Reddcoin hopes to direct toward the cryptocurrency market.

Larry Ren, Reddcoin’s lead developer, explains Reddcoins utility in terms of monetizing user-generated content (e.g. likes, shares, retweets) via a cryptocurrency token that is designed to become a “social unit of account” across these online media platforms. The volume of emotive interactions like “likes” is something Reddcoin hopes to expand and financialize.

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technology

Reddcoin switched from proof of work (PoW) consensus to proof of stake velocity (PoSV) on August 2, 2014. The Reddcoin developer team is dissatisfied by certain design trade offs made by PoW and PoS (e.g. miner incentives or initial distribution, respectively). PoSV is designed to facilitate faster, smoother exchange of coins between network participants, a useful feature for social media platform interfacing. PoSV also relies on the monetary theory that higher currency velocity causes a stronger economic market. For Reddcoin, PoS too heavily incentivizes hoarding and PoW restricts the monetary supply (ergo circulation) too severely. High stake velocity is a signal that Reddcoin’s goals for the protocol are being met.

PoSV does borrow from PoS in that forking is very difficult, at least. Reddcoin references forking in terms of “cloning”, and cloning a protocol would confuse users, according to Reddcoin. Preventing protocol cloning via certain PoSV characteristics makes that consensus mechanism very important to the team’s goals.

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