Reddcoin Explained - Coinlist.me

The world has seen a meteoric rise of cryptocurrencies or digital currencies in the past decade, especially in last one year. Digital currencies might have evolved as a popular asset for many, but the real world usage is still limited. Bitcoin, Ether and other currencies are popular investment options now, but how many people actually use them in their everyday transactions? Above that, the major question that arises is – whether everyone understands the concept properly to use it?

The answer is – No. Digital currencies still have a long way to go. They are currently heavily popular among young crowd, and new investors, but the boomers and old people are struggling to understand them. In all this confusion and chaos, comes a savior known as ‘Reddcoin‘. Reddcoin is a social digital currency. It means that it is easy to use with major social networking websites, thereby making people’s social lives active.

Imagine if all the likes you received on your interesting Facebook post or upvotes on your sassy Instagram photograph, could be converted to money? That is what Reddcoin is all about. They plan on adding a real-life value to the social media tipping, thereby making people aware about cryptocurrencies. The idea of Reddcoin is to make an eco-system for businesses and people, that provides tips enabling users to use their earned currency at multiple places. They can either shop using the currency or they can use it in online games as well.

Some Noteworthy Features of Reddcoin (RDD)

  • Also known as RDD, Reddcoin uses PoSV (Proof of Stake Velocity) algorithm, which is better than traditional Proof of Stake (PoS) and PoW (Proof of Work) algorithms. It also reduces the unnecessary energy consumption in coin mining, thereby making it a sustainable and environment friendly currency.
  • Reddcoin (RDD) has a decentralized tip platform that allows the investors to send money over social network to anyone in the world. This feature allows it to become one of the most advance and innovative platforms among all other cryptocurrencies.
  • RDD (Reddcoin) also gives users a unique identity system under Redd-ID, that syncs up their social media accounts with their Reddcoin account. They also provide complete security to the users to store their public information at blockchain level.
  • Reddwallet, or Reddcoin Wallet is an inbuilt storage wallet for Reddcoin, provided by the founders of the coin itself. It allows the users to store their Reddcoin in their wallet for future usage.
  • ReddOnline or Reddcoin Online is the social media account that supports Reddcoin (RDD), and there will be a reward-point system to fuel the network.

How Reddcoin Aims to Change the System

The traditional blockchain assets have a lot of issues, including scalability, portability and backup. Current cryptocurrency wallets work on anonymously generated private keys, and every time the wallet needs a back up. If the back-up doesn’t happen properly or the user somehow loses the private key, the amount becomes impossible to recover. Since private keys are randomly generated, it becomes impossible for the users to share their own wallet in multiple devices or platforms. Every wallet will require independent management, which leads to time consumption, operational risk and burden.

Reddcoin Reddit boasts about the upcoming challenges that it aims to face, and the developments in process. The highest anticipation among the Reddcoin community is for the innovations in the future of wallets, known as ReddWallet. It will not only completely transform the traditional QT wallet, but will also have an in-built chat system. Where the users can look up for Reddcoin social media features, like Twitter, Instagram etc.

Buying Reddcoin and Storing it for future

Reddcoin started with a price of $0.000035, and touched $0.02 in 2017. As of early 2018, Reddcoin Price is somewhere around $0.014. Users can buy Reddcoin (RDD) using either the traditional currency. Or by converting Ether (ETH) into Reddcoin (RDD) on any exchange. Reddcoin has a support of major exchanges like Coinbase, Bitfinex, Binance, Bittrex etc. And you can also buy Reddcoin at your country’s local exchange, if it supports it.

Reddcoin can be stored either in the online Reddcoin exchange where you bought it, but it is not recommended due to many reasons. One of the major reasons is – hacking. Offline Reddcoin wallets are better to store it for long-term. One of the most common wallets is Reddwallet, which has the support of the Reddcoin community itself. This wallet has a strong back-up from PoSV algorithm that provides scalability and speed to your transactions. You can download this wallet from their official website, and they have given separate executable files for different systems like Windows 32, Windows 64, Mac, Linux etc.

Reddcoin Hardware Wallets like Trezor, KeepKey and Ledger S Nano are also popular choices among crypto-fans to store their currencies for long-term. To store the cryptocurrencies for short-term, there are many options. But for long-term, hard wallets or paper wallets are the first choice. They might require a small investment initially, but they are worth the price with the security features they provide.

Future Plans of Reddcoin (RDD)

In future, Reddcoin community is planning to launch two wallets – QT wallet, or Reddcoin (RDD) wallet, which can run a full node is already there. Another wallet known as Thin wallet, is already in the pipeline. This wallet will be a portable, mobile wallet that can run on iOS and Android both. They will use the mechanism of the popular offline wallet – Electrum. The thin wallet will require the users to only download 25M worth of data. Instead of going full-node and downloading 700M, this will solve the problem of blockchain size. The private keys generated in all Reddcoin wallets will be deterministic in nature. The users will only need to remember a passphrase, and that’s all.

Reddcoin is always parallel to Steem in comparison, because of the social media linkage, but both differ significantly from each other. The future plans of Reddcoin seem to be lucrative enough to attract investors. The expectations are high from the cryptocurrency market, and as the technology is evolving, many promising currencies are sure to grow. Reddcoin might also be one of them!

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