Reddcoin Wallet

Reddcoin history

The launch of the Reddcoin blockchain took place according to the following chronology: A public release was held on 20/01/2014. It initially worked on the PoW consensus mechanism. The project team attracted more than $100,000 and distributed 5.45 billion RDD between its investors. The creators of the project planned to limit the number of coins at 109 billion. But later, the community has decided to transfer the Reddcoin blockchain to a completely new Proof-of-Stake-Velocity (PoSV) algorithm, which represents a modification of PoS. In PoSV block generation takes only 1 minute. Less than 27 billion RDD were mined in the PoW phase before the transfer to a new algorithm.

How does Reddcoin work?

Reddcoin is used in a variety of social networks and instant messengers, such as LiveJournal, Twitter, Instagram, Telegram, Facebook, Youtube, LinkedIn, etc. The main purpose of RDD is the possibility to make donations for blog authors, administrators of groups, and channels. The developers of the project allow users to send a certain amount of RDD instead of likes, as a reward. Using RDD people can also buy stickers, pay for gifts, ratings, advertising, a variety of goods, and services within social networks. Everybody can send RDD currency to each other without intermediaries.

In different online projects, developers use various types of digital payments. Individuals can buy game currency, user votes, artifacts, etc., for fiat money. RDD can be earned, acquired on the stock exchange, and put into the growth of gaming or social account. The main idea is to replace the well-known "Like" button. Most of the actions daily committed by millions of users for free are tied to a single currency. The amount of the reward directly depends on the usefulness and significance of the evaluated content.