Launched in 2014 as a fork of Litecoin, Reddcoin (RDD) is a decentralized cryptocurrency used to tip or send payments for social content. The Reddcoin API supports social platforms such as Reddit, Twitter, and Twitch. Accounts created on the Reddcoin wallet can be linked to Twitter, Twitch, and Reddit accounts. Upon downloading the ReddID browser extension, users can “like” content by entering the username and sending a micropayment. RDD is mined by the ReddID wallet through Proof-of-Stake-Velocity (PoSV), which incentivizes both ownership (stake) and activity (velocity).
What is Reddcoin (RDD)?
Imagine being paid in crypto for your FB post, and being able to trade it for products, gift cards, and other items. Welcome to Reddcoin. Think of Reddcoin as the “social media coin” with a peer-to-peer (p2p) payments system.
Released to the public in 2014, Reddcoin is a decentralized social cryptocurrency that allows anyone to instantly send & receive RDD (its native cryptocurrency) payments on social networks with no transaction fees. It’s essentially the blockchain version of Venmo, Facebook Cash, or Snapchats Snapcash, all of which allow you to easily transfer money to friends and family via their respective social media platforms.
However, unlike these major social media networks that require you to use their native platform to send and receive money, Reddcoin allows you to seamlessly integrate its payment features on multiple platforms like Reddit, Facebook, Twitter, and more. As well, you can do more than just instantly send & receive money to people with Reddcoin: you can “tip” money to content creators similar to how you would “like” or “favorite” a post.
Reddcoin uses an environmentally friendly approach called Proof-of-Stake-Velocity (PoSV). This is drastically different from Bitcoin’s proof-of-work protocol (PoW) that requires vast amounts of energy to mine. Every Reddcoin user automatically mints Reddcoins when staking, as it’s a built-in function of the downloadable official wallet (which you need to have to start using it).