As cryptocurrencies delve into solving a variety of issues experienced around the globe, some like Reddcoin (RDD) are much ahead of others. Reddcoin was built to as a social network cryptocurrency thus opening up social networking to the blockchain network.
Reddcoin is not designed as a social networking by itself, but rather as a digital currency for use in the social networks. Since social networks have very many followers, The coin is also expected to garner very many users with time.
By targeting the social networks, Reddcoin (RDD) aims at becoming the currency for the micro transactions that are powered by the social networks.
Currently, about 95% of business depend on the social networks for advertisement and even sales. The reason being that the social network is used by the majority of the world’s population. You will hardly lack a person using Facebook, Instagram and the like. Therefore, by tapping into these networks, it is assured of gaining users.
Reddcoin banks on two main features for its success: the Proof of Stake Velocity (PoSV) and the Tip Platform.
The PoSV is the algorithm upon which this coin is built on and it enables users to stake/own the coin as well as use it. It has played a great role in eliminating the need to do mining.
The Tip Platform on the other hand, provides a decentralized platform for users to effectively transact with the coin on the social networks.
The Reddcoin is mainly used in paying for services or goods on the social networks and especially content creators. The coin can also be used to make micro donations in the social networks.
What about the ReddCoin (RDD) market price?
Although the Reddcoin blockchain network is a marvel in the making, what about its prices? How can investors and especially traders get money from this cryptocurrency?
To start with, Reddcoin is listed on a number of exchange platforms where traders can buy and sell the coin. These exchange platforms are: Bittrex.com, Yobit, Cryptopia, BleuTrade.com, Bitsquare, Shapeshift, Gobiw.com and WeSellCrypto.com.
The market cap is $185,622,053 USD with a daily volume of $4,604,980 USD.
There is no mining for Reddcoin (RDD) since the maximum supply of 28,774,151,777 RDD is already supplied and miners aren’t needed nor the users required to purchase expensive ASIC mining hardware.
The current market value of a single RDD is $0.006451 USD which is an equivalent of 0.00000069 BTC. However, this is a major depreciation comparing to the value of the coin at the beginning of the year when the value of a single token was more than $0.02.
And as the rest of the cryptocurrencies start gaining ground after the general bearish trend across the cryptocurrencies, Reddcoin (RDD) is still moving lower. There are fears that it will go back to its previous value of below $0.002 USD.