The overall cryptocurrency market is currently in a bullish momentum with the total market capitalization having increased by over 30% in the last fortnight. Reddcoin (RDD) has been one of the coins that has performed incredibly well during the period with the price doubling during this period. The price of RDD stood at $0.007 as at Thursday, April 19, 2018 12.51 PM EAT a 130% increase from $0.003 two weeks ago. The coin rose in line with the general market, but the announcements made last week on Tuesday on the release of ReddPay and ReddCard played a huge role in increasing adoption of the coin.
The company announced on Thursday of its plans to launch a WebID wallet that will allow Reddcoin users to easily access, deposit, and send money to other wallets. The announcement made on Twitter and YouTube stated the company’s ambition to rival the big names in the industry which will well work for the social network coin.
Reddcoin’s social media magic
Before the internet, obtaining information was really difficult and slow. Once the internet revolution began, transfer of information was made simpler and almost instantaneous for anyone with an internet connection. However, there still was a barrier in how information is transferred to the majority of the population. Social media totally revolutionized how one can transfer the information to the general public in an interesting way so as to increase understanding amongst the public. However, the lack of incentives has over the years killed off various social platforms leading to the launch of RDD, a social currency to all your social media platforms.
In this new internet 3.0, the blockchain community, understanding the concept has been an uphill task to the general public as new technologies and finance relating to cryptocurrencies tends to be too technical for most. Reddcoin (RDD) through their blockchain network aims to design a social currency platform that can be linked to all the social media platforms. This will provide its users with a simple blockchain solution to their social accounts and creations.
The WebID wallet.
So far not much has been said about the WebID from the official sources apart from it being ready for release soon. The Web wallet will allow quick and instant transactions through the wallet while also providing a staking platform from RDD. Staking through the wallet aims at saving at the huge amounts of energy that is currently used to mine Bitcoin and other POW coins. This keeps the coins mining process environmental friendly while also reducing the costs associated with mining.
The recent announcements in RDD seem to have given the coin a massive boost in the last 24 hours. Daily trading volumes of RDD soared to close at $60 million after a mere $4 million in trades the previous day.
Reddcoin (RDD) is currently placed 77th on the top 100 coins list according to market capitalization. With a total of 28.8 billion RDD coins in circulation, the market cap of the coin is at $220 million. With the official announcement of the release date yet to come, we will keep you updated as RDD continues to aim towards the $1 mark!