Categories: Ripple

Crypto Watch: Reddcoin (RDD) Price Explodes By 500% In A Week. What Is RDD And Why Is It Surging?

Click here to view original web page at www.forbes.com
Reddcoin

Reddcoin cracks the top 70 cryptocurrencies with a $263M market cap.

The crypto-mania continues as we inch toward year's end. For an overview of the major movement we've seen in December, see the coverage of Litecoin, Ripple, TRON, Cardano, Stellar, Bitcoin Cash, Qtum, and XVG.

The latest cryptocurrency to make waves this month is Reddcoin.

What is Reddcoin?

ReddCoin refers to itself as the "social currency for the digital age." As the name implies, it's designed for use on major social media platforms such as Facebook, YouTube, Instagram, Twitch, Twitter, LinkedIn, Tumblr, and Reddit.

Though the concept is simple, the technology to realize an intuitive, lightweight network is anything but. The most notable technological feature of Reddcoin is its 'PoSV' (Proof of Stake Velocity) algorithm. You may have heard of Proof of Work (PoW) and Proof of Stake (PoS)—these are types of mining used in Bitcoin and Ethereum, respectively—each has particular advantages you can read about at greater length in this piece from Blockgeeks.

Reddcoin implemented PoSV to situate value in both ownership (stake) and activity (velocity), and dubbed the process of validating blocks on Reddcoin as 'minting.' PoSV requires much less computing power than mining; it can be done on PCs, laptops, and mobile devices. Every Reddcoin user is automatically a PoSV minter, and the larger your stash of Reddcoins, the likelier you are to find blocks and receive rewards. This method also reduces the energy consumption associated with mining that we've seen spotlit in the news of late.

To further drive financial incentives for participation on social media, Reddcoin also incorporates 'Tip Platform' (which is a decentralized version of exactly what it sounds like), a 'ReddWallet' that has been optimized with social features to drive engagement through Reddcoin channels, and 'Redd-ID,' which lets users put their information, such as public keys and social network identities, on the blockchain via their specified username.

At 10:39am PST on Thursday, Dec. 14, ReddCoin was selling for $0.001505, according to CoinMarketCap. A week later, that number is $0.009150—an increase of over 500 percent.


Why is Reddcoin Surging?

Shutterstock

Rise of the Altcoins

This month saw the mainstream fascination with Bitcoin hit an all-time high. Its price cracked $10K at the tail end of November. Then, alongside the launch of futures trading on Cboe and CME, it had nearly reached $20K within weeks before Coinbase's Bitcoin Cash announcement, which served to set the price of BTC back into the $16-$17K range.

This has brought millions of new buyers to the crypto table, with Coinbase drawing around 100,000 users per day—even surpassing YouTube as the #1 app on the Apple App Store. As these buyers gained familiarity with Bitcoin and other mainstream coins like Ethereum and Litecoin, they've begun shifting some of their investments to altcoin markets. An added effect is that consumers are now studying these currencies more carefully to determine which stands the best chance to go 'to the moon'—especially ones with low entry-point prices like Reddcoin.

Speed and Functionality

As we saw with the booms in Litecoin and Ripple, it's become clear that cryptocurrencies that can prioritize speed stand a chance for positive growth while Bitcoin and Ethereum experience significant lags under heavy network strains. This is especially helpful in facilitating everyday use—making it an ideal selection for payment on Overstock.com.

Even beyond every day use, quick transaction speeds also typically mean more trading volume, which generates buzz—such as Reddcoin's appearance as a top gainer on popular crypto exchange Bittrex yesterday.

Incentivizing Participation

The Reddcoin team has internalized what it means to incentivize participation on social media. This applies not only to its lightweight framework and fun approach, but particularly in the function of PoSV minting. The more reddcoins users can accrue—whether via work, purchase, or tips—the greater the chance they have to compound their money and grow it proportionately greater. In keeping with the finesse of social networks, users don't even have to understand this technology to benefit from it.

For more information about Reddcoin, visit the official website, and for community news check out the r/reddCoin subreddit.

Editor’s Note & Disclosure: The author participates in cryptocurrency markets. Neither the author nor Forbes endorses participation in any token sale or cryptocurrency investment, all of which have significant inherent risk. Seek advice from a financial advisor as well as do your own due diligence before considering investment.

The crypto-mania continues as we inch toward year’s end. For an overview of the major movement we’ve […]

cinerama

Illuminati, Mason, Anonymous I'll never tell. I can tell you this, global power is shifting and those who have the new intelligence are working to acquire this new force. You matter naught except to yourself, therefore prepare for the least expected and make your place in the new world order.

Disqus Comments Loading...
Share
Published by
cinerama
Tags: cme crypto digital network ripple

Recent Posts

  • Bitcoin Business

Cardano {ADA} falters, Foundation member scheduled to speak at an event by the Bitcoin {BTC} Association

Cardano is ranked at #12, right after Stellar Lumens and above Monero on coinmarketcap. According to the latest available data,… Read More

52 mins ago
  • Bitcoin Business

How Big Hydro Power Partners With Bitcoin Miners to Prevent Energy Waste

We are often told that the verification of bitcoin transactions eats a lot of energy. The largely inaccurate comparison to… Read More

53 mins ago
  • Bitcoin Business

Bitcoin Mining Hotspot Iran Drafts Electricity Tariffs for Crypto Miners

Bitcoin mining is about to become mainstream and legal in Iran | Source: Lars Hagberg / AFP The government of… Read More

53 mins ago
  • Bitcoin Business

Ideanomics: Simply Adding Blockchain And Fintech Won’t Make It Successful

SummaryI believe that IDEX is a company without a clear identity and vision.IDEX's transition towards blockchain and fintech is bewildering.Currently,… Read More

53 mins ago
  • Bitcoin Business

Bitcoin’s Catch-22 Will Keep It From Spurring a Monetary Revolution

Over the past couple of years, there have been a number of fast-growing industries that have caught the attention of… Read More

53 mins ago
  • Bitcoin Business

Post-Halving Bitcoin to Hit $100,000 in 2020? It’s Unlikely, Data Shows

In around 300 days, Bitcoin (BTC) will experience what is known as a “halving” or “halvening”. This event, which occurs… Read More

53 mins ago

This website uses cookies. We use these cookies to collect data about your interaction with our website for the purpose of continuously improving your experience with our site. For more information we encourage you to read our privacy policy.

Read More