ReddCoin (RDD)

$0.000616 (-11.05%)

CMC# Market Cap (USD) Volume (24hr) Circulating Supply NVTS Change (7d) Change (24h) Savings Per 1K
157 $17,759,500.00 $49,346.60 28,808,700,000 RDD 161 -11.05% -6.17% $0.07

Exchange Pair Volume (24h) Price
Bittrex RDD/BTC 18,872.05 0.0000000700
VCC Exchange RDD/BTC 19,292.68 0.0000000700
StakeCube Exchange RDD/SCC 2.11 0.0039000300
YoBit RDD/RUR 10.94 0.0445646900
StakeCube Exchange RDD/BTC 4.24 0.0000000800
Upbit RDD/BTC 2,338.46 0.0000000800
YoBit RDD/BTC 60.82 0.0000000800
YoBit RDD/ETH 36.53 0.0000042200
Altilly RDD/BTC 73.19 0.0000000960
Upbit Indonesia RDD/BTC 4,117.97 0.0000000800
YoBit RDD/DOGE 19.83 0.2850000000
C-Patex RDD/BTC 0.08 0.0000000800
YoBit RDD/USD 9.30 0.0007800500
Trade Satoshi RDD/BTC 2.32 0.0000000800
Trade Satoshi RDD/DOGE 0.39 0.3738719800
Trade Satoshi RDD/ETH 0.15 0.0000033500
Trade Satoshi RDD/USDT 0.02 0.0006000900
Freiexchange RDD/BTC 0.00 0.0000000600
YoBit RDD/WAVES 4.47 0.0006750000
Altilly RDD/LTC 24.56 0.0000168000
Altilly RDD/ETH 5.36 0.0000025000
Atomars RDD/ETH 0.00 0.0000001000

Background

Reddcoin aims to be a cryptocurrency narrowly tailored for social media platform use, something the team believes is a key catalyst for mainstream cryptocurrency adoption. Tipping, purchasing content, storing donations, and general social-based monetary exchange is a growing practice that Reddcoin hopes to direct toward the cryptocurrency market. Larry Ren, Reddcoin’s lead developer, explains Reddcoins utility in terms of monetizing user-generated content (e.g. likes, shares, retweets) via a cryptocurrency token that is designed to become a “social unit of account” across these online media platforms. The volume of emotive interactions like “likes” is something Reddcoin hopes to expand and financialize.

Technology

Reddcoin switched from proof of work (PoW) consensus to proof of stake velocity (PoSV) on August 2, 2014. The Reddcoin developer team is dissatisfied by certain design trade offs made by PoW and PoS (e.g. miner incentives or initial distribution, respectively). PoSV is designed to facilitate faster, smoother exchange of coins between network participants, a useful feature for social media platform interfacing. PoSV also relies on the monetary theory that higher currency velocity causes a stronger economic market. For Reddcoin, PoS too heavily incentivizes hoarding and PoW restricts the monetary supply (ergo circulation) too severely. High stake velocity is a signal that Reddcoin's goals for the protocol are being met. PoSV does borrow from PoS in that forking is very difficult, at least. Reddcoin references forking in terms of "cloning", and cloning a protocol would confuse users, according to Reddcoin. Preventing protocol cloning via certain PoSV characteristics makes that consensus mechanism very important to the team's goals.



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