ReddCoin (RDD)

$0.001281 (-2.65%)

CMC# Market Cap (USD) Volume (24hr) Circulating Supply NVTS Change (7d) Change (24h) Savings Per 1K
170 $36,903,000.00 $164,853.00 28,808,700,000 RDD -- -2.65% -6.66% $0.03

Exchange Pair Volume (24h) Price
Bittrex RDD/BTC 57,549.00 0.0000001200
VCC Exchange RDD/BTC 57,572.00 0.0000001200
Upbit RDD/BTC 27,736.00 0.0000001200
YoBit RDD/BTC 342.26 0.0000001200
YoBit RDD/RUR 18.00 0.0980000000
YoBit RDD/DOGE 17.91 0.4000000000
StakeCube Exchange RDD/BTC 36.73 0.0000001100
Altilly RDD/BTC 289.60 0.0000001290
Altilly RDD/LTC 16.40 0.0000215000
Upbit Indonesia RDD/BTC 27,953.00 0.0000001200
StakeCube Exchange RDD/SCC 2.22 0.0012000700
CREX24 RDD/BTC 173.11 0.0000001300
YoBit RDD/ETH 0.22 0.0000035800
YoBit RDD/USD 8.28 0.0012906700
YoBit RDD/WAVES 1.03 0.0006923900
Altilly RDD/USDT 34.81 0.0011300000
Altilly RDD/ETH 25.12 0.0000032800
Freiexchange RDD/BTC 87.62 0.0000001200

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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