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- What is Reddcoin?
- History of the development
- Reddcoin cryptocurrency exchange rate
- Prospects and forecasts
Reddcoin is a virtual currency that aims to integrate with large social networks and platforms. According to the developers, it should monetize likes, upvotes and other appreciation of materials posted in social networks, opening spaces for broad content monetization.
Cryptocurrency is built on special PoSV (Proof of Stake Velocity) algorithm. This algorithm is a kind of combination of Proof of Stake and Proof of Work. It encourages users and to hold coins, but also to make transactions. In a nutshell, it looks like this: as in the basic Proof of Stake algorithm, the bigger number coins a user holds – the more “authority” he or she has to confirm transactions. However, PoSV also makes in necessary to perform activity. Reddcoin was launched on Litecoin blockchain.
The project was launched back in 2014 and held an Initial Coin Offering, having collected $100 thousand. Back then the cryptocurrency market was just starting to develop – such famous virtual currencies as Monero and Dash were launched, cryptocurrency community discussed the development of Ethereum – one of the current undoubted market leaders.
Reddcoin distributed 5.45 billion coins between its investors after the ICO. The lead developer of the project was programmer Larry Ren. Until now, Reddcoin has developed platforms for integration with Twitter, Twitch.tv and Justin.tv.
Reddcoin is one of virtual currencies with a very small exchange rate. In 2014, shortly after the launch of the project, Reddcoin cost less than $ 0,00005. Reddcoin experienced its first significant increase in early summer, 2017, when the rate managed to keep $ 0.001 for some time. In early 2018, Reddcoin increased up to $ 0.01 but since then has started to fall and reached its current $ 0.006. Reddcoins are traded on some major virtual currency exchanges like UpBit, Bittrex and Cryptopia, where they are mainly exchanged for Bitcoin, Litecoin and Ethereum.
Monetization of social networks content is an interesting, attractive and certainly promising idea. Authors of useful or interesting content can receive rewards for their posts within an integrated blockchain platform that unites the largest social networks, where billions of likes are made.
However, it is not clear if the project really succeeded and will succeed in implementing this idea. At the moment, there is no integration with the leading social networks, accept Twitter, however, even this tipping platform is still not that popular. There was already time when the coin was delisted from some exchanges and even had problems with website, which some users considered as the end of Reddcoin. However, those who invested in it in early days and then maybe even forgot about that project, at some point appeared to have good profits when Reddcoin rate increased significantly.
Anyway, it’s been four years since the launch of the project, and we still do not reward with cryptocurrency authors of interesting posts in Reddit or nice photos in Instagram. It is still not clear whether the project manage to succeed in implementing its social cryptocurrency and integrating it with leading social networks. However, still the rate has grown and Reddcoin definitely has some rather grateful users, who managed to gain profits.
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