The ReddCoin, also called RDD for short, is supposed to become the crypto currency of the social media, with which one can reward Content Creators with a small tip in the form of the Redd Coin crypto currency.
Not only professional content creators, but across all social media, users should be able to give content they like a micro-donation in the form of Reddcoin. Can a prognosis still be made despite the young age of the crypto currency?
ReddCoin – What is this crypto currency?
ReddCoin is based on the Litecoin. The crypto currency should become a social crypto currency, which should be used mainly by the users of the social media. The coin acts as a kind of donation to reward good contributions. Instead of simply giving a contribution a like, the crypto currency should reward the author of the contribution with a small amount of RDD coins. Especially content creators should be rewarded, i.e. people who produce videos, text, music, pictures etc. of quality on platforms and try to earn a living with it via the social media. The financial feasibility of their work presents many content producers with great difficulties, and the crypto currency should help them. Besides, the Redd Coin should also increase the perception of crypto currencies.
On basis of the decentralized blockchain an independent platform is to develop, which makes the dispatch of the Coins possible. The blockchain should function in such a way that the micro-donations reach the author of the contributions without the blockchain having to be implemented directly into these social media during development. This means, for example, that Facebook does not have to officially implement the blockchain before Redd Coins can be sent. Nevertheless, the transactions should run smoothly. For example, an extension for Google Chrome was created for this purpose, with which micro donations can be sent immediately on Twitter, Reddit and Twitch. The developers don’t want to work officially with these platforms to keep them independent. The Redd-ID is another function of the blockchain. It is a service where information such as usernames, public keys and social network identities are stored via the blockchain.
The development also offers some technological innovations
New blocks are generated using a proof-of-stake velocity process. Proof-of-stake means that in order to create a block, ReddCoin users only have to hold (“stack”) ReddCoins on the ReddCoin wallet. In return, they are rewarded with a few coins. The velocity algorithm also rewards active users who keep their wallet online for a long time by paying them a higher interest rate. At the same time, the proof-of-stake process is also more environmentally friendly than Bitcoin, for example, and does not consume a lot of electricity. Transactions of RDD Coins should also be considerably faster. The coin is expected to inflate by 5 % annually.