What Is ReddCoin?

What is ReddCoin (RDD)?

ReddCoin is based on its own blockchain, although its structure is a fork of Litecoin and is based on the Scrypt algorithm. RDD is focused on integration into social networks. The integration plan involves a process of an intervention of ReddCoin in all social networks from YouTube, Instagram, Twitter, Facebook to local communication sites. Developers’ goal is to monetize the content and the communication of users, to replace the “likes” with a feelable digital currency that can be spent within the system and also displayed in fiat. With the help of this approach, every post, video or comment can potentially bring profit. Received ReddCoins can be used in all social networks connected to the system by means of buying goods and services, bonuses and stickers. It is also possible to use RDD in games, transferring funds from one application to another.

Where did ReddCoin (RDD) come from?

The CEO/COO of RDD is Jay Laurence. ReddCoin was released to the public on February 2, 2014, after raising more than $ 100 000 in IPCO financing (IPOC is comparable to IPO, the difference is that coins replace stocks). After RDD's IPCO in 2014, the founding team chose to resign and liquidate all held funds and coins, turning Reddcoin into one of the first all-volunteer, community-funded altcoin teams to keep developing the Reddcoin vision.On April 29, 2014, the team announced that ReddCoin will switch from PoW (Proof-of-Work) to PoSV (Proof of Stake Velocity). The maximum possible number of RDD to be issued is 109 billion.

What are the advantages of ReddCoin (RDD)?

1. Microtransactions
   
   ReddCoin system allows making small transfers with respect to low commission and low cost of cryptocurrency.
2. Official RDD Wallet is supported by all major operating systems, including Windows, Mac, Android, and Linux.
3. Popularization
   
   Social networks are easy to use for many people. Thereby, the integration of cryptocurrency into such platforms will allow everyone to understand the principle of digital currency and use it at their discretion.
4. Keeping ReddCoins on a specialized wallet, a user will receive reward bonuses
   
   At the first stage, the extent of payment will be 5% of the available amount.

What are the disadvantages of ReddCoin (RDD)?

1. ReddCoin has many competitors in the field of content creation.
2. The cryptocurrency is still not integrated with most social networks.

How to exchange crypto on SimpleSwap?

Now you know more about ReddCoin. To purchase some cryptocurrencies, you can use SimpleSwap by following the short guide below:

1. For example, you want to swap BTC to ETH. Select the currency you want to exchange (e.g. BTC) in the first drop-down list. Then enter the amount you want to swap.
2. Select ETH in the second drop-down list. You’ll see the estimated amount that you’ll get after the exchange.
3. Click the Exchange button.
4. Enter the Recipient's Address. ETH will be sent there. Be careful and make sure you use the correct address.
5. Create the exchange.
6. You will see the Bitcoin deposit address. You need to transfer the necessary amount of BTC to this address to start the BTC to ETH exchange.

SimpleSwap reminds you that this article is provided for informational purposes only and does not provide investment advice. All purchases and cryptocurrency investments are your own responsibility.