Reddcoin: a Cryptocurrency for social media

reddcoin

Reddcoin is a Cryptocurrency which launched in January 2014. It is a Scrypt Cryptocurrency, like Litecoin and Dogecoin, and can be mined with GPU/CPUs, as well as ASIC Scrypt miners. The name stems from reddit.com, which is an extremely popular social media website.

There will be 30 billion Reddcoins total, with 50,000 Reddcoin per block and a new block every minute. There will be a block halving every 500,000 blocks. Once 30 billion Reddcoin is reached it will become proof of stake velocity (PoSV), where Reddcoin is earned simply by having your wallet open, somewhat like interest in a bank. PoSV is a special form of PoS designed specifically for Reddcoin. The PoSV rate is 5%, or about 1.5 billion new Reddcoins per year. Once Reddcoin becomes PoSV the price will likely rise due to limited supply.

Reddcoin is geared towards tipping on social media sites, which will increase awareness of Cryptocurrency in the general public. There is indeed a lot of Reddcoins being tipped on the Reddcoin subreddit, which is the hub of the Reddcoin community. This aspect of Reddcoin is similar to Dogecoin, there is a massive amount of Dogecoin tipping on all forms of social media sites, including reddit, live chats, facebook, and twitter.

Reddcoin is traded on multiple exchanges, the biggest one being Cryptsy. The market price of Reddcoin is currently 6 satoshis (1 satoshi = 0.00000001 Bitcoin), or $0.000026 per Reddcoin. The price has been relatively stable near this level for the past 2 months. You can become a Reddcoin millionare for a mere $26.

The relatively low and stable price of Reddcoin is actually optimal for tipping, if Reddcoin was more expensive people would be less inclined to tip.

Although Reddcoin has a fairly low market price, it has a very active community, with over 150 pages of discussion on Bitcointalk https://bitcointalk.org/index.php?topic=423597.0 There are several games where you can gamble Reddcoin, and about a dozen pools where you can mine Reddcoin. The developers of Reddcoin have done an excellent job of spreading Reddcoin to almost every social media site, and their website is very slick.

2 thoughts on “Reddcoin: a Cryptocurrency for social media”

  1. Thanks a lot for your article on reddcoin!

    Could i note a couple of inaccuracies though ? There has a been some significant events for reddcoin since the announcement of POSV.

    please check the FAQ for more details

    http://www.reddit.com/r/reddCoin/wiki/faq

    * total number of coins at the end of POW: ~30B
    * current block reward is 50,000 RDD (halving happened just this weekend!)

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