User:Tcharig/sandbox
 | |
| Unit | |
|---|---|
| Plural | Reddcoins |
| Symbol | RDD |
| Demographics | |
| Date of introduction | January 2014 |
| User(s) | International |
Cat:IB currency unk param:iso_number
Reddcoin (code: RDD[1]) is a peer-to-peer cryptocurrency created in 2014 whose aim is to make digital currency easy for the general public and to position on the micro-transactions niche[2]. Reddcoin relies on the principle of the blockchain, which means that it is not managed by any central authority and that it provides a free solution for the transfer of value.
Unlike widespread cryptocurrencies such as Bitcoin or Ethereum, the algorithm doesn't rely on a Proof-of-work system (POW) but rather on a Proof-of-stake and velocity (POSV) system, designed to reward not only the ownership of coins but also transactions, while being much more environmentally-friendly.
History
Reddcoin is an open source software project released under the MIT license, which was launched in January 2014 as a variant of Litecoin, based on Scrypt as the Proof-of-Work (PoW) hash algorithm.[3] The main characteristics at that time were:
- 1 minute block target
- 100,000 coins per block
- Mining reward halves every 50,000 blocks starting at block 140,000
- Difficulty retarget: every block using Kimoto's gravity well
On August 2014, when block 260,800 was reached, Reddcoin switched to Proof-of-Stake-Velocity (PoSV) algorithm. The currency characteristics became:
- 1 minute block target
- 5% annual interest in PoSV phase
- Difficulty retarget: every block using Kimoto's gravity well
System Operation
The Blockchain
As a cryptocurrency, Reddcoin relies on the Blockchain to keep track and secure transactions between members. But the usual process of the Proof-of-work system used for Bitcoin or Ethereum has led to a race for more and more powerful and energy-consuming machines[4]. Reddcoin Proof of Stake Velocity is an innovative algorithm that encourages both ownership (Stake) and activity (Velocity)[1], using much less power to run and allowing thus every user with a computer to participate in the blockchain.
The "minting" process
The user's involvement is rewarded by the "minting" process: each user has a digital wallet on which he/she can keep the Reddcoins. When the wallet is connected to the network, it will check transactions to make sure everyone who sends coins actually owned those coins and had the right to transfer them. If most of the wallets online agree that a transaction is valid, then it gets accepted by the network. This concept of consensus is essential to all digital currencies, and is what keeps Reddcoin secure
As a reward for keeping the network secure, every minute one person is chosen to receive some interest on the coins they own; the more someone owns reddcoins and the more he/she is connected, the higher the probability of being selected to receive coins. [5]
Buying and selling
| Rank (by market cap) | Market Capitalisation (USD) | $1,998,525 | Latest Price (USD) | $0.0000706712 |
| 105 | Available Supply (RDD) | 28,279,196,459 RDD | Latest Price (BTC) | ฿0.00000006 |
| Total Supply (RDD) | 28,279,196,459 RDD | 24h TWAP ** | ||
| 24 Hour Trade Volume (USD) | $11,475.00 | Percent Change in 24 Hours * | +8.8% | |
| Percent Change in 7 Days * |
Source: Cryptocoin
Four websites accept Reddcoin as a trading currency : Bittrex, Bleutrade, Cryptopia, Shapeshift.
A social currency
Reddcoin was launched in January 2014, distributing itself through multiple channels : trading on multiple exchanges, community promotion events, giveaways and user tipping on multiple social networks such as Reddit, Twitter and Twitch TV.
Reddcoin stakeholders now include thousands of people from almost 100 countries, with diverse background, age and interests. At the time of writing, Reddcoin has a fairer wealth distribution per wallet address than all the top cryptocurrencies such as Bitcoin, Litecoin, Dogecoin and Peercoin[6]. Reddcoin tries to fill the niche of a digital social currency that’s tightly integrated with human social interactions, the objective is to perform microtransactions between users in an easy and free way, and also to support content creators through micro-donations. [7]
Proof-of-Stake-Velocity algorithm rewards an involved user with an average 5% annual interest rate, which is highly different from the main cryptocurrencies where the rewards go to the companies with maximum calculation-capacity. That is why Reddcoin has sometimes been seen as the achievement of a Universal Income[8]. This steady income is nonetheless effective only if the value of the Reddcoin is stable, which is not very common for cryptocurrencies, Reddcoin included, whether on the long term[9] or short term[10]
References
- ^ "ReddCoin (RDD) - Overview, Forum, Live Streaming Markets, Charts and Trades". CryptoCompare. Retrieved 2017-04-09.
- ^ "Reddcoin project - Official website". Reddcoin. Retrieved 2017-04-09.
- ^ "reddcoin-project/reddcoin". GitHub. Retrieved 2017-04-09.
- ^ "Bitcoins are a waste of energy - literally". ABC News. 2015-10-06. Retrieved 2017-04-09.
- ^ "Understanding PoSV". agroff.github.io. Retrieved 2017-04-09.
- ^ "Bitcoin, Litecoin, Namecoin, Dogecoin, Peercoin, Ethereum stats". bitinfocharts.com. Retrieved 2017-04-09.
- ^ "Currency Multiplicity: Social Economic Networks". ieet.org. Retrieved 2017-04-09.
- ^ "What is Universal Income?". The Merkle. Retrieved 2017-04-09.
- ^ "ReddCoin (RDD) price, charts, market cap, and other metrics | CryptoCurrency Market Capitalizations". coinmarketcap.com. Retrieved 2017-04-09.
- ^ "Reddcoin Price Chart (RDD/BTC) | CoinGecko". CoinGecko. Retrieved 2017-04-09.