What is ReddCoin? ReddCoin is a cryptocurrency used to pay or tip social media content. In this article, you can find answers to questions that investors wonder, such as what is ReddCoin, what it offers, what is RDD, how to get it. cryptocoin.com We have prepared it for our curious readers. Let’s examine the project together.
What is ReddCoin?
ReddCoin is one of the oldest cryptocurrencies in the cryptocurrency space, with its roots dating back to 2014. The Redd ecosystem allows you to post, tip and donate on social media. Thus, it distances the content industry from the brutal revenue models of giants like YouTube and Facebook. In essence, the project enables designers and creators to monetize their participation in a decentralized environment. Thus, it aims to strengthen the decentralized Web 3.0 content ecosystem.
We mentioned that ReddCoin is a cryptocurrency. This cryptocurrency runs on a very old and decentralized Blockchain called ReddNetwork. However, despite being on the market for a long time, ReddNetwork lacks full functionality in its current iteration. It also still suffers from scalability issues despite numerous redesigns. However, there are a number of developments on the roadmap aimed at making Blockchain more exciting, faster and cheaper.
What does ReddCoin offer?
According to ReddCoin’s Website, the project wants to value creators by “turning social media likes and real-life money into spendable money.” His vision has not yet become a full-fledged reality. But the goal is to create a seamless way to tip your favorite social media creators with the native cryptocurrency RDD. That’s why the project developed a tool called ReddShare.
ReddShare enables creators to encourage sharing through monetary rewards. For example, a musician can engage his existing fan base. Thus, whenever users share a music video, they reward the artist in RDD tokens. Since its launch in July 2021, 107 campaigns have benefited from ReddShare and shareholders have earned a total of RDD 146,000. This amounts to only $146 in fiat currency terms.
What does RDD do?
ReddNetwork’s native cryptocurrency, ReddCoin (RDD), has several use cases. The first of these is to ensure the decentralization of the network. Accordingly, RDD gives investors holding it the right to participate in the management of the platform and vote. Secondly, RDD stands out as the main means of payment for artists and social media users. Accordingly, when you tip an artist or creator, you do so as an RDD. The artist also receives all his income from ReddNetwork as ReddCoin.
Finally, RDD is a stakeable altcoin project. ReddNetwork secures its network with the Proof-of-Stake mechanism. According to this mechanism, users can lock their assets in smart contracts with a certain maturity. Users who lock (stack) their assets earn additional RDD rewards at maturity. ReddCoin claims that “the network will reward its users with up to 25% annual returns from staking.” However, this rate is 11.29% according to independent data. Still, it can be said to be a good return reward.
What is ReddCoin? How to get RDD?
ReddCoin is currently not traded on major cryptocurrency exchanges. Currently, RDD is only listed on cryptocurrency exchanges like YoBit, Bittrex. Investors who want to buy the token need to access one of these exchanges, become a member and verify their membership. They can then buy ReddCoin by depositing assets in their wallets according to RDD parities.
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