RDD – The internet has evolved creating solutions and problems in equal measure. Part of the problem is how to reward those who interact with content online. Especially on social platforms.
This is one major problem that Reddcoin was meant to solve. RDD is enhancing micropayments. The coin has a higher transaction speed per minute compared to other cryptocurrencies like bitcoin.
Introduction to RDD: History
Reddcoin came into existence in January 2014 with the sole aim of being interfaced with all social media platforms. This was after carrying out an ICO that saw investors pump $100K so support the Reddcoin team’s ambitions. RDD was officially announced in early February the same year.
Reddcoin’s development team of 13 members is scattered across Australia, Europe, and North America. The team leader is John Nash who also doubles as the lead developer and CTO. Others in the team include Jay Laurence (core developer), and its CSO, Chris Whitesock
Introduction to RDD: Consensus algorithm
Originally, RDD used a PoW (Proof of Work) consensus algorithm. Due to the algorithm being energy intensive, on April 2014, plans started to shift the coin from a PoW algorithm to a low energy consuming algorithm known as a PoSV algorithm.
PoSV is an iteration of Proof of Stake (PoS) algorithm with the only difference being that PoSV supports a non-linear coin aging while its parent supports linear coin aging.
The implementation of the new algorithm was done in July but the official shift was done in August 2014. The transitioning had a major impact on the hard cap of RDD which was lowered to 27 billion up from 109 billion.
Introduction to RDD: Success and challenges
Although the coin has been in existence since 2014, four years down the line, it has not seen major adoptions as it would have been expected. Apart from competition, RDD faces one major challenge, traditional social media platforms, without a blockchain integration, have not really embraced cryptocurrencies. This has hampered its advancement.
Introduction to RDD: What next?
Apart from just being used for tips on social media platforms, the Reddcoin team is working on developing a wallet that is compatible with Android and iOS.
The team is also looking at developing a way to interface a variety of social media accounts with a single Reddcoin account. Other projects like support for Ledger Nano, integrating with Instagram, tracking donations, social broadcast, cross-platform staking, and entering the gaming industry, among others are also in the pipeline. Some of these projects are scheduled for completion before the end of the year while others are long-term prospects to be realized in the coming years.
Introduction to RDD: price prediction
Due to its position among other altcoins, RDD has no solid price predictions. However, John McAfee Twitted about RDD saying:
“Coin of the day: Reddcoin (RDD) – a sleeper – most widely used social network coin in the world – flying under the radar since 2014. Working with every Social Media platform, it is the currency that any children under the age of 10 have ever known.”
Other price predictions by websites like CoinLiker and WalletInvestors indicate that RDD will be worth between 0.009 and 0.135 on a one year forecast. According to CoinLiker, this prediction was based on “custom algorithm to hopefully predict future prices” while WalletInvestor used an in-house ‘forecast system.’
The various predictions done on where RDD’s price is headed next cannot be vouched for. Since the project is majorly centered on tipping on social media platforms, investors may not be willing to stack much of their dollars on the coin.
With low developer activity, partnerships with major online platforms like YouTube and Spotify can be a major boost on the project although its impact on the price is debatable.
Introduction to RDD: Final words.
As McAfee stated “it is the currency that any children under the age of 10 have ever known”, tipping on social media platforms is slowly gaining the attention it deserved. Maybe, just maybe, interacting with information on the internet should be rewarded with tips.
This way, Reddcoin, as it is well placed in the tipping business, will be able to gain even more traction and adoption. But, with the team seemingly behind their schedule in terms of developments, RDD still has a long way to go in terms of gaining enough attention from investors.
Competition from upcoming projects is also another major concern that is likely to negatively affect the adoption of Reddcoin.