Last updated on January 2nd, 2018 at 12:00 am
The Birth of Reddcoin, The Social Currency
Reddcoin was born out of an ambitious plan to create a currency specifically for use in social networks. It’s technical details were nothing extraordinary, as it is used the scrypt hashing algorithm made popular by another digital currency, Litecoin; had a block time of 60 seconds, which is similar to quite a few other currencies; and is a high cap coin, with the final total being 27.5 billion RDD. However, since that time it has released an updated algorithm that is completely unique, POSV, and is making strides toward many other innovative features.
Reddcoin’s IPOC, One of the Only Legitimate IPOs in Digital Currency
Reddcoin’s developers tried a novel approach to the launch: an IPOC. An IPOC is similar to an IPO, but with coins taking the place of stock. This is what has allowed Reddcoin to build such a strong community, and has given the developers the funds to focus on the project full time. The IPOC brought in 164.44 bitcoins, which is being used for development, and in return, investors receive a portion of 5.45 billion Reddcoin, with 1.11% being released each day for 90 days. This was to prevent market flooding, and, combined with a large amount of interest from miners, caused Reddcoin to be very liquid and distributed.
Reddcoin’s Ongoing Development
Since that point, the developers have kept true to their word. Along with members of the community, they have created tip bots, a professional quality website, a social media broadcasting platform, an API to allow easy integration with other systems, a marketing plan, and guidance to get the community involved in spreading RDD across the world. Spend a little time with the “Reddheads”, as they like to be called, and you will quickly see why some believe that Reddcoin is The Social Currency