Question 1

What's the current price of Reddcoin (RDD)?

Accepted Answer

As of now, the current price of Reddcoin is A$ 0.00003446. Over the last 24 hours, its price has decreased -2.12%.

Question 2

What is Reddcoin (RDD)?

Accepted Answer

Launched in 2014 as an offshoot of Litecoin, Reddcoin (RDD) is a decentralised cryptocurrency which is primarily used to tip or make payments for social content. RDD differs from other cryptocurrencies as its primary role is to serve as a social currency. Essentially, it allows people to send and receive money on social platforms. What's more, it supports popular social platforms such as Reddit, Twitter, and Twitch.

Question 3

Who are the creators of Reddcoin?

Accepted Answer

Similar to many other cryptocurrencies, the creators of Reddcoin remain largely anonymous. It was released in 2014 as a fork of Litecoin, which itself was modelled after Bitcoin. The intention behind Reddcoin was to create a currency that could be used easily within social media platforms.

Question 4

How does Reddcoin work?

Accepted Answer

Reddcoin operates via a unique mechanic known as Proof-of-Stake-Velocity (PoSV), which incentivises both ownership (stake) and activity (velocity). Initially, it worked on a system similar to Bitcoin's proof-of-work algorithm, but the developers quickly recognised the environmental impact and switched to PoSV. As a result, now Reddcoin is mined through the ReddID wallet which rewards users for both ownership of RDD and activity within the network.

Question 5

What makes Reddcoin unique?

Accepted Answer

Reddcoin stands out from other cryptocurrencies due its emphasis on being a social currency. As such, it's designed to be used for tipping or making payments for social media content. With the ReddID browser extension, users are able to 'tip' or 'like' social media content by simply entering a creator's username and sending a micropayment. This aspect of Reddcoin, rewarding creators for their content, differentiates it from other digital currencies.

Question 6

How is Reddcoin mined?

Accepted Answer

Reddcoin isn't mined in the traditional sense. Instead, it uses the Proof-of-Stake-Velocity protocol. Once you've got some RDD in your wallet, the system starts minting new coins based on the number you own. So, the more RDD you hold, the more you can potentially mint.

Question 7

What's the maximum supply of Reddcoin?

Accepted Answer

The total supply of RDD is estimated to be around 34.6B coins.

Question 8

How secure is Reddcoin?

Accepted Answer

As Reddcoin is based on a decentralised network, it boasts robust security mechanisms. Transactions are secured and verified by the users of the Reddcoin community through the PoSV protocol. This means that no single entity has control over the network, adding an extra layer of security.

Question 9

Where can I buy Reddcoin (RDD)?

Accepted Answer

Reddcoin can be purchased on a number of popular cryptocurrency exchanges. Currently, it's available at TradeOgre, Bittrex, CREX24, UPbit.

Question 10

How much Reddcoin (RDD) is currently in circulation?

Accepted Answer

As of this moment, the circulating supply of Reddcoin is approximately 34.6B coins.

Question 11

How can I ensure my Reddcoin is safe?

Accepted Answer

Ensuring the safety of your Reddcoin comes down to securely managing your digital wallet. It's essential to use a secure, preferably hardware, wallet and keep private keys private. Additionally, following basic online security practices such as updating software regularly, using strong and unique passwords, and avoiding suspicious emails or links, can help protect your RDD from being stolen.

Convert RDD to AUD

Try our Crypto Pro app