ReddCoin hasn’t been moving much in the last couple of months. After peaking on July 1st with values of $0.005071/80 satoshi, the currency pretty much went into a downwards trend. This trend lasted until August 14th, when RDD bottomed out at $0.001885/31 satoshi. Ever since, ReddCoin experienced mostly sideways motions with occasional slight rises in price.
[vcw-full-card symbol=”rdd” color=”red” currency1=”USD” currency2=”BTC” currency3=”ETH” url=”” target=”_self”]
Trader weslad from TradingView made a decent analysis of the currency’s technicals:
“Trading in a falling wedge pattern or Bullish pennant, with price testing the bottom side of the pattern which equivalent to 138.20% fib extension of the previous pattern moves. The following are potential supports to look for and probably taking some buy position from them whenever price come to the area good bounce is expected.
0.00000031 0.00000025 0.00000015 0.00000005”
ReddCoin is another one in the line of projects that aims to become a part of the social network craze. However, this project doesn’t want to create its own social network but rather wants to integrate itself into already existing platforms like Facebook, YouTube, Instagram etc. Basically, with ReddCoin people can, instead of let’s say liking someone’s post, deliver them their daily dose of dopamine by tipping them with cryptocurrency. This will both satisfy the network user’s need for attention, as well as pay him/her for the quality content they provided.
The project has several identifying features. The Proof of Stake Velocity is a unique concept which they developed; it represents a NEM-like algorithm which values the “velocity” or usage of tokens, thus giving people who contribute the most by being active with their RDD the rights to govern the network. Network’s native token has the RDD ticker and is classified as a utility token, which absolves it of any threat of being called a security. The currency has its own blockchain and a wallet called ReddCoin Core.
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An important element of this currency will be the ReddID feature. ReddID is a service which lets users register a unique name which they can link to their profiles on Twitter, Reddit, Facebook or any other social network. Thanks to this unique profile which will come with a light browser wallet for your RDD, users can easily navigate between their networks and perform tipping activities with a single click of a button. ReddID beta was released in July (with a slight delay); clearly the test results came back quite positive as the official public 1.0 version can be expected in September.
It’s a simple premise really, one that might be especially attractive to content creators who want to find alternate sources of funding in a day and age when social media giants literally steal over 90% of ad revenue that someone earns on their content. Having a direct, peer-to-peer avenue of supporting your favorite creator is something that many people online are looking for and ReddCoin is aware of that. It can also be a quality, feeless solution for social network micropayments, something that is rather impossible to perform today due to fees going over the actual value of your payment.
My biggest quip with this project would be its rather rustic branding and its name which suggests it is directly tied to Reddit; both of those could potentially affect its future wider adoption. Still, ReddCoin looks like a decent cryptocurrency with a clear use case and with an upcoming launch of its full features in September, an imminent rise in price should be expected.
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