Reddcoin is up by 32.32% in the last 24 hours with the market capitalization of $292 billion. The 24-hour volume was close to $94 million, nearly double of its nearest competitor Vertcoin in the top 100 coins listed on coinmarketcap.
What is the underlying technology behind Reddcoin?
Reddcoin founders says,
“Reddcoin is the social currency that augments people lives and makes digital currency transaction easier for the general public by blending their digital currency platform smoothly with all major social networks to make the procedure of sending and receiving money fun and rewarding.”
Reddcoin wallet is available for download in Windows, Mac, and Linux. You also get access to the source code which can be customized as per the need of the user. Redcoin uses a Proof of Stake Velocity (PoSV) which solves issues in traditional PoW & PoS algorithms and eliminate wasteful consumption of electricity for mining.
Reddcoin is based on JAVA, a programming language and uses decentralized Tip Platform that allows people to effortlessly send and receive digital money on Social Networks to anyone from anywhere in the world.
Reddcoin’s Redd-ID is a unique service which allows a user to link their username including public keys associated with cryptocurrencies and also their social network identities.
Reddcoin uses ReddWallet which is a State-of-the-art wallet which improves the security of the decentralized network and also provides various social features to increase engagement among users.
Why are the prices up?
According to Reddcoin Twitter handle, Reddcoin is now live trading on Upbit in Korea. Reddcoin Tip Event twitter handle posted,
“Reddcoin is the future of social media”
Given this positive sentiment, it is safe to assume that people are expecting Reddcoin to be Facebook plus Wallet. Imagine you can transfer funds without any intermediary taking cut. You can convert your Redcoin to either Euros or dollars, given this flexibility we expect Reddcoin to go North.
Chin-Sun Lee a Financial Analyst at major Wall Street firm says,
“The prices have been yo-yoing for the past month with certain altcoins leading the way and some losing value. Reddcoin, although looks good on paper, don’t know if it can deliver. Have to wait and see”
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