Reddcoin is a social cryptocurrency intended to enrich people’s social lives and make digital currency more accessible to the public. The goal is to integrate a digital currency platform seamlessly with all major social networks. This allows users to send Reddcoin to other members of the social network as a means of rewarding people. It essentially works as a glorified tipping system and encourages the digital currency, normalizing it for everyone. It still has a long way to go, though.
Reddcoin mining used to be how Reddcoin was created. Similar to Bitcoin, block rewards were given to those who participated in mining it. However, the developers felt it was too unwieldy for what was supposed to be a simple system to introduce people to digital currency. This is why they developed the Proof-of-Stake-Velocity (PoSV) system.
The system encourages both ownership (Stake) and activity (Velocity). To increase a user’s chance of finding a valid block and receiving block rewards, Reddcoin owners just need to have a bigger holding of Reddcoins and keep their wallet running and connected to Internet to participate. It requires little computing power or energy and can be done on CPUs of PCs, laptops and even mobile devices. Every Reddcoin user will automatically become a PoSV minter once they open their wallets.
Around 27 billion Reddcoins were mined before the mining phase ended for Reddcoin. Now, all Reddcoin holders will receive an interest rate of 5% per annum. This gives Reddcoin no cap and reduces the Reddcoin creation rate. To start minting, all a person needs is a Reddcoin wallet. As long as the wallet is running and stays online, it will keep minting. The longer and more often the wallet is running and online, the more likely it will discover a valid PoSV block and receive the entire block rewards.
One of the big advantages of this approach is that it eliminates the arms race for the latest expensive mining rig, which is required in Reddcoin mining. Minters only need their CPU to earn Reddcoins. There are also no complicated maneuvers to do to maximize output. Just open the wallet. Since it is a built-in function of the official wallet, minting automatically sends the minted coins to a designated address.
PoSV is also designed to encourage both ownership (Stake) and activity (Velocity). This solves the problems that traditional PoS systems suffer from such as unfair initial distribution, hoarding, lack of full nodes and multiple forks mining issues.
Reddcoin makes it easy to earn the cryptocurrency. Try it out now to earn Reddcoins.