# ReddCoin

ReddCoin (RDD) Reddcoin is a decentralized cryptocurrency designed with an aim to strengthen the links between the social media, content creation and the consumers. The RDD coins are mainly used to send payments or tips for the created content or comments on the social media. The announcement and the ICO for the RDD came in January 2014, followed by its release a month later. Reddcoin is similar to its competitor Steem, with an added twist that its API supports a wider range of social platforms such as Reddit, Twitch and Twitter. The coins are mined with the help of the Proof-of-Stake-Velocity (PoSV) algorithm. Although Bitcoin served as the main model for the design of the Reddcoin, its primary purpose is to spread to as many social media as possible, instead of being focused on the making its users richer. The coin had a strong showing back in late 2018, settling among the top 100 coins in 2019.