ReddCoin (RDD) is on fire. The coin was trading for $0.001 a piece back at the start of the month and, as of this week, trades at $0.01 and a market capitalization of more than $305 million. Twenty-four-hour volume just hit $277 million. That’s some serious activity in a coin that was attracting very little attention just a couple of weeks ago.
So what’s driving the action and can it continue?
We’re going to try and answer that question.
First up, while it’s not what’s causing the rise directly, it’s worth noting that this coin first hit a $100 million market cap at the start of this week. Now, of course, it’s way above that, but this $100 million level has grown to be seen as something of a right of passage for coins in this space over the last twelve months or so. When a coin hits $100 million market cap it’s taken seriously and the action we’ve seen subsequent to RDD breaching this threshold is representative of this fact.
But let’s get a bit more specific.
For anyone new to ReddCoin, it bills itself as the first and only social media specific cryptocurrency. There are a few coins that people use to tip and reward users across social media platforms right now (Ether, Doge, NEM) but none are specifically designed for this purpose and the team at ReddCoin (and the community behind it) is hoping that this sole-focus USP is enough to drive adoption.
So how does it work?
The company is developing a platform that can integrate with the various social media platforms that people use today – Twitter, Facebook, Reddit, etc. – and, once live, users will be able to old ReddCoin in their wallet and use it (by way of the integration) to tip and reward other users for their content and contributions to whatever community they are involved in.
Why would people use this instead of tipping in another currency?
Well, for one, it’s incredibly fast. Transaction times come in at just a few seconds. Second, it’s very cheap to use. Transaction fees come in at somewhere between 0 RDD to 0.002 RDD, depending on the byte size of the transaction.
It also employs what’s called a PoSv algorithm as a transaction processing and confirmation method. This stands for Proof of Stake Velocity and it’s a very efficient (and low energy, so environmentally friendly) way to operate a network.
How does all this play into the question asked above – can the run we are seeing continue into 2018 and beyond?
Well, we’ve just seen the company announce a partnership (and an integration) with Local World Forwarders, which is the first decentralized logistics platform in the world. This should serve as a nice proof of worth partnership and should validate the platform and its integration capabilities, as the partnership matures. In turn, this should pave the way for similar partnerships and integrations, the latter of which is going to be key if this social media specific coin is going to be picked up by the wider social media space as its tip-coin of choice.
We want to see more of these partnerships in place, then, as supportive of a longer-term bull thesis.
We’re avoiding the question – is this one going to run further?
Put simply, yes.
This is a coin that’s answering the call for a low value, quick and user-friendly tipping asset at what we see as being exactly the right time. Right place, right time. Sure, there are other options out there but none of them are as well established as this one and we think the action we are seeing right now is just the beginning of some 2018 strength.
We will be updating our subscribers as soon as we know more. For the latest on RDD, sign up below!
Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.
Image courtesy of ReddCoin
ISW Holdings Continues to Transition Cash Assets into Bitcoin with $20K Purchase Ahead of Mining Launch
ISW Holdings, Inc. (OTC: ISWH) (“ISW Holdings” or the “Company”), a global brand management holdings company, is pleased to announce that it is in the process of converting $20,000 of the Company’s cash holdings into Bitcoin. The Company also announces that it will be regularly conducting similar transactions on a quarterly basis to convert a percentage of cash flows into Bitcoin.
Management expects this transaction to be completed this week. The Company began transitioning cash resources into Bitcoin with an initial transaction in March 2019 at approximately $4,000/Bitcoin.
“We believe in the future of Bitcoin and digital payment systems, and cash represents an unproductive asset given the degree of monetary expansion, stimulus, and debt dragging down traditional currency systems,” commented Alonzo Pierce, President, and Chairman of ISW Holdings. “We are also on schedule to launch mining operations through our Pod5 solution at the Bit5ive renewable energy project by the end of January.”
The Company formed a joint venture partnership with Bit5ive, LLC, (“Bit5ive”) in May to build and deliver an elegant, powerful, and efficient data center pod design. The Proceso Pod5ive Datacenter is the result. Designed in partnership with Bit5ive, and geared primarily for the cryptocurrency mining industry, the Proceso Pod5ive Datacenter offers next-generation dynamic self-management functionality, plug-and-play operation, virtually non-existent maintenance needs, and an industry best-in-class 1.06 Power Usage Effectiveness score.
The Company’s first mining pod is set to…
XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata
Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //
The XENO NFT Hub (https://xno.live) will provide a crypto-powered digital items and collectables trading platform allowing users to create, buy, and sell NFTs. Additionally it will support auction based listings, governance and voting mechanisms, trade history tracking, user rating and other advanced features.
As a first step towards its fully comprehensive service, XENO NFT Hub launched a recent VIP service to select users and early adopters in December 2020 with plans for a full Public Beta to open in June 2021.
“NFTs are extremely flexible in their usage, from digital event tickets to artwork, and while NFTs have a very wide spectrum of uses and categories XENO will initially focus its partnership efforts and its own item curation on three primary areas: gaming, sports & entertainment, and collectibles.”, said XENO NFT Hub president Anthony Di Franco.
He also added “This does not mean we will prohibit other types of NFTs from our ecosystem However, it simply means that XENO’s efforts as a company will be targeted into these verticals initially as a cohesive business approach.”
Development and Procurement Lead, Gabby Dizon explained, “Despite our initial focus, we found ourselves with a unique opportunity to host some of the works of Mr. Hiro Yamagata. We are collaborating with Japanese artist Hiro Yamagata to enshrine some of his artwork into NFTs.”
Mr. Yamagata has been…
Understanding the Dark Side of Bitcoin
Although Bitcoin is praised for its high-quality processes that lead a lot of people to wise outcomes and success, it has its own dark side. This side is less exposed to media and the people as it can possibly ruin whatever Bitcoin has worked for years, exerting lots of effort, expenses, and time. However, discussing this side will be a way for a better and deeper understanding to what Bitcoin really is and its main purpose and future. Given that, we have gathered the information already for you about the dark side of Bitcoin. So, let’s start!
Bitcoin provides a lot of advantages, but some government gave warnings that are not still founded entirely. The main reason behind that is that there are elements of criminality that seek to take advantage of the media hype and excitement around Bitcoin. One example scenario is when the cybercriminals launched Ponzi schemes that gave promises on investments through astronomical returns. After the money of investors have disappeared, this is the time when they realized that they were scammed. Therefore, the governments raised awareness advising the public to invest cautiously and uphold skepticism in life. If you want more information regarding this, you can go through the www.bitcoineras.com to better understand it.
Here are some of the ways wherein cryptocurrency is misused.