Reddcoin and Mithril are both cryptocurrency platforms designed to facilitate transactions within online based applications. This area is broad with applications cutting across various industries from online gaming, social media platforms, retail, streaming among others. This comparison of the two platforms focuses on their features, use cases, acquisition and ownership and their price analyses.
History, Features and Technology
Reddcoin was announced in January 2014 through an initial public coin offering. It was based on scrypt proof of work (PoW) algorithm at its launch but later transitioned to a unique Proof of Stake Velocity (PoSV) algorithm which was developed to reduce the environmental impact of securing the Reddcoin blockchain. Other features of this cryptocurrency include a thriving community, name-based (ReddID) about to be released, one-button social media tipping, one minute block times and many more.
Mithril was started in the 2nd quarter of 2017 by Jeffrey Huang alongside the team behind the development of 17 media, a mobile real time video streaming platform. It is an ERC-20 token built on the Ethereum platform. It uses social mining with controls that will act similarly to Bitcoin’s dynamic difficulty retargeting adjustments. The tokens available for mining are halved every year over a predetermined number of years.
The Reddcoin is mainly used within social networks seamlessly integrating with them to create an easy way to send and receive tips and micro-transactions in a cheap, fast and rewarding environment. Fans are enabled to spend and tip content creators with the digital currency. Users engaging in the staking of Reddcoin or keep their wallets online are rewarded 5% for such contributions.
Mithril can be used to facilitate payments in online applications such as dating services, premium content channels, live stream applications and retailers among others which are managed through the Mithril Merchant Network.
Buying and owning the currency
Reddcoin users can use the Redd wallet to store their Reddcoin. The wallet is available for on Windows, Mac and Linux operating systems. The coins can be acquired through purchasing from exchanges such as Bittrex, Cryptopia and Upbit. There are about 28.8 billion Reddcoin units available in circulation with no option for mining. Users instead earn interest on the coins held. Reddcoin has continued to list on more exchanges such as BITA50 and is available for trade in a variety of currency pairs.
Mithril is available for trading on more exchanges including OKEx, Bithumb, HitBTC, and Coinexchange among others. Its main trades involve exchanges with USDT, Bitcoin, Ethereum and the South Korean Won (KRW) although it is also available in pairs such as MITH/USD, MITH/QC and MITH/QTUM. Mithril is uses social mining, a concept that blends mining with social media rewarding users based on the popularity of their content and their interactions on social media platforms. Lit is an application that facilitates mining of Mithril tokens. Once installed, users are able to mine the token by simply sharing content and interacting on social media platforms via the lit application. Mithril tokens mined can be traded on exchanges or used to facilitate transactions on the social media platforms. This is enabled through the Mithril vault which social media sites can integrate into their systems. As an ERC-20 token, Mithril tokens can be stored in any Ethereum wallet. They can also be stored indefinitely in the Mithril vault.
Reddcoin is ranked 69th on by market capitalization trading at about USD 0.005 with over 28 billion units in circulation and a total value of USD 147 million. This is a 5% increase from today’s opening price. Trade volumes have also remained quite inconsistent with 24 hour volumes averaging about USD 2 million with occasional spikes to as high as USD 6 million.
Mithril has 306.5 million units currently in circulation with a market capitalization of over USD 143 million placing it 73rd on coin market cap rankings. The token has gained 10% from the start of the trading day to trade at USD 0.467, a 40% drop in a month. Mithril has however been on a recovery path over the past 4 days moving from a market capitalization of USD 110 million to its current value of USD 143 million. Trade volumes have also increased from an average of about USD 30 million at the beginning of the month to an average of about 90 million dollars over the past 5 days.
Reddcoin (RDD) is superior in terms of liquidity having a larger number of coins in circulation and having listed in more exchanges compared to the Mithril. Both are available for direct trade with many different currencies and daily trade volumes are higher with Reddcoin making it a better option for users interested in liquidity. The two coins have both experienced high volatility in price but this is consistent with the general performance of the crypto industry. However, Reddcoin continues to enjoy higher ranking among cryptocurrencies with higher levels of activity it experiences. While both coins facilitate transactions within online applications, Reddcoin has focused of social platforms. Mithril’s target market includes a variety of online services applications. Both Mithril and Reddcoin are mineable crypto coins with very close market cap positions at the moment.