RedCoin

Global Crypto Currency

Buy and Sell at Cryptex
Redcoin is a type of crypto currency, which can be spent and traded just like any other currency. However the main difference is unlike bank issued currencies, redcoin has no central authority or anyone controling redcoin. Redcoin is controled only by its users.
Games that take Redcoins:


How do I get Redcoins?

The two main ways to get Redcoins are by Mining them, or Trading them.
All transactions are stored in whats called a blockchain. Redcoin miners are people who are giving their computer power to support the redcoin network, compute the mathmatical equations and store the blockchain. They are paid whats called "mined coins". Depending how much computer power they give to the network, determans how many coins they will receive.

Mined coins are generated 50-150 every 1 minute. Also, everytime you send coins, you pay a small transaction fee (0.001%) this is also paid to the miners. If you want to mine Redcoins, you need a computer with at least 1 good Graphics card. Although its possible to mine Redcoins without a graphic card, just with CPU power, its about 20x less speed of using a GPU card, so this is why most people would use GPU.

How do i spend Redcoins?

Spending redcoins is similar to using a 3rd party payment system like paypal etc. You simply send and receive Redcoins to spacific address from your wallet. It takes about 6 minutes, before the transaction credited can be be spent. Transactions are unreversable. There are many places that accept Redcoin as payment.

How do i trade Redcoins?

The way to get "real" money for your redcoins is to trade them for Bitcoins, and then trade the bitcoins for USD at an exchange like mtgox. Soon you will be able to trade directly RED/USD, RED/NZD & RED/EURO, this system is still in development.


REDCOIN Features

Scrypt algorithm, 1 minute block times, 20 block difficulty retargets, Transaction Messaging, 6 confirmations for transactions, 50-150 coins per block randomly, Bonus block of 500 - 1000 coins every 500 blocks, Super block of 5000 - 10000 coins every 15000 - 20000 blocks, and 3 year block halving with a total mintage of 329 million coins.