It is an altcoin meant to be an online tipping currency on Twitter, Reddit, Twitch etc. Think of it like STD but without being tied to one Internet site.
The unique thing would be the algorithm which is PoSV (Proof of Stake Velocity) which means you can mint coins in two ways:

1. keeping the coins in your wallet "ageing"( which is described in this post)
2. spending them by tipping online users for content you like.

This eliminates the problem with normal PoS currencys which is that everyone is just holding them waiting for their rewards. Reddcoin rewards you by spending it.