It will not sterilize the tank contrary to populat belief but thats an easy thing to type on the web to someone without proof

but the thread should lend some proof as to what we can do with it. I can guarantee it will not hurt anything to attempt it, and the worst case outcome is that is grows back but you will see in the thread it usually does not with rhodophyta algae variants.
THe safest and most effective way to kill it from your tank is to post a full tank shot in our thread so I can see everything and I'll make a custom plan, then post a follow up shot next week when its all dead. we are approaching a thousand times in the thread having done this very approach, like clockwork.
we like to keep all treatments in one place for others to document and learn from if you would, and in the case of the chemistry forum we want a place where they can surmise negative assertions about the treatment.
I need to see what other animals are in the tank and where the growth is positioned on the rocks, and if the rocks are removable for treatment etc.
the major benefit in using peroxide is that we know how to apply it safely now so that there is zero risk to your surrounding tank, even if you have to apply it in the tank full of water. there are so many pictures of that being done in our thread it shocks me when its debated as a safe treatment. Im sure there was a time in reefkeeping where dumping vodka into ones tank seemed crazy and risky. times change.
I need to see things from your full tank picture like kinds of shrimp you have, any decorative macro algae nontargets etc, the only safe way to do it is with a few full tank shots and some closeups of the algae if you could as it exists on your rock.
the number one method we want to try first is removing a target rock as a test before you do the whole tank.
take out a rock with the growth, have a -new-, not previously used, bottle of 3%-6% medical grade peroxide (not used for growing aquaponics or hair dye etc) and just pour a very small amount on the target algae area. let the rock sit outside the tank for 3 mins cooking, it wont hurt anything on the rock. and only the algae got the peroxide...then rinse off and place rock back in tank.
dont remove the algae, it dies over a six day period when dealing with the rhydophyta groups. we track that loss, and then watch for regrowth to see if its worth doing the rest. I guarantee you it will die, we are very good in working with peroxide now against red algae targets.
please post as many good pics as you can make here before we begin:
http://reefcentral.com/forums/showthread.php?t=2082359&page=50