Social Currency
Reddcoin is a decentralised cryptocurrency that is built primarily for social media platforms such as Facebook, Twitter, Youtube and Twitch. The main purpose of Reddcoin is to make sending and receiving money on social networks easy, fast and efficient. If you really enjoyed a post on Facebook, you could go the extra mile and tip some Reddcoin to the lucky user (with 0% transaction fees)! This provides extra incentive for good quality content creation which benefits both the creators and the social media platform.
Future Potential
According to my knowledge, Reddcoin is the only cryptocurrency targeting social media platforms directly. This means that Reddcoin has little no competition and has the first mover advantage. Facebook alone has approximately 2 billion active monthly users, youtube has 1 billion and Twitter has users in the hundreds of millions. If Reddcoin succeeds in becoming the cryptocurrency of choice for platforms like Facebook, Twitter and Youtube then it has the potential to be one of the most successful cryptocurrencies with a market cap in the top 10!
Proof of Stake (PoS)
Reddcoin differs from cryptocurrencies like Bitcoin in that it uses Proof of Stake (PoS) instead of Proof of Work (PoW) to distribute coins throughout the network. In the PoS model, coins are minted by a process known as staking instead of mined. Staking is easy, anyone who owns Reddcoins can begin staking from their PC, mobile phone or Tablet simply by downloading the Reddcoin wallet. As long as your wallet is connected to the Reddcoin network and contains Reddcoins, you will periodically receive staking rewards in the form of more Reddcoins. The more coins you own, and the longer you hold the coins in your wallet, the greater and more frequent the staking rewards. One of the major advantages of PoS over PoW is that it saves massive amounts of energy. This is because the PoS model negates the need for mining coins, which requires massive amounts of energy.
Start Tipping Now!
The Reddcoin team have no plans to make deals with specific social media platforms such as Facebook. Instead, the Reddcoin developers have created a Google Chrome extension which allows you to tip Reddcoin on Twitter, Reddit and Twitch. The reason why the Reddcoin team are refraining from making deals with specific social media platforms is because it saves them from being tied down contractually to one platform. Reddcoin is a decentralised currency that should be available for all to use whatever social media platform they may prefer. By developing a Chrome extension that works across all social media platforms, no one misses out on the great features offered by Reddcoin!
What are your thoughts on Reddcoin? Leave your comments below!![]