ReddCoin has been getting a lot of attention lately after its price jump early this month and there are some excellent reasons why it has the potential to be in league with other cryptocurrencies.
What is ReddCoin
Reddcoin is the social currency that enriches people’s social lives and makes digital currency easy for the general public. Reddcoin achieves this by integrating a digital currency platform seamlessly with all major social networks to make the process of sending and receiving money fun and rewarding for everyone.
The Tipbot feature on social platforms
The ReddCoin team have introduced a bot for tipping other users on social media platforms Reddit, Twitch and Twitter. This allows users to send ReddCoins to others on that social platform.
For example on Twitter, you have to follow "tipreddcoin" and either direct message them or publicly tweet them to send another user on Twitter ReddCoin and/or check address.
ReddCoin Tip Platform
What's even better than the TipBot is the tipping chrome extension that works on Twitter, Reddit and Twitch. It makes it much simpler to send ReddCoin and to make your tipping amount choice easier, you can give the user the ReddCoin equivalent of different things such as wine or a cookie.
Possible Disqus Partnership
Disqus has about 50 million comments a month and around 80 million upvotes monthly. There are a lot of site and blogs that utilize Disqus for comments and it's an excellent idea as users can send ReddCoin on the go.
Redd-ID
The TipBot and ReddCoin tipping platform are really good ideas however they both face the same issue of ReddCoin being stored on different accounts for a single user. The Redd-ID solves that problem by users creating a unique ID and sending coins to other Redd-IDs.
Below is a video demonstration of how Redd-ID would be used.
Minting Approach Over Mining
https://wiki.reddcoin.com/index.php?title=Proof_of_Stake_Velocity
ReddCoin takes the proof of stake velocity route which means proof of coin ownership is needed to sign new blocks and a person's ability to sign blocks is based on their accumulated Coin Age. This ultimately means you don't need graphics card or asic miners, you only need reddcoins and a connection to the internet. This approach also means Reddcoin
holders will receive a interest rate of 5% per annum.
. Futher Understanding: https://agroff.github.io/posv/
. Q&A: https://www.reddcoin.com/papers/PoSV_FAQ.pdf
ReddCoin Roadmap
The ReddCoin team have laid out it's plans for the next quarter to early January 2018. It's interesting that they are already planning for the 2nd version of the mobile wallet and the 5% income with smartphones is a smart move as the generation of new reddcoins requires very little computing power.
Open To New Ideas
You can interact with the ReddCoin community on different social media platforms and get your ideas and thoughts heard by the team. I've just recently joined ReddCoin team on Slack and there good discussions on the directions, it's next move, criticism and potential.
In Closing
There are several cryptocurrencies being created everyday and most don't really offer anything. ReddCoin has a lot of potential and I first looked at it from an investment standpoint as it is currently very low at only 66 satoshis. By the time it is around 0.10 - 1 USD, I'll be really happy man :D.
After interacting with the community, I am now interested in using my skills, time and effort to take part. I'd like to know your thoughts on ReddCoin and if it's something you see potential in.