Two unlikely currencies to watch for in the coming year are Bean Cash (BITB) and Redd Coin (RDD). Both of them are undervalued in my opinion, and both have a huge scope for financial growth, but that is not the half of it.
What is Proof of Stake?
Proof of Stake is a new concept being adopted by some digital currencies. It is a bit like the "Proof of Work" miners are familiar with, but without the time and energy consuming mining rig operation! Instead of being able to mine blocks for a reward and mint new coins through mining, Proof of Stake rewards coin holders with new coins, who affectively become full nodes on the network, by simply keeping their wallet open. By keeping their wallets open, coin holders confirm block transactions by continuously keeping their wallet updated and in synchronisation with the blockchain.
Reddcoin Proof of Stake Velocity is an innovative algorithm that encourages both ownership (Stake) and activity (Velocity). PoSV solves issues in traditional PoW & PoS algorithms and eliminate wasteful consumption of electricity for mining.
You can read more about ReddCoins Proof of Stake Velocity here.
Will Proof of Stake run on my GPU or ASIC?
No. PoSV will only be able to run on CPUs. So no more arms race for the latest expensive mining rig that requires pre-payment, gets shipped late and becomes obsolete before you even reach ROI. Also no more fear of "dumping" by ASIC miners and large mining multipools.
How is ReddCoin Different to other Currencies?
This is from the official ReddCoin web site:
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.
"We have heard it all before, right. It is just another digital currency that claims to be better than the last one (but still built on the same blockchain technology)."
Well not exactly. ReddCoin aims to be THE currency of social networking. The creators of ReddCoin's goal is to have RDD adopted by social networks that will open up a whole new world of digital currency to everyday social network users, that will allow them to send coins to friends, make purchases online, tip, upvote worthy posts, invest, exchange and even give to charities, all from a simple user app. And if it takes off IT WILL BE HUGE. Can you imagine Twitter, Facebook and Youtube (to name a few) all choose to adopt digital currencies (and they will) and RDD is their coin of choice (there are currently over 3 BILLION active Facebook users by the way, that is nearly half the world's population producing Proof of Stake for RDD)? The fact that ReddCoin has made itself known as the market maker for Social Network coins means they are definitely in the race, and since they are in the running, are also in with a good chance of making it happen.
What is Bean Cash?
The BitBean block chain and network began nearly 3 years ago on February 13th., 2015. It was the first 'crypto-currency' to implement a maximum of 20MB block sizes, based on Gavin Andersen's proposals to fix Bitcoin's scalability limitations. BitBean was also the first 'crypto-currency' to pioneer the use of static block rewards in a Proof of Bean (PoB) system -- which now makes energy wasting PoW (Proof of Work) systems, inefficient, expensive and archaic!
Previously know as BitBean (BITB), rebranded Bean Cash (BEAN) is a tongue-in-cheek digital currency with a serious purpose. Not only are Bean Cash blocks bigger, faster and more fun, they are also cheaper then Bitcoin transactions. Because Bean Cash is another Proof of Stake reward system using blockchain technology to confirm transactions through the wallet holders themselves and not by mining, makes the Bean Cash currency super fast, green, energy efficient and environmentally friendly. None of the resources used in expensive mining operations are expended (or wasted) during the confirmation and minting of Bean Cash reserves. New coins are minted by rewarding coin holders for keeping their wallet open and acting as an active node on the blockchain.
Why is this a Big Deal?
With a maximum block size of 20MB and a 60 second target block time, Bean Cash enables near real-time confirmation of transactions in blocks. A single confirmation can take as little as 20 seconds to become confirmed. Within a minute or less, Bean Cash verifies, validates and settles transactions in near real-time
Bean Cash transactions can be as low as a fraction of a cent with zero charge-backs and without the expensive fees of Bitcoin and other digital currencies. From the official Bean Cash web site, "Bean Cash's mission is: "To be an enduring digital currency, with high integrity, a store of value and a means of exchange for every day transactions -- that stands the test of time!"
Proof of Stake rewards are known as "Sprouts" and coin holders confirm blocks and mint new coins by "Sprouting". While again this sounds a bit amusing, it is a serious financial consideration. Invested coins Sprout typically within 30 days to the tune of about 4% Return on Investment. The more coins you hold and invest, the faster the Sprouts mature. Even with a modest amount of compounding coins, you could see a minimum ROI of about 62% PA which is a lot more than most banks and ISA's are offering. If you hold 100,000 coins you will see your Sprouts mature at the rate of once a week... I will leave you to do the compounding math on that ! You can calculate exactly how much your investment will be worth, by Sprouting here: http://sproutingcalculator.com/
What is the Best Part?
With the two above mentioned coins, during Proof of Stake you still own the coins, you never invest them in risky investments and the coins never leave your wallet. The currency remains yours and you can cash out or send it to another address at any time.
THE BEST PART is that both coins are currently undervalued at around $0.01c each, which means you get a lot of buck for your bang, and both coins can be found on popular exchanges like Bittrex, Cryptopia and UpBit. So while you are Proof of Staking for a profit, you still own the coins which can increase in value giving you a two fold ROI on your investment.
NOTE: As always this is not financial advise and you should always do your own research and never invest more than you can afford to lose.
If you like this post and found it useful, please Resteem (share), Upvote (like) and Follow (Subscribe), thank you!
Have a Good Day and Good Luck!
Matt Blythe
Matt is the owner of Inner Vision Press, Inner Vision Personal Development and Inner Vision Photography. He is the Director of two companies and is the Author of the book Enlightenment for Beginners. Matt also has experience trading foreign currencies on the FOREX market and investing in High Yield Investment Programs.
Inner Vision Photography http://www.innervision.org.uk
Social stuff
Facebook | https://www.facebook.com/innervisionproductions
Twitter | http://www.twitter.com/mattblythe
Youtube | http://www.youtube.com/mattblythetheone
Flickr | http://www.flckr.com/mattblythe
Stock Photography
http://www.istockphoto.com/portfolio/inner_vision