Since the onset of the blockchain technology in 2008, over 1000 cryptocurrencies have been released into the market. While the initial objective of crafting pioneering cryptos was to enhance anonymity of transactions and counter currency instability, a lot of flaws have emerged. One of these issues is wholesale mining in some cryptos such as Bitcoin. To address emerging issues in the current cryptos, one of the latest blockchain to enter the market is the Reddcoin. Here is a complete review of Reddcoin to determine the founders, their goal, and how it operates.
What is Reddcoin?
Reddcoin is a unique peer-to-peer cryptocurrency that was derived from Litecoin. It was founded by Jonathan Patenaude in 2014 with the main objective of being a fully integrated blockchain platform for all social media platforms. To put the goal more clearly, the founder wanted to release a crypto that targets enriching user’s social lives and helps to make digital currency readily available for the general public. This objective is achieved via integrating the Reddcoin platform with the main social media platforms to ease the process of sending and receiving funds.
When Reddcoin was introduced in 2014, an initial public coin offering of 5.45 billion Reddcoins was released in exchange for Bitcoins. The funds raised were channeled to helping the blockchain development, support after launch, and publicity. In the subsequent weeks, over US$ 100,000 in Bitcoins was raised.
It is worth pointing out that Chinese firms hold about 50% of Reddcoins traded by volume. With China being a fast-developing country, partnerships with tech-companies especially internet firms is believed could help propel the Cryptocurrency growth.
How Reddcoin Works?
Reddcoin was designed to be the digital currency that will bring cryptos to the social media and the entire public. Though it is engineered to work like other cryptos such as Bitcoin, the main target for Reddcoin was not prompt wealth accumulation. Rather, it anticipated taking the Reddcoins across different social media platforms.
Many social media users found Reddcoin a perfect method of tipping their followers or those who made great comments to their posts or work. The tipping model is fast taking root as people realize that cryptocurrencies can be used in the same way as fiat currencies.
To start using the Reddcoin, you need to install their wallet in your system and buy some Reddcoins. As a blockchain model that targets social media, one would expect they will start entering into deals with top platforms such as Facebook and Twitter. However, Reddcoin created a Chrome extension that operates in all social media. This helped them to avoid being tied contractually to social media platforms. Besides, the platform anticipated ensuring every person can send and receive payment on social media.
Reddcoins are created through staking. This is a process that involves confirming transactions on Reddcoin network to get rewarded with Reddcoins. You can start minting the Reddcoins after installing their wallet on your computer or smartphone. Initially, Reddcoin used to rely on mining but ended it in August 2014 for the new and more effective minting model. Today, the main methods of acquiring Reddcoin are buying them or getting tipped. You can also do it indirectly by mining a different coin in multipool and ask the pool to pay in Reddcoins. A good example is the HashCo.ws
Main features of Reddcoin
Proof-of-Stake Velocity (PoSV)
This is one of the latest algorithms that has been designed by Reddcoin team to replace the previous models especially Proof-of-Work. The PoSV is used for verifying transactions and designing new blocks. It works by enhancing ownership (stake) and activity (Velocity).
To increase the chances of getting a valid block and enjoying block rewards, you do not need to buy GPU or ASIC for extra hash power. Rather, a user only needs to hold more Reddcoins and ensure the Reddcoin wallet is connected to the internet. PoSV allows users to mint coins on desktop, mobile, or laptop.
As part of the Reddcoin commitment to enter the mainstream social media, Reddcoin Broadcast was introduced in April 2014. This is a thunderclap-like system that spread messages in different social media platforms. Members of the Reddcoin can send and receive payment free of charge.
This is a unique project created by Reddcoin and targets bringing the Cryptocurrency to the public. Now, users can download either the desktop or mobile wallets to make tipping easy and actionable.
The Tip platform
This is a system that allows people to send and receive digital currencies in and across social media platforms. It is used as a method of supporting publishing content on social media.
The Reddcoin wallet
This is a state-of-the-art wallet that provides social media with multiple features to increase the engagement. To start using Reddcoin, you need to download and install either a mobile or desktop wallet.
Pros of Reddcoin
- Reddcoin uses the latest PoSV that allows users to participate in minting coins with only small computing power. This means that you can continue minting coins even away from the desktop or computer.
- Because Reddcoin was crafted with a clear objective of being the social currency, it has a great appeal to businesses, merchandise, and even individuals.
- Reddcoin’s future is very bright because of making social media the main target. Today, almost every person is on social media.
Cons of Reddcoin
While Reddcoin’s main objective is very noble, its community has grown at a very slow pace compared to other top cryptos such as Bitcoin. This is interpreted by many people to mean that Reddcoin might not succeed the emerging completion from other top-notch cryptos such as IOTA and Golem.
Where to Buy and Sell Reddcoin in Australia?
Crypto Currency for Fun recommends buying Reddcoin at CoinSpot. CoinSpot is a multi cryptocurrency wallet with built-in trading features. Users can store many coins, including Reddcoin and they offer Instant Delivery or your coins right into your account.
Reddcoin is a very ambitious coin with a lot of potential for targeting the fast-growing social media. Though its operations are still far below the level of other top cryptos in the globe, more people can associate with it on social media. If you are looking for an alternative crypto to operate alongside other top options such as Ethereum and Golem, Reddcoin is one great option.