This one is my favorite. Why?
Well, because it has realized my dream of translating all my social interaction into real money. YES! REAL MONEY!
This inevitably and suitably makes it The Social Currency, indeed.
Allow me to explain.
RDD – What is it exactly?
We all know how cryptocurrencies are revolutionizing the way businesses are working. They are proving to be the medium of making a system worthy of the efforts of the developers as well as the users. While there have been many innovations pertaining to blockchain in other areas of technology, social media platforms have yet to see the real applications of it.
Not anymore, however, as Reddcoin is here with its trumpets.
RDD or Reddcoin is the new cryptocurrency that has been created to make our engagements on social media more fruitful in the real sense. It is a platform that strives to cut short all the complicated talks of the cryptocurrency and perform what the popular cryptocurrencies like Bitcoin has not been able to, that is bringing the perks of the cryptocurrencies or blockchains to the mainstream, to the average Joe out there.
“The measuring stick”
Incentivizing the social interaction is possible and Reddcoin is geared to make it possible by allowing the investors or users of a social media platform to “tip” any other user based on the quality of their content.
That, for any social media butterfly like me, means only one thing: Money!
Just by creating meaningful and engaging content, I’d be able to earn RDD; and eventually, real money.
In fact, if I converge more, this is the basic motive of the creators of Reddcoin. They want social media users like us to send and receive money through social media platforms and tip deserving content creators without worrying about any transaction fee or any huge processing time (the processing time of the RDD is only 60 seconds, for the record).
Thus, if I state it in the words of the Larry Ren,
the RDD is a cryptocurrency used as a “measuring stick” to measure out and attach value to the social interaction.
RDD is different from the rest of the cryptocurrencies because it has brought the PoSV into the limelight. PoSV is kind of a hybrid of two things:
- The number of coins that you possess, and
- The possession age of those coins.
It is far better than the PoS or the PoW because it doesn’t require you to have an arsenal of high-tech computers to “mine” coins. All that you’d require is your laptop and even your smartphone or tablet. You see, you’d have to “mint” your coins rather than “mine”, which means not wasting electricity and not having to learn all that complex codes governing Smart Contracts.
But these are only some of the features of Reddcoin.
Features of RDD
We’ve already talked about (1) tipping and (2) the PoSV. Let’s now savor some other features. Shall we?
Redd-ID will be your one universal identification at the blockchain level that acts as a link between your social presence, public keys, and your presence on the Reddcoin platform. Since the Redd-ID is just a human-readable username, you wouldn’t have to worry about losing your credentials – something which has been a problem with using the other blockchain platforms.
According to the Reddcoin, there are three basic steps to the creation of the Redd-ID:
- Username registrations against the Redd-ID.
- Connecting your social media accounts to the Redd-ID.
- Verifying ownership of the accounts through public proofs of ownership much like OneName.
Reddcoin Web-ID Wallet
This is one of the wallets of the Reddcoin. Functionality wise, the Reddcoin Web-ID Wallet will be used for transactions. As Reddcoin says,
it is fully compatible with Redd-ID and will be able to connect all of our partnerships with user locations with Web-ID.
through Web-ID, you can transact Reddcoin by your own sentence or username. Also, Web-ID allows people to tip anytime, anywhere…as long as they have a username on Web-ID.
While that is that, the drool-worthy part of this wallet is that the “transaction time is zero seconds.”
If I had to crown any of the wallets of Reddcoin, my choice would be Redd Wallet. This is because it is a truly decentralized wallet that acts as a separate node, meaning that your wallet would be an entity on the blockchain all in itself. Furthermore, as it goes with the other wallets, this one, too, will be majorly used to store RDD, which, in turn, would be used to tip people or send/receive RDD and make purchases. What differs it from the rest of the wallets is that apart from incentivizing the minting of the RDD, it also incentivizes the contribution of the users/community in improving its security. So, it is almost like giving value and receiving it!
Just like me, I presume you might be head over heels with Reddcoin by now. After all, for social butterflies like us, this is nothing short of any miracle.
Which industries it’s going to disrupt, you ask?
I’d say Reddcoin is more of an innovative addition to the current social media platforms. It’s totally going to work up the dynamics of social interaction from the ground up. I see the future of the social platforms with Reddcoin and not without it. I mean who’d want to use a platform that does not incentivize like the one allowing Reddcoin?
Reddcoin has just started out and indeed it has a long way to go ahead, but considering its features, I’m of the view that it will rise soon by leaps and bounds. If you’re thinking about joining this revolution, start here.