Startups

Reddcoin – Your Social Currency for the Digital Age

Digital currencies have been revolutionizing various industries across the world. Various arenas of the daily life are getting influenced by cryptocurrencies. The convenience that digital currencies provide over the physical ones is unmatchable. Instead of limiting on a local scale, digital currencies transcend the boundaries that limit the usage of fiat currencies.

By making use of these possibilities, Reddcoin aims at providing an ultimate financial solution for the content creators and users of different social media platforms across the world. Since its creation back in 2014, Reddcoin has achieved widest acceptance across various social media platforms as compared to all the other cryptocurrencies.

Led by John Nash, Lead Developer and the CTO, Reddcoin is essentially a decentralized digital currency. It makes lives of people on different social networks easier by providing them with a framework to send and receive money without going through the traditionally complex and hectic procedures. It brings digital currencies within the reach of the general public. Instant money transfers can be done through the Reddcoin framework with zero transaction fee. The ultimate feature that Reddcoin provides is its compatibility with different social media networks across the digital space. It provides content creators across the world the opportunity to get money for their work more easily.

Revolutionizing Content Creation

Content creation is something that has been going on across different social media platforms for years. While some social media platforms have proper frameworks for rewarding its content creators, others don’t. Also, there is a lack of a concrete framework for the users of a social media platform to provide its consumers the ability to support their favorite content creators.

Reddcoin revolutionizes the entire world of social media content creation where the producers of the content can also get their rewards from their followers through micro donations. Besides getting retweets, likes and shares on different social media platforms, content creators can now get support in the form of digital currency from their peers. Users who like a particular content creator, or want to support their favorite social media influencer, can show their support in the form of instant money transfers. In this way besides the traditional streams of income on different social media platforms, content creators can easily earn more money easily through this framework.

Minting Over Mining

The traditional process being used in the bitcoin and other blockchain networks for storing information about the network is mining. Miners across the world participate in the process of generating new coins for themselves through the process of mining. Verification of transactions being done on the blockchain network is performed by these miners.

The problem with this approach is energy consumption. Heavy amount of computing power is usually needed for performing verification of transactions on the blockchain network. This has contributed to various problems associated with energy consumption across the world with global warming being one of them. Massive amount of computing power and energy is thus required for performing the process of mining on a blockchain network. Forces with more computing power often overshadow the whole process of transaction verifications.

In order to tackle this, Reddcoin provides its users with an environmental friendly “minting” process which levels the playing field for the general public. New coins can be generated easily by the users through the process of minting. This process also does not require complex hardware capabilities. It can easily be done on a laptop, tablet or even a phone. With this capability, anyone across the network can mint coins.

The wasteful consumption of the electricity needed for mining is tackled through the employment of the “Proof of Stake Velocity” (PoSV) algorithm instead of the commonly used “Proof of Work” PoW and “Proof of Stake” (PoS) algorithms. It is an innovative algorithm that encourages both ownership (stake) and activity (velocity). The only two pieces of information needed in POSV for a node to perform verification is the number of coins that it has, and the possession age of those coins. The entire detail about the algorithm can be found in the PoSV paper available on Reddcoin’s website.

Social Wallet

In order to increase the engagement among the Reddcoin users, the platform provides a secure and a state-of-the-art social wallet. This wallet can be used to transfer money instantly without going through any complex procedures. Rewards are available for those users who contribute to the security of the network by keeping their secure wallets connected online. These users also act as full nodes on the decentralized global Reddcoin network. An interest rate of 5% per year is also available on the wallet.

Redd ID

On the blockchain network, Redd ID is provided to the users for identification purposes. User can associate a username and other information such as public keys and social network identities with his/her Redd ID. It gives the user on the network the secure existence that it needs for operating on the network.

Initial Public Coin Offering (IPCO)

The entire plan for the initial public coin offering (IPCO) as stated by Reddcoin on its official website is:

“IPCO investors will be rewarded in two stages. Stage one will close on February 1st at 11h59 PM PST before Reddcoin is released. 2.2 billion coins will be awarded to IPCO investors according to the amount of shares they own at this time. Then, IPCO will close with stage two on February 15th at 11h59 PM PST. This time, 3.25 billion coins will be awarded to IPO investors according to the amount of share they own. Investors who got in stage one stay in stage two. Every investors, stage 1 or stage 2, will receive their coins during a period of 90 days after IPCO close (1.111% per day). This is done to protect the market.”

How to Enter the Reddcoin Community

Anyone can enter the Reddcoin community by following these three easy steps:

1- Download the social wallet to keep RDDs (digital tokens for the Reddcoin network).

2- Get some Reddcoins in your wallet for usage purposes (zero fees associated with Reddcoins make them the best digital currencies for social networks).

3- Start using RDDs on social networks!

Roadmap

The extensive roadmap for Reddcoin has been released publicly by the platform. While some planned goals have already been completed, quite a few still remain to see the finish line.

From the goals listed for Q1-Q2 2018, the aims of providing documentation and testing requirements and processes for Reddcoin still need to be completed. The goals of preparing tutorials, how-to documentation and launching/relaunching Reddcoin’s instagram handle still remain in the pipeline.

For Q3-Q4, the aims of developing a mobile social wallet, desktop social wallet, web wallet etc. are currently in progress.

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Ahsan Khalid

News editor of BlockPublisher, an electrical engineer with majors in software development. Ahsan takes the engineer's approach for reporting legislation around the blockchain industry. Email: editor.news@blockpublisher.com

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