What is ReddCoin?
ReddCoin is a decentralized digital currency that was designed for use on social media platforms such as Twitter, Facebook, and YouTube. The idea behind ReddCoin was to come up with a crypto that would make it easier for users to send and receive money faster, efficiently and with as little challenges as possible.
True to the social media construct behind it, ReddCoin currently has users spread in more than a hundred countries all over the world. These are people who share different backgrounds, interests and are in different age groups. It clearly is the digital social currency.
So, how does ReddCoin work on social media? Let’s say you are busy browsing then you come across a post on Facebook that gets your attention. You click on it, read or watch the video and you are happy with what you come across.
Other than just sharing it, you can tip the user who created it in ReddCoin, and there is no transaction fee for this. What this does is that it incentivizes the author to come up with something better, and over time, we end up with an internet where people put in the effort to create engaging, useful content.
Who stands to gain from this? Creators and the entire social media populace.
What is the problem that ReddCoin Solves?
There are a lot of concerns that have been addressed about Bitcoin. In fact, according to most economists the world over, Bitcoin is not convincingly a real currency.
ReddCoin, like many other blockchain platforms that have been released so far, sets out to address some of the challenges that Bitcoin faces, and in the process, offer feasible solutions.
Medium of Exchange
There have been several discussions since the inception of Bitcoin, about its use as a medium of exchange. In fact, there is no doubting this. This is particularly when you look at some of the features like the speed of transaction, lower transaction costs, a wider global reach and ease of use.
Unit of Account
A majority of accountants and auditors do contend that Bitcoin is not worth being considered a unit of account. This is because it cannot be used as the base currency for tax reporting purposes or accounting. For this reason, it does not meet the threshold to be considered a unit of account.
Store of Value
There is a lot of skepticism from experts and economists when it comes to using Bitcoin as a store of value. According to the experts, Bitcoin does not have a fundamental floor value. It gets even worse, Bitcoin is currency whose value is not pegged on anything. Therefore, it is impossible to predict when the value will go up, or when it will fall, or even the stimuli that might bring about such changes.
How does ReddCoin Solve the problem?
Before addressing how ReddCoin addresses these problems, let’s look at the fundamentals. ReddCoin started out with PoW (Proof of Work) then migrated to PoS (Proof of Stake), and finally PoSV (Proof of Stake Velocity).
Under the PoSV model, instead of mining, users get to mint coins through staking. This is a procedure that anyone can engage in, as long as he or she has a simple laptop, or even their mobile phone. To proceed, they have to download the ReddCoin wallet.
But, what does PoSV do? There is a lot of resource waste that is involved in mining. Other than the resources, wherever mining is involved, there is always the prospect of an arms race and multipools.
These are some of the things that PoSV sets out to reduce. Essentially, it discourages the hoarding of coins and instead encourages people to spend more while at the same time increasing their contribution to the network.
The problems that have been stated above are key characteristics of the Bitcoin platform. The following are some ideas on how ReddCoin attempts to provide solutions for them.
As a medium of exchange
While Bitcoin might be a medium of exchange, the jury is still out on the efficiency of Bitcoin, and hence, its suitability to serve as a medium of exchange. Case in point, mining. The Bitcoin network is hinged on mining, which is a process that expends resources all over. Not just economists, but even environmentalists do agree that this is a retrogressive approach, especially for technology that is supposed to be changing the future and ushering in a new world order. PoSV and PoS mining do not use as much energy as Bitcoin mining does. In fact, this can be done on any computer, so anyone can participate. Besides, you can even do this on a smartphone, which makes it easier, more convenient and targets a wide reach.
As a unit of account
In line with the concept of a unit of account, ReddCoin raises pertinent questions, such as what is the ideal unit of account in the case of social interaction? Is this even a possibility? There are different ways through which social interactions can be quantified. Take Facebook, for example. Likes and Shares are precious. Those are the units of account, as are Likes and Retweets on Twitter. On Amazon, the unit of account is the number of real quality product reviews. In the case of blogs, the unit of account is the posts and the number of replies to them.
As it is, all these are important parts of our social interaction. However, they both have different units of account.
Therefore, there is no one size fits all approach to this. The conclusion from this is that there exists no unit of account when it comes to social interaction, yet social interaction is currently the biggest business in the world. And then came ReddCoin.
ReddCoin is a digital currency, the first one, to be precise, that is embedded into most of the prime social networks, and serves as the unit of account for all interactions in this digital sphere.
ReddCoin has a distributed ledger. In this ledger, all transactions are regarded not just for their transactional value, but also for the proxies in lieu of human behavior. For so many years, researchers have struggled to identify a feasible way of tracking, organizing and studying human behavior in the scale that social media has presented. Through ReddCoin, however, this is now possible, and this has also created avenues for innovative value addition.
As a store of value
ReddCoin does something that Bitcoin and most other cryptocurrencies that use PoSV, PoS or even PoW have not been able to do. PoSV was specifically designed for ReddCoin, and given that the aim is to have ReddCoin serve as the global reserve currency for human social influence, it does have a floor for its value. We are social beings, and as such, interaction is part of who we are.
What makes ReddCoin better than the competitors?
There are a lot of projects that have been introduced to the market in as far as digital currency is concerned, and there are so many more that are still primed for development. However, in this cut-throat market, the following are some of the features that make ReddCoin stand out from the crowd:
Competent Team
This is one of the most important factors that make a product better than the rest. ReddCoin is backed by a dedicated team who work round the clock to make it the best digital currency for social media interaction. Other than the team actively involved in the day-to-day activities regarding ReddCoin, there is also an active community behind this digital currency, which has helped to keep it vibrant and alive.
Tipping Platform
There is so much that users can do online through ReddCoin. This is a decentralized tipping platform that gives users the opportunity to send and receive digital currency to and from anyone from anywhere in the world. This is done on social media, and given the fact that the internet has helped turn the world into a global village, there is so much potential in this.
Content creators are now able to feel appreciated beyond the shares and likes that they receive on their published content, which gives them an incentive to keep working hard to change the world through their words.
Eco-Friendly Staking
The algorithm behind ReddCoin uses both PoS and PoSV. Therefore, it makes use of both ownership and activity. There are a lot of concerns that have been raised in the past about the traditional PoW and PoS algorithms.
One of these is that they generally involve a waste of environmental resources in terms of electricity consumption for mining.
As in the case of Bitcoins, this form of mining eventually ends up in a lot of money leaving the blockchain ecosystem towards paying electricity bills. This concept beats the purpose of an internet revolution.
The blockchain platform is supposed to offer solutions not just for the financial industry, but at the same time leverage on environment-friendly approaches. This is why PoSV is a better alternative to PoW or PoS, and users who are actively involved in environmental conservation will find this to be a concept that they can appreciate.
Redd-ID
The Redd-ID is a service offered on the blockchain which makes it easier for users to link their username with a host of other social network information like identities and public keys.
With this ID, there is so much that you can do online, without having to log into each account separately. You can seamlessly use ReddCoin across different social media platforms, tipping users or making micro-payments.
Redd-ID is a decentralized solution that sets it apart from most of the tipping solutions that are already available in the market at the moment. There are three aspects of using the Redd-ID that help in making it a unique service:
- Username registration
- Integrating the username into respective social media accounts
- Verification of the connected accounts
There are a lot of projects currently trying to find a solution to the problem of keeping public identities and enabling micro-transactions. ReddCoin through Redd-ID offers a decentralized database that uses cryptographic proof of identity, and this sets it apart from other projects out there.
Redd Wallet
The ReddCoin wallet is unique. There are several security features that are built into it, which help to improve the user engagement and at the same time enhance security while using the decentralized network.
Difficult to Clone
Cloning has been a challenge for so many blockchain projects. With ReddCoin, however, it is impossible, or even extremely difficult to clone. Any successful attempt at cloning ReddCoin would be a fail because it would not be able to integrate PoSV from inception.
ReddCoin also has the advantage of an established brand, an active community, and infrastructure at their disposal, which make it virtually impossible for anyone to copy that which they have already achieved.
How can ReddCoin be categorized?
ReddCoin is a digital currency built to integrate seamlessly with most of the social networks. It is supposed to help users send and receive tips for creating good intuitive quality content that adds value to the lives of those who come across it.
What’s ReddCoin’s vision on Security?
In terms of security, ReddCoin is built on reliable technology. ReddCoin relies on cryptographic principles, implementing a decentralized, distributed and safe cash system. By doing so, ReddCoin overcomes the challenge of double-spending in distributed ledgers.
They have a security mechanism in place that protects the network against the risk of 51% attacks and DDoS attacks. To do this, the system has to expend resources before confirming transactions on the network.
Any transaction that has been confirmed cannot be reversed. This is because, by design, ReddCoin makes it impossible for an attacker to have the kind of resources that would be required to modify the confirmed transactions.
Examples of ReddCoin use cases/applications
Given the growth potential that ReddCoin has, and the social impact, there are several strategic partners that have come on board and are already using ReddCoin for one reason or the other. One of these is Phore Blockchain.
Phore is a service that is built to transfer value through an easy to access, standard ecosystem which is scalable, safe and flexible to meet the ever-changing needs of the users.
Linda Project
The Linda Project is another digital currency platform that is all about creating utility products and services. Linda offers a decentralized, anonymous, secure and fast cryptocurrency.
Resources
https://coincheckup.com/coins/ReddCoin
http://www.reddheads.com/en/home/
https://www.reddcoin.com/blog/
https://www.reddheads.com/en/category/news-en/
https://www.reddheads.com/en/category/articles-en/
https://wiki.reddcoin.com/index.php?title=Troubleshooting
https://www.reddcoin.com/papers/PoSV_FAQ.pdf
https://www.reddcoin.com/papers/PoSV.pdf