Reddcoin: Virtual Currency For Social Media
Social media platforms fueled a massive technology boom, which started in mid-2000’s and continues to this day. With platforms like LinkedIn, Facebook, and more recently Instagram and Snapchat, we as a society have shifted many of our daily interactions online. As these interactions becoming increasingly complex, there needs to be a new generation of social media platforms and tools that accommodate our changing world.
Given the rising sentiment against centralized social media platforms that are harmfully using our data, many are looking to the blockchain for unique incentive systems that will ultimately raise the standard of our online experience. One such system is being developed by the team at Reddcoin, a decentralized cryptocurrency that is built primarily for social media platforms. Reddcoin plans to integrate their digital currency platform seamlessly with all major social networks to make the process of sending and receiving money fun and rewarding for everyone.
Interested in Reddcoin? Here’s a quick rundown of the project:
Platform & Development
Reddcoin is one of the older blockchain projects and has been in development since 2014. Since that time, the project has pulled together a number of features, including:
- Proof of Stake Velocity: While Reddcoin originally ran on a proof-of-work (PoW), they have since shifted to a proof-of-stake (PoS) system where coin holders earn 5 percent annually.
- Tip Platform: This is the meat and potatoes of the entire Reddcoin project. The tip button currently works on top of Twitter, Reddit, and Twitch.tv. This is easily downloadable as a Chrome or Firefox plugin.
- Redd-ID: Service provided at the blockchain level which allows a user to associate a username with information including public keys and social network identities. This ultimately allows someone to send tips without knowing the RDD address of the person they are tipping.
- Redd Wallet: Straightforward GUI wallet. They are currently developing electrum wallet integration and mobile wallets, which will likely be the most used moving forward.
Towards the goal of making Reddcoin more pervasive, they are actively developing multiple language integrations into their system. According to their official live roadmap on Trello, the first half of the year should hold some interesting developments, including the launch of Reddcoin on Instagram.
The Reddcoin team was first unveiled in October 2017 and includes 9 core members from around the world.
Reddcoin (RDD) currently has a market cap of ~$150 million with a circulating supply of 28,774,151,777 RDD.
Reddcoin has been staging a resurgence over the last year or so, and will need to continue its growth from both a technology development and user acquisition perspective.
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Disclaimer: The author(s) of this article may have a position in one or more of the securities mentioned above. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.