The principles on which ReddCoin (RDD) is built will definitely find great audience particularly with content developers interested in discovering alternate sources of finance especially as social media giants has practically taken over 90% of advertising revenue that a content creator can earn on his/her content.
Devising a direct, peer-to-peer means of supporting your favorite creator and helping them grow is something that a lot of people online wants.
Having a way to directly support your favorite creator is what a lot of people online are considering. And ReddCoin is aware of this need to contribute to others growth intentionally. It can as well be a quality, feeless answer for social network micropayments, something that is somewhat difficult to accomplish today as a result of fees going over the value of the actual payment.
I am very sure that virtually everyone on the face of the earth is interested in currency. Now picture this, you are paid in cryptocurrency for your Facebook post and you are able to trade it for products, gift cards etc.
If you are one of those that would like to learn how to monetize your account and earn off your social media post, then I say welcome to the world of ReddCoin.
Unmasking ReddCoin (RDD)
Reddcoin (RDD) is a decentralized social digital coin that permits any person to instantaneously send and receive RDD payments on social networks without any transaction fees.
It is actually the blockchain version of Facebook cash, Snapcash or Venmo that let you effortlessly transfer money to loved ones through their particular social media platforms. Now that the ReddID has been unveiled, ReddCoin is beyond the sky.
ReddCoin Team And History At A Glance
John Nash heads the Reddcoin project. He is the Chief Technical Officer (CTO). The team consists of basically 13 members who are spread across Europe, Australia and North America Amongst them is Chris Whitesock and Jay Laurence.
After an IPCO (Initial Public Coin Offering) in which $100,000 was raised, Reddcoin (RDD) was released to the public in February 2014. Reddcoin initially started out as a variant of Litecoin in January 2014, as at then it was using Scrypt as the Proof-of-work (PoW) hash algorithm. It changed to its own Proof-of-Stake-Velocity (PoSV) algorithm in August 2014.
The PoSV protocol originally designed by the ReddCoin team is a new adaptation on the PoS hash algorithm that encourages ownership (stake) and velocity (activity).
The modifications were made to PoS in order to promote more active network participation thereby addressing the needs of its social currency to inspire activity and ownership.
The chief difference between PoS and PoSV algorithm is that PoS have linear coin aging while PoSV has non-linear coin aging. Since it is a built-in feature of the downloadable official wallet, ReddCoin (RDD) users automatically mints Reddcoins when staking.
ReddCoin’s (RDD) Position
Reddcoin is not like these other major social media platforms that entails you using their native platform in order to transfer money.
The altcoin permits you to flawlessly integrate its payment features on multiple platforms like Twitter, Facebook, Reddit, MySpace and a host of others.
Aside from sending and receiving money instantly, you can also tip money to content developers with Reddcoin (RDD) the same way you would ‘like’ or ‘favorite‘a post.
Reddcoin as a social cryptocurrency can be incorporated easily with many social media networks for the transfer of money with zero transaction fees.
As an open source peer-to-peer digital currency, much of its efforts have been channeled to enable the tipping of small amounts of RDD on social platforms which is performed same as liking a post on Facebook.
The Reddcoin tipping system has already been enabled on Justin.TV, Twitch, Reddit, and Twitter
As formerly stated, Reddcoin (RDD) connects individuals’ to their respective social media platforms and allows them to send RDD payments to anyone they interact with on their network at no transaction cost to receive or send.
You can send RDD to your sibling for rent; pay back a friend who bought you lunch or simply tip a content developer for a lovely baby post. All that is required of you is to click the tip button that automatically sends a micropayment to the person.
TO Draw The Curtains On ReddCoin (RDD)
The use of PoSV by the ReddCoin team help to solve concerns present in traditional PoW and PoS protocols as well as aid the eradication of wasteful consumption of electric energy for mining.
Although the tipping of online creators is not a new innovation, yet blockchain possess the ability to make the process simple and flawless.
Secured systems with lower transaction rates can create a new media world where advertising falls away and microtransactions becomes the new norm between the independent content developers and their consumers.
Looking at it wholly, this cryptographic project has come a long way since its beginnings in 2014. This social media coin with a p2p payment system whose goal of integrating itself with nearly all social media platform is already operative in a number of social media sites like Facebook, Twitter, Reddit, among others.
How Far Can ReddCoin Go?
Although you might be hard pressed to predict the future of Reddcoin, you will discover as you take a holistic view of tipping culture amongst humans that it is not unreasonable for the trend to spread and the value of Reddcoin (RDD) along with it.
It would be quite exciting to observe the growth of Reddcoin (RDD) as it journeys on.