Updated: Dec 21, 2019
ReddCoin is an exclusive and full-fledged social media coin. Think of it this way. What if you could get paid for your FB post in crypto? And, then use those crypto coins towards awesome gift cards, products, and other items. That is exactly what ReddCoin is all about. It is the “social media cryptocoin” with a peer-to-peer (p2p) payments system. RDD is essentially the blockchain version of Venmo, Facebook Cash, or Snapchat’s Snapcash. It allows anyone to instantly transfer, send & receive RDD payments on social networks with negligible transaction fees.
This post will discuss what ReddCoin is all about, the reason it is designed for, the team behind it, how it works, and various uses and applications with a summary about where it is headed in the future.
What Is ReddCoin Designed For?
ReddCoin was designed to compete with popular digital currency, such as Venmo, Snapcash, and Facebook Cash. However, unlike these major social media networks that require a user to use their native platform if they want to send and receive money. Reddcoin allows a user to seamlessly integrate its payment features on multiple platforms such as Reddit, Facebook, Twitter, and many more.
RDD was designed to be more than just a currency transfer bridge for social media platforms. It was also created to be used as a tipping mechanism for content creators, builders, and developers. In essence, it was designed to shift power and money away from intermediaries and platforms, such as YouTube and into the hands of the people who invested toil into creating content.
Who Is the Team Behind ReddCoin?
ReddCoin was released in 2014 as a decentralized social cryptocurrency as a peer-to-peer open-source cryptocurrency derived from Litecoin. It was originally released as a PoW cryptocurrency in January 2014, later announced to be transitioning to PoSV in April of the same year.
Developers John Nash and Leonard Simonse were officially listed as part of the ReddCoin core team in 2017 through a public announcement. Other developers such as Bradley Ploof and James Tweeg were also announced to be part of the team in subsequent tweets the same year.
How Does ReddCoin Work?
It works by using an environmentally friendly approach to crypto called Proof-of-Stake-Velocity (PoSV). This is significantly different from Bitcoin’s proof-of-work protocol (PoW), which is known to require vast amounts of energy to mine. Proof-of-Stake (PoS) was wrapped by the creators in a new package to address the needs of social currency towards encouraging “both activity (velocity) and ownership (stake).”
Every ReddCoin user automatically mints RDD when staking. The design has a built-in function or mechanism, which automatically transfers the coins to the downloadable official wallet. This wallet is necessary if a user wants to use RDD coins.
ReddCoin works by connecting respective social media networks, enabling users to send near-instant and zero cost RDD payments to anyone they interact with on these networks. You can use it to tip social media content creators as well. All you need to do is tap the “tip” button on the page, which then sends that person the specified amount of micropayment.
What are Current and Future Applications of ReddCoin?
ReddCoin has versatile use cases. You can send RDD to your partner for rent, or repay a colleague who bought you a burrito for lunch. The coins can also be used to “tip” a content creator for a cute kitten post. The future of RDD looks far from bleak. A lot of people are opening up to the idea of tipping fellow social network contributors.
One of the direct competitors to ReddCoin is the Steemit social media platform, which has already found success in a similar endeavor. STEEM is used to pay users for curating and creating content. The idea is catching on with ReddCoin being used to tip content creators.
RDD has come a long way since 2014 and has already been integrated with nearly every popular social media platform. Its functionality as a peer-to-peer payments platform with tipping capabilities has already garnered a huge fan following. The ease in transferring the coins and the simplistic user interface is also aiding in propelling the coin towards growth.
One of the biggest reasons for the success and growth of RDD is that unlike its competitors (STEEM) it is not limited to just one social media platform. The ReddCoin API is built to support all social platforms, from Reddit to Twitter and Twitch, which has increased the coin’s fan base and user index.