Reddcoin is a cryptocurrency specifically designed to enable fast and free transactions in the social media. Reddcoin works on a fully decentralised n
Reddcoin is a cryptocurrency specifically designed to enable fast and free transactions in the social media. Reddcoin works on a fully decentralised network from which both individuals and businesses can benefit. The main idea behind the project is to allow tipping on social media as a way of expressing one’s approval. People who have posted or uploaded a picture, comment, video or anything else that has been “liked” with Reddcoin would then be able to exchange the cryptocurrency for goods or gift cards. In such a way, communication and interaction on social media will be encouraged and high-quality content generators will be rewarded.
Reddcoin was launched on the 20th of January 2014 as a distributed cryptocurrency forked from Litecoin. Eventually, in August 2016, the coin was rebased on Bitcoin. The objective of the Reddcoin is to raise awareness among ordinary people about the opportunities that cryptocurrencies and the blockchain technology have to offer. The project’s main goal is to introduce cryptocurrencies into the everyday life of people, make them a part of their social interaction on the internet. Reddcoins can replace the currently popular likes, shares, retweets etc. and add real value to this kind of social “admiration”. With no single entity in control of the network, anyone can be a part of it and contribute to it. In fact, no technical knowledge is needed, with only some basic information in hand, people can make use of the social currency.
Reddcoin is based on proof-of-stake velocity algorithm which stimulates both owners of coins and creators of content. Moreover, the innovative system does not require to be mined, instead, it uses minting – a new process of generating coins in which people with all kinds of devices can participate. No special computing power is needed and most importantly, no energy is being wasted in unnecessary mining. The Tip Platform of Reddcoin enables users to send and receive coins instantly, with no transactional fees. The quick and efficient transactions are also very suitable for small payments.
Tipping has been already introduced to social media like Twitter, Twitch, Justin.tv and Reddit. A next-generation Social wallet was also created in order to stimulate commitment and interaction between users. All the coins received can be used in social media itself, in games, for instance, or on other websites for purchasing physical goods. Reddcoin can be exchanged on several cryptocurrency exchange markets such as bittrex, yobit, cryptopia, bleutrade and many more. So, what are you waiting for? By simply downloading a wallet, trading coins or tipping, you can become a meaningful member of a robust network with a potential of becoming a ubiquitous and powerful method of socialising online.