ReddCoin was launched in 2014 and aims to become the Cryptocurrency of choice for the social media sector. It is used for tipping within social media ecosystems, for example Facebook, Twitter, Instagram and many more. It provides incentive for content creators on those platforms to create quality posts.
Consensus Algorithm
The Redd Blockchain utilizes the PoSV (Proof of Stake Velocity) protocol, providing resistance to ASIC-based centralization, reducing wastefulness and making it environmentally friendly. Redd pays special attention to the concept of Coin Age. It is essentially the measure of how long a coin holder has held onto his cryptocurrency without moving or spending it. In the PoSV algorithm, Coin Age is accumulated more quickly in the first few days and weeks after a transaction than in later weeks, which incentivizes holders to stake their coins rather than hold them in wallets, as they can earn up to 20% more rewards. This is also beneficial for the network itself, as it provides additional security because of the many participants who stake coins.
Redd-ID
Redd-ID allows users to create their own “ReddID” name, which is then linked to various social media sites like Reddit, Twitter and many more via a browser extension. ReddID users can send and receive tips with the push of a button. It allows for a decentralized, peer-to-peer interaction where all data is stored in the blockchain and coins are stored in a light browser wallet.
Social Wallet
As all other Cryptocurrencies, ReddCoin has its own wallet that allows users to spend and manage their funds, the difference is that it provides various news feeds along with twitter and reddit content about Redd Coin to keep users updated with the latest news at all times.
Although around for quite a lot of time, the ReddCoin is mostly supported by a small community rather than getting being adopted at a big scale. The reason for that is that there isn’t really a huge case for its existence aside from the fact that it’s based on the blockchain. Most platforms where tipping content creators is common, like Twitch, already have their own tipping infrastructure or they utilize some industry giant like Paypal.
Conclusion
Despite not being the most cutting-edge innovation, ReddCoin offers unique and interesting features and has a working tipping platform, unlike many projects who promise much but offer nothing, it’s been around for quite a while and has a small but solid community fiercely supporting it.
