Reddcoin is an interesting altcoin that was developed back in 2014 as the first social cryptocurrency. The main idea behind it was to use the social networks that are popular nowadays as a means to raise the profile of cryptocurrency as a legitimate medium for transactions. Altcoins are perfect for the new digital economy. Decentralized and unregulated, people can become their own banks while using the blockchain protocol to ensure that all deals are kept honest.
Making cryptocurrencies easy
Reddcoin, at its heart, is all about making cryptocurrencies accessible to the mainstream. To be honest, most cryptocurrencies can be very complicated. After all, they all started from a tech head’s idea. The average guy on the street would not be able to use it immediately or understand how it works. This is where Reddcoin is supposed to come in. The altcoin aims to be the perfect tipping service, integrated into many social networks like Facebook, Instagram, and YouTube. It has already been enabled on Twitter, Twitch, Justin.TV, and, its primary home, Reddit.
Normal cryptocurrency transactions involve wallet apps and the use of long wallet addresses. Reddcoin aims to make it easy for people and businesses to give people Reddcoins. These people can then use their Reddcoins on websites to purchase items and pat for services, whether it’s a microtransaction on a game app or something else.
The final goal is for Reddcoin is to essentially be the internet’s official “like” button. Appreciate someone creating great content? Send some Reddcoins their way. This could also go the other way around. Do something nice or post a great content someone appreciates, you may end up getting some Reddcoin.
Reddcoin’s features are all aimed at ensuring its goal of being easy to use. First is its Proof of Stake Velocity which it uses for generating new Reddcoins. This is an innovative algorithm that encourages both ownership (Stake) and activity (Velocity). This makes it easier and cheaper to mine. Next is the decentralized Tip Platform. This will allow people to send and receive digital currency on Social Networks worldwide and with no bumps in the way.
Finally, there is the one-two punch of Redd-ID and ReddWallet. Redd-ID is a unique feature of Reddcoin that allows a user to associate a username with public keys and social network identities to make transactions easier. ReddWallet is the altcoin’s basic wallet that adds security features and accessibility to the mix.
Overall, the Reddcoin cryptocurrency is developing into a great altcoin for the masses.