Strategic partnerships with the gaming industry and an improved version of the PoSV-algorithm are on the roadmap as well. You can sell RDD for cash on several cryptocurrency exchanges that have fiat-pairings, most notably LiteBit.eu (not recommended). You can buy RDD on several cryptocurrency exchanges, most notably Upbit and Bittrex.
- There is also a function whereby you can easily invite other users to join the network and increase awareness of Reddcoin.
- It has been around for quite some time and is one of the more established cryptocurrencies.
- You have the ability to trade RDD on exchange sites such as Cryptopia, Bittrex, and Upbit for either ETH or BTC.
Facebook is a bit smaller but still has over 27,000 people following the Reddcoin page. As the social currency of the web, you might expect that Reddcoin has a huge social media community itself. It wasn’t until 2017 that Reddcoin finally made an official announcement that introduced the team members, including founding developers John Nash and Leonard Simonse. Subsequently, they’ve continued to update the community on the status of the team, which is completely 100% composed of volunteers. With this release, the developers have also included a chrome browser extension. This means that you can hold your RDD right their in your light browser wallet and when you find a post that you think is worthy of tipping, you can send the RDD over with one click from your browser.
The Social Currency
The plan for Reddcoin is to essentially be the internet’s official “like” button. Can you imagine being tipped on Instagram for your picture upload, on Facebook for your location check-in, on YouTube for a silly video you uploaded, on Reddit for your witty comment, etc.? Now imagine being able to exchange those Reddcoins instantly for physical goods or gift cards. Or even transferring all your Reddcoins to a game you love playing. You would be getting paid for things that take zero effort or that you are probably already doing for free anyway. ReddWallet – A state-of-the-art wallet that provides various social features to increase engagement among users which improves security of the decentralized network.
- Currently, the Reddcoin API works natively with Reddit, Twitch, and Twitter, with more social network integrations in the works.
- Prior to that he was heavily involved in Dogecoin’s social media presence and was an early supporter and contract holder of ProtoShares and AngelShares, which eventually became BitShares (BTS).
- In this Reddcoin review, I will give you everything that you need to know about the project including tech, development and roadmap.
- Moreover, given that this is a light wallet, you do not have to wait for blockchain sync when opening it up.
- Reddcoin lets you get paid on many different platforms such as Twitter, Reddit, Twitch, YouTube, Facebook and more.
They compare Bitcoin with the US dollars and gold and point out its lack of a fundamental floor of the value. Terms such as PoSV, PoW or PoS in itself does not provide a fundamental floor for cryptocurrency value. Due to PoSV which is specifically designed for Reddcoin makes it enjoy a floor of its value due to its purpose of functioning as the global reserve currency of human social influence. You do not need a bank or any central authority to use cryptocurrency.
Reddcoin Social Presence
Getting an upvote, like, or retweet for your well-received comment or picture is fun, but unfortunately, they have no real value. Fortunately, there is now something better than imaginary internet points – Reddcoins. Reddcoin has been around for some time, having been released in 2014. It allows anyone to quickly and easily send and receive its native RDD coin with no transaction fees. It’s the blockchain version of Patreon, but better because it works across many social platforms, and allows anyone to get paid for their contributions. Store of Value – Economists are very skeptical of Bitcoin’s function to store value.
It is hoped that it will work to incentivize more useful interactions, as well as acting as a way to provide a value to the intangible asset of social influence. Use of RDD is encouraged through the PoSV consensus mechanism that focuses on ownership of coins through staking and activity of the coins through velocity. As mentioned above, Reddcoin allows you to quickly and easily send //cryptolisting.org/blog/what-is-a-pro-forma-operating-budget micropayments to others on social networks. You can also receive payments yourself from anyone you interact with on social media. The idea is to have a system that makes it easy for people and businesses to auto-tip people, re-posts, etc. Then people can use their Reddcoins on websites to purchase items or use them in games like Freemium games in place of purchasing in-game credits.
However, since that time it has released an updated algorithm that is completely unique, POSV, and is making strides toward many other innovative features. The monetary system of Reddcoin is not designed to make people who hold money rich, but to foster transactions and ensure the Reddcoin economy as a whole rich. Reddcoin was conceived to be a full-fledged social network coin – or as we like to say, The Social Currency. The developers are currently building a hub that will manage the various social media tipping accounts that will be created on Facebook, Instagram, YouTube, etc. The plan is to make Reddcoin into a hybrid of e-currency/crypto, reward points, etc. Basically, Reddcoin will be internet points with actual monetary value.
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Prior to that he was heavily involved in Dogecoin’s social media presence and was an early supporter and contract holder of ProtoShares and AngelShares, which eventually became BitShares (BTS). The ReddID is also helpful as it allows you to search for other users on the network through the use of the of their specific ID. Once you have located this user, you can use the browser extension to send them RDD. There is also a function whereby you can easily invite other users to join the network and increase awareness of Reddcoin.
Moving From PoW to PoSV
Already, tipping has been enabled on Twitter, Twitch, and Justin.TV, as well as here on Reddit. Reddcoin is dedicated to one thing – tipping on social networks as a way to bring cryptocurrency awareness and experience to the general public. They give every person on this planet a fair chance at showing the world how awesome they are.
Imagine being paid in crypto for your FB post, and being able to trade it for products, gift cards, and other items. Think of Reddcoin as the “social media coin” with a peer-to-peer (p2p) payments system. Reddcoin was created on January 20, 2014, and was initially a PoW cryptocurrency forked from Litecoin.
Getting Started With Reddcoin
As stated before, Reddcoin connects to your respective social media networks and enables you to send near instant, zero cost RDD payments to anyone you interact with on your network. You can send RDD to your mother for rent, repay a colleague who bought you a Chipotle burrito for lunch, or “tip” a content creator for a cute puppy post. All you need to do is click the “tip” button which then sends that person a micropayment.