ReddCoin (RDD): tipping on social media =

ReddCoin (RDD) is one of the few cryptocurrencies that is actually used. Users are full of praise for it because it solves a problem for them that other companies have not yet succeeded. Have you ever read a blog or seen a vlog that you liked so much that you actually wanted to give several likes? Or that you want to reward the creator of the content in a different way than just a simple “like” or comment? With ReddCoin, this is possible because they offer you the option to tip the creators of your favorite content. Read in this article how ReddCoin intends to succeed in this and how they strive to become the tipping platform for all major social media, such as Facebook, Twitter and LinkedIn. In addition, we explain how you can buy Reddcoin and you can view the price via this link.

Navigation

  • What is RedCoin?
    • Overview of the features
  • The team
  • Proof of Stake Velocity
  • Social wallet
  • Criticism
  • Conclusion
  • How do I buy ReddCoin?

What is RedCoin?

What ReddCoin is can be summarized in one sentence: ReddCoin is a decentralized social tipping platform, where users of Facebook, Twitter, YouTube and Twitch, for example, can easily tip their favorite blogger or vlogger. The main goal of ReddCoin is to make giving and receiving this tip as easy, fast and efficient as possible. One of the best features about this is that it is completely free to tip. This is because ReddCoin uses Proof of Stake Velocity (PoSV) instead of Proof of Work. In addition, ReddCoin has developed a special wallet that we have not seen before with other cryptocurrencies. With these features, ReddCoin hopes to ensure that bloggers and vloggers, thanks to the possibility of a tip, have an extra incentive to produce good content. As a result, a leap can be made in the level of content available on the internet. Below you can watch a (English) video (2:05) that gives a brief overview about the cryptocurrency.

Overview of ReddCoin features:

  • It is intended as a social tipping platform
  • It has no transaction costs (!)
  • Micropayments are possible
  • Only cryptocurrency aimed at social media platforms such as Twitter and Facebook
  • PoSV instead of PoW
  • Minting instead of Mining
  • Social wallet
  • Red ID

The team

The ReddCoin team consists of nine people, two of whom come from our beautiful little country. One of them is the core developer and goes by the name Leonard Simonse. The other Dutchman, Thomas van Engelen, is responsible for marketing. The lead developer and founder of ReddCoin is John Nash. Nash gained experience as a programmer for ReddCoin in the languages C++, Python and Perl. When he discovered Bitcoin and blockchain technology in 2010, he was immediately hooked. Since that day he has been obsessed with the technology and this led him to take up Reddcoin in 2013. So Nash has over seven years (!) of experience in blockchain technology. The team also consists of a “tipbot specialist”, designer, advisor/moderator, marketer, social media expert and pro-scrum specialist/agile coach.

Proof of Stake Velocity (PoSV)

The team behind ReddCoin has developed its own algorithm, as they believe that both Proof of Work (PoW) and Proof of Stake (PoS) are not ideal for ReddCoin. In the early days, PoS was still used, but over time it turned out to have too many disadvantages. In short, PoS is a way to keep the blockchain secure. This happens thanks to users who keep their cryptowallet running online. If they keep their wallet online, their computer automatically checks whether the transactions made on the network are not fake transactions. For this, the users are rewarded with, in this case, ReddCoins. The more ReddCoins a user has, the bigger this reward will be. For a more detailed explanation, this article about PoW and PoS is recommended.

The main problem of PoS is that offline users can also earn cryptocurrencies by storing the crypto coins. Their wallet therefore does not have to actively contribute to securing the network. For example, users can keep their wallet offline for a few months, not check a single transaction in the meantime, but still collect their reward if they put their wallet online for a few minutes after those few months. This ensures that safety is not optimal. With PoSV, ReddCoin wants to give users an incentive to keep their wallet online full-time and thus protect the network as much as possible. The V of PoSV stands for Velocity and in the economic world this means the speed at which a certain currency is spent. For example, a velocity of five means that a euro has changed hands (and has therefore been spent) five times that year on average.

With PoSV, the team behind ReddCoins wants to make sure that the velocity goes up and users are more inclined to spend their ReddCoins instead of holding on indefinitely. The algorithm ensures that ReddCoins that have been in the wallet for a shorter period of time yield a greater reward than ReddCoins that have been in the wallet for longer. Users can get up to 20% more for these crypto coins that have only been in the wallet for a day than for the Reddcoins that have been stored for several weeks. In this way, they want users to actively use their wallet and the security of the network is guaranteed.

Social Wallet

Enough about the tech behind it, let’s get to what it’s all about: the social aspect of ReddCoin. There is currently no ReddCoin tip button on the major platforms such as Facebook and Twitch, but users are already fanatically giving each other ReddCoin tips. This is partly because ReddCoin has changed their wallet in a revolutionary way. With almost all existing crypto coins, the wallet is nothing more than what the name says it is: a wallet to store your cryptos. At ReddCoin they didn’t like that and transformed it into a real social media platform. You can chat here and post messages on a forum. Meanwhile, other users can tip you for the contribution you make. In addition to the social wallet, Reddcoin tipbots have been created on the Twitter and Reddit platforms. On these platforms it is therefore already possible to give (small) tips to nice tweets or Reddit messages via the cryptocurrency. Here you can find an explanation of how to use it for Reddit and here you will find an explanation for Twitter.

Criticism

The idea of tipping for good content is nice, but it’s not clear if the demand for it is big enough. At the moment, content is mainly written from intrinsic motivation, which means that people write it because they actually enjoy writing. Quora and Wikipedia are examples of platforms where this works perfectly and the content is of high quality. It is not clear whether a small donation motivates these bloggers to write good content more than the likes they get now.
Another danger for ReddCoin is that it is a small effort for a large company like Facebook to set up its own tipping system based on blockchain. The team behind ReddCoin is not so impressive that Facebook cannot top it with its own curated team. It must be said that it is often easier for large companies to buy up an existing company in that case. Whether that is possible with ReddCoin is not entirely clear.

Conclusion

The idea behind ReddCoin is interesting and certainly seems to be in demand. Platforms such as Twitch and Steemit show that giving small donations works and is popular with many users. In addition, ReddCoin has an enthusiastic team that has been hard at work developing the crypto coin for many years. The ReddCoin wallet in particular is revolutionary compared to other wallets, because it is the only wallet that is used for more than just storing your cryptocurrency. Still, it will be quite a challenge for ReddCoin to succeed, because it is a small effort for the major players in the field of social media to start their own cryptocurrency with which you can tip. In addition, websites such as Wikipedia and Quora prove that it is not necessary to tip writers for writing good content. On the other hand, it could just be that the quality will get even better if the ReddCoin tipbots also become popular here.

How do I buy ReddCoin?

Buying ReddCoin on Bitvavo is a piece of cake. Within a few minutes and for less than a euro you can already be the proud owner of RDD.

  1. Register here for free at Bitvavo
  2. Verify yourself by clicking on your name in the top right corner and then go to ” Verification “.
  3. Transfer money via iDeal. You do this by clicking on ” Deposit Euros “.
  4. Then enter the amount and choose iDeal as payment option so that the money is in your Bitvavo account within a minute. Then click on “Pay”.
  5. If you click on ” Overview ” afterwards, you will see the money.
  6. Find RDD, click on it and then press “Buy”.
  7. Invest the amount you have in mind in RDD.
  8. Congratulations! You have purchased RDD!
    Don’t forget to save your username and password

 

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