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What is Reddcoin?

2018-11-21 | Reddcoin

Reddcoin (RDD) is a cryptocurrency, which means that it is a decentralised medium of exchange that is powered by its users. Rather than trusting a bank, Reddcoin allows you to take control of your own funds without the risk of interference by outside forces. When properly stored in a wallet, no one can ever hope to take your coins from you without your permission.

The cryptocurrency most familiar today, of course, is Bitcoin. However, unlike Bitcoin, Reddcoin is not intended as a generalised currency that you will, for example, use to pay for a cup of coffee. Although doing so could certainly be possible in the future, becoming a replacement of fiat currency is not the intention behind the Reddcoin network. Instead, Reddcoin is dedicated to providing an easy to use means of transferring value on social networks. As social media is becoming an ever more central part of our lives, and as the production of entertainment moves from big media conglomerates to smaller content creators who use the internet as their primary platform, Reddcoin aims to unite social media systems such as upvotes, likes, or retweets with actual value. As such, Reddcoin aims to become the official ‘like’ button of the internet. A button that can be used on a multitude of platforms and in any case where a user wants to express their appreciation to a creator or other user. Tips cannot only be given to those who create interesting videos or long articles, but for any online action that another user wishes to appreciate, like a funny comment, a cool picture, or a location check in. Such tips could also be automated, allowing companies to send you Reddcoins as a reward for any interaction with their social media presence. In such a system, users can derive value not just from the content you create, but also from the physical places you check in to and the sites and profiles that you interact with on the internet. Reddcoin aims to make it easier for content creators and users alike to receive not just imaginary internet points, but coins with actual value for their actions online. Reddcoin tipping is already enabled on Twitter, Twitch, and Reddit.

Of course, value cannot just be derived from sending appreciation points between users, rather, there needs to be an opportunity for the exchange of goods and services. By offering a generalised internet currency, Reddcoin enables the creation of market places where you can, as it were, spend your likes, retweets, and upvotes for goods or gift cards. Reddcoin could also be used as in-game currencies in games on your computer or mobile. Many of these games require you to buy tokens to spend in game, but these lose their value when you stop playing. With Reddcoin, you can simply take them with you to the next game or use them on other Reddcoin enabled platforms.

Reddcoin thus enables benefits across different platforms for content creators and users alike, as they can be assured through Reddcoin’s decentralised nature that their currency will hold their value even if one of their favourite platforms were to stop existing. Reddcoin integration also benefits companies such as game developers, since they no longer need to convince their users to buy into their platform or game specific token. In this system, users need not worry that their tokens become worthless through events that they cannot control. By providing a currency on a decentralised network that is used across a potentially infinite number of platforms, the users are given the power over the Reddcoin network and its value.

Already own some Reddcoin? You can earn up to 6% of your Reddcoin anually by making use of its staking mechanism. Check out this article on our blog to learn more.