With so much going on in the Blockchain and Cryptocurrency industries, it is hard to keep up with everything and understand what’s what. Since Bitcoin started it all nearly 10 years ago there are now over 1,500 Cryptocurrencies out there. Some more successful than others.
What Is Reddcoin
One of the most popular developments is social media Cryptocurrency Reddcoin. It is becoming a favorite because of its tie-in with social media which of course is booming these days. Additionally, the implementation of Blockchain technology has taken the Cryptocurrency and many other industries to a completely different level including social media.
Reddcoin in its most basic form is a payment system for social media platforms. It operates peer-to-peer and those using the system can enjoy some great benefits. Said customers can secure Reddcoin as a reward for being interactive on social media. The rewards can then be exchanged for a variety of gift cards, offers and products. The Blockchain system behind the Cryptocurrency works with social media channels allowing Reddcoin to process transactions without any fees. It offers the same service as Snapcash or Facebook cash where peers can transfer money to each other. The main change is that Reddcoin uses Blockchain technology. This is the big differentiator and will allow Reddcoin to go from strength to strength as well as enable faster transactions. It can also transverse between several social media channels rather than just the one, which most of the others are only able to do. Reddcoin is also a lot more than just a straight forward payment scheme, it allows its users to transfer Reddcoin as tips to content creators. A very innovative approach which is proving popular too.
Reddcoin and Litecoin
Many will not know that Reddcoin is actually a direct descendent of Cryptocurrency Litecoin. Another interesting fact is that the Reddcoin Blockchain system has a “Proof of Stake Velocity consensus mechanism” to ensure that the authenticity of transactions made remains intact. This has overrides the original Proof of Work algorithm that was previously used and is a fundamental change to the platform.
Reddcoin and Minting
In order to process transactions with Bitcoin, the Cryptocurrency needs to be mined. This is the case with several other Cryptocurrencies too. However things are different with Reddcoin because of how it was developed. Reddcoins are minted which is a very simple and cheap process. And unlike Bitcoin, this can be done in the comfort of your own home without the need for large and expensive hardware. The melting of the coins can be done though a laptop / computer with a special small device. With Reddcoin, the more tokens you have the better your chance at getting securing yourself a block and the corresponding reward that comes with it. So it is all positive on this front.
Reddcoin is expected to grow as more and more people use social media for payments and society embraces the new generation of technology. However, there are competitors out there and with an already crowded market only the strongest with the best ability to adapt will survive. It’s a tough industry but also one of the most rewarding. Hold on tight for the ride!