Connect with us

Blogs

How ReddCoin is Enabling the Development of an Internet of Value

Published

on

ReddCoin Internet Development
READ LATER - DOWNLOAD THIS POST AS PDF

There is no doubt that we are on the precipice of change with the advent of Blockchain technology. In fact, top technology influencers such as Mark Andreessen (a renowned investor in software companies) have called Blockchain technology the most important innovation since the beginning of the internet.

But could Blockchain itself as it paves the way for the internet of value when top cryptocurrencies such as Bitcoin and Ethereum are still struggling with the issue of scalability and interoperability.

Perhaps, it is cryptocurrencies such as ReddCoin that could be the game changer especially considering the backing of a Proof of Stake Velocity protocol on its Blockchain network. A Blockchain network that allows for inclusivity with the low barrier to entry on the mining side of the equation could be the catalyst to the internet of value. This is precisely what Redd coin is all about.

What is ReddCoin’s Proof of Stake Velocity?

The proof of stake velocity is designed as an alternative to both proof of stake and proof of work algorithms.

Basically, it is built such that activity (velocity) and ownership (stake) are encouraged on the network, therefore, enabling the ReddCoin to serves two purposes; a store of value and a currency.

Furthermore, it eliminates wastage of electricity during mining as experienced by other algorithms such as Proof of Work on Bitcoin’s Blockchain network.

How is this helpful towards an internet of value?

Well, glad you asked. Since Blockchain is built to cut out the middleman by distributing storage and validation of valuable assets (cryptocurrency, tokens or valuable digital assets and information) ReddCoin‘s POSV protocol is democratizing the Blockchain by ensuring less wastage in the mining sector and as a result improve affordability in mining and while building a democratic system of governance on any Blockchain.

Tipping platform

Other additional features that enable Redd coin to be at the forefront of an internet of value include its Tipping platform that is creating a decentralized system for social services and payments like never before.

Basically, with ReddCoin’s tipping platform, users can distribute their ReddCoin equitably to other users either giving the coins to miners, investors of an IPCO or even tipping to their friends and family. By this virtue, Redd coin is developing a robust communal base that will form a functional internet of value soon.

Redd Coin’s Web ID making it easy to spend crypto

Another revolutionary feature that puts Redd coin at the forefront of the development of the internet of value is the Web ID that it offers. With Web ID, Reddcoin users can use their username or a simple sentence to tip and spend their cryptocurrencies on any device as long as they have the Web ID.

That does not only make it easy for the mainstream public to take up the use of cryptocurrency but also eliminated the hurdles and complexities that are currently preventing scalability and mass adoption in the crypto space.

For the latest cryptocurrency news, join our Telegram!

Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

Chart courtesy of LeStudio via Flickr

Blogs

How is the Crypto Market Changing?

Published

on

crypto market
READ LATER - DOWNLOAD THIS POST AS PDF

It has been around a month and a half since the start of 2019, and there are already some pretty obvious changes in the way the crypto market operates, especially when compared to the last year. Early 2018 was almost a complete opposite. The previous year started with cryptocurrencies at their strongest, only to see them crashing down after a few weeks. Back then, the ICO model was still quite strong, and so was the hype surrounding the crypto space. New investors kept entering the space, and new startups emerged with their tokens ready to be sold.

As the year progressed, things started to change. The prices continued to drop, the ICO model went down from around $1.4 billion in raised funds at the beginning of the year to only $100 million in the last month.

The ICO model lost investors’ trust, as many of the projects turned out to be either too weak to survive after the crypto winter struck, or scams which tricked investors out of their money and disappeared. Not to mention that the increase in ICOs popularity attracted the regulators who cracked down on them pretty hard, especially in the US.

With all of that happening, it is of a small surprise that the investors started giving up on ICOs, especially with the constant drops in prices which saw even the largest coins…

Continue Reading

Blogs

Understanding the Uses of Different Types Of Cryptocurrencies

Published

on

cryptocurrencies
READ LATER - DOWNLOAD THIS POST AS PDF

Cryptocurrencies – a term which has become incredibly prominent in the mainstream media during recent years due to the proliferation of Bitcoin millionaires. As a result, the new form of currency has earned an almost infamous status. However, as with any major step forward, there is still much confusion regarding the use of cryptocurrencies, what different types of innovative electronic cash exist and what they might mean for the future.

We’re putting all of this to rest as we explain what each of the leading cryptocurrencies can do.

Bitcoin

The most popular form of cryptocurrency, Bitcoin was first thought up in 2008 by the elusive and still unknown creator, Satoshi Nakamoto, who published the whitepaper online.

It took almost a decade for the cryptocurrency to reach its peak, but in December 2017 a single Bitcoin roughly exchanged for the price of $17,000, meaning anyone who held a substantial amount of the electronic cash became significantly wealthy.

In its early years, the cryptocurrency was strictly used as an alternative for cash transactions, and predominantly for trading goods and services. However as it has increased in popularity, its range of uses has also widened, now deployed for a variety of purposes including acting as collateral for investments at merchant banks, a direct debit for subscriptions services and most notably for sports betting.

Ripple

Bitcoin’s closest source of competition, Ripple was founded…

Continue Reading

Blogs

New DoJ Ruling May Cripple Gambling dApps

Published

on

gambling dApps
READ LATER - DOWNLOAD THIS POST AS PDF

A new decision made by the US Justice Department has expanded restrictions regarding online gambling in the US affecting gambling dApps. While the Federal Wire Act of 1961 prohibited online gambling regarding sports since 2011, the new decision expanded on this, and it now includes all forms of internet gambling. Unfortunately for many, this now also includes cryptocurrencies.

The new decision came due to considerable difficulties when it comes to guaranteeing that only interstate betting will take place and that payments will not be routed via different states.

The new announcement was explained in a 23-page-long opinion issued by the Department of Justice’s legal team, which pointed out that the 2011 decision misinterpreted the law. According to that decision, transferring funds was to be considered a violation, but data transfers were not included. By exploiting this oversight, it was possible for gamblers to turn to internet gambling. Unsurprisingly, many have realized this early on, including startups, as well as large, established firms. This, of course, also included cryptocurrency companies as well.

The new decision changes what is allowed online

The decision to include all forms of internet gambling is a massive hit in the…

Continue Reading

Elite