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.
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.
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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