Validation and ‘likes’ drive the social economy of the Internet. Everyone who posts regularly on social media wants to be seen as an influencer – someone who sways public opinion. These influencers are the ideal way to expand new brands. They create organic interest in products and engage the community in relevant conversations. As it stands, these influencers have the arduous task of monetizing their actions through soliciting payments or gaining ad revenue. ReddCoin intends to change that dynamic, providing a social media tipping system.
Their ReddCoin cryptocurrency aims to create real, monetary incentive for the sharing of ideas. The system provides for smaller content creators as well, allowing trade between users. While accumulating ‘likes’ may be fun, accumulating ReddCoin is fun and lucrative.
The Monetizing of Social Media
The original founders of ReddCoin had the vision to create a tipping ecosystem within the major social media sites. They saw the willingness of the average user to throw out ‘likes’ left and right – and saw an opportunity to add value. ReddCoin was created as a Proof of Work coin in 2014, using the Litecoin code base. This made it faster than the legacy Bitcoin blockchain, with a higher volume and lower fees. ReddCoin did not need to have a high price per unit, as the goal of the tipping campaign was microtransactions.
A user may be entirely willing to throw a few cents towards their favorite social media personality. They are much less likely to donate large sums. This microtransaction economy still adds up quickly for larger influencers, while providing a non-negligible amount to even smaller content producers. To help those individual users gain more of a stake in the coin, ReddCoin switched to Proof of Stake/Velocity soon after release. This randomized coin age-based distribution ensured that anyone with a portion of ReddCoin would gain more over time. These coins would then enter the ecosystem in the form of tips.
Social X and the Redd-ID
In order to make the system work, it was critical to make it as easy as possible. To this end, ReddCoin sought to eliminate a series of issues that made Bitcoin difficult for the average person. The first was the overly long and essentially impossible to remember wallet addresses. A Bitcoin address is a string of alphanumeric characters with no reference to one another. A deterministic wallet like ReddCoin uses a passphrase of randomized words instead. The combination of words is much easier to remember while maintaining safety from guessing.
To further this, they are also implementing the Redd-ID intra-blockchain social ID. Users no longer need their recipient’s randomized wallet number. Instead, names can be registered directly to the blockchain and used as an address for funds. This alleviates the difficulty of alphanumeric strings on both ends of the transaction. Although Bitcoin is inherently anonymous, ReddCoin is more transparent and social. As such, users can view the Redd-ID of anyone that has sent them currency.
A Road to Widespread Adoption
These alterations to the usual blockchain are tailor-made to make ReddCoin the coin of choice for social media. Users who would otherwise not adopt cryptocurrency will find it easy and accessible. Once they are in possession of a supply of ReddCoin, they will be that much more likely to use it for their own purposes. If ReddCoin can be successful, their user base could explode overnight – people are always looking for new social technology to adopt.
Recently the new ReddCoin development team formed the ReddCoin Global, LLC to further the goals of the cryptocurrency. This is a big step that adds some extremely valuable consistency to the platform. Their newly released roadmap shows an ambitious pathway to continued success. The cryptocurrency is already in use through social media bots – tips can be sent. Their ultimate goal of single button functionality could make them the undisputed leader in social media currency.
The Financial Future of ReddCoin
ReddCoin was never intended to have a high price point per unit. They want individual coins to be easily usable for microtransaction tips – and that gives investors an excellent opportunity. The current price of ReddCoin is floating around $0.007, which means even the smallest investors can accumulate a large sum of the currency. Their market cap is still relatively low in the scale of top cryptocurrencies, but they have proven in the past that the price per unit can reach as high as $0.025, nearly four times the current price.
This may be a rare opportunity to get a well known and established currency at a discounted price. As the functionality and adoption of the coin increase, the value will follow suit. In addition, the coin’s Proof of Stake/Velocity stats means that anyone who holds ReddCoin in their wallet will gradually mint additional coins. This is the cryptocurrency equivalent of dividends, offering a consistent return on investment.
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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.
Image courtesy of magicatwork via Flickr
Aluna.Social is a Compelling Social Platform for Crypto Traders and Investors
When one thinks about the social media landscape, the companies that first come to mind are most likely Facebook, Instagram, LinkedIn, and Snapchat. These platforms are a great way to stay connected with friends, families, and colleagues, especially when geographic distance is a factor. But, in addition to just chatting about life in general and sharing pictures, social media can be used to bridge the information gap that exists within the investment community.
Over the last decade, many trading offices have been established in large cities all over the world which allow solo traders and investors to pay a monthly fee in exchange for a workspace. The real benefit to trading in these offices is to participate in the free flow of trading ideas and information. Proprietary trading is one of the most challenging careers to be successful at and the exchange of ideas is almost required in order to succeed. Traders at hedge funds and investment banks work in teams so why shouldn’t remote traders?
While these trading offices are a great way to help bridge the information gap, Aluna.Social may provide an even better way, especially as it relates to cryptocurrency trading.
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As the crypto markets move closer to mass adoption, one of the keys for future success will revolve around attracting as many market participants as possible. While many crypto users are extremely tech oriented, a lot of those on the sidelines are not. The cause of waiting on the sidelines could be due to a variety of reasons such as fear of the unknown, lack of knowledge, age, or a combination of all of the above. In order to entice new users to join the crypto revolution, crypto ATMs are rising up across the country. Of those, the largest and most influential crypto ATM company by a significant margin is CoinFlip.
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While Bitcoin (BTC) continues to hover around the magical 10,000 price level, altcoins continue to fight an uphill battle. Simply put, hopes of a future bull run continue to diminish as Bitcoin maintains its dominance. One school of thought is that a few altcoins will survive and flourish, but which ones are anyone’s guess. That being said, it’s hard to go wrong picking against the top coins like Ethereum (ETH), Ripple (XRP), Litecoin (LTC), and EOS. These projects have managed to find a foothold in the market and have a better chance than most of staying there. While traders wait for their positions to increase in value, one opportunity that may be worth looking at is initiating a collateralized debt position.
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In traditional terms, a CDP is essentially putting up collateral in order to receive a loan against the deposited amount. There are several examples of this in our day to day lives. Auto title loans from large companies like TitleMax are extremely popular with consumers. Consumers are essentially able to use their car as collateral in exchange for a cash payment which can then be used for whatever needs the consumer has. The consumer can continue using their car as long as debt payments are made.
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