Time to talk about a coin that has been in the game for a while.
It also hits close to home as it's the first coin Mike purchased (after BTC) back in early 2014.
Today we will chat about Reddcoin.
Let’s dig in…
Reddcoin (ticker: RDD)
Wtf is Reddcoin?
Launched in 2014, Reddcoin wanted to bring mass adoption of tipping on social networks. As more people flood to Facebook, Youtube, Reddit, and various other sites, it provides more exposure to an excellent crypto use-case. RDD wants to be the coin used to tip, reward, and generally transact instantly, with minimal fees across the web.
They are already integrated with Twitter, Reddit and more. One of the beauties of crypto in general is that it is standard (relatively). So, having Twitter and Reddit adoption makes it more appealing to other sites who may want to to add RDD functionality and set a standard for tipping across the web.
Additionally, they take advantage of a PoSV consensus algorithm. The V stands for Velocity….so Proof of Stake Velocity...which they implement to promote more participation.
Wtf is PoSV?
Calm your shit tits. We’ll explain. In most PoS implementations, Coin Age is a metric involved in the voting process for ‘minting’ new coins. Coin Age adds weight to your coin count, which adds more weight to your vote and contribution to the network. Thus, you’ll have a better chance at signing the next block and winning the lottery - yay!
So for example...if you have 500 coins in your wallet, that have been there for 10 days, then you have 5,000 Coin Age. Coin Age is typically linear, so each day you own a coin, the older it gets, with no consequence, starting from the last transaction the coin was involved in. BUT...with PoSV the Coin Age grows in a non-linear fashion...it trails off. This encourages users to hold coins, but not forever as eventually older coins will not be contributing to coin weight very much and you don’t need to worry about spending them. This is a very interesting spin on traditional Proof of Stake.
Who tf is behind this shit?
They have John “Gnasher” Nash as their CTO, Jay “TechAdept” Laurence COO, and Chris “Maelgwyn” Whitesock as CSO (security officer). John seems pretty technical and serves as a project manager/solutions architect at Ooyala as well. It's good to see a crypto taking security seriously and Chris' experience in the information security space seems pretty legit.
There isn't an abundance of information about them, but they have created a cool brand in the space, and do hit milestones...so they are proving themselves.
Anyways, Mid-Tier shitcoin, cool brand, been around a while. If it fails like most projects will then, good riddance, but is a cool coin to watch.
Hope you learned some shit.
- Mike and Aaron