What's hot in crypto this week?
What is ReddCoin?
ReddCoin is a community-driven project that uses blockchain technology to bring micro-payments to social media. Its native asset, RDD, allows users to reward others for the content they put out.
The ReddCoin blockchain is more eco-friendly than mining due to its unique proof-of-stake "velocity" technology. ReddCoin's staking offering requires next-to-no resources, and runs on desktop, mobile, Raspberry Pi and similar low-end and embedded devices, as well as on any desktop or laptop. The unique algorithm also allows for “mostly feeless” transactions. Like many other public blockchains, ReddCoin’s platform offers full transparency, openness and authenticity.
Why is it hot now?
The last decade was the era of social media, where large community platforms like Facebook (FB) - Get Report, Twitter (TWTR) - Get Report and Microsoft's (MSFT) - Get Report LinkedIn completely changed the way we interact with, and perceive, the world.
The impact of these platforms has been amazing on society: They have enabled communities to form, they've allowed people with niche interests to find like-minded individuals around the globe, and they have empowered groups to advocate and campaign for their causes globally without the need for traditional, large scale campaign infrastructure.
But what if on top of communicating with each other, these colossal social networks could start sending each other money, with the click of a button? That’s what ReddCoin is using blockchain technology to do.
ReddCoin is also bringing tips to social media. By integrating its digital currency RDD with major social networks, it is offering users the ability to make micro-transactions to reward content on any platform. With just a click, users can send any amount of $RDD to others, with barely any fees. This is a powerful way for users to fund and engage with causes they care about and want to see succeed. The ReddID browser extension will be an important catalyst for this. It will allow anyone with a ReddCoin address to validate someone’s tweet or tip a few bucks for content they want to reward and promote.
What's Flipside's Take?
On-Chain data suggests current staking incentives are working.
Looking at the activity of ReddCoin network participants, we can see that they are not liquidating their rewards once they receive them. Users earn an annual interest rate on the RDD they hold, as an incentive to participate in staking. The more users participate, the more decentralized, secure and powerful the blockchain network becomes.
With over 50 countries currently using RDD, ReddCoin is allowing anyone around the world to give value and support the people and social causes they care about, without having to go through any third party that charges fees. 2.3 million RDD are transacted daily, according to the Flipside Data Cooperative.
The Flipside Crypto Asset Score Tracker provides institutional and sophisticated retail investors the ability to track over 500 cryptocurrencies' fundamentals. FCAS Tracker is currently free to a select group of new users as it continues to develop the product. Visit Flipside here to gain access to Flipside Analytics.