Reddcoin: The Rising Social Currency

UntitledReddcoin was released on February 2nd to the public, yet the Sub-Reddit has already grown to over 7,000 members in that short amount of time. The community is growing rapidly and at the rate it is growing, will surpass the subscribers of the Litecoin Sub-Reddit within thirty days. Reddcoin is the social coin, it is designed to be used over a variety of social platforms to tip other users for their unique content. In this short period of time, the developers have created several tipping bots for a variety of social media platforms.

Here is the technical information about the coin:

Algorithm: Scrypt

Max Coins: 109 billion RDD

Block Time: 60 Seconds

Pre-mine: 5% to be distributed in full to IPCO investors.

Difficulty Retarget: Every block using Kimoto’s gravity well.

Block halving rate: 500,000 blocks

Reward: 100,000 RDD per block

 I interviewed /u/Laudney , who is a developer for the coin and asked several questions regarding the development, and community the coin has. Here were his responses:

What is your name and position at Reddcoin?

“My name is @laudney, and I’m a core developer for the Reddcoin project.”

   What duties do you do for the coin on a daily basis?

“I’m involved in many aspects of the project. I talk with other core and active members daily through emails, conference calls and IRC chat. My main focus is on building and running the core infrastructure systems for Reddcoin. I’m the author of Reddcoin tipbots for Twitter, Twitch.tv and Justin.tv. I run these bots on cloud servers and monitor them on a daily basis. I maintain the Reddcoin Github repository, and I’m writing several new systems. I also spend a lot of time interacting with the community on /r/reddcoin.

tipbotI do all of these in my very limited spare time (< five hours a day) because I have a full-time job.”

What are the current projects you are working on?

“I’m working on many things. The top of my list is a website that describes the state of the Reddcoin economy in real-time. It’ll calculate and display many statistics, analogous to economic indicators, that give people an overview of the state of the economy. Statistics include the number of tips across different social networks, the top tippers, the top receivers and many more. I want everyone to have a very clear picture of what’s happening in the Reddcoin economy, down to the very tipping transactions. We will also use it to monitor the effectiveness of our marketing and PR campaigns. It’ll be a very useful tool to quantify various aspects of the Reddcoin ecosystem and that’s why I’ve decided to work on this before everything else such as more tip bots.”

What do you feel makes this crypto-currency unique?

“To answer this question properly, I need to first give a quick overview of the crypto-currency world based on my own understanding. This will be a long answer so please bear with me.

I divide all the crypto-currencies into four categories. The first category includes Bitcoin and to a less extent Litecoin. They are technologically mature and are well into the phase of building out real-world businesses.

The second category includes altcoins whose selling points are mainly technical. Most of them use modified hashing algorithms which offer limited real-life benefits in the economic sense. A few of them are more innovative by proposing and implementing new features in the blockchain to enable new features such as improved anonymity.

The third category includes all the pump-and-dump-ponzi-scheme altcoins. Unfortunately they make up the vast majority of the altcoin universe and come out everyday. They are created by a small group of people as tools to facilitate wealth transfer in deceptive fashion. Altcoin markets are arguably the freest market in the world. They are unregulated and brutal. They are truly zero-sum games (or even negative-sum games after taking into account transaction costs). People playing the games all think “I’m smarter than the average guy.” and they all forget that “price is what you pay; value is what you get.” To quote Warren Buffett, “Only when the tide goes out do you discover who’s been swimming naked.”

The last category includes Dogecoin and Reddcoin. These two are unique in the sense that their economy and ecosystem are mostly driven by the community. Dogecoin, starting from a joke and heavily relying on meme, broke many new grounds in the altcoin world. Their community’s ability to organize various social activities is very impressive. Having said that, I do believe Dogecoin has some inherent flaws. I don’t want to openly criticize it and refer you to a FAQ named “Reddcoin vs Doge”

So, what makes Reddcoin unique? There are many reasons but let me just point out a few. First, Reddcoin had a successful IPOC. The funding is being actively and cautiously deployed to build out the core pieces of the infrastructure and fund marketing campaigns. The huge advantage of the central funding is often neglected and understated. Second, Reddcoin was created with a clear vision to be _the_ social currency. Its design is professional and appeals to real-life merchants and businesses. Third, Reddcoin, at the moment, is _the_ fastest growing community in the entire crypto-currency world. The number of subscribers in /r/reddcoin is growing exponentially. The number of tweets with hashtag #Reddcoin is growing exponentially. Fourth, Reddcoin attracts some of the best people into the community, usually ones who are serious, passionate, patient and hardworking. This speaks a lot about the Reddcoin brand.”

What do you want to see more of from the community?

What can we as the community do to aid the development of this currency?

“I answer these two questions together. In short, I hope everyone in the community can add value to the Reddcoin ecosystem in any way possible. Everyone has different skill sets and can contribute in their unique ways.

Less than 1% of the community are ones who are able to develop, from graphics, stickers, browser plugins, websites to bots and more complicated infrastructure. If you are one of them, please do come forward and volunteer and share your proud work with all of us. There are bounties for some of the core pieces.

These numbers may seem low, but they are still way higher than almost all the other altcoins out there. However given Reddcoin’s vision to become the social currency, we want to see more passive members come forward and contribute. If you have an idea, don’t be shy; share it with us; discuss it with us. If you have made something cool for Reddcoin, come and show us. All your efforts will be greatly appreciated.”

Where do you see Reddcoin in two years?

“Reddcoin will still be here in two years, and it’ll be the ultimate validation of the vision and efforts of the community. In an altcoin world where lifetime is measured in months if not weeks, being able to survive two years is the very definition of success itself.

So where do I see Reddcoin in two years? I hope to see Reddcoin popularise crypto-currencies among the general public and become deeply ingrained in every aspect of people’s social lives. Santoshi admitted himself that Bitcoin is not practical for micropayment. Reddcoin is well-suited to fill this gap. I also know there is a huge amount of work for everyone. The road is long and in the end the journey is the destination.”

Which social media outlets do you think are most important for the growth of Reddcoin?

“None and all of them. One by one we will bring each social network into the Reddcoin economy. Having said that, I do want to mention that we see huge potential and opportunity for Reddcoin in China.”

What are the major current goals of infrastructure for Reddcoin?

“First and foremost, we are working on cloud-hosted APIs (credit to @ReddAPI) that deal with all the complexity and security issues related to creating user wallets, making payment and maintaining balances so that developers can focus on building 3rd-party applications such as merchant tools and online shops.

We are working on the website for Reddcoin economy as mentioned before, and infographics for Reddcoin.

Later on I’ll release more tip bots for various social networks. We’ll also look at adding new features to the Reddcoin blockchain to support “financial contracts’ that open up all sorts of possibilities like a subscription (i.e. recurring payment), escrow, auction and interest-bearing debt.

Finally, I’d like to reiterate the importance of Chinese market to Reddcoin. China is responsible for over 50% of global trading volume of crypto-currencies and enjoys a vibrant and fast-developing industry. We are working on long-term strategic partnership with Chinese Internet companies to both develop infrastructure and promote Reddcoin as the ultimate social currency for the world’s most populous country. It’s also interesting to note that red is the favorite color of the country so Reddcoin’s Chinese name could prove to be a big hit.”

Conclusion

reddcoin-home3Reddcoin is a very ambitious coin, and is growing  fast. Reddcoin community members, known as “Redds” or “Reddheads” are currently working on a campaign to  attract some very well known people to the coin. The project is being funded by the IPCO. I myself own a good amount of Reddcoin and see future value in it.