Purpose

Reddsight is a blockchain that brings together cryptocurrency and existing social networks, and uses Reddcoins (RDD) as utility tokens. Its purpose is to make users’ social lives and access to digital currency easy. Reddcoin achieves this by integrating a digital currency platform with all major social networks. It makes the process of sending and receiving money fun and rewarding for everyone. Instead of sending likes or claps when users like some content, they can instead send coins as a tip.

Their main approach is to be user friendly and give access with simple steps, including a Wallet (Reddcoin Core) to users who would not otherwise be familiar with digital assets. They created an alternative to the Proof of Work and Proof of Stake’s mining process. The Proof of Stake Velocity’s minting process.

 

Strengths

– The project started in 2014 and made the transition from PoW to PoSV in 2016. Therefore, giving it time to test the effects of the new consensus method

– No transaction fees to tip

– User friendly

 

Weaknesses

– Very slow start of mass acceptance. There is little incentive to send coins instead of likes if it is not already the norm (chicken or egg dilemma)

– Low visibility because the target market is not a knowledgeable market in digital currency

 

Network Status

The Reddsight blockchain is in beta.

 

Roadmap

Q3-Q4 2018: Social Wallet (iOS/Android/Desktop), PoSV 2.0, Social Broadcast

2019: Strategic partnerships with gaming industry entities

 

Governance

Reddcoin uses a Proof of Stake Velocity algorithm that they developed which takes into account the velocity of the tokens. PoSV encourages stakeholders to be active in moving their holding.  It improves the health of the Reddcoin economy.

 

Similarities

The PoSV consensus algorithm is similar to NEM’s Proof of Importance in respect to the priority given to users who support the network. Active users with frequent transactions.

 

Notable partnerships

Reddcoin has a partnership with Phore and Lindacoin.

 

Exchange

ReddCoin is listed on BiteBTC, Bittrex, Upbit, Cryptopia, Shapeshift and more.

 

Stack

Reddsight is its own blockchain.

 

ReddCoin Community

Twitter: 72.4k

Reddit: 39.2k

Telegram: 6,364

 

Price history

August 23, 2018: 0.0026$
July 2018: 0.0049$
May 2018: 0.0088$
Jan 2018: 0.0116$
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This document is intended for informational purposes only. The views expressed in this document are not, and should not be construed as, investment advice or recommendations.