What Is Reddcoin?
proof of Stake Velocity much referred to as PoSV is offered as an alternative to Proof of Work normally called PoW and Proof of Stake abbreviated to PoS to ensure the security of the peer-to-peer network and confirm Reddcoin transactions, a cryptocurrency specifically created to enhance social interactions in the digital period .
The PoSV is designed to encourage both Stake i.e. ownership and Velocity i.e. natural process which is directly related to the two main functions of Reddcoin as a real number currency which are being a medium of switch over and having the timbre to store monetary value. Reddcoin besides functions as the unit of measurement of account in heterogenous social context.
Reading: What Is Reddcoin?
The technological parts of PoSV are neatly presented after a detail review of designs that existed before it. The economic parts of Reddcoin are then thoroughly analyzed. The alone position which makes Reddcoin serve as a digital social currency in the competitive world of cryptocurrencies is ultimately discussed .
Bitcoin recently graduated to being the most hash out and in some cases controversial topics. always since Satoshi printed his bitcoin estimate on a newspaper in 2008, Bitcoin has developed from a technological experiment which interests only a few computer enthusiasts to what is now arguably the most authoritative invention by most people .
recently, diverse types of Bitcoin ( altcoins ) are created about everyday which has led to the egress of a wholly new industry of altcoins such as trade exchanges, mining pools, gaming websites etc. not so many topics today can be american samoa polarizing as cryptocurrency. Some of its merits offered by technologists are considered a crime by economists .
People who believe in cryptocurrency constantly consider it a apparent motion while disbelievers much regards it as a fad. While one group defends it dogmatically the other will be against it in kind which makes either camp think of the other as being intellectually lazy to see what they see and This major obstacle has hindered cryptocurrency from being accepted by the general public .
Most of the invention in the global of cryptocurrency has been about entirely technical. Technologists have put forth improvement on assorted sections of Bitcoin, such as new hash functions replacing SHA256 and new mechanism alternatively of Proof-of-Work. Very few cryptocurrencies have been designed to address the economic and social aspects of being a real currency. Reddcoin, at the time of writing, seems to be merely one. This paper is written with three goals in judgment which are :
1. providing a broad overview of the current issues surrounding cryptocurrency, both technological and economic, which was missed by the master designers .
2. to address these issues with proposals which require coordinated changes in both low-level network protocol and high-level economic and social ecosystem .
3. to encourage a more capable and objective discussion of cryptocurrency by the general public and promote a more complete think for future initiation in cryptocurrency world .
The rest of the composition is organized as follows. section 2 describes the merits and demerits of Proof-of-Work ( PoW ) and Proof-of-Stake ( PoS ) from both economic and technical points of view. PoSV is then proposed to address those demerits in the context particular for a digital social currentness .
The technical plan choices of PoSV are given in wide strokes. section 3 addresses the commonest criticism by economists on cryptocurrency and shows how Reddcoin and PoSV in conjunction provide new answers opportunities for social research in general .
section 4 places stress on the major differences between Reddcoin, a digital social currency which focuses on consolidation with human social interactions and aims to make concrete and add quantity to people ’ s intangible asset of social influence, and the common digital commercial currencies which aim to foster transactions of goods and services and offer security from hyperinflation .
Cryptocurrency uses the cryptography principle to execute a decentralized, distributed and secure cash organization. It provides solution to the double-spending problem in a circulate ledger by introducing a mechanism which secure the net against 51 % attacks and Distributed Denial of Service ( DDoS ) attacks .
Proof of Work – proof of Work ( PoW ) are pieces of data which are costly to produce so as to satisfy specific requirements but are superficial to verify. Bitcoin uses the Hashcash PoW. Mining which is the work of producing PoW, is very vital in creating, distributing and securing Bitcoin and many of its variants. The major criticism of PoW mining is in its massive energy wastage which results into a bombastic measure of money which can not be recovered. In addition to wastefulness stated above, there are a lot more reasons why mine remains a very controversial aspect of PoW cryptocurrencies .
Mining Arms Race – mine, due to many factors, is highly competitive and it has undergone so many evolutions since the insertion of cryptocurrency in 2008 which depends on the sum of energy required, prison term it will take to recover mine monetary value etc. During the identical early on age of Bitcoin, CPU was used to carry out the mining operation but when mine became available on graphics cards ( GPU ), mining on CPU was seen to be loss-making .
Application Specific Integrated Circuit ( ASIC ) are designed to carry out PoW calculation at several magnitude higher rush and lower department of energy cost started to emerge and soon rendered GPU mining disused. Miners who can not afford continuous hardware upgrade due the constant changes taking put in mine could not recover initial investment. This ceaseless changes have seen so many hashish functions starting from SHA256 used in PoW of bitcoin to use the Scrypt hash function .
Scrypt was initially touted as “ ASIC-resistant ” due to its heavier memory custom. It is now known to be “ ASIC-ignored ”. ASIC is designed and manufactured to perform all the hashish functions but its introduction barrier is all fiscal and not technical foul. Unless there is sufficient market necessitate for mining Scrypt-based cryptocurrencies, it ’ randomness merely financially unprofitable for manufacturers to invest in the production of such ASICs. The necessitate of the market has seen ASICS thrived as the demand for script based functions are few .
Proof of Stake – Proof-of-Stake ( PoS ) first introduced in Peercoin is an option to PoW. The resource used by PoS is referred to as “ coin historic period ” which is currentness amount times holding period. Like energy, the mint age is besides expensive to amass in large quantity. One crucial feature of PoS is the significant reduction in energy consumption. There is besides a better conjunction of incentives between miners and stakeholders because miners are immediately the stakeholders. PoS however has several limitations which are initial distribution, hoard, wide nodes and mine on multiple forks .
Proof of Stake Velocity – The speed of money is the frequency in which a unit of currentness flows through the economy while being used by members of the company within a given period. Everything being adequate, a higher speed of money indicates a more brandish economy, richer members and a healthier fiscal system. The convention to measure speed of money in a given time frame is the surveil : VT = nTM where VT is the speed of money ; nT is the aggregate fanciful of transactions and M is sum amount of money in circulation. In other words, given a fix measure of money in circulation, speed of money must be increased in order to increase the size of the economy .
There has always been across-the-board argument about Bitcoin. Economists remain unconvinced of Bitcoin ’ randomness condition as a real currentness. Reddcoin and PoSV are created to address some of those issues and offer modern angles to re-examine the questions .
Medium of Exchange – There is a consensus on Bitcoin ’ second function as a culture medium of exchange. In fact, about all the merits of Bitcoin talked about today boil down to how it acts as a better medium of exchange, e.g. ball-shaped scope, lower fees, much quicker transaction and easy to use. Mining bitcoin with a huge total of energy makes economist considered bitcoin to be a drastic degeneration. In comparison, PoS and PoSV mine necessitate small energy consumption and can be done by any average user on any computer and even mobile device .
Unit of Account – Reddcoin is designed to fill col in becoming the first digital currency integrated with all major social networks and serving as the “ unit of account ” for sociable interactions in the digital old age. Inside the stagger daybook of Reddcoin, transactions can be read not only in arrant fiscal terms but besides as proxies for human behaviours. sociable scientists have since been looking for a way to track, study and organize human social behavior in the large scales. Reddcoin offers a singular ball-shaped platform for these areas of research and open up new possibilities for value-add services .
Store of Value – Economists are identical disbelieving of Bitcoin ’ s function to store value. They compare Bitcoin with the US dollars and gold and point out its lack of a fundamental floor of the value. What will a floor on value of Bitcoins very be ? Terms such as PoSV, PoW or PoS in itself does not provide a fundamental floor for cryptocurrency value. Due to PoSV which is specifically designed for Reddcoin makes it enjoy a floor of its value due to its determination of functioning as the global allow currency of human sociable influence .
Deflation vs Inflation – It can not be considered as money if it can not be discussed in terms of inflation. Bitcoin and most of its variants were created with a deflation model where the sum come of the cryptocurrency is capped. Bitcoin has developed into a modern digital version of the gold criterion universe in which the supply of money is fixed rather than subject to increase via printing iron .
Supporters of bitcoin believe deflation is a virtue in preserving the value of Bitcoin against inflationary decree currencies thereby making it a better storehouse of value. PoS and PoSV both uses an ostentation model with repair nominal interest pace. For exemplify, Peercoin adopts a nominal matter to rate of 1 % per annum compared to PoSV ’ s 5 %. cardinal banks of develop countries like Bank of England, Federal reserves and european Central Bank have a long-run ostentation target of around 2 % .
PoSV chooses 5 % because Reddcoin should encourage more outgo i.e. social interactions, than early cryptocurrencies which do not share this goal and besides given the global nature of social networks which form of users in both develop and emerging markets, 5 % seems to create a proportion. The monetary system of Reddcoin is not designed to make people who hold money rich, but to foster transactions and ensure the Reddcoin economy as a solid rich .
Digital Social Currency
Social vs Commercial – A commercial currency is the coarse currency imprint and its primary routine is to enhance transactions in exchange of goods and services. Bitcoin and its respective types nowadays serves as the latest invention of commercial currencies and is recently competing tete-a-tete with decree currencies like USD and EUR, for shares of commercial transactions in the ball-shaped economy. A social currentness in its nature is wholly different .
Getting Started With Reddcoin
Reddcoin is the social currency that makes digital currency easy for the general public. It achieves this by integrating a digital currency platform seamlessly with all major social networks to make the process of sending and receiving money rewarding for everyone .
Proof of Stake Velocity – An innovative algorithm that encourages both possession ( Stake ) and action ( Velocity ). PoSV solves issues in traditional PoW & PoS algorithm and eliminate wasteful consumption of electricity for mine .
Tip Platform – A decentralize tip chopine that allows people to send and receive digital currentness on social networks to anyone in the earth and to support content creators through donations .
Redd-ID – A singular service provided at the blockchain level which allows a user to associate a username with rich information including public keys and social net identities .
ReddWallet – A state-of-the-art wallet that provides assorted social features to increase date among users which improves security of the decentralized network .
Reddcoin was conceived to be a full-fledged social net coin – or as we like to say, The Social Currency. The developers are presently building a hub that will manage the diverse social media tipping accounts that will be created on Facebook, Instagram, YouTube, etc. The plan is to make Reddcoin into a hybrid of e-currency/crypto, reward points, etc. Basically, Reddcoin will be internet points with actual monetary prize. Already, tipping has been enabled on Twitter, Twitch, and Justin.TV, equally well as here on Reddit.
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The theme is to have a arrangement that makes it easy for people and businesses to auto-tip people, re-posts, etc. then people can use their Reddcoins on websites to purchase items or use them in games like Freemium games in topographic point of purchasing in-game credits. This would benefit businesses, developers, and users alike. If you buy credits in-game or for a specific locate, you ‘re stuck to using them in lone that stead. With Reddcoins, you could potentially use them any number of places, helping relief fears over buying game or locate credits .
The design for Reddcoin is to basically be the internet ‘s official “ like ” push button. Can you imagine being tipped on Instagram for your painting upload, on Facebook for your localization check-in, on YouTube for a cockamamie television you uploaded, on Reddit for your witty comment, etc. ? now imagine being able to exchange those Reddcoins immediately for physical goods or endowment cards. Or even transferring all your Reddcoins to a bet on you love playing. You would be getting paid for things that take zero effort or that you are credibly already doing for rid anyhow .
How To Get A Reddcoin Wallet?
Step 1 – Wallet
Install the Reddcoin Core 220.127.116.11 wallet by selecting one downstairs and follow the steps in the installer .
After installing, the initial blockchain synchronization can optionally be sped up by following this bootstrap guide .
Step 2 – Coins
Reddcoin can be obtained from one of the many exchanges it is listed on .
The top three exchanges ( in volume ) are :
A complete list of exchanges can be found on this wiki page .
Step 3 – Use
Reddcoins can be used in several ways : e.g. tip and ( micro ) payments / purchases .
How To Buy Reddcoin?
Reddcoin is the social currentness that enriches people ’ s social lives and makes digital currency easy for the general populace. Reddcoin achieves this by integrating a digital currency chopine seamlessly with all major sociable networks to make the march of sending and receiving money fun and rewarding for everyone .
By focusing on being a currency for social network, Reddcoin will, most probably, become the currentness for these systems, and therefore the currency for the microtransactions they power .
Using the form above embark the sum of Reddcoin you want to buy or the come of australian dollars you want to spend and click on ‘Buy now ‘ to complete the requital .
The requital is easily completed on-line in minutes by POLi Payments a business from Australia Post and after payment is complete the coins will be sent to your CoinSpot on-line wallet immediately .
If you do n’t have your own wallet you can sign up for a complimentary account using the ‘Register ‘ button at the top of the page to create a rid on-line Reddcoin wallet. You can withdraw your Reddcoin from the on-line wallet at any time .
How To Earn Reddcoin?
- Try your luck with all the faucets on the sidebar
- Sell your services/products for ReddCoin
- Contribute on a platform with a ReddCoin Tip Bot (Reddit, Twitter, Twitch) so others can tip you
- Convert BTC to RDD on various exchanges like Cryptsy.com
- Buy ReddCoin directly on WeSellRedd with Paypal
What Is Reddcoin Mining?
No mining pools available, the coin is now PoS merely .
Latest Reddcoin News
Reddcoin project to-do list and details
Dear fellow Reddheads :
Hereby I provide details of the items on the disturbance list of the Reddcoin project. I list the items, which you can think of as mini-milestones, in ascending club of expected delivery fourth dimension. For each item, I provide a description, an estimated difficulty evaluation ( for the aim of a benchmark, I rate the difficulty of implementing PoSV as 10 ) and the people responsible if any .
As you will see, there is huge amount of workplace in the pipeline. All the developers are more productive if they are happier. Support and understanding from the community will make developers happier and more volition to commit their plain clock time. Do not harass any penis of the dev team with accusation, abuse or any other aggressive behavior .
1. browser wallet, difficulty = 8, creditworthy person = @ tralf, implements a hierarchical deterministic ( HD ) wallet that supports BIP32/39/44, SPV block and transaction establishment and communication protocol with Electrum server. The Chrome translation will be finished inaugural, followed by Firefox and then Safari .
2. Qt HD wallet, trouble = 6, creditworthy person = @ laudney, converts the existing Qt wallet into a HD wallet that supports BIP32/39/44. It removes the need for key pool and requires significant change to Qt GUI that can be quite time-consuming. As a bonus, the execution will be based on Bitcoin 0.9.x ramify .
3. Redd-ID, trouble = 10, responsible person = @ laudney, implements ID registration inside Reddcoin blockchain that supports association between social network identities and Reddcoin addresses to lay the foundation for universal joint micropayment across all social networks. This will be implemented in the full-node Qt wallet first .
4. PoSV 2.0, difficulty = 7, responsible person = @ laudney, implements a much needed enhance version of PoSV inside Reddcoin blockchain that rewards active agent stakers with interests of the full money supply. For example, if only 50 % of the Reddcoin are staked, those Reddcoins will generate 2x interests, i.e. 10-12 %. This will be implemented in the full-node Qt wallet first .
5. accompaniment for Redd-ID in the Electrum protocol, trouble = 9, responsible people = @ laudney and @ tralf, allows Electrum clients ( e.g. the browser wallet ) to receive Redd-ID information from the server and save it in a local datum store for search operations .
6. universal micropayment platform, trouble = 10, responsible person = @ tralf, implements a browser annex that allows micropayment to any user on any social net by bringing in concert all the functionalities of the stay of the Reddcoin infrastructure .
1. Android wallet, difficulty = 9, creditworthy person = @ lionzeye, implements an Electrum HD wallet that supports BIP32/39/44 for Android devices. This is the subject of @ lionzeye ’ s graduation dissertation .
2. io wallet, difficulty=9, creditworthy people = @ raid5 and others, implements an Electrum HD wallet that supports BIP32/39/44 for io devices. @ raid5 has already written the GUI. We are looking for feel io developers to take on the execution of BIP32/39/44 and Electrum protocol .
3. support for Redd-ID registration on Electrum wallets ( in addition to full-node Qt wallet ) and allowing Electrum servers to earn registration fees, difficulty = 10, creditworthy person = @ laudney .
2. reddsight-api, difficulty = 5, creditworthy people = @ bigreddmachine and @ laudney, a host blockchain API for Reddcoin, can be used to monitor blockchain and broadcast newly created transactions .
3. reddsight, trouble = 5, creditworthy people = @ bigreddmachine and @ laudney, a host blockchain explorer that usesreddcore and reddsight-api.
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4. nodebb-plugin-reddcoin, difficulty = 5, responsible person = @ Gnasher, a plugin for reddcointalk.org that adds tip buttons to users, posts and comment .
5. Python library for Reddcoin, difficulty = 6, looking for upholder .
6. PHP library for Reddcoin, difficulty = 6, looking for upholder .