Reddcoin is a cryptocurrency that aims to be the social network cryptocurrency on the internet, encompassing all things social. Their final goal is to integrate with every social network to make easy to send and receive money using the internet through any of the big social networks out there, acting as a bridge between social interactions.
In practice, Reddcoin is a social network tipping platform that lets you seamless interact with another people and tip them in social networks with RDD, the cryptocurrency of the system. This with the objective of rewarding them for useful information posted or just because you liked it. Reddcoin is an easy way of making a micropayment for this reason.
Of course, you can do it using the same currency of these social networks, like giving Reddit coins or doing it in another way. The interesting thing about Reddcoin is how easy is to use: Reddcoin is designed to substitute and overlay like buttons with options to reward and sed people Reddcoin.
This is a natural way of introducing people to cryptocurrencies and solving the onboarding problem in one shot. The onboarding problem refers to that initial barrier that the cryptocurrency newbie faces when trying to change their fiat to crypto. With Reddcoin’s approach, there is no such problem because crypto is given and ready in people’s wallet.
How Did They Do It
Reddcoin uses a special software called ReddID, a kind of unique identification software that functions as your passport for getting ID services that let you receive and give tips in the Reddcoin Network.
For this purpose, it acts as a middleman between Reddcoin users and social networks, letting users tip and be tipped just with the touch of a virtual button. The option is already available on social platforms like Twitter and Reddit, and developers are actively working to add more and more options in the future.
They achieve this using a Chrome extension that overlays its functionality on the sites that it needs: so the Facebook like button is turned into a tip button. The same happens with the Twitter Like button.
ReddID is also connected to the user’s wallet, letting them receive and spend their funds instantly. Reddcoin is also a legitimately trading cryptocurrency, so if the users want to trade or exchange it, it is possible in most medium to big size exchanges.
Frictionless Direct Payments
Reddcoin is also a neat way for content creators to monetize directly, without the need for a third party institution to get their money by taking a cut, like Patreon. With Reddcoin, creators have at their disposal a platform agnostic tipping platform that lets the have immediate control of their whole funds, with Reddcoin collecting no fees or cuts from them.
Reddcoin constitutes a nifty solution to the problem of tipping and an integrated platform for content creators to leverage. In the future, they expect to add more functionality by expanding to more social networks and content creation sites.