Why Reddcoin?

Hi Reddheads,

For the sake of fun/research, I just wanted to ask a simple question. Why Reddcoins? Give simple listed reasons and why choose it over other cryptocurrency and what are your hopes?

Forgive me if this query has been posted before.

Good Redd,
Daniel

lynxlee
From the ground up
Reddcoin is a ~decentralised~ social network tipping platform

For tipping, it is a natively fast transaction coin that was designed for speed and distribution.
There is commitment to the cause from the developers of the coin, while others build upon the technology

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I’m relatively new to Bitcoin, Reddcoin…and all of this in general so please don’t go all mad at me if I say something wrong which I probably will. This is coming from a perspective of a 20 year old who is not interested in gaining money, but is very excited that this actually exists.

The things I don’t understand is why is every coin trying to make itself stand out by saying it’s decentralized? Literally, if you go on any coins site, the first thing you see that the coin is decentralized. Of course, the fact that is decentralized is awesome, but it loses meaning and value to the normal costumer if everyone is saying they are decentralized. It’s like a bakery saying they sell fresh bread, but if you go to any other bakery, you can get fresh bread there too.

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Reddcoin allows holders (NOT miners) to bake their own “bread” through POSV… Most others require a trip to the bakery (miners).

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kikimania22 The idea of decentralized is kinda like Torrent. If you’re familiar with P2P, it’s pretty much the idea that not one group is managing, owning or benefiting the tech - but if everyone chips in to help; everyone is helping each other. (You can’t sue me alone, you’ll need to sue everyone if you think I’m doing wrong)

So in a non-technical way of explaining it, if I use my computer to download “Reddcoin Movie” - what I’m doing is downloading from the nearest to me (assuming someone in Singapore is actively downloading/uploading) and then once I download, I’ll upload as well - others in Malaysia will download much faster. Speed is one of the benefit.

Another benefit, Trust. We all want the same thing, so we take and give the same way - we aren’t depending on one person. Bitcoin is one great example where the idea of a digital number… is now exchanged for real FIAT currency. Who regulates and handles it? Everyone, the exchanges are simply providing the service to help the market cope with demand and supply. We drive the market - not the government, not the big corporations and so on.

I like that decentralized means somewhat transparency as well. Most currency are not able to be tracked, and there are fake bills. Cryptocurrency has the mechanism to ensure every transaction is correct and true. The blockchain logs down every transaction, so it is tracable - so that there isn’t any hanky panky. That being said, there’s all these anonymity by Darkcoin, Blackcoin, BitcoinDark and all the others having extra features in case you wanna hide your address (some security conscience fellas would) - personally, I prefer transparency - so that we could do away with corruption (I’m from Malaysia - need I say more?)

Anyhow, just letting you know what I learn about Cryptocurrency (& Torrent) “Decentralized” from experience.

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Reddcoin may be the first to gain adoption by the masses with their social tipping platform. You don’t need to be tech savvy in order to participate in minting, unlike with other coins with proof-of-work mining process. With the dedicated staff, I’m quite sure they’re on to something!

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lynxlee Thanks so much for your awesome explanation!!

For me, I chose Reddcoin because I believe in empowering individuals, especially artists and content makers. Reddcoin can definitely change the way we show our appreciation to other people on the web, so instead of “likes” we give “tips”

I think showing how many “likes” something has makes a big impact on whether someone will also “like” it or not. I think we should also show how many “tips” someone gets, maybe on the tip button? It shouldn’t show the actual amount of tip, just how many times someone actually tipped the person for that particular content.

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Tipping is cool and reddcointalk.org is very neat !