How to Use Reddcoin and Look Like an Expert
If you are just starting out in the cryptocurrency world, you might wonder how exactly you can use what you have been mining.
There are so many options out there for which currency to use, and you might feel intimidated even after making a selection for which format you prefer.
Reddcoin is one of these crypto options and offers a number of platforms for you to start using it.
Whether you plan to stash your Reddcoin pile or use it as a tipping platform, we’ll show you how to properly utilize this type of cryptocurrency.
What Is Reddcoin and How Can You Get Started?
Reddcoin was started in 2014 by a group of volunteer developers anxious to make their mark in the world of cryptocurrency. They created Reddcoin to become the first blockchain platform that uses social IDs specifically for social media tipping.
The pre-release format has existed for a couple years, and in September 2018, Reddcoin plans to release the first publicly available version of their currency exchange platform. With this platform, those who use Reddcoin can register their own unique ID on the network. The same “ReddID” can then be linked through a number of different social network profiles, including Reddit and Twitter.
With just a single click of a button, you can send tips to all ReddID users whose accounts are linked to their content creator handles. You can also invite all of your friends to create a ReddID if you would like to link with them and share the same crypto platform.
The ReddID Tipping System is available through the Google Play store as an extension. All you have to do is click one and it will be installed on your browser, ready for use. You’ll also be able to keep your RDD in a light browser wallet. This takes away the inconvenience of waiting for a blockchain sync and lets you get back to what you were doing.
What’s the Best Way to Start Using Reddcoin?
To start using Reddcoin, you’ll first download the wallet to your desktop platform of choice. You will be able to choose from four operating systems: Windows 32-bit, Windows 64-bit, iOS, and Linux. Once you follow the basic installation instructions, you also have the option of blockchain synchronization. Reddcoin’s website contains a wiki on how to follow through with this procedure.
When your wallet is completely installed, you’ll need coins to work with. You can find these on several different crypto exchange sites. Reddcoin recommends Cryptopia, Bittrex, and Upbit for the transfer and purchase of Reddcoin tokens. The same wiki with the blockchain sync instructions also contained a full list of exchanges where you’ll be able to find Reddcoin.
After you’re set up with an amount of token, you can start using them. While Reddcoin is designed around tipping, it can also be used for small payments and purchases.
What Is the Goal of ReddCoin and How Do They Reach People?
Reddcoin is designed for four main purposes. We’ll detail each of them in the sections below.
Reddcoin wishes to exist as a tipping platform with three specific goals. First, they want a fair distribution of the Reddcoin token currency to everyone, including investors, miners, and tippers. They want to make an algorithm that keeps the network secure and encourages participation, decentralization through PoSV, and ownership. They also want to maintain a team of dedicated developers who can be trusted with the necessary security for a crypto exchange platform.
According to Reddcoin, they have succeeded with all three, and they want to move to the second phase, which is providing services for people to use Reddcoin in their lives. This is where their Social X system comes into play.
For Social X to work, Reddcoin wants to work on the problems of blockchain size, cold storage, portability, and backup. Blockchain size has been a common problem in the crypto community, discouraging people from maintaining a full wallet for their continued use.
As it stands right now, wallets will generate random keys. When a user begins normal or staking transactions, they need to back up the .dat files on occasion to be sure that all their new keys are saved with them. Reddcoin needs to know how to recover any lost funds if the .dat files become corrupted.
Because of the random nature of key generation, there isn’t a way to share the same .dat file across different devices. This causes problems if you want to move Reddcoin from your Windows PC to an Android mobile phone. It’s impossible to sync these files.
Have you ever tried keeping multiple physical wallets in your possession? Probably not, and why would you be expected to do the same for a crypto wallet?
Proof of Stake Velocity (PvOS)
The term “PvOS” was mentioned before, and now, delve into what it means relative to Reddcoin. Proof of Stake Velocity is an alternative to Proof of Work or Proof of Stake and aims to combine the two concepts into a more efficient method of network security and transaction confirmation.
By taking the velocity of money into account, Reddcoin avoids the pitfalls of Proof of Work and Proof of Stake. PoSV is designed specifically for Reddcoin and is not meant to replace other methods of transaction confirmation in other crypto formats. Proof of Stake Velocity means to consolidate different forms of coin-aging, helping implement all necessary economic functions inside a system based on Reddcoin.
PoSV helps the nodes get to a faster consensus by showing preferential treatment to a head block that displays the biggest total of tokens used in all transactions. This way, PoSV eliminates mining across multiple forks. Without splitting paths, the entire mining process goes faster, and user efficiency is increased.
How Do You Register a Name on Reddcoin?
If you need to know how to begin working with Reddcoin, walk through the introductory process. Make sure everything you need is already installed on your platform of choice.
Registering Your Username
Registering a username for Reddcoin is done at the blockchain level. You’ll be adding all of the necessary information in the transactions that are contained within a given block. With this, all Reddcoin wallet clients can send the currency directly to another Reddcoin username. This step skips the need for an address, bypassing additional information and getting currency to your friends faster and easier.
Although this does reduce the amount of info you have to type in for sending currency, there’s more at play with the Reddcoin username system.
Redd-ID Username and Social Media Accounts
Along with plugging in the username to the registration field, the blockchain accepts the social media handles for several different platforms. You can add someone’s email address, Twitter handle, and Reddit name all in one account. With these entered, your Reddcoin account is automatically linked to all of your existing social media profiles.
Although this is convenient, there’s another layer necessary for security. Just because you’ve entered a certain Twitter handle doesn’t mean that you are proven to be the owner of the same account. Furthermore, anyone could essentially take your own name from Reddit or Discord and plug it into a blockchain, disabling your own use.
Social Media Account Verification
The use of defined key pairs inside the blockchain level is what Reddcoin utilizes for account verification. If you’ve ever worked with Keybase, you’ll know how this process works. Defining the key pairs, public proofs of ownership can be established across multiple accounts at once.
Unlike OneName, Reddcoin uses public key cryptography instead of plain text. This works in your favor and provides more security when keeping your social media handles safe.
How Does Reddcoin Look Against the Competition?
The fact that Reddcoin is ready to launch across several different platforms is good news, even including Linux in the desktop options. You will want to see what they have to do about how to properly enable microtransactions between users. They plan to stand out from other cryptocurrencies with their integration of multiple identity proofs.
Overall, the linking of social media handles to Reddcoin usernames at the blockchain level is a unique and ambitious feature that helps Reddcoin stand out from their crowd. Expect many bumps on the road ahead of Reddcoin, which is a given for a brand-new platform in an industry that still hasn’t figured out how to appeal to the public.
The simple phrase “social media” can bring new eyes to the use of cryptocurrency. While crypto-language can still be alienating to many who are not familiar with the movement, almost everyone has some form of social media handle. If this can be used as an introduction on how to enter a life using cryptocurrency, Reddcoin may have found gold.
As long as their development skills match their passion, Reddcoin will be around for a while. Find out how well their implementation of multiple accounts on one username can work across content creation websites.