Reddcoin’s journey could provide a template use case for altcoins in general
by Jay “TechAdept” Laurence, COO, Reddcoin
If there were one word to characterize cryptocurrency Reddcoin (RDD), it would be “reinvention.”
For starters, from its inception, Reddcoin’s use case was to revamp online content tipping. It provides a way for people to show their appreciation for quality digital content in as much as they can afford, instantaneously and without a steady commitment or subscription as is often the case on legacy tipping platforms. But as the social-sharing cryptocurrency moves into 2019, the brand is announcing a new look: one that seeks to leverage Reddcoin’s user-friendly interface into a platform that welcomes cryptocurrency enthusiasts and the general public alike.
For any new product to enjoy widespread adoption, it needs to seem both accessible and applicable to daily needs. Ten years after Satoshi’s influential whitepaper on Bitcoin, to most of the public, cryptocurrency is still largely esoteric at best and at worst, some sort of geeky in-joke. As we head into 2019, cryptocurrency occupies a similar space in the public consciousness as the Internet in 1992: there, but seemingly irrelevant to the average person. Reddcoin’s goal for 2019 is to lift cryptocurrency out of this pigeonhole and into a use case that does not simply seem within reach — but also into one that feels familiar.
Phase one of Reddcoin’s campaign to bring cryptocurrency to the people is its signature crypto wallet ReddID. First unveiled to the public on October 1, the project goes beyond being a handy way to organize cryptocurrency accounts. ReddID integrates across social media platforms to allow users to reward choice content. But also, it’s an introduction to what could be a general use case for cryptocurrency and related technologies. ReddID is the first technology to date that can simplify digital wallets by associating them with a user’s name, as opposed to a lengthy string of digits and letters. It offers a digital storage of wealth that offers one-click access and superior security to existing platforms reliant on cookies and saved credit-card data.
With ReddID, rather than having to memorize a 16-character alphanumeric jumble of characters — and if forgotten, good luck recovering that code — the Reddcoin team were pioneers in creating a digital wallet that allows for a basic username. “At the end of the day we were the first — and will remain the first — to register a name that correlates to a wallet that can be used by somebody just typing in that name,” TechAdept continues. “It’s that mechanism that we really think is going to lower the bar on complexity for users to be able to send funds back and forth, as well as pay content creators.”
As any fan of hit HBO TV series Silicon Valley knows, however, many a startup suffers its share of growing pains. Reddcoin hasn’t been immune. In the weeks following the ReddID launch, key players have come and gone. Other members of the team were left to iron out any final bugs in the ReddID platform. By and large, those wrinkles have been smoothed out though, and Reddcoin is on track for its goal of bringing cryptocurrency to the masses.
“Our focus really has been to make this product, and make it accessible,” says Jay “TechAdept” Laurence, Reddcoin chief operating officer. “We can expect from the beginning of 2019 onward that Reddcoin will be positioned to be an easy-to-use, reliable, user-friendly piece of software that grandmas and fourth graders will be able to use, if not also find and install.”
Another facet of ReddID’s accessibility is its network-agnostic platform; the wallet integrates across major social media networks, including Facebook, Twitter, and Reddit, which further allows for an easy way to allow for social tipping, as well as logging in. Social media integration makes sense for other reasons beyond convenience, though. People go on social media because, at least on some level, they are addicted to the endorphin rush of receiving likes and hearts on their posts and doing the same for their contacts. ReddID takes this rush to the next level with its microtransaction functionality, which allows for free tipping without overhead costs.
At its essence, ReddID is a way to integrate cryptocurrency into mobile payment platforms that you already use such as Venmo or PayPal; but for zero fees and hooked up to your Twitter, Reddit, or Facebook account. You could use Reddcoin cryptocurrency for everyday uses such as paying your coworker for your pizza at lunch or your roommate for the electric bill. But also, you can throw a few cents over to a YouTuber who did a rousing takedown of some 90s one-hit wonder.
“There is a product in the fiat world called Patreon that’s very popular,” TechAdept explains. “ReddID and Reddcoin offer an egalitarian version of that type of crowdfunding: we don’t require that a percentage get taken out, or funds getting locked up arbitrarily.” ReddID and Reddcoin users can also earn RDD by allowing the company to access their hard drives for extra data storage.
It’s this ethos of mutual benefit that has driven Reddcoin and, as the company moves from a largely volunteer staff to having longstanding professionals on board, remains at the forefront of its decision-making. TechAdept positions Reddcoin in contrast to the number of botched initial coin offerings (ICOs) over the past year; some of which have resulted in SEC enforcement. “So many projects have been built along the lines of, “’We have this idea. Let’s make a ton of money off of it’,” he notes. “Our approach has always been, “let’s build this idea and give it to the masses”. That’s a differentiator that I’m very proud of, frankly.”
Does ReddID provide a new way to think of cryptocurrency? The minds behind Reddcoin have spent the past several weeks fine-tuning the platform for them to hope as much. At the very least, the firm offers a fresh way of thinking about business.
“We offer a purity of vision, altruism, and generosity,” TechAdept says. “I try not to blow my own horn too much, but we’re just doing this to help people.”
The Internet has helped revolutionize digital commerce, content creation, and personal interaction. Some 25 years ago, it was largely the domain of computer geeks. Come 2019, cryptocurrency is at a similar juncture. ReddID hopes to achieve this ideal of reinvention for good, helping the decentralized Web achieve the lofty goals it set out roughly a decade ago.