A really great opinion article was written about REDDCOIN on Reddit
. I thought it would be nice to share this:
Cryptocurrency and the associated blockchain technology are very new and exciting investment opportunities. Because It could potentially disrupt the whole financial system by empowering common people. But there is a small problem. Crypto is SO new, and has such a low barrier of entry, that many new investors don't know how to view their investment. Which often result in people panicking for the smallest thing. But worry no further. It's basically simple.
Investing in cryptocurrency is like investing in a start up technology company with a twist. Imagine for a moment that there's an open source startup company called LaudneyTech. It is a new company, with a great idea. LaudneyTech wants to change the way we reward people doing great things on the internet by introducing decentralized microtransactions. So LaudneyTech wants to create a product called Reddcoin. And in order to fund it LaudneyTech does an IPO (Initial Public Offering) with a twist. The stock of this company, IS the product.
Soon LaudneyTech created the fully functional, but rather basic product, and gave away part of the total stock. The product is based on a product that is already well-tested for 3 years called Bitcoin. So now the software is here, the ideas are here, and LaudneyTech is growing. Soon even more people invest in Reddcoin by using their computer's processing power. This is called mining. Now all the current stock has been "generated", and has intrinsic value because it resembles used processing power.
Now that all the stock has been generated LaudneyTech runs into a problem. In order for it's product Reddcoin to function, it needs to be secured. One of their competitors called Peercoin has already found a solution to this problem and made it open source software, so anyone can use it. Peercoin calls this technology POS and it is truly amazing. In order to secure their product, every stockholder that has their computer connected to internet helps to secure the network, and gets rewarded for it. This is called minting. But POS still has some problems. For example POS doesn't promote being an active part of the network. LaudneyTech saw this, took the opportunity and created POSV. Which is a considerable improvement. There is,however, still some work to be done, but for now it works great.
LaudneyTech now has laid a strong foundation to build on. In order to better represent their vision, it is now dubbed Reddcoin - The Social Currency.
In the following months many new services were launched revolving around Reddcoin.
A tool is released which allows you to do social marketing for free called Reddcoin Broadcast.
ReddAPI is released allowing developers to easily use Reddcoin.
The community site Reddheads get created.
A new block explorer is released, which allows you to easily check transaction history of any ReddCoin address.
Reddcoin can now be easily bought in FIAT using Paypal and exchanges like Cryptsy.
The basic Reddcoin Tip Platform has been launched! (Chrome) (Firefox)
The Electrum Wallet & Social Wallet have been released!
A payment processor called Litepaid now accepts Reddcoin!
Services like Coin4Coin and SimpleSwap launch to easily exchange crypto.
Rdd.pw, an url shortening service for Reddcoin services was born![/li][/list]
And much much more.
Here we are now. 7 December 2014, not even a year after Reddcoin launched. The price for Reddcoin has fallen a bit, but it's real value has increased tremendously. The only thing stopping Reddcoin right now are some small growing pains. Mainly one big "Shark" who gains money by creating a massive buy and sell wall. But as bit by bit of the big Reddcoin puzzle come together. These growing pains will resolve themselves. Reddcoin may fall and rise, but I believe the future is bright.