Reddcoin markets itself as a „social currency for the digital age.“ As such, it is designed to be used on major social media platforms like Instagram, Twitter, Reddit, and Facebook. From a marketing standpoint, the currency is fairly straightforward; it is not unique in hoping to harness social media in this way.
However, Reddcoin does provide an interesting technological feature. The „PoSV,“ or proof of stake velocity algorithm, is a new means of validating blocks. Traditionally, coins have used proof of work or proof of stake (bitcoin and ethereum are mined using these two methods, respectively).
Reddcoin makes use of both ownership and activity to situate value. Validating blocks on Reddcoin is a process known as „minting,“ not „mining.“ One benefit to PoSV is that it takes significantly less computing power than mining does; it can even be completed on mobile devices. As such, every Reddcoin user is automatically a minter. And the more Reddcoins you own, the greater the likelihood that you will find blocks and receive additional rewards.
