With the exponential proliferation of rug pulls, overhyped garbage projects and slimy developers in crypto the last couple of years, I’ve often wondered whether there would be renewed interest in so-called “boring” legacy coins like Digibyte, Litecoin, and Reddcoin. After getting bamboozled enough times, some people might wish to gravitate back toward projects which have—at the very least—demonstrated they can keep the lights on for a few years. Litecoin, Dogecoin and Digibyte are uniquely primed to benefit from such a scenario, as they are all still fairly popular, have loyal communities and are listed on exchanges people actually use. Many other projects I had taken an interest in once upon a time—”gems” such as Rubycoin and Mooncoin—bit the dust ages ago and are mostly forgotten. One often overlooked exception though, is Reddcoin, which is still active.
Reddcoin dates all the way back to 2014, though is often branded as simply “Redd.” Its community members, holders and enthusiasts are known as Reddheads. Redd, which boasts advertises itself as being 10x faster than Bitcoin, wants to be known as “the social currency.”
From their website:
With over 60,000 users in 50+ countries, Redd allows you to share, tip, and donate to anyone, anywhere on all major social media platforms.
Of course, the term “social currency” has a dual meaning here, as Redd sees itself as a kind of pro-social movement that seeks to encourage inclusion and universal empowerment.
One of the primary focuses of Redd is the facilitation of social-tipping. Their automated tipping tool, Reddbot is quite handy for giving and receiving Reddcoin on social media platforms like Twitter and Telegram.
I was pleasantly surprised to learn that you can actually stake Reddcoin. It hasn’t been a POW coin apparently for years and instead operates under something called “Proof-of-Stake-Velocity” (which if you’re really bored you can read about here).
By depositing or “staking” ReddCoin (RDD) into your ReddWallet and leaving the application running to help support the network, the blockchain will reward you with up to 25% annual returns on your holdings.
How cool is that?
One of the biggest obstacles Redd and other legacy coins face regarding competitiveness with newer projects is the lack of a mobile wallet app. Most newer people in crypto are not going to bother with installing desktop wallet software on their computer. Many people (myself included) don’t even have a desktop computer or laptop which has an operating system that can install such programs. You simply have to have an iPhone or Android app, or at the very least a web-based, cloud wallet like WAX Protocol uses. Right now, Reddcoin can be held using the Coinomi wallet app, but personally I’m not a huge fan of Coinomi because I had an experience where they delisted a coin that I held called Myriad from the wallet without any warning, and it winded up being a huge pain. Also, you can’t stake Redd in Coinomi the way you could if you were using the core wallet
Fortunately, Redd seems to have a promising app in development known as ReddMobile, which will feature innovative in-app tipping fuctionality and allow users to receive Reddcoin on multiple social media networks with one single ID.
I have no idea what kind of progress is being made on the development of the ReddMobile app or what stage of completion it is at, but I would be absolutely thrilled if this thing was released. I think it would really be a game changer in terms of adoption and removing barriers to entry. It would also give the community something tangible to market to the public. One other suggestion I have is that ReddHeads need to become much more creative and active on social media. I understand that Reddcoin is volunteer based and doesn’t have some massive publicity budget, but there are plenty of memecoins on Binance Cmart Chain and Ethereum that have gotten a lot of marketing mileage for very little money. I would suggest some sort of Twitter ambassador program or coordinated astroturfing campaigns. Hell, I might even become a ReddHead if there was a lucrative earning angle. Only by making a lot of noise and demonstrating substantial consumer demand through memetics will Reddcoin get a fresh look from major exchanges. ReddHeads should be making thousands of tweets per day, getting hashtags trending…the whole shebang.
I always get bummed out when I look up some coin I used to follow and discover its social media hasn’t been updated in years and the project has been abandoned. That’s what makes it so inspiring to see that ReddCoin is even still hanging around, even in its current, somewhat stagnant state. Seriously, ReddCoin has a vintage, almost “retro cool” quality at this point. It’s iconic, and the idea of owning RDD is appealing on some level for that reason alone.
Crises in crypto can lead to changes in attitude and outlook. There are currently exploitable pathways for ReddCoin to remain relevant and competitive, if the developers are willing to keep pushing forward while reminding everyone of Reddcoin’s slow, steady progress and (by crypto standards) longevous existence.
If you enjoyed this article or found it informative, feel free to donate some Reddcoin