“Reddcoin will be dedicated to one thing: tipping on social networks as a way to bring cryptocurrency to the general public,” the Reddcoin team said on their official announcement post back in January. Reddcoin wants to set themselves up to be the “Social Currency, and with this new wallet redesign, along with changes of their algorithm, they look to incorporate that philosophy even further.
[divider] CCN [/divider]
[dropcap size=small]R[/dropcap]eddcoin’s team of developers, led by Larry Ren, have been hinting at a new wallet redesign for a few days now, but today they’re unveiling their impressive step forward during their “Block Halving Party.”
Among these announcements include three key changes
- Reddcoin’s Social Wallet
- Proof-of-Stake Velocity
- Social Network Tipping Platform
Introducing Reddcoin’s Social Wallet
In a highly unexpected change of pace for digital currency, Reddcoin looks to change the way social media integrates into the crypto landscape. With the new Reddcoin wallet, users can use and manage their funds similar to any other digital currency, but can now stay connected to Reddcoin at all times. The new wallet includes Twitter feeds, IRC feeds, /r/Reddcoin feeds and even an official announcement feed, all in one easy-to-use wallet design.
“The social wallet is fully functional on Windows, Linux and Mac OSX,” Larry told CCN, “It’s now in invitation-only beta testing, which will start within weeks. More social features are under development and will be introduced over time.”
The wallet design looks beautiful as well as functional. It’s simple, colorful, easy and branded with the curious little currency’s style. “The wallet can both work as a local desktop application and operate as a front-end that communicates with a daemon running on a remote server,” Larry said.
Reddcoin’s Proof of Stake Velocity
Reddcoin will also be moving from their current Proof-of-Work algorithm to the newly created Proof-of-Stake Velocity algorithm. “Proof-of-Stake Velocity is an innovative algorithm that encourages ownership, stake, and activity, velocity. It’s designed to address various flaws in Proof-of-Work and Proof-of-Stake from both technical and economic points of view,” Larry said.
Most digital currency users are somewhat familiar with the concepts of Proof-of-Work and Proof-of Stake, but in April 2014 Larry Ren looked to propose his alternative he called “Proof-of-Stake Velocity”. In his whitepapers, published to reddcoin.com, Larry outlines what the concept of Proof-of-Stake Velocity is and how it will affect the digital currency.
“The velocity of money is the frequency at which one unit of currency ﬂows through an economy while being used by members of the society within a given time-period. All else being equal, a higher velocity of money indicates a more ﬂourishing economy, richer members and a healthier financial system,” Larry explains in the whitepapers.
“The formula to measure velocity of money in a given time frame is the following,” Larry explains.
“VT is the velocity of money; nT is the aggregate notional of transactions and M is the total amount of money in circulation. In an economy, we can also replace nT with nQ, which is the nominal national or domestic product.”
Reddcoin’s Social Network Tipping Platform
Reddcoin also announced that they plan to unveil a new social network tipping platform. “Another key piece of the Reddcoin infrastructure is the next-generation tipping platform. It will integrate with all social networks and provide the easiest and smoothest user experience for micropayment across those social networks,” Larry said.
The platform is currently under development but is planned for release during the summer of 2014. It will be interesting to see how the platform interacts with social media, as Facebook recently approved The Doge Tipping App along with the Multicoin tipping app, making them the first “Facebook-approved” digital currency tipping applications.