Reddcoin has been rising up in the altcoin ranks, due in large part to the innovation happening in the community.
The latest developments in the community include a new algorithm which they’re calling “proof of stake velocity”, and a “social wallet”, both unheard of developments from any other coin.
Proof of Stake Velocity
Proof of stake velocity is similar to proof of stake, in which, rather than mining new coins, the coins are “minted” by simply having the wallet program open and proving they hold a certain number of the given coin.
The issue with proof of stake, though, is in the fact that it can discoutage people from spending their coins. After all, you can’t prove your stake if you don’t have any stake in the first place. Proof of stake velocity is set to fix this issue by encouraging not only ownership of the coin (stake), but also activity on the coin (velocity).
Proof of stake velocity is nearing beta, and will be announced on Reddcoin’s subreddit.
While proof of stake velocity is interesting on its own, it seems boring in comparison to Reddcoin’s next innovation: a social wallet.
Their new wallet includes a newsfeed, IRC chat functionality, and a place for official announcements from the Reddcoin community. They also plan on continuously developing and improving it, adding music, video, and gaming functionality in the future.
The dev team said the social wallet “has been designed to be easily extensible”, but whether that refers to their own efforts to add improvements or an invitation from the community to create add-ons to it is unclear.
Rather than being based on the simple QT design which most altcoins use, Reddcoin’s social wallet has been redesigned to accomodate all the new features. It is currently in beta test, but will be open to the community in a few weeks.
Reddcoin Moving Forward
Reddcoin has other plans in the works as well, including what they call a “next-generation social platform”. Details on that are scarce, since the developers “are deliberately very secretive about the details of the platform due to competitive reasons”.
But the Reddcoin developers are not only highly involved in the community, they’re coming up with quite a few interesting ways to rethink cryptocurrency. This coin is worth keeping an eye on.