Described in a YouTube video as “the social currency for the digital age,” Reddcoin is a “decentralized digital currency that makes the process of sending and receiving money on social networks fun and rewarding for everyone.” The video states that unlike Bitcoin, which uses a mining process to produce new coins “by consuming massive amounts of energy and computer power,” Reddcoin employs an environmentally-friendly minting process that allows anyone, irrespective of their technical skill level, to mint Reddcoins using a laptop, mobile phone, or tablet. According to the video, since its launch in early 2014, Reddcoin has already achieved the widest adoption on social media platforms worldwide among all digital currencies.
An “independent personal endeavour” of Reddheads’ chief editor, “Reddibrek’s aims to break a certain stereotype when it comes to e-commerce stores that accept cryptocurrency. While coming up with the concept for the site it was noted that a large number of the stores that accept cryptocurrency are small IT businesses or ‘geek’ computer hardware sites.”
The newsletter states that it is also often the case that such websites accept a wide range of digital currency, a strategy that can lead to a “somewhat messy and confusing experience” at the check-out point. As new coins arise and old altcoins wither, “accepting a wide range of cryptocurrency leaves merchants in an unstable position.”
According to the newsletter, Reddibrek’s will operate entirely on Reddcoin, including paying salaries and supporting IT development and marketing using the digital currency.
“This is our policy and the way we would like to conduct our business, and we are able to adopt this strategy thanks to the fact that the Reddcoin project is being developed by a team of skilled and disciplined people who are dedicated towards building the social currency up to become a serious player in the world of digital payments,” states the newsletter.
Reddibrek’s sells chilli, chocolate, and coffee on the ad-free e-commerce store. Why these items? Because, according to FAQs from the site, these “are delicacies appreciated by human beings all over the world, including us!” Reddibrek’s says it “aims to develop a catalogue of top-quality products and to propose the best possible service for our customers. In many cases we are already offering the most competitive prices on the Internet.”
The e-commerce store launched this month and currently delivers to 8 European nations: Austria, Belgium, Germany, Italy, Luxembourg, Portugal, Spain, and the UK. The company is exploring the best way to ship to nations worldwide.
Having achieved its goal of being “reddy” for Christmas, Reddibrek’s has developed a comprehensive business plan that entails broadening the size of its catalogue, offering new ranges of quality products, and shipping to additional destinations.
“But perhaps the most important part of the plan for the future is the integration of the new, cutting-edge Reddcoin functionality that is being developed under the project name Social X,” states the newsletter. According to a Reddit post, there are three key problems Social X aims to solve: Why are wallets so difficult to use? Why is it so hard for me to tip someone? Why can’t I use a service without giving up control?
The newsletter about Reddibrek’s concludes by stating “we have built and will continue to build the store around Reddcoin as we believe that by doing this we will remain at the forefront of a new paradigm in e-commerce.” One example given is a Redd-ID that would allow the company to offer its customers a new method of managing their account with the store while maintain the streamlined model Reddibrek’s has set up.
Image via Reddit’s /r/reddCoin