Reddcoin is a new cryptocurrency that was released on February 2, 2014. It is dedicated to providing a means of tipping on social networks, like Reddit, in an effort to bring cryptocurrency awareness to the general public.
By carefully studying the altcoin playing field, its developers noticed how Dogecoin had found great success as a community-driven currency. So it decided the world could use an even leaner, meaner, even more socially-fueled coin – and Reddcoin was born.
What’s their plan? Here’s how the Reddcoin website explains it:
Social networks are now part of our everyday lives. They give every person on this planet a fair chance at showing the world how awesome they are. Getting an upvote, like, or retweet for your well-received comment or picture is fun, but unfortunately, they have no real value. Fortunately, there is now something better than imaginary internet points – ReddCoins.
Like Dogecoin before them, the developers are finding great success in their plan. In less than two months, they have attracted over 7000 subscribers to their Reddit page, and quickly reached a market capitalization of over $400,000 dollars.
When asked what he would like to see more of from the community, Reddcoin core developer laudney had this to say:
In short, I hope everyone in the community can add value to the Reddcoin ecosystem in any way possible. Everyone has different skill sets and can contribute in their unique ways.
When Sam Walton was building his empire he used to visit his competition regularly. He’d walk the aisles of competing stores to learn about their display techniques, lighting distribution, and shelving dimensions. Every unique aspect was observed, examined, and carefully studied. Then he would take the best-of-the-best ideas and apply them to his chain of stores.
Goldcoin (GLD) which was once focused almost entirely on technological innovations, like its 51% defense system, recently began nurturing its community and has seen it’s popularity skyrocket.
So for all you aspiring altcoins out there, let this lesson become one of many in your Sam Walton toolkit. Take a page from the Dogecoin/Reddcoin handbook and refer to it daily. When it comes to building a highly-charged, truly self-sustaining currency, it’s all about the community dummy.
How much emphasis do you think should be placed on the community? Log in below using your favorite social network and weigh in on the discussion.