ReddCoin

I have to admit that I ignored ReddCoin until now. It looked like a cheap Dogecoin clone. However, the community is persistent and the coin keeps popping up everywhere. Better let us take a closer look now.

Hash algo Scrypt
Premine 5%
Transaction Speed 60 sec/block
Difficulty retargeting Kimotos Gravity Well
Block reward 300,000
Developers Ok

Technically, this is an uninspired Litecoin clone like many others. Github shows no source code changes except superficial stuff like checkpoints.

The premine of 5% is quite big. They argue that they need it for investments like quickly building infrastructure. Since it looks like the core devs are no great programmers they need money to pay programmers. Their argument is understandable, but it is also understandable that people are afraid of premined coins. For the rational investor this means increased risk.

On the scammy side is also the IPO, which was over 169 BTC. However, it seems to work out great so far. More money for the developers to invest in infrastructure. ReddCoin is kind of a poster child that IPO and premine can be used for good.

ReddCoin is quite honest with its goal:

Reddcoin will be dedicated to one thing: tipping on social networks as a way to bring cryptocurrency to the general public.

For most people the crypto and techie aspect is irrelevant. They want a better paypal or credit card. The question is whether cryptocurrencies can deliver that. Creating a more socially approachable coin is a worthy goal for greater adoption. Bitcoin is for the geeks. Is ReddCoin better suited to reach the normal guys and girls?

How great is the community? The reddit community is very active and tips everybody left and right. However, there is already Dogecoin. This means to strategy of ReddCoin is to take over once the meme joke wears off. Let a thousand flowers bloom and see what sticks.

So far the developers have managed their coin quite well. It is getting into the exchanges and infrastructure is coming up.

As an investment, ReddCoin is very risky, so be careful. You could buy a few coins now for cheap or jump on the bandwagon, when Dogecoin declines. As a community I wish them all the best!

(thanks to the community for pre-discussion)

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