Question: Anyone know about other Social Media Cryptocurrency? Thoughts?
Learned today about the possibility of there being other sites that are backed by cryptocurrency via a Youtube post by Rog @cryptotradingpro He was asking specifically about Reddcoin.
It made me curious which led me to this video explaining Reddcoin:
Check out his video here:
...and then this site which says the social media app "Kik" will soon be launching an ICO for a cryptocurrency:
http://www.investopedia.com/news/kik-aims-overtake-facebook-ethereum-ico-fb-snap/
According to CoinMarketCap 6,000 Reddcoins can be bought for $10 right now:
https://coinmarketcap.com/currencies/reddcoin/
Interested to know others thoughts. Is this a good investment? How will these compare to Steem/Steemit?
Let me know in the comments.
Regards,
Ayisha
Hi Ayisha,
ReddCoin is an interesting concept targeting the multi billion dollar platform that is Social Media. That said, several issues have pushed my interest and faith away from ReddCoin.
First off, ReddCoin project is developed and maintained by a handful of devs which volunteer their time. As of this moment, there are no full time paid employees working on the project.
This causes the project to advance extremely slowly or grind to a complete halt. Take a look at their GitHub page.
Overall activity - https://github.com/reddcoin-project/reddcoin/graphs/contributors
As you can see the project receive little to no maintenance or update giving the impression that this project is dead - or dying. Although GitHub activity doesn't mean that the devs are not working on the project there is no way for us to validate if any work is currently being done.
Additionally, multiple issues have been left unanswered for several months. Not pushing updates to github due to using another service, either internal or external is possible. However, not addressing urgent tickets from their community isn't excusable.
GitHub issues - https://github.com/reddcoin-project/reddcoin/issues
Please keep in mind that this is my point of view and I highly encourage you or anyone interested to do their own research and form their own opinions.
I believe that any coin capable of developing an innovative system that could live in symbiosis with social media and overcome the titanic task of wide user adoption would be a great investment and platform. That said, I do not believe that ReddCoin will be that platform due to these issues and others issues with would requires a full post to cover.
Hope this gives you a better understanding of the issues that ReddCoin faces and will push you to do your own research on the coin!
Thank you so much for this thorough answer! Truly appreciate your time and effort.
Anytime!
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Interesting questions. I hold some Reddcoin, because they are cheap and Reddcoin could do well... if they get to release their ReddID that is. Everyone is waiting on that. So perhaps development goes slow... they're still there and RedID is coming.
Kik or Kin... I don't believe in that project. No one actually uses that social platform/app so why bother having Kin, or Kik.
Good info! Thanks for the answer. Makes sense.
You're welcome.