As an enthusiastic Redditor, I was surprised to find a blockchain project modeled after none other than Reddit itself.
The new kid on the block(chain) is called VuzzBee, and, being a part of the crypto economy, it prides itself on the idea of rewarding all participants.
VuzzBee members will include content creators and users who consume and share the content while also rating it (up/downvote) and earning VuzzBee’s cryptocurrency (VBEE) instead of karma points. As with Reddit, there will also be content promoters and advertisers, the last of which won’t be earning any VBEE tokens.
– you’ll be able to post external content or create original posts in the form of text, images, graphics, video and audio.
– you’ll get paid to read, post, comment and share your favorite content. How cool is that?
– you’ll get paid for your content, while having the option to give your fans the chance to earn as well.
The VuzzBee ICO
– the website and reward system were launched in Q1 2018
– the ICO is happening now (Q2 2018)
– the VBEE token will be listed on cryptocurrency exchanges in Q3 2018 (ForkDelta and DDEX are already confirmed)
VuzzBee Platform Launching Stages
– alpha Q4 2018
– beta Q1 2019
– platform optimization Q2 2019
– VBEE is an Ethereum based ERC20 utility token
– there are 1 billion VBEE tokens in existence
– 400 million VBEE will be distributed during the ICO
– 600 million VBEE will be used to reward content creators and platform users
In this incentivized social media participation model, VBEE is used as payment with which everyone is compensated for their efforts to grow the platform. Growing the platform also increases the value of the token over time.
A limited supply coupled with growing demand leads to price appreciation. Price appreciation makes VBEE more attractive to both, investors and traders. Investors are incentivized to hodl (hold, not sell) by being given higher voting and earning power based on their balance and activity on the VuzzBee platform.
To limit price volatility, withdrawals are limited to 30% of the available balance weekly. This is also a means to prevent spam (spam, withdraw earnings and liquidate).
New members are expected to be given a sign up bonus and to be able to purchase or trade VBEE in Fiat-VBEE-Fiat trading pairs on cryptocurrency exchanges.
VUZZBEE (VBEE) ERC20 Token Tracker | Etherscan
Blockchain to Blockchain
While Reddit users cover ICOs and cryptocurrencies exensively, Reddit remains a traditional post forum site.
Meanwhile, the blockchain economy is exploding and creating it’s own market. It’s only logical to assume that ICOs and blockchain communities will gradually move over to blockchain based social media, social networking and social news sites. Therefore, Vuzbee is joining this new market at the right time and in the right placement.
One look at the average ICO post on Reddit says it all. Typically, the number of comments is limited and unless the project issues a token pre-ICO, there is no discussion at all. ICOs have to reach a new crowd on a new platform and Vuzbee may just be it.
And while there are blockchain based social media, social news and social networking projects on the horizon, I haven’t come across a single one that describes itself as a Reddit-like platform.
What if Reddit creates its own cryptocurrency?
It doesn’t look like they will even though it had been proposed in the past but the plan was cancelled for legal reasons.
What about Reddcoin?
Reddcoin is a social cryptocurrency but it is not attached to any single platform. It’s social in the sense that it can be used anywhere, regardless of purpose.
Reddcoin is Not a Social Media Cryptocurrency
As a social cryptocurrency, Reddcoin can be transacted with anonymously via RedPay.me and email using Fiat currency. It can also be used to tip creators (or anyone else), pay for engagement, social networking, crowdfunding, etc. It’s a peer-to-peer payment method and all it requires is a cell phone or an internet connection.
Telegram Tipping Bot
A Reddcointip bot exists and it can be found on Reddit. One way to use it is to create a Telegram group, post content and request RDD tips from your members. Learn more here:
A Quick Tutorial on How to Tip Reddcoin on Telegram : reddCoin
Proof of Stake Velocity Protocol
Reddcoin is a sub-cent POSV (proof of stake velocity protocol) cryptocurrency. This means that if you hold it in your wallet or in a staking pool, you are creating (minting) more coins, i.e. earning dividends, and you are incentivised to use it as well. It’s currently gaining attention because the crypto market is recovering so the price can rise considerably in a matter of months. With an ATH (all time high) of $0.03 (1/7/2018) and a market cap of $253,889,461 (5/10/2018) it has growth potential even though it already (nearly) trippled since 4/1/2018.
Rumors & Speculation
There’s been a rumor about a Binance listing a few months back. The rumor remains a rumor for now. Another rumor is an upcoming Reddcoin debit card and because it’s a POSV coin, it may include cash back on certain purchases. True belivers speculate that the RDD price may hit the $1 mark in a year or so.