Reddcoin shuts down criticism by partnering with Phore

Over the past few weeks, Reddcoin has been laying low with only a few mentions in the crypto tabloids. Currently ranked among the top 100 cryptocurrencies on CoinMarketCap, Reddcoin has a market capitalization of about $140 million. The coin has been dropping steadily from its January high of over 900 million in market capitalization due to the dipping cryptocurrency market. However, most critics have moved to dismiss this social currency claiming that it has been overshadowed by the advent of new, faster and more robust cryptocurrencies that make it easy for the general public to spend crypto online.

Reddcoin’s counter move

To counter the opinion of critics, Reddcoin has managed to partner with Phore Blockchain in an effort to integrate RDD into eCommerce enabled Blockchain ecosystems. With this newfound partnership, Reddcoin will not only be used for tipping but will also deliver real-world use cases for buyers and sellers online while also enabling flexibility in online marketplaces.

Basically, Phore is a Blockchain that enables easy, flexible and reliable transfer of valuable assets across a network. Apart from having its own Blockchain, Phore also boasts of its own cryptocurrency(PHR) as well as a decentralized marketplace that is still in its beta stage but available for downloads and ready for use. Furthermore, Phore also has a flexible smart contracts platform not to mention a reward for participation program where platform users get an interest payment for using the platform. Eventually, Phore’s open beta marketplace is set to be a game changer and the partnership with RDD will see the two entities thrive by combining their collective user base.

The team’s response to the partnership

According to Thomas Ambler, who is a co-CEO at Phore Blockchain,

Phore’s partnership with Reddcoin will create more flexibility to buy and sell goods and services in the Marketplace for holders of both PHR and RDD, as well as give vendors more options as to which currencies to accept

Over the past few years, e-commerce has become quite popular with a variety of items available for buying and selling in online marketplaces. Reddcoin and Phore are looking to build a scalable and flexible marketplace with reliable, fast transaction between platform users.

John “Gnasher” Nash (the CTO of Reddcoin) has also expressed his appreciation for the partnership by saying that Reddcoin is “very excited about the partnership with Phore Blockchain and what it brings to the Reddcoin community”

Other Reddcoin developments

Apart from the partnership with Phore, the Reddcoin team has also been at work collaborating with Lindacoin. Lindacoin is an anonymous cryptocurrency that uses 70% proof of stake and stealth addressing to mask and secure transactions. By working together, the two cryptocurrency entities will enable RDD holders to stake RDD on their mobile devices while earning staking rewards.

Additionally, Reddcoin has been identified by the BITA 50 Crypto market index a one f the quality cryptocurrency projects currently available. This is one of the indexes mostly used by researchers and top institution to find worthy Blockchain and cryptocurrency projects. Reddcoin’s inclusion into the BITA 2018 index is a clear sign that RDD is alive and well with more developments to come in the future.

For the latest cryptocurrency news, join our Telegram!

Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

Image courtesy of Pexels

The post Reddcoin shuts down criticism by partnering with Phore appeared first on Global Coin Report.