Reddcoin, a decentralized digital currency used with major social media platforms had announced that it has got into partnership with Phore Blockchain, a leading cryptocurrency, and Blockchain platform. This partnership will integrate Phore, which supports Phore Digital Currency(PHR), will integrate Reddcoin (RDD), enabling both PHR and RDD to be used for eCommerce.
Two companies (coins) common vision
Phore Blockchain enables the transfer of value across an accessible, standardized ecosystem that is secure, flexible and scalable. The platform supports a variety of applications and ventures which accord a growing range of capabilities including reliable and fast transactions that are either transparent or private, rewards for network participation, a decentralized marketplace.
Reddcoin makes digital currency easy for the general public. By integrating a digital currency platform seamlessly with major social networks, sending and receiving tips to content creators and other micro-transactions are cheap, fast and rewarding for everyone. An eco-friendly utility token that provides 5% annual rewards for nodes securing the RDD Blockchain, Reddcoin provides a simple mechanism to tip using names instead of complex addresses.
As both companies somewhat provide a solution for enabling the transfer of value across and find relevance in the eCommerce industry, this collaboration makes sense as both can work with aligned vision. This partnership seems to be beneficial to both Phore and Reddcoin communities as it would help them in delivering a real-world use case with more flexibility, and a combined larger user base for buyers and sellers.
Excitement from both sides
Phore’s Co-CEO, Thomas Ambler shared his excitement by saying
“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”
“Reddcoin’s user base, combined with Phore’s users base creates a more powerful and flexible eCommerce experience.”
While Reddcoin’s CTO, John “Gnasher” Nash quoted
“We are very excited about the partnership with Phore Blockchain and what it brings to the Reddcoin community,”
“In addition to RDD being used with major social media platforms, the Phore Marketplace will provide more options for RDD holders to engage in decentralized eCommerce adding increased utility to RDD.”
Will this partnership be a disruption in Social media and E-commerce Industry? Do let us know your views on the same
Disclaimer The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
Nilesh Maurya has been associated for past 8 years as an Investment Banker with Omega Capital, a bespoke Investment Banking outfit having offices in Mumbai, New York, Singapore, and Dubai. He has been a regular contributor to business publications such as Business India and Market Express and has been a mentor to many start-up companies. Nilesh Maurya has been associated for past 8 years as an Investment Banker with Omega Capital, a bespoke Investment Banking outfit having offices in Mumbai, New York, Singapore, and Dubai. He has been a regular contributor to business publications such as Business India and Market Express and has been a mentor to many start-up companies. Follow him on Twitter at @KoinKing1 or connect with me on linkedin.