- NOTE: I originally tried posting this to r/CryptoCurrency*, but because I am a new Reddit user the post was declined due to the reason I still do not meet the minimum requirements in Account Age and Comment Karma on my account. Therefore, I'm trying to see if this can be a fit in here, before I meet their desired requirements (which to be honest are a bit disheartening).*
For some context: I wouldn't call myself an activist, but I am highly interested in causes that promote social change. I've been in-and-out connected to NGO's in real life throughout Europe in different fields and I've taken part in projects related to areas such as environmental education, youth work, and long-life learning (I guess you can also think of it as empowerment). Online, either through freelance work or volunteering my time, I've kept connected with things happening in places such as Sri Lanka, Mozambique, India, and Myanmar, that relate to Healthcare Access, Citizenship, and Community Land Protection.
Now, at the same time, I am also one of those people who just recently hopped on this sub due to the recent trend, which in my case happened due to the $GME events (and sticking it up to the HF's) and the coincidental awareness of the insane value increase Bitcoin has had over the course of the last decade.
I'll admit I've gained interest in Crypto out of distrust in banks and the systems we have in place in our societies, and mostly as an investment opportunity for personal gain. But out of the fear of getting screwed I thought it would be smart to try to understand more about blockchains before I commit my hard earned cash to anything, and so my positions aren't very strong and I've decided to read up on the subject before going full YOLO like so many I read here. I'll admit, I am poor even though I come from what can be considered a 1st World country.
It's overwhelming. The technical lingo behind how blockchains work is truly insane and I am facing perhaps the steepest learning curve I've had to deal with in possibly my whole life. I am educated in Arts and Linguistics, and not Tech. Even though I have a fair comprehension of technology from the user's perspective, I do not have a great understanding of what happens behind the scenes, and it would be very difficult, for example, for me to learn how to code. Trust me, I've tried.
Recently, I've had the pleasure of reading this post, which I found truly inspirational (thank you again u/Siamak71) and it got me thinking on how blockchains can be a step towards a grassroots change and more equity throughout the world, or at least provide a possibility for that to happen. I know this sounds idealistic and some of you will stop reading here under the pretext this is naive thinking. However, I found his case to be a real-life application of how blockchains can help improve people's lives and perhaps even be the gateway to the fundamental change some may need.
Coincidently, now we receive news that people in Turkey are actively looking for answers about Bitcoin as a response to the inflation the currency there is facing. I wonder if they read his post, at times.
I started digging the internet for blockchains related to social causes and I came across ReddCoin (REDD).
I've learned enough to understand the difference between Proof of Work (PoW) and Proof of Stake (PoS), and how the second is not only more environmentally friendly, but also more efficient in terms of transaction speed.
Yet, it seems I am still failing to understand how does REDD differ from other PoS chains, and why it calls itself the social currency. Their website seems to offer little explanation on what real-life applications the currency can have other than velocity and staking power, which if I am not mistaken are precisely some of the fundamentals proposed by the revamp that's said to be coming to Ethereum.
Fundamentally, I fail to see how it can have a real-life impact on people's lives (especially on those greatly affected by poverty or "hyper-inflated economies," as u/Siamak71 so well wrote), that's different from what other projects have to offer.
Can it be a "power of the community" aspect that can drive it to succeed, perhaps? Or is there any technological aspect they propose I happened to have missed? I don't want to think it can be a scam.
Also, do you think this is a good project to invest? It seems the value has also recently spiked due to the trend that's happening, but is this a positive sign or will it fall short if the market corrects (I also know very little about markets and finance in general)?
I like the idea of investing for more than just the profit but also to help promote good causes (but I'm not saying it's wrong to do otherwise and be in it just for the profits, keep that in mind).
You can find info on REDD on Yahoo.Finance, if you want to provide some inputs. I'd be deeply grateful for any constructive insights.
Thanks if you've read so far.
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