ReddHead Community Outreach: ReddCoin (RDD) Exchange Crowdfund 2020
“Broadening the ecosystem”…“Creating on- and off-ramps to local fiat.”…“Enabling spendability.”…“Supporting local markets.”
These are mostly alternative ways to say “exchange listings”. As a part of the bigger picture in crypto, and to provide these functions to our community, exchanges, swaps, and wallets have their place. We have noted that easily half of our ReddCoin community has as their priority that we collectively move to add new and reliable exchanges, both conventional and swap, as evidenced by our recent poll on BlockFolio. That is, and has been, our goal.
Being stewards of the unique and rare gem that is ReddCoin, it has always been a part of our strategy to engage with new and better exchanges, wallets and similar parts of the cryptosphere, and much time and effort has been expended in that direction.
We have spent an immense amount of time behind the scenes having such conversations with these entities; hundreds of exchanges and wallets in fact. There are challenges as we’ll discuss below, but we have a clear path ahead, and that’s the reason behind this posting. We have a number of options of exchanges, and we need the ReddHead and crypto community supporting Redd to make them happen, both now and in the future.
As we will discuss below, it is important to the ongoing evolution of the ReddCoin ecosystem to achieve additional exchange and wallet listings.
In order to afford the not-negligible costs associated with each option, the Core team is announcing our first 2020 Exchange Crowdfund.
The Core team will kickstart donations with at least 1M RDD from internal PoSVv2 generated funds, but we do not have adequate internal funding to achieve these exchange-related goals to the exclusion of other operational needs, which is why we have decided this should be a joint effort with the ReddHead community.
From the beginning of crypto, there has been an ongoing separation in the userbase. The majority of users, while focused on how cool the technology is, find that the real value is in the price and its fluctuations, peaks and valleys and the profit to be found in speculation.
The other user group, the “techies”, while keeping an eye on the price and financial themes, has kept the real focus on building, innovation, support, and evolution of the technology. These are the folks who join project teams, or invest for the long, long term, usually with sweat equity. We encourage those so inclined to reach out to the Redd team and join us!
Redd as a project team has always tried to remain entirely in the second group, both in our work and in our promotion. We have obtained status as a “utility token” (despite being a true coin) under Howey and other legal guidance, not only because our precious RDD cryptocurrency actually has a use and ability to be used as part of the existing system and new systems being built, but also due to distribution, use, and actual application.
This is to be contrasted with numerous other projects in the cryptosphere categorized as “securities” or “security tokens’’ because they have no products or blockchains on which they can effectively be used, but only traded and hyped for perceived value, therefore falling under the scrutiny, and rightly so, of the financial authorities (SEC, CFTC, and others).
Again, Redd has tried quite hard to avoid even the appearance of improper promotion, but in actuality, any hint of “doing the wrong thing”, to enable the blockchain and ReddCoin to be judged on their own intrinsic and technical merits.
Since we have quite a few of these merits, most notably speed, zero-to-low-fee transactions, staking rewards of more than 10% annually due to our PoSVv2 multiplier, and the soon to be released features of ReddID (non-custodial blockchain name registration, social media linking and one-button tipping, both desktop and mobile), we do have a lot both to be proud of and to promote our coin with and we’ve seen our amazing ReddHead community do just that.
At the same time, we have avoided engaging in any of the typical financial and speculative activities that many projects have used to promise profit, return speculative profits to users, “pump and dump”, and lots of other things. It is our feeling as a team that to do so would compromise out basic integrity, and so we have not. But we have looked at the bigger picture as a function of usability; how do we ensure that RDD is available and spendable everywhere, for everyone?
And in addition, though we have a great relationship with our existing exchanges, both laws and support change and we want to ensure that should any of our markets either decide to delist RDD, or request payment to maintain said listing, Redd needs to have already prepared for that. While neither of those are the case right now and having been in direct communication with all exchange teams, it is still simply good planning.
It is our goal as the Redd Core team to always stay vigilant and evaluate all risks and technical security issues in our space, to stay current on development work to address those, and further to expand the footprint of RDD in its ability to be accepted, bought, sold and used around the world as securely as possible. We have engaged with hundreds of exchanges over the years, and have proven Redd to be a robust and active cryptocurrency over the years, occasionally rising to the top of trading exchanges’ volume listings and CoinmarketCap’s charts as well.
It has been the Core team’s intention to expand not just functional integrations like forgingblock.io and the FCAS Data Cooperative, but trading and exchange/wallet integrations as well. In having these conversations with the various parties and companies responsible for these various platforms, we have dealt with numerous issues that prevented successful partnerships as a direct nature of how such businesses are run.
- Some want to make a profit from a huge listing fee.
- Some require that a team of “market-makers” are engaged and working to match trades to ensure responsive trading.
- Some require a pile of RDD or BTC to provide “liquidity”, or actual coins on the books to be bought and sold.
- Some have asked for 50% of the total supply of RDD.
- Some require the Redd project team to provide personal documents, (passports, driver license, ID cards etc.)
- Some require corporate entity residence outside the US, EU and Australia to work with the project team.
- Some platforms require a “risk mitigation” fund to be provided and held in escrow to deal with customer chargebacks and refunds.
- Some require regional legal work to be done in the newly defined space of cryptocurrency, to ensure “utility” status.
- Some want multiple BTC in “volume security deposits” to be refunded at some later date.
And there are more such conditions; these all apply in part to names everyone in this space is familiar with. But there is a light through all of this challenge and darkness, and after extensive work, Redd Core has some options to present the ReddHead community.
We have five affordable and well-regarded exchanges, each with key benefits of their own, and each more than happy to work alongside a quality blockchain project like Redd.
And this move is strategic for Redd, but it is targeted especially those of you ReddHeads clamoring for listings, for support of trading activities, and for work towards more effective price discovery by adding valid platforms. We have heard you. While we cannot and will not promote the Redd project based on price potential or speculative benefit, we do recognize that some of our ReddHeads are using it as such while we continue to evolve the technology. Some have donated to our team and its efforts, most have not, seeing their rewards as their own. It is to these ReddHeads that we primarily speak.
Any donations to this crowdfund will be spent directly on exchange listing or listings as detailed in this writeup. Should we exceed our first target, any remaining funds or future donations to that address will be used for achieving the next exchange on the list, and so on.
Such collected crowdfunds will NOT be used to provide liquidity/order book padding, price manipulation, or direct trading on the project’s behalf, or any other financial or speculative activity, especially those prohibited by law.
However, as some of that type of activity, especially legitimate market-making, is necessary for RDD’s real growth as a currency in young markets, and is not being provided any other way by any other entities, we have made some plans toward that end as well.
Note: We are in the process of exploring the legal requirements and costs involved in setting up what we have code-named “RDAMG”, or the “ReddCoin Digital Asset Management Group”. We envision RDAMG as a separate corporate entity, registered in a crypto-friendly country, created both for profit, and to attract actual investors to participate within legal and regulatory guidelines. This RDAMG entity is being created as a mechanism to provide for some of the more complicated requirements outlined above around liquidity, DeFi swaps, market-making and other legitimate but capital-intensive needs for inclusion in many larger platforms, DeFi projects, swap and exchange sites. We cannot solicit investors publicly to this effort or we would immediately be violating the law, but will be announcing details as quickly as such participation is available within the proper guidelines. We would welcome interested ReddHeads with experience to assist in operation of the group, of course, as we hope to keep it within the ReddHead “family” & community.
But back to the matter at hand: The crypto exchanges that are the most suitable and for whom we have viable proposals in hand are the following. Each, as noted, has some conditions or additional benefits that may apply, so it’s not entirely a matter of which is the lowest cost.
We have looked at geographical regions served, technology and API connectivity available, their reported and adjusted volume, long-term community building and viability of business models, along with a need to be protective of users as we at Project Redd are always protective of our ReddHead user community.
We have had extensive communication with the teams at these and other exchanges and feel that while all of them that appear on our list are fitting partners to ReddCoin, we can only afford to target one at a time, both to fund any relevant costs, but also to spend time with each in creating community information, performing AMAs or other included promotional events, and similar activities that are, in their own way, as important to broadly spreading the Redd message, almost as much as the underlying technology itself.
It is for that reason that we will be recommending, pending community approval and funding, as our first target and ranked choices for crowdfund and listing of ReddCoin (RDD). We have proposals in hand from each of the below, and have been transparent in our discussions that any such agreement to list would depend on our ReddHead community stepping up to support and fund this effort.
Donation address for RDD: Exchange Crowdfund 2020 RqQ4qnJCAcqxPqsvMtyJx73eyVyWtpjN73
The exchanges in this list, in the order we believe they should be funded are:
- BitMart https://www.bitmart.com/about/en — (ranked #14 globally on CoinGecko with a daily volume of ~ $250M US)
- Key Benefit: Community-oriented, well regarded exchange active and growing in respective geo areas. Proposal includes significant translation and marketing exposure as well as inclusion in Fanbi and Bquan apps.
- Countries: 150+ focused especially in SE Asia
- Cost for listing: $25000 USDT
2. Liquid.com (ranked #25 globally on CoinGecko with a daily volume of $200M US)
- Key Benefit: Highly regarded exchange as well as reliable professional grade swap/widget mechanism. Allows for ongoing legally compliant buy/sell of RDD onsite and in-app for ReddID and similar needs. Strategically, this allows the Core team to enable direct buy/sell without users having to deposit on third-party exchanges. Includes engagement with Quoinex
- Countries: Japan, Global
- Cost for listing: $12000 USDT (includes required Singaporean legal “utility” memo)
3. Bitrue (ranked #21 globally on CoinGecko w/ daily volume of ~$271M US)
- Key Benefit: Community-focused growth, focus on solid projects and viable teams.
- Countries: Singapore, Global
- Cost for listing: 1.0 BTC
4. CoinTiger (ranked #69 globally on CoinGecko w/ daily volume of ~$200M US)
- Key Benefit: Reputable, growing platform. User feedback positive, conversations with management and business model show clear community-building priorities and user-first approach.
- Countries: Singapore, Global
- Cost for listing: $20000 USDT
5. ProBit (ranked #70 globally on CoinGecko w/ daily volume of ~$130M US)
- Key Benefit: Two pairs for stated listing cost (BTC, USDT). Established exchange with history of security and support.
- Countries: Korea, Global
- Cost for listing: 1.5 BTC (“Silver” listing package)
Donation address for RDD: Exchange Crowdfund 2020 RqQ4qnJCAcqxPqsvMtyJx73eyVyWtpjN73
Donations of BTC, ETH, and USDT are happily accepted and will be added to the total raised.
- BTC: bc1q90ty3y055u2j8qv79rygdsg8p7xannxqwtkt0d
- ETH: 0xD7DEc7c9a8CF11e56c65525F51e4D0B217B6303a
- USDT: 0xae74aC3615a071ab59f09d58a05d77a4E3c5d51B
This crowdfund is live as of this announcement and will continue until we have reached our goals of listing and beyond. We will be creating a visual tracking “thermometer” on our website https://redd.love/funding.html within the next few days to track totals donated to this crowdfund.
The more donations contributed to this fund, the more exchanges we will have the ability to engage with. All funds donated to these addresses will be considered community donations, the use of which will be targeted exclusively toward the above-stated mutual goals. These donations will not be refunded.
Redd is a global social movement that allows anyone, anywhere, the power to tip, support, donate and fund social causes, independent content creators, and humanitarian programs. The platform utilizes ReddCoin (RDD), a reliable and versatile decentralized cryptocurrency launched in 2014 that allows for seamless payments across borders and social networks. All Redd Partners are expected to adhere to the project’s high standards of openness, accountability, and user experience as we strive to be an example of not only the stated ideals of love, support and inclusion, but also integrity, transparency, and honor.