I am opening this thread for a discussion around Reddcoin Ltd and on what the establishment of such a company may mean for the Reddcoin project.
Over the past few days, Laudney and Jonathan have begun to explain their reasoning behind creating a company. The announcement has been made a little prematurely in light of other circumstances. As has been explained, the reason no announcement was made previously is simply because, despite having been brought into existence, the company is not yet operational.
What can we learn by reading the comments made by Laudney and some others since the discussion began? Distilling some of the information into bullet points, we have the following from Laudney:
- Reddcoin Ltd has been set up as a company registered in the UK.
- The company is backed by a top international law firm with offices in London, Silicon Valley and New York, among others.
- The primary motive for setting up Reddcoin Ltd is to explore the options to hire people full-time to work on the project.
- The business model of Reddcoin Ltd will not be based on the harvesting of user information; rather it will revolve around the provision of higher-level value-added services on top of the micropayment infrastructure.
- For the foreseeable future Laudney expects Reddcoin Ltd to be the predominant contributer to these open-source codebases, and has drawn comparisons with open source projects co-existing with companies. The potential is always there for other major contributers to become involved.
- Some of the projects developed by Reddcoin Ltd will be closed-source, to maintain advantages over competitors that all companies take as standard. A concrete example of such a project will be the complete rebuilding of Reddcoin Broadcast.
- With the long-term development of Reddcoin further secured by Reddcoin Ltd, further foundations are being laid upon which entrepreneurs and Reddcoin enthusiasts can contribute significantly to the Reddcoin economy.
- The current focus of the Reddcoin project remains the completion of Social X.
- Marketing will be an important part of the business plan for Reddcoin Ltd in the future, but first it is important to concentrate on the products.
Other contributers to the forum have brought up points related to Reddcoin Ltd, and to the kind of potential products and services that are within the theoretical and practical scope of such an endeavour. A notable example is the development of ID management services.
Another point that has been mentioned relates to investment. The creation of a company also creates a door that may be opened to traditional investment opportunities for VCs and professional investors seeking to support tech start up companies.
To round off this opening post and to get the ball rolling with discussion, I would like to give a couple of personal opinions on Reddcoin Ltd.
The idea of launching a Reddcoin company has been discussed here and there on several occasions, with the first comments mentioning and proposing such an idea made on the Reddcoin subreddit. In the past I wrote a few articles on the wider subject of investment in cryptocurrencies and on the benefits of regarding cryptocurrency projects as being based on a new kind of “open-source company” model. Perhaps the terminology is not really accurate, but what strikes me about the idea, and particularly about Reddcoin the cryptocurrency and Reddcoin Ltd, is the very real potential for the organic growth of an ecosystem that is underpinned by high-quality and professional infrastructure but also thrives on ideas, ventures and development by the entire community. This is an environment in which everyone can benefit. In this context it was really heartening to see the immediate proposal and creation of a Reddhead community devs code repository, made by @iisurge and @reddcoinrocks, which in my eyes compliments the announcement of Reddcoin Ltd perfectly. This is how a great and far-reaching eco-system will be built.
A couple of months ago I published a two-part article on Bravenewcoin, entitled The Advent of Tipping and Reddcoin. This piece is a study of the main online tipping services against which Reddcoin is competing. While researching the article I was struck by one thing in particular. It seems very clear to me that the Reddcoin devs are building a service that is far superior to any other option. This is not just bluster: with the genuine decentralisation of the tipping platform, zero fees, no limits and a cryptocurrency purpose-built for tipping, there is simply no comparison. The Reddcoin product will be the best.
At the time I was researching the article, there appeared to me to be only one thing that the other tip platforms mentioned all have that might put them at some kind of advantage to Reddcoin: the support of companies (large and small) and the investment that goes hand-in-hand.
Now, out of a sense of foresight, the founder of Reddcoin and the lead dev have set Reddcoin up to be on an equal footing with these competitors in this regard.
I would like to invite the community to this open discussion of anything related to Reddcoin Ltd.