The 21st century has seen a remarkable increase in the transition towards an entirely virtual world. Many aspects of human interaction are fast leaving the so-called “real plane” into the virtual environment of computers. The financial services sector isn’t left out in this revolution as seen by the emergence of cryptocurrencies as means of processing financial transactions.
Cryptocurrencies refer to the virtual currencies; digital cash. They are in many ways, the digital counterpart of fiat currency like the US Dollar and the Euro. The name “cryptocurrency” is derived from the utilization of cryptography in the process of encrypting financial transactions. By way of definition, cryptocurrencies may be defined as a medium that uses encryption to encrypt (secure) financial transactions.
All financial operations are characterized by the transfer of value from one entity to another. For any financial transaction to be deemed valid, there must be a means of providing authorization and authentication of the transfer of value. For financial transactions involving cryptocurrencies, this is achievedusing a blockchain. Every cryptocurrency utilizes a blockchain with the Bitcoin and Ethereum block chains being the most popular. Red Pillis built on the Ethereum blockchain which is a traditionalblock chain used by millions of people. This provides robust network integrity for the Red Pill cryptocurrency. There are some different digital wallets and support services provided by Ethereum for users of Red Pill.
Red Pill is a currency designed to enrich online communities. Red Pill can be used for many different purposes. Communities can, for example, use Red Pill to reward their members for everything from meeting certain milestones (e.g., making a certain number of posts on a forum) or to reward them for their loyalty (e.g., awarding members pills for being a member for a year). Red Pill can also be used to reward subscribers of a product or service. Furthermore at Red Pill also makes a great tip