Online wallet services are not the most decentralized form of using digital currency, but they are of great value to novice digital currency users all over the world. RIbbitRewards is one of the leading online digital currency wallet services, and the team has recently expanded their list of supported coins. Notable additions are Ethereum, Dash, and Litecoin.
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RIbbitRewards – Coalition Rewards Using Blockchain Technology
As you would come to expect from the name RibbitRewards, these digital loyalty tokens are issued over Bitcoin’s blockchain. The main goal with these tokens is to encourage digital currency users to spend their coins for online shopping needs and earning a small portion back while doing so. In simple terms, RibbitRewards is a loyalty program like you would find at any major retailer.
RibbitRewards is a rewards program created by Ribbit.me, a company that is not only running this rewards network, but also a digital wallet, and an online marketplace. In this case, their digital wallet service has received some major upgrades, including a few new, different altcoins that are now officially supported by Ribbit.me.
Furthermore, support for bip39 and bip44 has also been announced, which means that every address generated in the online wallet service is derived from the same seed. This “seed” is a 12-phrase mnemonic, a string of twelve random words that will serve as a tool to restore wallet access if a user ever forgets their password.
Ribbit.me’s mnemonic will automatically be backed up when a new user registers on the platform, as well as for every manual backup scheduled by the user. Deleting an address in the online wallet – even if it has a positive balance – can easily be recovered, and all attached coins remain in the sole custody of the wallet owner.
In fact, this update of the RibbitRewards Digital Wallet means the old Ribbitchain.info Wallet will no longer be actively developed. All users are advised to switch over to the new wallet, which can be found here. Exact details on why this change was made, as well as how users can transfer their existing addresses, can be found here.
More Altcoin Support & Upcoming Features
Among the list of newly supported coins are some interesting names, even though all of them can be labeled as “altcoins”. Ethereum might be the one exception to that rule, even though this project still has a lot to prove to both investors and the rest of the digital currency community. The other newly supported coins are Litecoin, Dash, Digibyte, and Defcoin.
Last but not last, some of the upcoming RibbitRewards Digital Wallet features were announced as well. Smart contracts, support for Expanse and Ripple, and in-wallet peer-to-peer encrypted audio/video chat running on its own dedicated blockchain are just a few of the things Ribbit.me is actively working on right now.
In particular that last feature will be of particular interest to the digital currency community, as running this platform on a separate blockchain holds a lot of promise. Decentralizing popular tools such as Skype would be a major step forward for showcasing the power of Bitcoin’s blockchain, and how it can affect the lives of everyday consumers.
Images courtesy of Ribbit.me, RibbitRewards, Shutterstock