Reddcoin Announces Rollout of New Enhanced Proof of Stake Velocity Protocol to Bolster Network Growth and Stability
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Reddcoin (RDD), the original social network cryptocurrency coin, is proud to announce the rollout of PoSV v2, the latest revision of its latest proof of stake velocity protocol, to provide enhanced network growth stability, strengthen staking incentives, and provide funding support for development teams. Reddcoin expects the fork to activate at block 3 million of the RDD blockchain, scheduled for end-October 2019.
This is the latest step in Reddcoin's efforts to continue to serve its dedicated fan base of "ReddHeads," as well as make cryptocurrencies more accessible to newcomers who might otherwise be skittish taking steps into the digital asset foray.
Since its inception in 2014 when it was forked from Litecoin and its transition to PoSV in 2015, Reddcoin, the original cryptocurrency for tipping creators of social media and online content and online micro-donations, has been based on a cooperative volunteer effort. Reddcoin differentiates itself from other cryptocurrencies by providing direct incentives for network usage as well as holding. Its bespoke algorithm, Proof of Stake Velocity (PoSV), gives all users a 5 percent annual reward and eliminates energy-wasteful mining in favor of staking, a more environmentally conscious option.
A driving force behind the rollout of PoSV v2, says Jay "TechAdept" Laurence, CEO/COO of Reddcoin Solutions, LLC, and strategic project facilitator at Reddcoin (RDD), is the cryptocurrency project's longstanding commitment to "users first," illustrated by the three principles of faith, hope, and charity that he outlines in further detail on Medium.
"The upcoming PoSV v2 fork is meant to embody these three core principles in a concrete way, serving as an example to other projects to drive overall crypto adoption," says Laurence. "Crypto isn't just about technology, nor is it just about money. Reddcoin aims to hold users' hands, welcome them to the new vista of digital currency, and support and protect them on their travels throughout the ecosystem.
The tech behind Reddcoin's original PoSV algorithm, as refined in the upcoming PoSV v2, provides any user with a staking wallet the opportunity to assist in providing network security and blockchain consensus without having to rely on complicated, energy-intensive and expensive hardware such as ASICs (application-specific integrated circuits). Reddcoin's staking solution requires next-to-no resources, and runs on desktop, mobile, Raspberry Pi and similar low-end and embeddable devices, as well as on any desktop or laptop. To encourage user engagement on this front, Reddcoin's protocol upgrade will offer enhanced staking rewards well beyond its present 5 percent reward, preventing that much more energy-intensive crypto mining — and perhaps inspiring Reddcoin's peers to do the same.
Despite having received multiple offers from investors and venture capitalists looking to resell and monetize Reddcoin user data, Reddcoin has remained an independent operation; and one that is built with a volunteer team of developers. It is this commitment to community that has inspired Reddcoin to designate a percentage of anticipated funds to the "Reddcoin Restitution and Recovery Fund." The fund provides a mechanism for users to retrieve lost or stolen Reddcoins, providing new and longstanding users with a newfound sense of security with the system while maintaining a decentralized platform.
"Rather than embracing the hybrid equity/venture capital method of traditional funding, forward-looking and innovative decentralized cryptocurrency and token projects like Reddcoin, Dash, Smartcash and others," says John "CryptoGnasher" Nash, lead developer at Reddcoin. "In true crypto-pioneering spirit, the teams like ours behind these projects are embracing the built-in incentivization of decentralization to drive development and engagement."
Reddcoin is the original social network tipping, content creator and micro-donation cryptocurrency. Products on the Reddcoin blockchain include the Reddcoin PointOfSale, Reddcoin Core Wallet and Redd ID, a user-friendly digital wallet that allows users to reward and show appreciation for quality online content with Reddcoin with a log-in via a chosen username rather than having to remember a 16-character alphanumeric code.
Existing Reddcoin wallet users and exchanges will need to upgrade to the new (version 2.1) wallet software before the designated block to activate and move the new fork and consensus as early as possible. For more information about the PoSV v2 update, please consult the ReddPaper and www.reddcoin.com.
Reddcoin was launched in early 2014 as part of the ongoing crypto revolution and has since transitioned into an all-volunteer effort, a top-100 coin, a well-known blockchain industry leader and a beacon to younger projects. In an effort to reclaim users' rights over their data and created content, via its signature cryptocurrency RDD, Reddcoin provides platform-agnostic and universal solutions to enable microtransactions and social-network tipping for content creators. With its bespoke algorithm (PoSV, transitioning to PoSV v2 in October 2019) that gives all users a 5 percent (or higher) annual reward and eliminates energy-wasteful mining in favor of staking, Reddcoin provides direct incentives for network usage as well as holding. Reddcoin's partners and related projects are held to our own high standards of openness, accountability, and user experience as we strive to be an example of not only the stated ideals of "faith, hope and charity", but also integrity, transparency, and honor. Reddcoin is headquartered in Albuquerque, New Mexico.
Anne Szustek Talbot