Place/Date: Albuquerque, NM - February 6th, 2020 at 10:15 pm UTC · 6 min read
Contact: Jay Laurence, Source: Reddcoin
Crypto pioneer and first generation altcoin Reddcoin (RDD) has announced the recent release and ongoing activation process for their uniquely rewarding PoSV v2 consensus staking algorithm. While the look and feel of the Reddcoin wallet has not yet changed, the underlying engine of the wallet has been upgraded in preparation to evolve the Reddcoin blockchain in a new direction, and also to incorporate the latest bitcoin core security and feature code. Reddcoin has embedded this technology in the new required v3.x Core wallet upgrade.
The Reddcoin ecosystem is a self-funding, user-supportive, eco-friendly financial solution for the next generation. Even more impressive than that, is the fact that it is run by an entirely voluntary dev team: An unpaid group of passionate individuals, backed by an extraordinary community, all intent on seeing the project hit new and exciting heights in 2020.
Already underway, the activation of PoSV v2 will take place when the Reddcoin network has observed 9000 of the prior 10000 blocks are staked/generated by v3 wallets. At date of writing, the network is at 5200, or ~58%. A supermajority softfork will be enforced at transition that will prevent older v2.x wallets from being able to send or receive transactions, or to stake. The transition will also activate “enhanced staking” rules, and a deduction from each enhanced stake to help support development of Reddcoin. For more detail, the informative “Redd Paper” is available on our main website.
Since its inception in 2015 the Reddcoin network, while designed for 5% growth, has seen only a modest annual growth of 1%.
With a large proportion of abandoned/lost coins, the Reddcoin dev team and community have agreed to refactor the core protocol (PoSV) to address this need, and reward active stakers, while ensuring an annual growth target closer to 5%, Reddcoin are hoping that this new update, combined with a growing community of active members, will drive the network closer toward that goal of organic growth, while providing a unique set of user rewards, and a welcoming and supportive community, while incentivizing users to tip and use RDD
Staking is really important as it validates transactions, secures them, and generates and signs blocks on the network. A robust decentralized network needs as many distributed nodes as possible, all agreeing on the blockchain status and what blocks are valid, together.
Staking coin holdings serves to help secure the Reddcoin network, and staking acts as an eco-friendly alternative for Bitcoin’s energy-intensive mining, and allows all Reddcoin users to receive rewards proportional to their holdings. Users have a plethora of software choices when it comes to staking, including mobile (Telegram), PC, Linux, Mac, Raspberry Pi, and more. Embedded systems and end-user wearable tech, as well as integration with other technologies and vertical markets are on the horizon for Reddcoin.
Any Reddcoin (RDD) holders that are not currently staking are missing out on rewards, and the ability to help the cause at the same time. For those dedicated to staking their coins, helping secure the network, and its transactions, there are some rather sizable rewards. The network is aiming for a 5% annual rate of return, and has multiplied actual returns by the corresponding multiplier to bring network growth as a whole to where it needs to be.
Staking can now add 5% per annum just from holding RDD in their wallet. This can be achieved on simple devices like an old raspberry pi, a Linux box, a Mac, or an low-end PC or laptop. The effective result of this PoSV v2 activation is that in execution, if 20% of the network is online and staking, their resulting rewards will be multiplied by a maximum of 5x, leading to their effective personal return of 25% annually. This will dynamically adjust per block based on actual network statistics, leading to a sliding rate of multiplied rewards, according to real network statistics.
Originally a fork of Litecoin, with a unique PoSV algorithm as a proof-of-stake coin, Reddcoin is one of the older and more established names in crypto, with a long, rich history dating all the way back to 2015. The remarkable, voluntarily run project has achieved modest but stable growth since its inception, and this new update now offers stakers the chance to achieve more long-term, passive income, while helping the project to continue to shine and grow. For a detailed look at staking, the Reddpaper can be found on the official reddcoin website.
PoSV v2 was designed to improve the Reddcoin network in three very specific areas.
These three goals for received funds will allow Reddcoin to keep development work accelerating, provide a safety mechanism for real members of our community while discouraging fraud and protecting Reddcoin’s users in a unique and welcoming way. And the third goal of charity efforts is intended to spread the Reddcoin message of inclusivity, safety and security. Reddcoin Core Devs are missionaries, and they are supported by the loyal Reddhead community: a brilliant, active and shining group of individuals. Become a ReddHead today!
Disclaimer Reddcoin is the source of this content. Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. This press release is for informational purposes only. The information does not constitute investment advice or an offer to invest.