The Reddcoin (RDD) Core Development team will be implementing an upgrade to our core operating protocol PoSV (Proof-of-Stake-Velocity) to an enhanced PoSV v2 to provide for network growth stability, enhanced staking incentives and dev team funding support. We expect the fork to activate at block 3,000,000 (3M) of the RDD blockchain, which, at time of writing, is approximately 40+ days, or the end of October 2019.
As the dev team responsible for code development and integrity, we have collectively reached out to all known exchanges and partners running Reddcoin wallets already to advise of the upcoming transition. If you represent an institution or platform running Reddcoin and we have for whatever reason not already communicated with you, please contact the team immediately at [email protected] to remedy that and establish communications.
We encourage all ReddHeads and Reddcoin holders to visit our website as well, read our Redd Paper (which details these changes), and download and install the new Reddcoin wallet as soon as it is made available in our official repositories. We expect that software to be available to end-users within the next two weeks, and will announce widely when it is available for download.
This article is meant to explain in more general and philosophical terms what this fork means to Reddcoin, what it allows our ecosystem to offer to all, and how this evolution was designed to benefit and enhance every stakeholder in the Reddcoin network, to encourage use of our coin rather than senseless hoarding.
If you have questions that are not answered by the end of this article, please join our social channels and ask the devs. Visit www.reddcoin.com for links to all channels as well as up-to-date info on all things Reddcoin.
We feel that there are three major pillars to our planned changes that nicely fit into the commonly revered and time-honored concepts of “Faith, Hope & Charity”.
As it is used here, Faith is an expression of confidence and trust. Confidence that our network can be used safely, securely and fairly, and trust that collectively we are all working for the good of the stakeholders, not for individual and separate success. Reddcoin is a bit of a unicorn in the traditional sense, as our focus has tended to be toward evolution of our use, not speculation of our price. We intend to continue that approach.
Reddcoin has gone through numerous transitions, as many crypto projects have, and has emerged through a commitment to maintaining honesty, openness and transparency.
When our founding team left and open-sourced the Reddcoin project, having exhausted their resources, the mantle was handed over to a team that shown true caring and love in the following years as an example to follow in the cryptosphere, and has built partnerships to champion and support similarly inclined projects.
Through hard work and communication, Reddcoin has won (or won back) the overt and explicit trust and support of the ReddHead community and the crypto community at large, as a beacon of integrity and safety in a potentially disruptive and scary industry. The team’s shared focus has and will remain entirely user-focused and protective of our “ReddHeads” and their data and assets as both new and experienced users explore our technology.
We have turned down venture capitalists and investors’ offers conditioned on reselling and monetizing users and their data. Reddcoin is and will always be a safe haven from predatory data mining and user monetization in that way. It is our shared belief that Reddheads must come first in our products and designs, and that all other success will follow that guide.
It is with that community Faith and support behind the team that we plan to move the Reddcoin PoSV protocol forward. Faith that the changes will be made expertly and coordinated globally in order to expand the capabilities of the blockchain,
Faith that our users will cooperate and support the network by upgrading wallets and reporting any problems, should any arise, and by working together to accomplish a complex-yet-simple change to the nature of the Reddcoin blockchain.
And with extensive preparation and testing, the team has Faith that the evolution will happen successfully.
When new users begin with bitcoin and cryptocurrency, they experience a flood of unfamiliar emotions not normally associated with a simple monetary transaction. Fear, of course; uncertainty, insecurity, doubt, feelings of foolishness. Complicated concepts, hard ideas to grasp, and real money at stake. Reddcoin offers an alternative.
Reddcoin uniformly just works. It sends quickly, and usually for free, it delivers stake rewards often if unexpectedly, and the software has proven to be safe, secure and a workhorse.
It allows the userbase to help secure the network, to participate and earn staking rewards, and to engage in commerce on the blockchain in safety, and without the negative emotions above. It is in that emotional connection, in the genuine experience, that Reddcoin finds its home.
More specifically, why “Hope”?
Because our fork has allowed us to designate a “Reddcoin Restitution & Recovery Fund” with a percentage of anticipated funds. This tenth part of our funding is targeted at providing Hope and protection to our users by providing a mechanism with which lost coins, stolen coins, corrupted wallets, and others in genuine crisis, with no other options, may be made whole again by the grace of the network itself. While people always will make mistakes and errors, sometimes such things are literally out of the user’s hands to protect, and coins are lost or given to fraudsters in good faith.
While the nature of blockchain is such that without keys, those coins would be gone forever; the Reddcoin R&R Fund will allow a measure of Hope for such swindled users by, as appropriate, providing them with replacement RDD as a valued and valuable member of the community.
While we expect that some will attempt to abuse this new function and claim more than they are entitled to, we believe that transparent, open and honest accounting and activity on this front will dissuade many of the bad actors. In general, it is the team’s Hope that this will provide a safety net for otherwise irreversible and lost coins, for users that are human and sometimes make mistakes. It is in that spirit that we will evaluate claims and offer Hope of restitution to as many valid cases as resources allow.
Excitement, speed, immediate gratification of successful sends, the thrill of a stake reward, of interest on your holdings created fairly and distributed quickly. And all happening on the desktop, on a mobile phone or tablet, evolving past the heavy, ponderous, expensive mining equipment of the bitcoin and PoW era of coins, Reddcoin’s ecofriendly and efficient mechanism of securing the network (PoSV) has been, since its original activation in 2015, a unique and proprietary aspect of Reddcoin’s technology.
This tech allows anyone with a staking wallet to help secure the network and achieve a secure consensus on the blockchain without hard-to-use and expensive ASICs and other specialized hardware.
Reddcoin offers renewed Hope for a green future while still providing all the benefits of a state-of-the-art digital cryptocurrency, and with this enhancement of the protocol, Reddcoin as a decentralized entity offers Hope to those unable or unwilling to navigate the cryptosphere alone.
In addition, we believe that our planned changes act as an incentivization mechanism, enhancing staking rewards to induce more wallets to actively stake, thus ensuring a secure and fast network.
But also, that this will offer ReddHeads additional Hope in the sense of more return on their existing stake for that same network participation.
Please take a look at the published “Redd Paper” (www.reddcoin.com)for the details of this enhancement; the Core team Hopes that offering a new paradigm of enhanced rewards for all users at the expense of none and hewing closer to the originally designed network characteristics will make for an even more rewarding Reddcoin experience.
The third aspect of the planned protocol enhancement relates to Charity.
A strongly held pillar of the Reddcoin, ReddHead and crypto community in general is that of sharing, of giving, of allowing others to participate and join, to lift up those who have nothing, and improve the collective situation by assisting those most in need of it.
Charity, by definition and by inclination, has been a crucial and intrinsic part of cryptocurrency since the first days. Users helping other users, coders helping other coders, initial stakes, coins, nodes and witness funds passed around with little thought to expense, purely for the utility of it, for the fun of it, for the feelings engendered by helping those in need of help.
This is the underpinning of the crypto spirit, and as it has extended back into the general population, this feeling of Charity, of altruism, of philanthropy, literally love for one’s fellow men and women.
So, in keeping with that spirit, the Reddcoin protocol fork further enables and prioritizes Charity. A tenth of received funds will be designated for purely helping those in clearly defined and verifiable need. Preferably individuals, or small causes, changing the world one person or family at a time. It is our strongly held feeling that such activities bring value and reason to our ecosystem and helps to balance our community, ensuring that every ReddHead has a place to go for help, thus encouraging and fostering our unique ReddHead community spirit.
What does this all mean in terms of changes? What will each Reddhead need to do? Will we lose all of our coins? Is the sky falling?
The Reddcoin PoSV protocol will be evolved in what most would term a fork event in the next 45 days or sooner. (The RDD symbol will not change, no new coin will be created, it’s not that kind of fork. The fork is meant only to adjust & enhance the core protocol as documented in our newly published and updated “Redd Paper”.)
Within the next two weeks, Reddcoin Core dev team will be making available compiled software for Windows, Mac and Linux wallets, version 2.1, which will replace our current 18.104.22.168.
The fork will be configured to activate at block 3,000,000 uniformly across the globe.
All that Reddcoin wallet users and exchanges will need to do is preinstall the new wallet software prior to the designated block so that at the correct time, as many clients as possible will activate and move to the new fork and consensus. We anticipate according to general calculation that the activation will take place toward the end of October 2019 and the team will update on all social channels as we get closer to that date.
Although we recommend that advanced users back up their “wallet.dat” file from the %AppData% folder to a safe place prior to any wallet upgrade operations, we anticipate this process will be seamless as long as the majority of wallets are upgraded early. Should you fail to upgrade your wallet prior to the fork, please be aware that an upgrade will be required prior to being able to send any coins after the fork has activated. No holdings should be lost, but as this is a consensus-breaking fork, the new network signing rules will require you to use the new software.
IF YOU HAVE QUESTIONS, PLEASE CONTACT ANY REDDCOIN CORE TEAM MEMBER FOR ASSISTANCE ON ANY OF OUR CHANNELS OR EMAIL [email protected]
As mentioned above, please join us in Discord or Telegram with any questions or technical support needs before, during and after the planned protocol upgrade at block 3,000,000.
And as always, if you’d like to be a part of building, join the team and help out, just ask a channel admin or moderator on any channel. Whether building the protocol or adding personnel, we only grow stronger together.
Reddcoin’s PoSV v2 — Technology Incorporating Faith, Hope & Charity to Bring ReddHeads Together — Share the Love today.