Dear fellow Reddheads:

In this post, I’m going to cover three topics: PoSV Release Candidate 2, a review of the current strategic position of Reddcoin and update on upcoming milestones.

PoSV Release Candidate 2

PoSV RC2 binaries are now available for download here . This is for testnet only. You shouldn’t have to re-sync blockchain. Just replace existing RC1 wallet with RC2 and start it with testnet=1 addnode=

Please run full nodes for staking, post your testnet wallet addresses, send each other coins and report any problem and bug below.

Current Strategic Position

With official release of PoSV around the corner (in a few weeks), it’s good time to review the strategic position Reddcoin is in today. If you are a good player of chess or Go, you’d understand that to win a game, one has to build up advantage incrementally through each move. So where are we today?

  1. PoSV was designed to address multiple technical and economic issues as described in the white paper. It’ll provide better network security and better aligned economic incentives among participants. It renders mining and ASIC obsolete. It rewards active stakeholders and provides a solid foundation for our ecosystem.
  2. All the existing vanilla PoS coins, to my best knowledge, trace their source code to Peercoin which was a fork from Bitcoin in 2012. The code base of Bitcoin has been under active development since then and few, if any, new features in Bitcoin made it to the code base of vanilla PoS. By comparison, PoSV has been implemented based on Reddcoin release which already contained hundreds of commits from upstream Bitcoin. PoSV is uniquely positioned among all PoS coins to absorb any innovation in Bitcoin in the future. This gives us huge competitive advantage over time.
  3. Because PoSV has been written based on a different code base, I had to understand every single line of code in existing PoS and now have a very thorough understanding of the technical details. This allows us to gradually introduce more features to PoSV in the near future. This stands in stark contrast with coins which follow a fork-and-tweak-and-desert model.
  4. I’ve written PoSV in a way that deters copycats.
  5. Our next-generation social wallet is designed to work in synergy with PoSV to encourage user activities. It has a sleek GUI and built-in functionalities such as news feed and chat. It can also connect to remote daemons to provide better user experience for running full nodes.
  6. ReddAPI allows developers to create 3rd-party applications without having to deal with low-level blockchain details.
  7. The success of getting Reddcoin listed on Mintpal by mere voting demonstrates beyond any doubt the quality, will and power of our community. When we set our eyes on a goal, we work together and make it happen.
  8. Reddcoin is created for a niche market: to facilitate social interactions between people. It’s a very ambitious project with a lofty goal. It’s also like a giant jigsaw puzzle. As the dev team and the community continue to make progress on putting the major pieces in place, the entry barrier is increased on a daily basis.

Future Milestones

  1. I will officially release PoSV in coming weeks. New features for PoSV are already being planned for later releases.
  2. /u/MathyV is spearheading the efforts to merge innovation from Bitcoin. Most notably we will see Hierarchical Deterministic Wallet and Multi-signature Wallet. Reddcoin will be one of the very first altcoins to provide these features.
  3. /u/hoppipoppipolla is preparing the final release of the social wallet.
  4. /u/lionzeye released the beta of Reddcoin plugin for Minecraft using ReddAPI and there is already a Minecraft server up and running. The project requires technical innovation and business acumen. If done right, the efforts will bear much fruit.
  5. I’m writing our next-generation social platform. Reddheads have shown us the most wanted social networks and they will be delivered. The social platform will also enjoy integration with our social wallet to provide the best social experience.
  6. /u/devhen has been working on our social broadcast platform, which will be packaged and pitched to corporate clients for their online marketing campaigns.
  7. When it comes to marketing, the first priority is always to build the best possible products, to make products speak for themselves. We have commissioned a world-class video creator to work on our official video. Thanks to the extreme attention to details by /u/Reddcoin, /u/BTCillionaire and /u/reddki, you won’t be disappointed by the final results. We also have established and on-going dialogues with several PR firms.

Final Words

Great things take time to build. Patience and perseverance are valuable because they are rare. Less obsession with price. More productive usage of time. Together we can build a future that’s worth living for.