Albuquerque, NM – May 29, 2020 – Feisty underdog and first generation cryptocurrency Reddcoin (RDD) launched the PoSV v2 consensus algorithm activation process on Christmas Eve 2019 enhancing all facets of support of the native lightning-quick blockchain to a self-funding independent model. That work has culminated in recent days and will be activating shortly, marking a transition for the never-say-die Reddcoin (RDD) development team and the project as a whole.
Reddcoin is a uniquely community-driven and user-focused decentralized cryptocurrency established in 2014 and running seamlessly for six years. A member of the BITA50 and ALT100 crypto-indices, and a “Top 100” project with a market cap of approximately 40MM US, Reddcoin is also an all-volunteer and self-funded organization.
Unlike most in the blockchain space, having never experienced a significant security incident or hack is six years of operation, due to the nature of Reddcoin’s unique proof-of-stake-velocity (PoSV) technology, Reddcoin stands alone as a secure payment technology, with minimal hardware requirements, and an ecofriendly, less-energy-wasteful approach to socially responsible technology. With thousands of active wallets, exchanges, on- and off-ramps to fiat and other currencies, users and business can enjoy and leverage a full-featured payment gateway suite of services.
Reddcoin can provide point-to-point, multi-party, or full-suite merchant, transaction and remittance services at a fraction of the cost of traditional PayPal or credit card transactions with lightning-fast completion and state-of-the-art security and cryptographic protection against counterfeiting, fraud and data manipulation. Reddcoin also offers participants in its network automatic interest-like “staking rewards” as well as zero-to-low-fee transaction costs, lowering the bar for entry for any business, webstore or individual looking to participate in the new era of fintech.
The new algorithm and staking rules built into PoSV v2 will activate once supermajority of 9000/10000 blocks has been reached, estimated within the next weeks. Once that point has been reached, all remaining older Reddcoin wallets will need to be upgraded in order to spend or stake. As noted in the project’s re-released 2019 Redd Paper, available on the website at (https://www.reddcoin.com/reddpaper), the new features of the PoSV v2 algorithm powering Reddcoin include such items as:
“Participation Incentivization”, which promises to multiply stake rewards up to 5x for all active users according to dynamic network staking participation variables; The “Reddcoin Restitution Fund”, aimed at replacing ReddHead community members lost or stolen funds; The “Reddcoin Charity Initiative/Food &Supply Bank”, offering more direct support to those in needs among and outside the community, and more.
These new features and programs overlay one of the fastest existing cryptocurrencies, zero-to-low-fee transactions, 60s block times, and ecofriendly all-platform staking options, offering a compelling value proposition along with the uniquely supportive and transformative Reddcoin “ReddHead” community.
Led by a dedicated team of open, transparent, and engaged volunteers, Reddcoin is always on the lookout for talent to help achieve the envisioned solutions and products. As one of the original cryptocurrencies, and an all-volunteer development team, Reddcoin is poised to launch through 2020 numerous tipping and content creator reward applications including the relaunch of ReddID, utilizing the unique properties of the RDD ecosystem to allow tipping and spendable rewards entirely free from restriction and censorship.
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