The Reddcoin (RDD) Core team has some good news to announce, and would also like to take this opportunity to welcome our new community members and team members. We have all been working extremely hard behind the scenes, regardless of price, or market activity, because it is our belief as we’ve said many times, that the evolution of the crypto space is a marathon and not a sprint.
We recently held an exciting, informative and fun “Ask The Devs” video AMA (link here: https://www.reddit.com/r/reddCoin/comments/c1an4g/reddcoin_rdd_core_video_ama_join_us_for_our_1st/) , and it brought home to us how much of an awesome community Reddcoin has built around itself over the years we’ve existed. It feels different and special to be part of our group, and we cannot encourage that spirit enough.
But it takes more than just building software and systems to make a project like this a success, and navigating the changing landscape of regulation, privacy, security, legal and compliance issues while arranging partnerships, marketing, PR and strategic growth pathways is not as easy as it sounds.
Not that it sounds easy. :)
As you may have seen in our recent AMA, every member of the team is extremely committed and busy behind the scenes working to make Reddcoin a success. We have folks working in web design, front end design, back end design, wallet and code improvements, business analysis and strategy, partnerships, community management and more; all the many things it takes to support a thriving and vibrant ReddHead community.
We really enjoyed the last community event and are looking forward to hosting more as often as possible. In addition, we’ve been continuing to establish strong ties in the crypto community with coins and projects that we feel share our values and outlook for the future of crypto, and those that put users data, safety, value and experience first, rather than those that seek to prey or scam community members. Some of these groups (looking at you, Change Angel Blog) have brought the Reddcoin message and merchandise to events our team wasn’t able to attend, and others groups are selflessly helping share our message in their own channels. We’d encourage your visiting and using changeangel.io not only because their position on coin team support means that they will be donating a portion of their RDD swap fees to our team on an ongoing basis, but also to support other coins respective fees and teams, helping the entire group of genuine projects to grow together.
And that is not only inspiring, but renewed the idea that we on the Reddcoin Core team need your help, all together. We truly are an amazingly large and diverse community of ReddHeads, from all corners of the globe and all walks of life, and we need what you can do, or write, or say, or what you can give.
If you have skills and time and ability, and want to be involved, we need you.
We need writers, we need coders, we need numbers and accounting people.
We need support staff and community ambassadors, native language speakers in Japanese, Chinese, Portuguese, and many more to help translate our story.
And more roles that we’re only just defining.
Reddcoin is and always has been special because of the ReddHead community, and the men and women that have seen the potential in what we’ve spent years building and rebuilding, and have helped or promoted us. Some have lost faith, but we’ve simply tried to respond by keeping on working. We’ve done our level best to be as open, honest, and transparent as befits a guardian of the original crypto-ethic, and we urgently need to grow our team, and our partnerships, especially with entities and individuals who share those ideals.
Cryptocurrency, while perhaps a gold rush at one time, is not, any longer, about getting rich quick; Reddcoin has not and never will promote our project to push price and the speculative aspect; Reddcoin is not about that, as many of you are aware. We have a use case, a great and talented team, some unique technical characteristics, and an absolutely colorful history.
But it takes a combination of professionalism and commitment along with time to truly be involved, and we encourage each and every one of you that’s thought about it, to step up and make known what you can and want to do for the project. Self-starters required.
We’d also like to reach out to the community in another way, for those that cannot take time or effort out of your commitment-filled lives, but want to help Reddcoin get to where we need to. We need your money.
RDD, BTC, ETH. Or any other crypto you’d like to contribute.
We need to ask the community for a bit of help to get the project over some of the hill of challenges so we can ultimately secure funding from some already-interested parties. One key aspect of our efforts this past year or so has been to build Reddcoin (and our foundational company Reddcoin Solutions LLC) into having at least the minimum of required corporate structure to allow interested investors to provide some much-needed support to our development. While that aspect is almost entirely invisible to the average user, our work on that front has been significantly productive, and we are presently negotiating our first round of funding. We’ve had meetings with numerous interested parties, and only recently have come up with a solution to essentially guarantee a return on that investment. We can’t release details until agreements are in place, but that is part of why we’re reaching out to alert and engage the ReddHead community at this time. Completing that process will inevitably require lawyers and other professionals to be paid. Takes money to make business happen, apparently. :)
As a little background, Reddcoin’s original founding team held one of the first IPO’s ever, in 2014 (an IPCO, actually). It was successful, but all proceeds were liquidated by that team in 2015, leaving the project essentially without funding. As time progressed, some donations were made by the community, and held in dev fund wallets to cover such costs as servers, domains, certificates, etc. When I came on board the Reddcoin project, a number of years ago now, we had about 30M RDD to work with. We’ve also used a piece of those funds for a legal opinion letter to demonstrate RDD is in fact a utility token (a major reason why RDD was not delisted from Bittrex when many others were recently), and to pay some bills, and we currently hold close to zero RDD as a reserve for these purposes. All other bills incurred by the Reddcoin project and team have since been covered personally by John Nash and myself from our own funds, and in some cases, have been not small. At the beginning of 2018, that was somewhat inconsequential, and we accepted that as project leads, and paid to help keep Reddcoin growing. But speaking for each member of the team, that has become a difficult practice to continue following 15 months of bear market and loss of capital value. Happily, in recent months with the return of positive overall market sentiment, that trend has reversed, of course, but we remain at this point essentially unfunded. So we need help to get there.
We would like to ask for donations for a number of purposes.
First, donations to offer some small stipends to key team members. None of the Core team presently has full-time employment outside what we’re doing for Reddcoin, and we’re struggling a bit at present to keep things paid.
Obviously, we are all donating our time, efforts and resources to this project, and none of us is doing so with the expectation of getting rich, but it would be extremely helpful if the community would be willing to step up and offer some meaningful support to our own efforts. Any directed donations of this nature will be spent by members of the team for their own personal needs.
Second, donations to the Reddcoin dev wallets, which we will be collapsing down to a single wallet for ease of tracking and management moving forward. All donations to this wallet will be spent directly on Reddcoin’s current efforts to complete the work underway to successfully obtain venture capital, angel or other comprehensive funding and continue software development and ecosystem buildout far more efficiently and professionally.
Further, we have some great features and functionality that we’d like to bring to life, and as you all know, we need to promote and advertise our project at least a little in both traditional media, and social media/influencers. That has proven to require some funds.
With community funding, we can continue to strategically promote on the merits of the projects, the features we’ve built and are building and engage professionals in certain cases to help with the efforts. I’d point to the efforts made on our behalf to date by BX3 Capital as being quite successful (https://bx3.io/resources/case-studies/reddcoin/) during the time they were engaged on that front. Such efforts do have costs, but reap rewards in helping us tell the Reddcoin story and bring both users and contributors to our ReddHead community.
In addition, we’ve negotiated with many of the top exchanges, and determined that many of them still insist on listing fees, some obscene (200K US?!?) despite our being a proudly volunteer and non-ICO project. We have offers on the table from two of these platforms starting from the “minimal” amount of 3BTC each, and others with higher costs.
We also have a turnkey proposal to build our own “ReddExchange” in which RDD would be a base pair to all listed coins, and would provide revenue back to the Reddcoin team for operations. The price tag for that is closer to 12BTC, and would guarantee both liqudity and a ready source of exchange and on/off-ramp for RDD within our apps, benefiting both the team and the network. As we don't have some of the economic and coding expertise on the team presently to us, it would allow to hire/contract the required talent to help us code and implement enhanced staking masternodes and other needed and discussed features, and would offer us the ability to encode higher rewards or alternate economics of rewards for running an advanced ReddID, or masternode by changing some of the staking payment rules.
These, and other similar needs, are the reasons we’ve been seeking the kind of financial industry backing that we have, but as there would be nothing stopping a motivated crowdfund from achieving the same things, we’ve decided that as we work to close deals with investors still, (which could conclude tomorrow or never), we’d like to reach back out to the community to see what we can all do together. Many of you have expressed keen interest in contributing. We are happy to communicate and celebrate what such an effort might actually achieve, so we’re proposing the following:
“Stake One for the Team!!!”
For at least the next thirty days, donate your stake rewards to the Reddcoin team. Keep your capital of RDD intact, and let the network rewards help us build!
Our current (6/18/19) donation address is: Ru6sDVdn4MhxXJauQ2GAJP4ozpPpmcDKdc
You can also use our updated Telegram bot in the Reddcoin chat channel with the “/donate” command, with some new features built in by @cryptoBUZE. (And we’d love to talk with all new Reddheads and make sure everything’s working right if you’re having any problems, or hear feedback on new features, so why not also join us on Telegram at https://t.me/ReddcoinOfficial ?)
Looking at the network today, of a total of 29,241,696,598 RDD, it seems that approximately one quarter of the network (26.24%) are staking, for a total of 7,672,130,320 staking and securing the network. In one month, if every wallet currently staking voluntarily participated in this effort, the donations would be approximately 32M RDD, almost exactly $70K US at current prices. While we know that certainly many RDD holders will not participate, such as the exchange wallets and others, I truly believe that with such a grassroots donation mechanism, we can all benefit together, and our success could be astounding. With donation of that level, many of the top exchanges would be within reach, along with other strategic and tactical spending to enahcne the reddcoin ecosystem and bring talent to our development team. If one month doesnt bring in a workable level of funds, perhaps we could continue the donation program for multiple months. Since the team isn’t presently able to draw salaries for doing the required work, that would alleviate quite a bit of pressure on our daily ability to pay the bills as well. And it would allow all of you to participate and support us directly in our drive to make Reddcoin the preeminent social media and content creator coin.
In order to encourage some larger donations as well, the team has agreed to commit that any individual larger donations (over 1M+ RDD) will be accepted with the intent to return the same amount to the addresses donating once funding and revenue have been put in place. So if you support us to that degree, and we’re able to make the pieces fall into place, we will make our best efforts to repay those, and will make every effort to be as fair, open and on the level about that as possible.
If you have other crypto you’d like us to make use of, please feel free to send it to addresses below (or ask us in chat), and we’ll turn it into: ReddID and masternodes, detailed infographics and videos, intricately informative websites and network insights, Reddcoin meetups and in-person events, attendance at conferences and publicity for the project, and all the other things that can’t just be coded to success.
Help us Paint The World Redd!!!