Reddcoin (RDD) August 08 2020 Core Dev Update — A Massive Update on All Things Redd!
August 8, 2020
Reddcoin (RDD) — 2020 Midyear Core Development Recap, Strategy & Project Status Update — PoSV v2, Project Redd, Team Expansion, Listings & more.
ReddHeads, we’re halfway through 2020, and have achieved some amazing things as a united community and project team! That progress, and the widening and broadening vision of Redd as more than just “an awesome cryptocurrency and an awesome ReddHead family” have acted on Reddheads to join in the effort to help us all bring some positivity back to both the crypto-space and the larger global community. We’re proud to acknowledge all of the new team members, many of whom are noted below, as well as on our upcoming rebranded website. More about the rebrand later in this update.
Our Expanding Team — ReddHeads Stepping Up, Progress Exploding!
Our Redd Creative team, 20+ ReddHeads, collaborating together. Simply a constant discussion and collaboratively focused group of creative people. If you’d like to contribute, or have art, video, music, or anything else you’ve created around or about Redd, feel free to ask one of our admins to join. Group will be semi-private until launch of our rebrand, as we’re working furiously to create all the content needed by ReddHeads for Reddheads.
Software Architecture, Development & Coding: CryptoGnasher, TechAdept, Robin, Pro, Yoni + beta team and other contributors
The beating heart of Redd, our Core Dev team has designed, explained, implemented and confirmed our new PoSVv2 protocol. This protocol is more than just technology, but provides the actual means to further the project with self-funding, and offer directly the ability for Reddheads to earn significant rewards for working to secure the blockchain through staking. Operating successfully since July 21, 2020, PoSV v2 has been an entire success and we’ll have a data review and analysis a bit later in this update. Current code has been brought to v3.10.2 (recommended) to enable new features, with new releases coming about every 2–3 weeks, and at the same time have dockerized our environment, updated the backend of our explorer, planned frontend and UI upgrades underway to our core explorer, the “look-and-feel” of the Core desktop wallet, explorations of mobile staking wallet requirements, and of course, ReddID.
ReddID as our primary use case, and main mechanism to “send Redd love” is being coded and rebuilt now as a priority, and we look forward to re-engaging the public when that’s ready. We’ve also worked through to release “headers-first” or “fast sync”, envisioned a rebranded suite of secondary products, and will be moving quickly in future having streamlined our internal operations with Jira, Trello, and a number of other tools. As with the creative team, our dev team is open to volunteers, and those who feel what we’re doing is important and worth contributing to.
Leave your ego at the door and drop any admin a message, we absolutely love talented coders with big ideas!
Branding, Michael K, Head of Design & Brand Strategy working with TechAdept, John & the whole team’s vision and input
The work spearheaded by our new head of Branding, Michael, cannot be understated in its importance to how Redd will be transitioning to a new brand, a new logo, a new font, all new stylistic sensibility, and an amplification of the core values that drive Redd, and have always been a part of the ReddCoin and ReddHead spirit. An example of that may be seen at our new domain, https://redd.love but only a tease for now. We’re putting the final touches on the new site, and of course as usual, if we have talent that would like to join us in building websites, web apps, and other critical pieces of what needs to be done, please do take a moment to contact a member of the Core team and step up. Redd needs all of us!
Human Resources: TechAdept, Tim and Al
Making some sense of what we’re beginning to call the Redd Swarm, we have more members than ever, more meetings, and more collaboration than ever. Come and be a part, we’re building this for everyone!
Social Media — Yavuz, Roni, Doug, Al, Randy, SYARteam, ReddheadJK, CryptoBUZE, too many others to list here
A crucial part of engaging our ReddHeads, and enabling support, we’re proud of our chatrooms and the amazing spirit and friendship evident there, our Reddcoin bot distributing RDD to all who engage with each other and enabling tipping and donations, really showing love for each other and the team, and the work and time spent in those channels to explain, provide tech support, answer questions, reassure and help. Especially as society has become so much more challenging for all of us. A key part of Redd and our ability to reach everyone globally, we’ll be expanding our social media footprint due to the hard work of all these folks, especially into some of the countries where there exist language barriers to our English messaging, with particular focus on Korea, China, Japan, Russia, Malaysia, Ukraine, and others.
Strategic Marketing/Planning, PR, Exchange & Financial Engineering — TechAdept, David, Tim
Technical Business Development and Vision Engineering — John, TechAdept, Tim
Executive Core — John, TechAdept, Tim, David
The team’s growing and full of energy and ideas, now that we’ve reached out liftoff point, having activated PoSV v2, with both Reddhead community and ReddCoin funding as a powerful engine, let’s talk about that aspect of our ecosystem for a moment.
PoSV v2 Post-Activation Data Review (Activated successfully July 21, 2020 via 90% supermajority!)
Explanation of Core PoSV v2 process:
There has been some concern addressed that the PoSV v2 multiplier is not working correctly from a number of users. We’d like to explain what is taking place. Expectations are everything, and the Core team wants to make sure that all ReddHeads understand the mechanism that drives our blockchain, PoSV v2. The actual code referenced is available here https://github.com/reddcoin-project/reddcoin/blob/master/src/main.cpp
The largest component of the calculation comes from the percentage of users actively staking, as described. This provides the “raw multiplier”, a number from maximum 5 to minimum 0.5. The next step is to take into account the observed growth rate, trended over time, to ensure that the actual growth rate is not exceeding the planned ~5%, or is growing too quickly or is dropping abruptly. In all of these cases, the calculations applied to the “raw Multiplier” will change it to slow that rate of change, to bring it into line with the ~5% overall network growth we have aimed at. See the graphs below, demonstrating relevant views of growth rate and overall historical growth of Reddcoin’s network, along with a visualization of how PoSV v2 multiplier is trending, related to that same network growth trend. The overall intent to to cause the network *gently* to change to remain close to 5% annual global growth, not abruptly, and while taking into account all factors. At this time, the multiplier is approximately x2.5, so all stakes will be multiplied by that number. Note: Dev team has added RPC calls and commands to the Core wallet console and node API that will be released as part of v3.10.3 to enhance user visibility into status of multiplier and PoSV v2. We will also be added that information to the live.reddcoin.com explorer and our website when possible.
Above is a graphic showing Network Growth since Reddcoin chain launch. Note uptick at end of chart denoting activation and effect of PoSV v2. At heart, this is the desired behavior regulating our blockchain, that the rate of growth will trend gently over times, evening out spikes and variance in staking to provide a smooth growth and stability in the network.
Funding (PoSV v2 generated funding and donations):
The new protocol has begun generating funds to provide for operational costs for the Redd project, almost exactly as we had documented and planned. These funds are of course, subject to the same multiplier effect that stakers are, so due to the reduced level of multiplier, our team’s expected funding is slightly lower than projected as well. At time of writing, the protocol has generated approximately 4M RDD for Core dev team operation.
For transparency, and according to the ethical approach of the Redd project, we wanted to ensure that project funding metrics are available and clear to the Reddhead community. We will be sharing general totals and generally categorized expenditures on our website as a measure of that same transparency, as soon as we’re able to get that information published. There is an aspect of privacy in all of this, so where prudent or privacy is indicated, some information may in fact be held back, but we will communicate as much as is fair to all parties.
Due to the nature of having to deal with many tiny blockchain transactions (“Nickels, Dimes & Quarters going to power Redd”), the PoSV v2 generation address (Rmhzj2GptZxkKBMqbUL6VjFcX8npDneAXR) will be routinely swept into the same address the team has published previously, as our current address, (Ru6sDVdn4MhxXJauQ2GAJP4ozpPpmcDKdc — Reddcoin Address) and will be spent from that wallet primarily. These two addresses taken together make up the current budget and operating capital of the Redd project.
The Redd Core team will no longer be soliciting donations at all for operational costs, although we’re happy to accept any amount of thank you’s, love, hugs and any assortment of food or drink. If Reddheads feel they must donate, the addresses above will both put those funds to good use.
Instead, we would like to turn the donation concept toward direct help. At present, any donations made through our Redd Telegram bot will go to the Redd Food Bank Fund until we can determine a worthy recipient. We will be organizing various charity initiatives as we progress, and all donations from the day of PoSV v2 activation on, will go toward those type of activities, not the team or operational costs.
Toward that end, Redd will be executing our first [purely charity effort, currently being planned by members of the group. Details will be available soon, and we look forward to it being not only a tradition, but a focus of the Redd ecosystem and a hallmark of our work. There’s no love like ReddHead love!
The Core team cannot say thank you enough to the donors and ReddVIPs who’ve supported the project along with the team through these years to the turning point of our PoSV v2 activation. We will be listing our obligations and repayments (as they happen) on a page on one of the new websites to honor those individuals, and provide a way to acknowledge their support. We will likely be putting mostly anonymous designators for those who wish to remain private, but if you’ve been a Redd donor and would like your name on the wall there, please let us know, as you deserve it!
Out first repayment will be happening this week to one of the above donors who have supported us all along the way to where we now are. Again, thanks to our donors, big and small, and we have some exciting updates here, and coming down the road that we know will cause a lot of excitement. We couldn’t have reached 2020, or activated PoSV v2, without the whole Reddhead community, and we won’t be successful unless we keep on the same way. Together, we can paint the world Redd!
Project Strategic and Tactical Progress Updates, recent & future:
Core Wallet Updates — v3.10.2 — Peer Management, Denial-of-Service & Fake Stake Protections: Updates were accelerated to address noted network flooding behavior of v2 peers. Features added to address. This prevents an effective DoS condition when multiple v2 peers are connected. Solution includes features of enhanced banscoring and manual disconnection. Users may also utilize the new setban rpc/cli command to restrict connections from known v2 peers, especially in exchange environments. Lots of dev work done to support the expansion of all of our Core software capabilities, including trying our best to solve the “mobile staking and tipping” challenge.
Upcoming transition in Reddcoin (RDD) — The Birth of Project Redd, A Social Movement powered by ReddCoin & Our ReddHeads.
New Website — https://redd.love
New Foundational Document — The Redd Book
New Project Team Structure — The “Redd Swarm”
We know this limited information is going to cause a lot of questions. We will be rolling out our full strategic rebrand over the next period of time, and you’ll see the new logo, new font, new project name (“Redd”) appearing in a lot of familiar places, and currently visible on our “coming soon” page at the above website. This is a huge task that we’ve accomplished mich of so far, but it is a work in progress, and a labor of love, so it will take some time to fully emerge. If what you see that we’re doing does spark your creative desire or otherwise gets your mind racing and your juices flowing, and you want to get involved, great! If you just want to keep staking and trading and don’t get what all the fuss is about, great too! Redd is for ALL of us!
We want this to be a sturdy foundation, a social movement to include literally everyone, whether ReddHead yet or not, to share the Redd Love, learn about crypto and blockchain, and become a part of the easiest, fastest and most rewarding system of value transfer and personal empowerment. Help us show the world how to stake, how to tip, to share love and money wrapped in one action, to reach out across the oceans and continents to show worthwhile people that they’re loved and valued, one person at a time!
Stay tuned for more as we launch into our ReddNaissance, or the Birth of the new Redd Era! Impatient and can’t wait? Come help us get it done!!
“Financial Engineering” and the Future of ReddCoin’s integrations with DeFi and other digital asset platforms.
Exploration of “Wrapped RDD” on ETH chain, integrating with Ethereum-based platforms like Uniswap, DeFi inclusion and other financial products. This complex effort is being explored and mapped out together with the Redd team for legal, compliance and other aspects of financial risk management by our partners at https://system9.io/
Also under investigation and exploration, RDD-Stablecoin pairs, or some other solution to a secondary pegged RDD asset to establish stable value and direct exchange of RDD<-> FIAT. Working with various Exchanges to negotiate future pairs and integrations in derivative and options platform products.
Partner & Business Development Progress in the Redd Ecosystem
Further work toward establishment of non-ICO Altcoin Federation.
Listings: Bololex.com (launching Aug 14)
Invited for listing on Holdex
Swapzone (https://swapzone.io/?to=rdd )
Revain Project (Live Reviews) https://revain.org/projects/reddcoin
BCBitcoin https://www.bcbitcoin.co.uk/buy/ (Including wallet guide at https://www.bcbitcoin.co.uk/wallet-guides/reddcoin-core-wallet-guide/)
MyCoinTainer — https://www.mycointainer.com/assets
Integration into FCAS’ FlipSide Data Cooperative for transparency and data insight: https://app.flipsidecrypto.com/cooperative
Verification and inclusion in CoinMarketCap “Signals” — Events & News direct publishing program
Integration into CoinLock launch plan (https://coinlock.com/)
Inclusion in Crypto200 Digital Asset Index by Solactive (https://coinmarketcap.com/indices/)
Initial integration discussions with TheGivingBlock (www.thegivingblock.com) and https://ChangeAngel.io to enable direct charitable giving for the family of non-ICO, non-Gemini-listed altcoins
In discussions for Liquid.com’s “Liquid By Quoine” QuickExchange (https://app.liquid.com/quick-exchange )
TechAdept invited to and (virtually) presented as Guest Speaker at Columbia University Summer session class on BTC and blockchain. (Three hours of fun, learning and free RDD to play with! Kudos to those teaching the basics to the new generation, and feel free to reach out to TechAdept or CryptoGnasher to be a part of such efforts!)
The Upcoming Redd “Good News” portal, another step toward a fully-functioning ReddID solution. As quickly as we can complete the process of building and configuration, we will be bringing out a new and interesting service.Though we haven’t quite come up with the perfect name for it, we can call it the Redd “Good News” Portal. It is a place for stories, links, videos, news and other connections to people around the world performing good acts, who really might deserve attention, folks that might easily be touched by the Redd experience and their value acknowledged by the world. All the uplifting, happy-making, feel good news and stories we can find and try to verify and vet, with mechanisms to link a Reddcoin wallet to the story, allowing direct donations to those individuals, claimable by contacting the Redd team, who’ll be operating the site. We would love to include as many volunteers as possible in such an effort, so we’ll be starting off small, but we have hope that the initiative will grow as it’s able to reach out to those in need, those performing genuine and selfless actions, those really in need of love and reward. More details on that project as it proceeds.
Some Final Thoughts from TechAdept and CryptoGnasher, Project Leads:
TechAdept: “We have fought to succeed and surpass all obstacles, and worked together to make Reddcoin, now Redd, reach our envisioned goals for years. We have learned an immense amount in the process about technology, about business & finance, and about people, especially our own community of ReddHeads. The collective goal of activating PoSV v2 to provide the unique and special self-powered engine that will power our development, outreach and growth is now providing that boost, slowly and steadily, and eternally. In looking at what we’ve created and the amazing community of people that have been involved across the cryptosphere and in the real world, we have discovered that the real value of Redd, besides the amazing technical innovations and real ability to send value from person to person, is in the intangible, the Love that team, Reddheads and others in the space have shown for the project, for each other, toward protecting and helping, explaining and teaching. It is that beating heart of Redd that we want to lead with, to invite everyone everywhere to experience that same sense of belonging, of protection, of expert help, of a community that genuinely has each individual in mind with every action, of real love for one another. It has manifested across our project, across our sister projects, and speaks to a need certainly here in crypto of a project that gives back, not takes, but also the same for the real world. In uncertain, scary times, We want to help provide an emotional and a financial safe place for everyone to benefit, at the cost and expense of none. We have been working unrelentingly hard to achieve our shared goals in all directions of this complex technology space, and at this point, we feel as if we’ve achieved a small measure of success that will prime us for immense growth and success in the future. We hope you’ll join us in making it happen together; Lets paint the world Redd!!”
CryptoGnasher: “Firstly, reflecting back over the first 6 months of 2020, would without a doubt be one of the most challenging experiences imaginable. With the many life changing events that have occurred globally, so many communities impacted and those who have needed to face unexpected events and deal with many personal challenges. It is with this in mind that as I look back over our achievement as a community, I am truly humbled by the continued enthusiasm and dedication of so many ReddHeads. Not only from those who have joined the ever growing team, but also those who are participating within the various communities and public forums.
With the new folks that have joined the Redd team, we have seen some really amazing and invigorating ideas put forward and truly awesome efforts to bring Redd to a wider community with a refreshing message. And with the activation of PoSV v2 that will not only help move Redd forward but also allow us to be able give back to the community through various social and charitable endeavors. So while at times the crypto space can be a cold and hard space to participate in, I envision a future especially with Redd where participation is rewarded and it is rewarding to participate. To encourage love and support where needed and appreciate the help that is received. Technology-wise there are some ambitious goals to meet, but nothing is impossible and as we continue to move forward with this project everything is achievable. It is a journey that is both enjoyable and challenging where the end result is most rewarding. I am looking forward to see the continued growth and success of this project and hope to see more of you join with us to expand the possibilities.”
We know that this update will generate as many questions as it answers but we hope it shows one absolute truth to all ReddHeads, or those just learning about Redd now.
When we work together, we can accomplish almost anything. Sometimes things seem to fall into place themselves when everything just feels right and correct. From a combination of luck, timing, guidance, instinct, and talent, we have taken a shining example of what technology can achieve and turned it to power a movement to include, reward and share some loving support to all those who need it, taking all the cost out of the picture and leaving only the positives in all aspects. It is our shared truth that we as a community have something awesome here, and the only way to make it live, breathe and grow is to join in and help. Everyone’s welcome, and everyone’s worth it. And now, to take us out with a relevant song in the spirit of Redd: The Brady Bunch! Because it truly is Time To Change, for Redd, and for the world.
Together, only if we work and share life and love together, we can Paint The World Redd!!