Reddcoin (RDD) May 2020 Team Update, or “What to Expect when You’re Expecting PoSV v2”
To new ReddHeads, welcome! To old ReddHeads, welcome back! It’s an exciting time in Reddcoin (RDD) for a lot of reasons, and we, the Reddcoin Core development team, wanted to get a brief update out to touch base on some of the highlights.
Attached are some screenshots of our work to enhance security and interoperability, and to extend support to MacOS Catalina in our newest v3.10.1 wallet.
This wallet release also includes components and performance & security upgrades taken from the Bitcoin 0.10 codebase, and we will be following much of that same development and enhancement in our Reddcoin Core wallet in the future, with 0.11 up next.
This release is not a required upgrade (except for Catalina users), but will benefit user experience and security significantly. We’ll be publishing, of course, a full public changelog, hashes and commit list in Github along with open source code and compiled executables upon release.
But the major changes in Reddcoin v3 are just about to start, as PoSV v2 gets ready to activate. Released to the community on 12/24/19, the blockchain has (at time of writing) reached 8197 of the required 9000 block threshold, or 91.08% of our goal of supermajority. If you haven’t upgraded yet, or aren’t staking, it’s time.
After PoSV v2 activation, older (v2.x, v1.x) wallets will not be able to send transactions or stake.
We anticipate activation to be reached within a very short time period, especially once our Mac ReddHeads are able to participate, and as such we want to ensure that information for the general community is available and up to date.
1) AM I GOING TO LOSE MY REDDCOIN (RDD)??
a. This is a soft-fork, and whether you’ve upgraded to a v3 wallet or not, you cannot lose your coins. Older wallets WILL stop functioning correctly immediately after the threshold is passed and PoSV v2 activates, but all that is required at that point to restore functionality is to install the new v3 wallet. If you need help, please join our Telegram or Discord live chats for community or Dev help directly. No ReddHead left behind!
2) WHAT DO I NEED TO DO??
a. If you’re staking, make sure you’re using a v3 wallet, preferably the latest version. Right now, that is v3.0.1, in a few days with the above noted release it will be v3.10.1. You may also wish to use the “Backup…” function at this time to make sure you have a backup of the only important file you need, the “wallet.dat” file. There are no mobile staking options at this time due to the nature of our PoSV protocol, but you can deposit coins in the dev team-run ReddBot on Telegram to stake if you have no other options until a mobile staking option is made available.
b. If you’re not staking, or are holding on Coinomi, or Guarda, or other 3rd party wallets, or on an exchange, or a paper wallet, you will also have no operational issues, but of course you’re encouraged to help secure the network and validate transactions, by starting to stake.
3) I’M BORED. ENTERTAIN ME!
a. OK. As successful as our first meetup was, we agree. Look for an upcoming benefit concert from Reddcoin and hopscotchmafiamusic.com at the end of this month. No, really. Free awesome music, cool people, come have a bit of fun with the ReddHead community virtually!
4) I’M HUNGRY. FEED ME!
a. Well…with the activation of PoSV v2, and the creation of Reddcoin’s self- funded development mechanism, we’re very excited to be able to provide at least some resources and RDD toward the Reddcoin Community Food & Supply Bank initiative in the near future. Reddcoin Core will also be donating any funds received in connection with the above concert event to worthy and working charities, especially if we can convince them to receive RDD (or BTC). Watch for further info about this and other charity initiatives to come. Our own efforts rely on PoSV v2 activation, but will be documented publicly and transparently as they evolve.
5) I WAS USING RDD AND THEN X (or Y or Z) HAPPENED AND NOW I’M BROKE AND SAD AND ANGRY. HELP ME!
a. Perhaps you’ve not heard about Reddcoin’s uniquely conceived “Reddcoin Restitution Fund”. Been hacked? Lost a few coins when your computer crashed or your brother formatted your hard drive? Reddcoin has committed a percentage of PoSV v2 funding to give back to users legitimately affected by events beyond their control.
Cases of extreme stupidity will be vetted on a case by case basis, obviously fraudulent claims will be laughed at, and all cases will be dependent on a reasonable standard of proof and verification. This is also going to be an evolving and good faith approach to giving back to our real ReddHead community, and will require both transparency and abuse-prevention to be successful, but we look forward to being able to help those who deserve and need it.
b. NOTE: Trading and speculative losses aren’t covered in any of this. Obviously.
6) I WANT TO KNOW MORE!
We’re working right now to rebuild our main website www.reddcoin.com into a more informative and resource-rich site, but it’s a good starting point. We are in the process of updating our roadmap to cover the end of 2020 and the future as well, and both of those should be available and will be announced within the next month.
f. https://t.me/ReddcoinOfficial (Telegram chat)
7) IS TECHADEPT DRINKING WHILE WRITING THIS UPDATE??
a. Yes. Macallan. Fight me.