Reddcoin is one of the most affordable Altcoins on the market. I was pleased to find a passionate and dedicated dev team working on it after doing a little bit of research. Many coins at this price have fallen from neglect, but RDD has been reinvigorated and turned out to be a bright gem waiting to be discovered.
John Nash is the lead developer and was enthusiastic about answering a few questions for those looking for more information on the Reddcoin project.
Crypto_Currency_News (CCN) – Can you tell me about your previous experience in the industry?
John Nash – My earliest involvement with cryptocurrency was in 2010, when Bitcoin was first being discussed publicly. At that time, intriguing articles were being written about this new technology, and I was hooked. I read everything I could get my hands on.
When the altcoin industry began to explode in 2013, I started looking for a project to get involved in. Bitcoin and Litecoin were already out of reach, overwhelmed with developers. I looked for a smaller coin I could participate in and discovered Reddcoin for the first time.
I spent the first two years learning. Prior to 2015 my efforts were out of the public eye. I spent much of my time writing tools to analyze Blockchain data and diagnose issues with the new technology.
CCN – What are your short term goals for Reddcoin?
John – My first priority is to let everyone know Reddcoin is back and the future is bright. We have an invigorated team, and we share a passion to be the gateway to cross-domain, social network micro-donations. We plan to be the ‘Social Currency’ used everywhere.
Since resuming development on the project, our first goal was to update the core wallet software and align ourselves with the upstream Bitcoin code base. Porting the code turned out to be a significant task due to Reddcoin initially being derived from Litecoin, but we were successful. This new wallet was competed and released on August 13th.
Our next task is to implement Redd-ID on the Blockchain. Redd-ID will allow anyone to create alias names for their Reddcoin account, and map specific social network identities to RDD addresses. This will provide a flexible interface to easily give people the ability to send micro-donations to other people’s social network accounts.
We are also working on overcoming the challenge of updating our core wallet to handle an ever expanding Blockchain. This becomes increasingly difficult for the average user as the Blockchain grows. We will be implementing a light client based off of Electrum, giving our users near-instant wallet startup and simple backups. This updated wallet will incorporate Redd-IDs along with additional plugins to improve functionality.
Without utility, cryptocurrency is little more than a trading token. Only when used in the real world will it have true value and gain acceptance. To reach our goal of making Reddcoin a valuable resource for the average social network user, we need to create a simple, lightning quick wallet to transfer coins. This, in summary, is our short term goal.
CCN – What convinced your team to continue working on RDD development?
John – We simply realized social networks are playing an increasingly important role in connecting the world. Facebook, Youtube, Reddit, and blogging sites like WordPress offer amazing content, but very few options to show gratitude for people’s contribution to that content.
This realization brought me back to Reddcoin. The original developer released a roadmap in August, 2014 and it blew my mind. Their team had the vision to embark on a journey to revolutionize the way we participate socially. At its core, it involved creating a user-friendly wallet which made it possible to swiftly transact and securely protect a person’s coins.
In 2016, I still believe these goals are possible. I don’t see any other coins working on an effective method to transfer micro-donations across multiple social networks using one decentralized wallet. Our ‘Social Currency’ will give people the opportunity to give more than a thumbs up when they want to recognize someone’s excellent work, no matter where they are seeing it.
This is an exciting project to be working on, and the potential for world-wide integration is huge.
From a technical standpoint, the Reddcoin Blockchain provides parameters specifically created to enhance these wallet features. It has 60 second block creation and Proof of Stake Velocity (PoSV) consensus algorithm, which rewards anyone staking up to a 6% return annually. This means Reddcoin operates ten times faster than Bitcoin, and gives compensation to people for simply having coins in their core wallet.
CCN – Where does Reddcoin go from here?
John – We have ambitious development plans for the next twelve to eighteen months. These will be revealed in our latest Roadmap release available at the end of September (see the bottom of the interview for a link to the Reddcoin Announcements page).
When investors see our vision and realize we are passionate about reaching our objectives, we believe the community will see today as an exciting opportunity to invest in Reddcoin’s future. RDD is unquestionably undervalued when considering its potential compared to other coins available.
CCN – Is your team working full time on crypto projects?
John – Reddcoin is my full time job. Other team members are transitioning from day jobs to dedicate more time to the project.
We have also received support from the growing Reddcoin community. Volunteers, seeing Reddcoin’s potential, are generously donating their time and talents to its development. I encourage anyone seeking to get involved in the cryptocurrency space to contact us to see about these opportunities.
CCN – Are you financially supported from the original IPCO?
John – The short answer is no. Our team is entirely self-funded, and has been since taking on our new roles.
The long answer is also no. Everyone actively involved in this project started well after the IPCO was conducted.
To recap RDD’s financial past, the original IPCO raised 168.8 BTC in return for a portion of RDD distributed to investors according to the rules of the engagement. At the time, the USD value raised was $126,600. That money was used on the first phase of Reddcoin development by the original team, who has declared those funds as spent. The current team was not involved in the original development, and has not received any of the IPCO funding.
To fund the current development, we have created donation addresses to support operational, administrative, and network costs. Donations are very appreciated, but are purely voluntary (these donation addresses can be reached from the link at the bottom of the interview).
CCN – Does Reddcoin work in conjunction with Bitcoin, or as a competitor?
John – We see Reddcoin as being complimentary with the overall crypto-community. The work we are doing is innovative, and tackles some of the problems being faced by other large Blockchain projects. By just doing what Reddcoin is designed to do, we can lessen the transaction traffic other altcoins are experiencing by performing millions of micro-transactions done today on their blockchains.
CCN – Thanks for your time John. Can you provide a quick summary of Reddcoin before we are done?
John – Reddcoin is being designed to provide the mechanism to perform micro-donations across various social networks. Our goal is to focus on overcoming the challenges of developing an innovative way to provide a completely decentralized network for social media.
With Proof-of-Stake as the consensus mechanism, it is viable for the average person using their core wallet to participate on the Reddcoin network and be rewarded for their involvement. By simply having a wallet with coins, people earn interest to be full nodes, which helps to create a secure and decentralized network.
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See the Official Reddcoin Website for more information, or Reddcointalk.org.
Here is a link to the RDD Roadmap.
To make a donation to the development fund, check out the Latest Reddcoin Blog.
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