The social media tipping cryptocurrency, Reddcoin (RDD), has finally rolled out the newest revision of its latest proof of stake velocity protocol (PoSV v2).
The decision became necessary for the team to heighten the security and stability of the network while also strengthening the staking incentives, and offering funding support to the ever-alert development teams who have been working sleeplessly to better the network.
In a forwarded release to NewsLogical.com, the Reddcoin team said it expects the fork to activate at block 3 million of the RDD blockchain and scheduled to happen by this October end.
The move, with all indication, is a service to the dedicated fan base of “ReddHeads” and increase the adoption of crypto.
Remember Reddcoin was forked from Litecoin in 2014, and in 2015 transited to PoSV. Since then, Reddcoin is being managed by volunteers.
One major thing that drove the rollout is Reddcoin’s concentration on users as depicted by the three principles of faith, hope, and charity, says hardworking Jay “TechAdept” Laurence, the CEO/COO of Reddcoin Solutions, LLC, and strategic project facilitator at Reddcoin (RDD).
According to Laurence, the upcoming PoSV v2 fork is centered on the three primary principles. These principles enlighten other projects to bring about the much-needed crypto adoption.
The CEO of Reddcoin Solution, said cryptocurrency weighs beyond money or technology, exactly why Reddcoin is welcoming users to the new vista of digital currency while offering support and protection as they sojourn through the ecosystem.
Users having staking wallet have the advantage of helping in offering network security and blockchain consensus without using application-specific integrated circuits (ASICs). Instead, stackers can use Raspberry Pi, desktop, mobile, and some other embeddable devices to run the staking solution.
Now, the protocol upgrade is offering unmatched staking rewards that stands beyond the present 5%.
Investors Offers to Resell and Monetize Reddcoin User Data
The letter stated that some venture capitalists who offered to monetize and resell Reddcoin user data were turned down, which makes the network remains independent and volunteer-based.
The release states that the commitment to community made Reddcoin set aside a percentage of anticipated funds to the “Reddcoin Restitution and Recovery Fund.”
TechAdept confirmed to NewsLogical that the cryptocurrency network is setting aside “10% of funds received for the Reddcoin Restitution and Recovery Fund.
“The fund provides a mechanism for users to retrieve lost or stolen Reddcoins, providing new and longstanding users with a newfound sense of security with the system while maintaining a decentralized platform,” the release contained.
Disclaimer: Our writers invest in cryptocurrencies and it is possible the author of this article has investment in any of the digital currencies discussed. Some times author's presented information may be laced with opinions. Treat articles as mere information and not as financial advice.