Reddcoin Development Update - 6 Dec 2016
Welcome again Reddheads to the latest update of Reddcoin Development.
We are now in December and 2016 is rapidly drawing to a close. I haven’t done an update in a while now so thought I should cover off where we are up to on Reddcoin development before we reach years end.
Since the last update, all efforts are still being placed delivering on our roadmap. We want to reach our target goals as close as possible. And overall the progress is looking quite good. Redd-ID has been operational on testnet for quite some time now, and all energy is focussed on polishing the user experience.
There has been a lot to cover off with this stage of the project, and it will be a momentous step which will take Reddcoin in the right direction for a truly decentralised tipping platform.
2016 has also seen the unfortunate closing of 2 commercial tip platforms (Changetip and Zapchain). I say unfortunate because there is a technology drive to create great applications to run on a blockchain that is now gone. I cannot comment on what led to the demise of either entity, but the goal is to learn from the experience.
Ultimately, the goal of Reddcoin along with the services we are creating is to provide a social experience to reward users and encourage positive social interaction.
We don’t want to be locked to any single social network, but rather create an environment to spread the rewards as broadly as possible.
ReddID is now very close!!
It is quite operational on testnet, where a user is able to create, update, transfer (and revoke) their ID.
What currently is being worked on is to wrap this up and provide an interface that will make the first round of registrations easy and straight forward.
This is being performed as a web based interface first and the goal is to launch this at the same time as ReddID
Once this work has been complete we will be opening into live testing while we migrate the platform across to mainnet
For the launch of ReddID, we are giving consideration to the various options as to how this will transpire.
As has been mentioned in previous posts, the act of registering an ID will have an associated cost (in RDD). This pricing model serves several purposes
- Imposing an ongoing cost on registration will help deter ID campers/squatters, particularly those who want to sweep up a number of ID’s in the early days
- The amount paid for an ID is returned back to the network as an additional reward for staking. The fee collected will allow users who are staking to receive a bonus reward.
- Unpaid or expired ID’s will return to the network and can then be claimed by a new user
To share some of the ideas, we are considering to help kick start the registration:
- The first operation of ReddID will be the registration of a NAMESPACE. The reward for generating and staking that block will be a substantial amount of Reddcoin (expect > 5MM RDD).
- The time period for generating that NAMESPACE id will be a random block within 4 weeks of going live.
- Invite and provide the first year of registration free for a ReddID.
- Ongoing promotion and advertisement on our various social media accounts
And as potential users of this system, interested in your feedback and what you feel is both fair and reasonable.
As a timely reminder for you: If you are presently staking, and you are operating an old client (1.4.1 or lower), once the network reaches 85% your blocks will not be valid and you will lose your stake reward.
Download the latest V2 wallet here
The current status is:
- v2.0 wallet is now at 70% and now the majority client according to bitinfocharts
- v4 blocks are averaging 79% (BIP66 activation)
Bitcointalk Reddcoin ANN Thread
While this has been on the Reddcoin team radar for quite a while now, we are still been investigating either relaunching the existing BitcoinTalk Reddcoin ANN thread, or creating a new thread.
Both options are available, and all that is needed is to rework the OP (Original Post) with updated information that reflects the current status of work and goals, along with the roadmap.
This is an exciting moment, as we have not had a strong presence on BitcoinTalk since closing the thread almost 2 years ago. The BitcoinTalk community is strong and it would establish another line of communication with the community.
We are a global community, and cross many borders but boundaries do not need to hinder us.
The crypto currency world has not reached its tipping point yet, but when it does, it is sure to escalate at an amazing rate. There are going to be many ups and downs, and an interesting ride for sure.
If you would like to get involved and dont know where to start, reach out and we will see where you can jump in Deadpool has a great Trello site going with activities that need looking at.
Thank you for your patience.
I know in this arena things projects move fast, but I am confident that we now have a platform to move forward.
There are lots of exciting projects out there, but none quite touch on the ideas I have in mind.
As always, there is still plenty to do, and there is no time for resting.
So where ever you are, enjoy your week ahead
Keep on staking!