State of the Redd-Nation :: December 06, 2016


#1

Reddcoin Development Update - 6 Dec 2016


Broadcast

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 Development

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

Bootstrapping ReddID

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

  1. 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
  2. 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.
  3. 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:

  1. 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).
  2. The time period for generating that NAMESPACE id will be a random block within 4 weeks of going live.
  3. Invite and provide the first year of registration free for a ReddID.
  4. 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.

BIP66 progress

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:

  1. v2.0 wallet is now at 70% and now the majority client according to bitinfocharts
  2. v4 blocks are averaging 79% (BIP66 activation)
    Imgur

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.

Getting involved

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.


In Closing

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!

Gnasher
(John Nash)


#2

sounds amazing cant wait for redd id :slight_smile:


#3

And how much in RCs will it cost to maintain your ReddID?


#4

Vanamonde in the present model, the renewal cost of an ID, will be the same as the original ID registration cost.
With the duration of an ID being 1 year

A couple of longer term incentives being considered (but won’t be in this first release)

  • allowing registration periods greater than 1 year ( with a cap at 5 years)
  • applying a discount for each year period. (that is someone registering an ID for 5 years will get a bigger discount than someone registering for 1 year)

In parallel, I am working on a website to help demonstrate the concepts and describe in detail how ReddID will work.


#5

Ok, thank you, waiting for your website to learn the details!


#6

Vanamonde I will hopefully have that available in a few weeks.
The website is working, i just need to fill in the missing details


#7

I would like to hear at least the approximate cost that would have to know how to count the cost.
Andrew RUSSIA


#8

Naandr great question…
The pricing for an ID will be determined on a number of factors including.

  • length in characters of ID (shorter names are more expensive than longer names)
  • including a combination of vowels and numbers (including vowels and numbers will be cheaper)

With the website being built, you will be able to calculate the cost before committing to purchase

It will give you something like
Imgur
Imgur
Imgur


#9

Great, looks quite reasonable, and supportable based on staking revenues from quite average wallets.


#10

Vanamonde exactly
We want to make it affordable for everyone.


#11

When will stop or change maynig will go without stopping and when it is planned, At least some time. You will need to go and do not want to Mining stopped


#12

Thanks 4 the update Gnasher . Openning again the bitcointalk thread is a very good idea, we need to spread the community as far as we can


#13

Gnasher Great work John, your devotion to the platform is inspiring! :slight_smile: Now if we can just hone down a unique niche for Reddcoin in the middle of this Ethereum / Steem / Monero / etcetc altcoin era, we may have a shot at feasible usage for mainstream internet users. My first thoughts are easy mining via staking with 5% interest and getting reddid registration fees on mined blocks, and microtransaction commerce payments ($1 or less in value) having ultra low fees and better anonymity than potential competitors like Steem. Am I missing any other highly feasible use cases here?


#14

dragonfrugal those 3 points are pertinent + 2 more

  1. 5% interest on staking
  2. reddID fees returned as bonus reward to stakers
  3. Very low -> zero fees on transactions suitable for micro-transactions
  4. Fast confirmation times
  5. Broader social network integration

#15

Gnasher Sounds groovy. Good luck with #5 after #2 is stable.


#16

it would be better when we re open the old ann thread in bitcointalk. people should be free to talk about this coin. nobody is talking about reddcoin because the most people think its dead, but there is still active development. users get more attention when they see that people already talked about it so i suggest to open the old thread with new informations as soon as possible. its loosing its potential to prevent people from discussing.


#17

mdngt i think generally, is good to have a couple of platforms to keep everyone informed.
Our current platforms are

Reintroducing https://bitcointalk.org/index.php?topic=423597.0 would probably be the last official announcement platform to add. There is actually a lot of work that goes into keeping these sites monitored so that replies can be made.


#18

Bitcointalk is a good option. Its a place with a big broadband for people who are interested in cryptocurrencys. Other platforms are good for the mainstream, but the broadband is too big for people who have special interests like cryptos :wink:


#19