If you have been following the scene this week, it has been quite the eventful time in Crypto
- Collapse of Cryptsy Exchange
- Key Bitcoin Developer calling it dead
- Claims of strategic moves by R3 to influence the industry
- Several alternate Bitcoin wallet under development looking to improve transactions
If you were so inclined, especially on the first 3 points, you could be lead to believe that the sky is falling in the crypto space. But IMHO this couldnt be further from the truth. There is still a lot of exciting projects going on, and for the most part competition is healthy. I look forward to what new developments this can bring to the scene.
However, as exciting as all that seems, the show must go on and in Reddcoin Land with the New Year kicking in, I have been busy plugging away on the code and getting the first build out for testing.
After staking our 1MM block on Dec 31, 2015 @ 6:54:16 AM I am pleased to say, that we are also approaching our second anniversary when the original Reddcoin genesis block was mined on Jan 21, 2014 @ 5:00am (UTC)
Work has continued on the new wallet over the Christmas/New Year period. And I am happy to say that the first cut of the code has already been compiled and is now being tested on the testnet network. So far, it is all going relatively well with nodes running and staking in Sydney, Singapore and Belgium. And, as with any new release a few bugs have already bubbled to the surface to which I have spent the last week squashing.
I have also spent sometime “debugging” OSx gitian builds. The new method in this branch makes the process much more simple.
This weekend I already kicked off a new build and will be doing some further testing with Linux, Windows and OSx with blockchain downloading and indexing.
Also I have had a few offers for further testing of the wallet once I am ready to move it out of closed beta. Thankyou to those who have offered. The invitation for this is not closed, so if you feel you can contribute, then please reach out and PM me.
The new wallet includes the capability to create OP_RETURN transactions. So what is OP_RETURN?? It is a standard way of attaching extra data to a transaction so that it can be recorded on the blockchain. The output of these transaction are provably unspendable, which reduces their cost to the network.
Originally Bitcoin opted to limit this to 40bytes of data, but later increased this limit to 80bytes. The implementation for Reddcoin will adopt the 80byte limit from the start. This should provide ample space for data into the forseeable future.
The plan is to use OP_RETURN as a foundation for an ID system.
Before I get too much further, I am looking to get a block-explorer up that can decode the OP_RETURN messages.
All these things take time: If you feel you want to get involved and take on a project, let me know. I have plenty that you can get dirty with.
Thank you for taking the time to read. I do hope to try to keep these as a regular update which for the moment is rather easy when there is actual stuff happening. I would like to think i can provide these to you once a week with stuff that is happening.