ReddCore Dev Update (January 2021) — ReddCoin (RDD) & Project Redd
This update is intended to be both a year-end 2020 recap as well as a fairly detailed view forward into the new year of 2021, and to report and describe our targeted goals accordingly. A note in general; our roadmap as well as all of our statements regarding strategy and goals are intended as a guide to the direction of the project. As technical milestones depend on solving significant coding challenges, delivery of these products obviously depend on that success. As a team, and as individuals, we have done and will continue our best in all directions to make Redd better.
Software/Product development
ReddMobile App & ReddID
The ReddMobile app and ReddID are still in the process of being assembled and tested. While we have the foundation of our original versions to build on for some of the core functionality of name registration and wallet operations, the move to a mobile platform (while maintaining open source code) has been a significant challenge. Since we started development, we have made at least 2 major pivots in the fundamental development of the ReddMobile application. In order to build something that not only looks and works great but also runs on both iOS and Android, we have had to greatly alter our approach on how the platform and features are built. The result of these efforts has allowed us the ability to interact with the Redd blockchain without having to maintain two complete separate sets of code. 🎉
The largest part of that work is in fact complete, and we are now beginning to build the required (and already designed) pages and screens for the actual mobile UI experience. While unfortunately that level of progress does not allow for actual user testing yet, we’d love for ReddHeads to take the time to click through a mockup and functional design of the app as we’re targeting the build process.
You may click through to InVision, one of the tools we’re using for the design process here to be able to click and see some of what we’ve built .The direct link is: https://redd.invisionapp.com/console/share/591KFK4F4K/481582235
Please note that in the spirit of transparency and openness that is a hallmark of Redd, we are proud to share work-in-progress here, as well as extend an invitation to all those interested in the collaboration process as well. HOWEVER: Please bear in mind that these are in fact mockups and design guides and are subject to change, that any or all screens, designs, functionality, etc is also subject to be altered in part or whole in the process of evolving and building the software. A number of features and capabilities are not immediately apparent in these screens, but as those are integrated, we hope to share more, and to invite all interested ReddHeads into our initial Beta launch as soon as we are prepared to do so. If you’d like to participate, please let one of the team members know!
The original version of ReddID released in 2018 was a desktop-only browser extension that proved our concepts worked, but failed to scale to more than a few thousand users. In re-evaluating our approach and acknowledging that more than 80% of our target demographic is either primarily or only on mobile, it became clear that we needed to design a product that would work seamlessly on mobile and desktop, with all the challenges that approach would include. We re-imagined the entire flow of the app, looked into and discarded different approaches such as PWA (“Persistent Web App”), and attempted within our limited resources to create something both open-source and cross-platform, a task that has not often been attempted or achieved by many due to difficulties involved. In addition, the product needs to adhere to our Core principles of non-custodial key operation, decentralized distribution of data and infrastructure, and other complicating but necessary factors.
We initially forked, adapted, and launched the Electrum-Redd wallet to serve as a great testing ground for the mobile foundation of this work. One drawback to this product is its traditional lack of support for iOS clients, and reliance on Python. However, due to the need to preserve user security and privacy with regard to keys and data, options are limited. Electrum, while time-tested and proven, needed to be expanded and enhanced. Electrum-Redd will remain a separate, “wallet-only” product, but as we expand and enhance the protocol to support our additional ReddID and other functionality, different client toolkits and packages are required.
After a number of deliberations and explorations, for our mobile platform development we are targeting using the Framework from the Open Source project — BeeWare (https://beeware.org/) to provide iOS and Android support. The specific goals we were trying to achieve with the mobile platform were to be able to leverage our existing code while creating a consistent user experience, using modern design tools and philosophies and having a native feel across both the Android and iOS mobile platforms. This journey had taken us in a number of directions from using the original Kivy Framework provided with Electrum (but only available for Android), to looking at what other options were available and being used in the crypto-community.
We now have that customized ReddCoin-focused mobile system in place, and are layering the new ReddID data and services atop that to easily reach the goals we have long sought of easy name registration, one-button tipping and social media account linking. There is still quite a bit of hard work ahead to solve the remaining challenges of integration with various API’s of providers and platforms, modularizing integration for other devs and coders to implement ReddID’s protocols and RPC commands themselves, thereby ReddID-enabling other apps and websites, and lots more.
We again invite any and all to participate in the process and help us make our products and Redd itself more awesome day by day!
The process of building this mobile product has been an extended and hard one, in adapting available open-source components, adjusting or coding our own libraries, and in general inventing our way toward a solution. Those individuals who have participated in the process can vouch for that, and it is of course difficult to admit we’ve not yet pulled the pieces together.
ReddID & the ReddMobile app remain our key strategic focus on the coding side, even as we attempt to add dev resources and talent to our team.
As we’ll mention later in this update, we have no doubts that we will make faster progress this year and into the future. We are also working toward enabling the same mobile wallet tech to participate in staking activities, which in itself is a significant challenge. This is something we’ve already begun to dig into to enhance the protocol, but will require more work, study and testing to accomplish. As a strategic goal, however, it is certainly an important aspect of mobile usability of RDD, and we recognize that.
Core Wallets
At present, we have paused Core wallet development in favor of focusing our efforts on ReddID and the ReddMobile app. The intent is to use the same distributed sync/storage technology native to the Core wallet to synchronize and distribute a sidechain which will store the necessary data required for ReddID’s decentralized datastore, Due to limited resources, other Core features will only be implemented as we complete work on other products or with specific strategic goals in mind. We’ve not noted nor had reported any major bugs or unaddressed security issues at this time, so v3.10.3 will remain the reference version until we clear existing work or add coding resources. The exception here is that we are working to incorporate advanced wallet structure and seed phrase support into all Core products. That will require some time to both code and test, but will offer easy interoperability between Core wallets and mobile/ReddID products, as well as making a complete backup which will be as easy as a seed phrase instead of manipulating “wallet.dat” files. These are almost mandatory additions to the wallet that will be incorporated once coded and tested, but likely will not arrive until at least Q3 2021.
We would note that in 2020,we have focused an immense amount of effort on v3 wallets and accomplished all of our goals, but it likely went somewhat unnoticed. When we released the new v3.0.0 wallets on 12/25/19, just before the New Year 2020, our testing and launch of PoSVv2 was enabled, and consensus began to build immediately. However, as many recall, support for MacOS Catalina was unavailable, there were bugs and issues to resolve, and we spent a large part of 2020 solving those challenges to ensure all RDD stakers could participate in staking, that all security and noted bugs were resolved, and features added to Core functionality around PoSVv2 and other blockchain operations. We added headers-first sync, sanity and corruption checks in the wallet.dat file, numerous other enhancements, improvements, peer banning features and whole chunks of Bitcoin 0.10 code, advancing our security and performance in measurable and critical ways, and solving the few known issues with the wallet. Our pride in executing a non-disruptive fork as we did, maintaining the integrity of the chain and yet charting a course for the future, and the roadmap we’ve outlined for the near- and long-term of Core products fills the team with anticipation for the next challenges ahead.
Mobile Wallets
The ReddMobile app is being built for both iOS and Android to be not only the primary mobile wallet for RDD, but to incorporate the features referred to as “ReddID”. (“ReddMobile, powered by ReddID” would be a good mental model.) This mobile wallet will advance in tandem with other Redd products, and will also be a stepping stone to other modular improvements to the Redd Core protocol and services as we evolve them. Although resources on mobile phones are limited, and thus native staking not really an option, other mechanisms of integration and ease-of-use features are being refined and Over the last few months the team has taken a hard look at our own performance, strengths and weaknesses, and where we both excel and fall short. This has taken feedback from old and new ReddCoin users, from ancient ReddHeads as well as those who just heard the word “Redd” yesterday. It has been enlightening, to be sure. With the most recent rebrand, we would like to think that we have successfully refocused the exterior perception of the project, and emphasised the importance of being a social currency that can be used by anyone to empower, tip and send value across the world through social media platforms., We believe we have done that all while successfully maintaining our original roots.This is where we have landed, and we welcome all ongoing discussion, feedback and insight from all those in the Redd ecosystem. There are reasons behind everything we do and have done, almost always publicly debated in team meetings, and again, we have taken each action in good faith and in many cases with personal sacrifice for the good of the team, to drive forward the publicly stated mission of Redd.
Inspired by a recent tweet from a member of the Verge wallet team, we wanted to share just how work, time and cost-intensive it is to do all the things we do here in the Core team. We are planning to publish a “Deep Dive” into what it really takes to run one of the original cryptocurrency open source projects with all of its different parts, challenges, infrastructure and roles. We’re planning to have that published in the coming weeks, so if you have specific thoughts or questions about that (or anything else) please feel free to send them to any team member so we can consider whether those are items we’d like to include.
Our last “Deep Dive” was a discussion of our rebrand to “Project Redd, powered by ReddCoin” and can be found here:included to make the ReddMobile wallet both extensible, and still adherent to the standards of security, non-custodial operation, and self-determinism that we stand for. We note that it is a challenge to provide a solid solution without cutting corners on privacy and security to provide a faster or easier build at the expense of the users, and challenges like that make our own progress both more difficult, and more notable.
Project Team Development
Over the last few months the team has taken a hard look at our own performance, strengths and weaknesses, and where we both excel and fall short. This has taken feedback from old and new ReddCoin users, from ancient ReddHeads as well as those who just heard the word “Redd” yesterday. It has been enlightening, to be sure. With the most recent rebrand, we would like to think that we have successfully refocused the exterior perception of the project, and emphasized the importance of being a social currency that can be used by anyone to empower, tip and send value across the world through social media platforms., We believe we have done that all while successfully maintaining our original roots.This is where we have landed, and we welcome all ongoing discussion, feedback and insight from all those in the Redd ecosystem. There are reasons behind everything we do and have done, almost always publicly debated in team meetings, and again, we have taken each action in good faith and in many cases with personal sacrifice for the good of the team, to drive forward the publicly stated mission of Redd.
Inspired by a recent tweet from a member of the Verge wallet team, we wanted to share just how work, time and cost-intensive it is to do all the things we do here in the Core team. We are planning to publish a “Deep Dive” into what it really takes to run one of the original cryptocurrency open source projects with all of its different parts, challenges, infrastructure and roles. We’re planning to have that published in the coming weeks, so if you have specific thoughts or questions about that (or anything else) please feel free to send them to any team member so we can consider whether those are items we’d like to include.
Our last “Deep Dive” was a discussion of our rebrand to “Project Redd, powered by ReddCoin” and can be found here:
Social Media & Marketing Team
Our overall Social Media management team has added members which has allowed us to begin focusing discussions around how best to build a real comprehensive Social Media strategy. We’d like to especially thank Han Peter, Roni, Harmonyq, Dima, Yavuz, Kay P, Michael K and Michael L, Robin, MindReDDer, Joe S, and the list really does go on. The love apparent in the collaborative work we’re creating is both visible and inspiring to the entire group. (We remind all that our groups are open to all ReddHeads simply for the asking. If doing what we do sounds like fun, please reach out to a team member or admin and join us!)
Our group has strengthened, broadened, expanded and added roles/skills that should be apparent in our upcoming marketing and publications. We grow more capable by the day, and with every new individual joining the larger Project Redd and ReddCoin team.
It is with this renewed energy and purpose that we wish to both address and embrace our entire ReddHead community. We have targeted messaging that we know can communicate both our technological advantages and the existence of our amazing ReddHead community to reach both within and without the cryptosphere. However, our first attempt to design and execute such an approach, reaching outside the crypto space to engage and message to the charity and social action space met with confusion and rejection from a large part of our native ReddHead audience, and in addition led to a lack of clarity across new users as to whether Redd was now becoming a charity. We are not. We are simply expanding our target use case from just tipping content creators to allowing people to tip/support social and humanitarian organizations who promote themselves over social media as well. Redd is in a prime position to be the social currency of the people.
We are a cryptocurrency that can empower a social movement, which, endorsed, used and secured by a breathtaking community of caring ReddHeads.
While that may seem to be something new, and we honestly and truly hope that it is, we feel deeply in our hearts that it is in keeping with the evolution of the crypto space in its entirety, as it reaches into society and enables transformation in many ways. Repetition of misunderstood information and translation issues around these efforts also seem to have muddied the waters somewhat, with some self-serving individuals intentionally mischaracterizing what we were doing as a team.
So in order to clarify some information around this, where we had originally intended to issue a separate article on this, this update seems like an appropriate place to include it. We have been working hard to rebuild https://reddcoin.com as the information/product-rich and accessible technical counterpart of https://redd.love, and this work will be deployed in coming weeks, but in the meantime, the confusion and lack of understanding has been problematic.
ReddCoin (RDD) as one of the original generation of cryptocurrencies has been a unique, all-volunteer, “labor of love” project since long before most projects existed. While team members, devs and others have come and gone, our central technical, moral and ethical foundational principles remain steady and established by our ReddPaper (a document worth reading by every ReddHead) as well as by the engagement, support and care of all of the members of our team and ReddHead community, in explaining and resolving technical or operational problems wherever they occur. The ideas and principles in those documents as well as the established and decentralized network systems of ReddCoin itself will endure for as long as we can foresee. ReddCoin is all of us, and it will stand the test of time as others fail, ending only when the last staking node goes offline.
It is within these guidelines and concepts that we have attempted to position another entity, “Project Redd’’ simply as an easily joined social movement, a non-technical space but welcoming those who use, support, share and care about ReddCoin and our ReddHeads. We’ve absolutely not lost sight of the original mission of being a capable, fast, mostly-free, eco friendly, ground-breaking set of technology, one that rewards you in spendable cash simply for holding and using the RDD coin itself…we have tried to make things clearer. It seems, however, that we haven’t done the best job possible, as it is not clear. But there’s something more at play here, and it’s worth mentioning in the same breath as that:
EVERYONE WHO HOLDS, USES, PROFITS FROM, SPECULATES, BUILDS, CODES OR OTHERWISE USES RDD IS PART OF OUR COMMUNITY. WE ARE ONE COMMUNITY WITH MANY FACES, MANY BELIEFS, AND MANY MOTIVATIONS, WITH THE SUCCESS OF REDDCOIN AS OUR GOAL AND SUPPORT OF OUR FELLOW REDDHEADS IN OUR BLOOD.
REDD HAS NEVER RISEN OR FALLEN ON PERSONAL ACHIEVEMENT OR SINGULAR CONTRIBUTIONS, AS WE ARE ALL BEHOLDEN TO THOSE WHO CAME BEFORE FOR THEIR WORK, INSIGHT AND LOVE, BUT WE WELCOME ALL CONTRIBUTORS, WHETHER SKILLED OR NOVICE.
FROM THE ORIGINAL FOUNDERS OF REDDCOIN TO SATOSHI HIMSELF, NONE OF US EXIST OR CREATE ALONE, AND WITHOUT ALL OF US, EACH DIGITAL CURRENCY, REDDCOIN INCLUDED, WOULD BE WORTH NOTHING AND LIKELY STILL A DREAM.
The Redd Community is a global family with members from all walks of life from all over the world. Inevitably, members of the community will have competing priorities and we are aware of that and welcome it. We want to continue to ensure that all community members help create a positive, encouraging environment that builds the strength of the community and helps welcome others. Each of us has a right and a need to be heard, to contribute, to be a part, in whatever way suits them, and that is something we collectively as the stewards of Project Redd and ReddCoin want to ABSOLUTELY encourage and enhance.
Our new Social Media team is attempting to unify the Redd social channels, and we’d encourage all of our ReddHeads to engage with these channels wherever you’re active. On Facebook? On QQ? VK? On Instagram? TikTok? Join in and share whatever you’d like, And let’s continue spreading the Redd love!
We’d like, as a team, a group, and a family to state publicly, every one of those ReddHeads, anyone who feels the kinship of sharing value through Redd or staking to earn more, and the potential prospects of the future is in fact a stakeholder and part owner of that same future. Your opinions, your thoughts, your ideas, are all welcome.
So, even if you’re just looking to trade and speculate for profit from RDD, join us. Help us get on new exchanges with the crowdfund if you can, and help us serve that portion of the Redd community like yourselves more effectively.
Or if you’re sure you know how to make a killer product that uses RDD, let’s make it! If you want to build with the team and make Core products, we’d love to have you too!
Need features that don’t exist in our chain? That’s partly where the Core team comes in, too. Let us know what’s needed. Or build whatever it is and promote with us to the whole ReddHead community! BoxWallet and some of the new exchanges recently took that approach, and we all benefit from their new and innovative attempts to solve the crypto problems.
And of course, if you want to join the Core team, just reach out. Read the ReddBook if you haven’t, read the ReddPaper if you haven’t, and join us in actually crafting the future and direction of Redd.
Redd Bounty Program
To accelerate development and coding tasks, the ReddCore development team aimed to engage talent from across the crypto and tech industry. This is one of the enabling aspects of our PoSVv2 self-funding, and was agreed initially as an approach to augmenting the team and accelerating development.
However, as we have not really been able to find the appropriate talent needed, the team has decided to take a different approach more in the spirit of both Redd and crypto in general by instituting a “Redd Bounty” Program, in which we will a) be posting specific tasks and dev work to be done together with an allocated bounty to be paid upon satisfactory completion and acceptance. For more complicated or extended work, we will arrange a suitably staged bounty sequence as work is delivered. In any case, the work involved will be listed publicly for review.
The second component of the Bounty program will be a standard monthly allocation of funds towards audience- or user-suggested work and projects that may benefit Redd strategically or otherwise require doing. Any such suggested projects or code submitted and approved to the Redd Bounty program will also be subject to the same rules of verification and acceptance prior to payment, and will be expected to be secure, noncustodial and adhere to the stated goals and values of Redd and ReddCoin in their intent and execution. We’re of course also open to suggestions and sponsored projects from external sources as well, but expect such activities to be minimal if at all.
The Redd Bounty program will launch with a new page on https://ReddCoin.com once it’s been completed. We’ve only just recently discovered what seems to be a very interesting mechanism to drive the Bounty program using gitcoin.co and the developer community being built there, but we will also be pursuing a more traditional and direct Bounty program as well.
Redd Recruitment Fair 2021
We will be holding the first of our Recruitment Fair events for 2021 in the coming days to reach out to those who’ve expressed interest in joining our team, answer questions, get to know one another and the members of the Core team. Look for details in an upcoming post specifically about that.
Promotion & Marketing
While our overall goal has always been to ensure that the Redd tipping products were available in an easy-to-use, reliable, safe software package before really beginning hardcore promotion and relevant marketing, we have discovered that doing so has in general not been the most effective route for bringing users to our community. Specifically, the fact that many are unaware of both what and why ReddID and the ReddMobile app is our key product, along with even the key technical advantages Redd enjoys, like fast speeds, low-to-zero transaction fees, eco-friendly, staking returns, and more, we are not telling that story effectively. We have therefore taken a step back to reimagine the marketing strategy, possibly augmented by some new arrivals to the team that have experience in that field.
We expect to finalize our newly coordinated strategy shortly to take advantage of not only what Redd is now, and what we have been for more than half a decade, but what the future of Redd is intended to be, using all possible channels and media. We have an in-house creative team that is currently working to produce some professional-grade videos to that end, and we’ll also be releasing some more animated and infographic oriented videos and clips to help engage, explain and teach, as well as act as the natural marketing tools we should have. All of that takes time, effort and expertise, but with engaged and talented ReddHeads working to deliver, we expect to start seeing results shortly.
Weekly updates via social media
Quick, just a few lines, informative. We’ve heard the requests from the community for regular info updates as often as possible. We have begun an effort to publish weekly summaries of the items we accomplish, in a strong effort to keep the community looped in on all the work happening behind the scenes as well as in front of the curtain.
We’ll be publishing these every Sunday at 12pm EST for a regular and consistent flow of information to our ReddHeads, and across all of our Redd social channels.
Items are expected to include things like the current percentage of the PoSVv2 multiplier, interesting information/facts about Redd, the winner(s) of the Redd giveaways, and a piece of creative content/tech created by the community that week. We continue to work hard behind the scenes and with the beginning of a new year, are taking these extra steps to keep the ReddHead community informed.
Financial transparency
CryptoGnasher is working on a full data analysis of PoSVv2 characteristics, the multiplier and other aspects, especially graphic and visual trends, which will be published as soon as it is ready as a “Deep Dive”. One item that we are attempting to understand fully in order to provide clarity to the community is that of the PoSVv2 multiplier. For the sake of discussion, we’d like to establish the following facts about PoSVv2 and its evolution:
1) In preliminary calculations, PoSVv2 funding to the dev team was expected to be approximately 15–17M RDD/month. That was with the multiplier at its upper limit of 5, due to the observed 20% (or 1/5) or the network. As we have noted, however, that not only does overall production seem to be half, but the lower multiplier, due to regulation of the global interest rate at 5%, results in only a total production of 3–5M RDD a month, including proceeds of staking received RDD. This has obviously impacted our ability to deliver according to projected timeframes due to the much more limited funding available.
2) The multiplier itself, although explained to the community as a simple inverse function of the population actively staking has been restrained, and in fact controlled by a second calculation of the actual growth (and rate of growth) of the global growth or interest rate on the network. That is to say, the target is to keep the network growing at 5%. Presently we are approaching that growth exactly as desired. However, the distributed coins and rewards seem to indicate that there are other factors at play as well.
3) When the smoothing calculation was introduced, it was out of concern that large holders of RDD might be able to “game the system” and obtain more rewards by manipulating staking activity and timing to coincide with changes in difficulty, stakeweight and other details. This would be extremely problematic as, if not controlled for, could allow for excessive coin generation, radical swings of network difficulty and KGW calculation and other systemic and difficult-to-resolve issues. We coded mechanisms to control for this, allow for an extended timeframe of consideration, and other hard to manipulate aspects. It appears that in doing so, we may be calculating in a way that causes the multiplier to drop more quickly than we had expected, and with an extended timeframe for calculation means that such changes will remain excessively slow. This will provide a cap to network growth at or under 5% as desired, but in controlling spikes of activity, may in fact be normalizing at a lower rate than we had originally expected.
In short, we are doing more analysis and data study on this to understand fully why the multiplier has in fact remained so low consistently, despite maintaining around a 20% percentage of active stakers, give or take. While PoSVv2 does seem to have normalized our network growth, it seems to have varied from our projection in some interesting and significant ways, and we need to further understand how that came to be the case.
We plan to post and update a detailed analysis and status of PoSV on the reddcoin.com website when that piece is ready to publish shortly, so that the public may more easily understand status and trends on our blockchain and protocol.
Use of PoSVv2 funds to date
As part of our commitment to openness and transparency, we offer the following insights into how funds have been and are currently being used. A fuller and more detailed expenditure list will be posted as part of our public Funding page at https://redd.love/funding.html but in summary: Our monthly infrastructure and service costs are approximately $2500 US. That includes email, social media and collaborative services, SMTP relay, hosting/data center costs for production and testing machines (“droplets”), and other fixed cost items and services. We have spent funds on creative asset licenses for web and marketing content; we have contracted with platforms such Flipside Crypto, subsidized the research of the 2nd Redd History Book, supported web giveaways and Telegram rain, as well as contributed to the Redd Exchange Crowdfund. We’ve also restored RDD to users according to the terms of our Restitution Fund (see below). We’ve donated to support the BoxWallet product as it was crowdfunded, allocated funds and planning to charitable events, and in all ways attempted to use funds in good faith to advance the interests and prospects of Project Redd & ReddCoin. As part of our policy of transparency we will be publishing a more full financial disclosure during the course of this year.
Redd Repayments
At this time, due to reduced income from PoSVv2 (see above), our repayment has been equivalently slowed. We have, however, paid back more than 2M RDD to ReddHead donors, as well as engaged (see below) the ReddCoin Restitution Fund to provide some community members with restored funds. We are presently enhancing the website to show more financial information, but details of that status can be seen dynamically at https://redd.love/funding
We anticipate continuing to pay in 1M RDD increments at least monthly to our donors until all donated funds have been honored and restored. As this represents a sizable portion of PoSVv2 funds, we feel this is a fair way to proceed.
Redd PoSVv2 — Current and Trend Analysis
There were a number of goals included in the ReddCoin community’s activation of PoSVv2 as our staking protocol. 1) To stabilize intended growth at or near 5% annually across the network. 2) To incentivize ReddHeads to stake actively by receiving enhanced rewards for doing so. 3) To allow part of those same enhanced rewards to be used to support development and ReddCoin infrastructure. Below we provide some raw data exported from the blockchain along with summary graphs and discussion to support the fact that these goals have in fact been met. While there appears to be some public confusion surrounding the multiplier, due in large part to our having offered a very simple explanation of the mechanism, the governing equations that were designed to prevent major and fast changes to network characteristics has shown to be doing exactly as desired, even in the face of major swings of active stake, or possible attempts to “game” the system. We expect that the multiplier will remain around 2–3 so long as the observed real network inflation rate continues to trend as it has, because it is those two numbers that should always multiply to give us our desired 5%. If our interest rate due to lack of participation should drop closer (observed over time) to 1% again, we will see a corresponding rise in the multiplier, no matter what the population of stakers is. This is slightly a different order of operations than was originally explained, and we can only attribute that to an attempt to oversimplify a complex concept. Attached to this post are a number of graphic charts along with the Google Sheet containing raw data (and those same graphs of course). This data is extracted from the blockchain itself and will be made available in a more graphical form as part of our website at reddcoin.com as well as amplified in an upcoming piece on our blog.
As will be seen in depth in CryptoGnasher’s upcoming “Deep Dive into PoSVv2'’ planned publication, these parts are working harmoniously to keep our blockchain stable, our economics growing and active, and security threats minimized. As a team, we are quite proud of our progress on this front, and see it as a testament to the strength and unity of our ReddHead community that our project is able to operate and be supported in this unique self-funded way.
Redd Exchange Crowdfund
As ReddHeads may now see on the second screen of our funding page at https://redd.love/funding , our Exchange Crowdfund has raised ~4M RDD toward our first targeted listing at BitMart, or about one quarter of the way. Our first target for listing at BitMart is $25K USDT. We’ll be holding some events aimed at encouraging ReddHeads to support this effort, especially if your focus is a robust trading experience but also to ensure some diversity in Redd’s availability. The broader our footprint is globally in various markets, and with various platforms, the more secure our ability to both swap between fiat and RDD Enabling redemption to local users through their favorite exchanges only prepares the world for the popularity and utility that RDD has to offer. (As one member of our community specifically asked, once our first target is reached and we have been listed on our first new exchange, we hope to continue the crowdfund effort to achieve other targets as well.)
Once we’ve finally released ReddID and other products that require RDD, the next most important part of our ecosystem is to ensure bridges to spendability via local fiat, cards, or other mechanisms. That requires partnerships with crypto platforms, legal work and exchange and wallet listings, and at present we need your help. See here for details if you haven’t already read it: Exchange Crowdfund Post
In light of Coinbase’s new AssetHub outreach in recent days, the Redd Core team has not only ensured that we have completed and submitted a new and fully compliant application with CoinBase, but have begun preparing to integrate using the Coinbase Rosetta architecture and API customized to our ReddCoin blockchain. We have not yet received a “yes” answer to our application, but we are planning to be ready as quickly as we can, in preparation for such approval.
One last note on exchanges and listings; the active proposals and possibilities that our project currently has are a direct result of unceasing outreach to the many, many exchanges and platforms in our space, meeting with teams or representatives and reviewing details of our technology, legal status, future planning, use case, team, and lots of other information required. There is an immense amount of wasted effort in this process, but as that work leads to possible agreements and listings, we continue to exert ourselves in that direction. We hope that this update gives some insight into the amount of work going on behind the scenes in all areas, and to illustrate, we’ve added a partial view of our internal exchange tracking board.
Redd Entity Development
Redd Digital Asset Management Group (RDAMG)
RDAMG: In planning and legal review phases.
RDAMG intends to be a separate entity that will provide a number of functions completely independent of the ReddCoin Core and Project Redd teams. This is intended to benefit and support the entire ReddHead ecosystem in as transparent, compliant and legal a fashion as possible:
• Physically exist in a location acceptable to contracting entities in the crypto space. This excludes the US, EU, AUS.
• Solicit investment from direct investors as an investment club or similar format
• Hold custody of sufficient RDD to provide required liquidity in a legally compliant fashion to trading platforms as required to maintain Digital Asset (RDD) listings or open new pairs
• Provide for enablement of market-making services where and as required within exchange structure and agreements.
• Pool and share profits from above actions (and other to-be-named activities determined to be within scope; diversification, asset staking, DeFi activities, etc.) to distribute to shareholders to include a standard distribution to support Redd development activities.
ReddStore
Self-explanatory and coming soon. Redd and ReddCoin merch on sale for fiat, and discounted for crypto!
Redd.Help & Redd.Academy
Comprehensive ReddCoin helpdesk and video learning site. We have earned a reputation for helping each and every user with issues. It is a testament to the design and operation of our network that such requests are only a tiny percentage of all users. However, we have to date failed to pull together a single portal collecting support information and resources, enabling users to easily open and track trouble tickets, chat with or create remote support sessions with ReddCoin technical personnel, and to do so in a way that provides for safety and trust on both sides. We will be releasing this “help portal” just after our newly redesigned reddcoin.com primary technical resource site is back online, which should be in the next couple weeks. Help functionality will follow (or possibly accompany) this release, and we hope will provide answers not only to commonly asked questions, but also act as a gateway to more educational offerings from Redd such as our video series ReddBits, or the upcoming video learning portal Redd.Academy.
All of these sites are intended to serve the ReddHead community both actively by enabling more efficient support when needed, but also a self-service function for routinely asked and answered questions. As our cryptosphere and ReddCoin’s own ecosystem grow, and new users begin using the technology, these will likely remain a similar set of basic issues that we can now easily point to resolution as well as a way to escalate serious issues when needed. It is also our hope that our protocol of dealing with users will remind them of the value of the support they are receiving in support and trustworthy issue resolution to encourage some donation to either the helpdesk, the tech in question, or the Redd team in general. As our coin is known and suited for tipping in exchange for value received, that should of course be natural, but many users take such support not only for granted, but as something owed to them.
Partners & Integrations
Coinlock — Redd is excited about implementing components of CoinLock as optional functionality in both mobile products like ReddMobile as well as Core wallets, to allow for added functionality under the opt-in control of each individual ReddHead. CoinLock allows for a radical and ingenious new method of hedging against value changes when sending crypto of all kinds, but most notably our beloved ReddCoin. CoinLock is a platform that delivers transformational value-added services to empower Redd and the world of cryptocurrency with choice. In plainer words, they allow users to hedge against price change and instantly send fixed-price cryptocurrency payments, or to purchase crypto directly with a Netflix-like subscription model (to reduce overall fees). Partners such as Coinlock help us bring RDD into exciting new applications and use cases, while solving usability challenges applicable to the whole space. We’re excited about both technology and other collaborative efforts currently underway.
System9 — Working together in numerous ways to identify and solve some of the secondary issues involved in being an active and market-leading cryptocurrency, System9 has helped enable conversations and connections with some exchanges, served as a sounding board for many of our plans, and included ReddCoin in their strategic planning and conversations since we began collaborating. While nominally market-makers/liquidity experts, as Redd has for legal and compliance reasons) has not engaged those specific services, Sys9 has remained actively engaged in promoting our concepts and technology. Brainstorming and researching aspects of DeFi and other complex topics, we consider them a trusted and trustable resource in a sometimes shady field. We anticipate working more closely with the team there as our resources and progress continue to accelerate into and through 2021
Iwahai — A new and exploratory partner in more ways than just technology, we look forward to figuring out how ReddCoin and the efforts defined by Project Redd may provide some synergy. If nothing else, we share the same mindset and desire to change the world, and thought their product was pretty cool.
Business Development Progress
We have had tentative conversations, outreach, (and in some cases unanswered emails 🙂) from and with all manner of entities that we’ve felt might be interesting partners. Gaming companies, well-known and not-well-known corporations and products, wherever we feel there may be a strategic or synergistic fit. As these relationships evolve into something more substantial, we hope to report more specifically on the “who and what”.
As we have with many, many other projects over the years, we love to take the time to connect, brainstorm, explore and share stories and challenges with like-minded creative and technical project teams, whether inside crypto or outside. In fact, that interaction is some of the most interesting, productive and best time we spend doing what we do, and all for the better if it leads to advancement for Redd and crypto. If you readers have projects you’d like to share audiences with, share creative juices, brainstorm and collaborate, please don’t hesitate to reach out! Email, Telegram, web form, we’d love to take the time to see how whatever you’ve done complements what Redd can offer, or work together to build something new and cool!
Final Summary
Project Redd & the Redd Core team continue to make immense progress not only in maintaining and securing the existing RDD blockchain but working tirelessly to expand connectivity and integrations across the crypto space. Redd eagerly looks to partner with efforts inside and outside the crypto space, to ensure that RDD will continue to be seen as one of the pre-eminent original altcoins. We will continue to work towards building software that promotes users’ interests in a noncustodial, open source way, while driving overall education and adoption across our entire space.
Planning engaging content that allows ReddHeads insight into how the project operates and what our future will bring, as well as retrospective analysis will be routinely covered in our new “Deep Dive” series of blog posts and content pieces, media and videos. Weekly updates bullet-pointing progress in a quick, easy to consume fashion have also been launched, all to keep our ReddHeads informed as to what we’re doing and where we’re all going together. Efforts such as strategic marketing, branding & messaging, social media expansion, product development, partner outreach, and other less visible components of our project continue to be part of the overall strategy as we forge Redd’s path through 2021 and beyond.
About Redd
Redd is a global social movement that allows anyone, anywhere, the power to tip, support, donate and fund social causes, independent content creators, and humanitarian programs. The platform utilizes ReddCoin (RDD), a reliable and versatile decentralized cryptocurrency launched in 2014 that allows for seamless payments across borders and social networks. All Redd Partners are expected to adhere to the project’s high standards of openness, accountability, and user experience as we strive to be an example of not only the stated ideals of love, support and inclusion, but also integrity, transparency, and honor.
Feel free to visit us at Redd.Love, Reddcoin.com or email info@reddcoin.com. You can also follow us on YouTube, Twitter and Telegram Love to all of our Reddheads, new and old, and welcome to a great New Year of Redd!
