ProjectRedd
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ProjectRedd

The ReddCoin Ecosystem Stability Program

The tumultuous events in ReddCoin’s trading environment in recent days could happen to any altcoin project at the mercy of the market and exchange listing or delisting decisions. What if we told you we’ve come up with a way to improve the situation?

Tell me more…

As part of our participation with the newly launched “Altcoin Reserve ‘’, the ReddCoin Core Team has the following option to help stabilize our community and coin’s value now and into the future, and to restore confidence and resources after the sudden removal of two of our major markets.

The Altcoin Reserve was in part created to act as a protection against exactly such events as we have just seen; without any substantive change in the project or team, and in fact on the heels of some solid partnership and development work, a single delisting announcement has caused the speculators in our cryptocurrency to abruptly lose faith, lowering the price of our coin. While the Redd team has always attempted to promote our work and use-cases over any type of price discussion, we note that having a stable value and reliable on- and off-ramps is the most critical component of our solution. So the Altcoin Reserve has decided to make ReddCoin the first example of a sort of “Altcoin Quantitative Easing”, comparable to the US Federal Reserve’s support of the US dollar.

How does this work?

The Altcoin Reserve has premined and given to our project a total of 10M BTCQ worth approximately US$14.5M, the new native cryptocurrency of the Altcoin Reserve project, a federated coalition of altcoins including ReddCoin and others. (https://altcoinreserve.org).

In exchange, both TechAdept and CryptoGnasher will be participating actively in the Altcoin Reserve Board, to both promote Redd’s interests, and provide shared expertise and knowledge to the larger Board to inform group decisions and actions. We believe in the structure and mandate of the Altcoin Reserve as built and will be working to enhance and effect change both supported by, and as a part of, that new institution, as well as ensure transparency and integrity in the actions taken. A number of our peers from other altcoin projects have indicated they will be joining us, an immensely gratifying prospect of sharing resources and expertise across numerous altcoin teams and currencies.

What does this mean for ReddCoin?

So, ReddCoin now has 10M BTCQ worth approximately US$14.5M in our secondary treasury, held in a BTCQ wallet under Redd Core team control. This is a similar setup for each of the other participating projects as well. As there is no liquidity at present to sell BTCQ to the general public, or to exit to other cryptocurrencyes, or trade it on exchanges until Feb 2022, that gives us the following opportunity to use the new coin to stabilize our value in the face of Bittrex’ recent actions.

According to the terms of the Altcoin Reserve’s grant to Redd, we are willing to trade any RDD from the ReddHead community at 1 RDD/$.01, in BTCQ. You will receive BTCQ @ $1.45, or:

1 BTCQ = 145 RDD

10 BTCQ = 1450 RDD

100 BTCQ = 14500 RDD

1000 BTCQ = 145000 RDD

10,000 BTCQ = 1,450,000 RDD

Note: As a utility coin/cryptocurrency with an applied purpose, we emphasize that BTCQ is neither designed nor intended to “moon”, this coin is expected to track and anticipate inflation. Should inflation exceed customary expectations, we are given to expect from the economics that BTCQ value will rise. Exchange trading is expected to go live in Feb 2022 with BTCQ as a base pair matched to all included and added member altcoin projects at no lower than the price given above, and all efforts to expand and grow the BTCQ ecosystem itself will be supported by the Altcoin Reserve structure in the interim, focusing on marketing, communications and support for broad access to liquidity as possible.

If, at time of exchange opening in February, any BTCQ holders in the ReddCoin community wish to exit their position, the Redd Core Team, as part of the Altcoin Reserve, has been authorized to trade back any BTCQ at exactly the same above pricing scheme.

LAST-MINUTE EDIT: Just as we were publishing this announcement, an agreement was reached with an exchange to provide access to trading services of not only BTCQ, but all other member coins, as early as the beginning of the New Year. Details will be announced as that relationship is firmed up.

All funds used to purchase BTCQ through the Redd community, will be deposited in a Redd team-controlled staking wallet to earn rewards until used. Of these funds, 80% will belong to the Redd Core team to drive development work, hire the required expertise to complete our Core projects, add new listings, and further expand and strengthen the ReddCoin ecosystem.

This has the potential to place millions of dollars worth of RDD in our dev wallet exclusively to address the needs of software development and ecosystem expansion, along with funds with which to attract additional dev talent. The remaining 20% will be returned to the Altcoin Reserve for custody until trading opens in Feb, to then be used for liquidity and other purposes on the new Altcoin Reserve Exchange. If all donated coins are traded (which is of course unlikely), this will result in the Redd team holding nearly $11.6M in RDD, while the AR would hold a further $2.9M. Any coins remaining untraded will be held until BTCQ liquidity is available in Q1 2022, and will be used at at that time to support the Redd project as well.

$90m or more of BTCQ will be distributed (given) in the same way to all AR-participating project teams. While specific terms of sale per community may be different, each engagement is meant primarily to support the project and community in question, while adding strength to the underlying Altcoin Reserve entity.

As a group effort, all feeding into support of the same underlying glue to the participating altcoin projects, we believe strongly that we can succeed in our efforts despite the roadblocks that have been placed in front of us. ReddCoin Core has never, and will never, stop working toward our stated goals, and we are incredibly pleased and reassured that there are dozens of similarly driven and visionary projects that share the same challenges. We believe that in unity and harmony we will also find success, and we welcome our ReddHeads to participate, especially in looking into other projects supported by the Altcoin Reserve.

Please visit https://altcoinreserve.org for details on the members of the charter group of projects and those waiting to join as well. Each and every one has valid use-cases, long-term and sustained efforts and demonstrated success, dedicated and brilliant teams, and much more…and each has, in their history, refused steadfastly to deviate from their ethics and the crypto spirit to sell out to moneyed interests and those abusing the technology we have all collectively built to be shared. It is in that spirit that we all support each others’ efforts, and those of the Reserve.

To participate in this joint offering of ReddCore Core and the Altcoin Reserve, please visit this link and follow the directions:

https://forms.gle/GtHvzAManrMuPNJu6 — (ReddCoin only)

The ReddCoin team will be answering questions about this program in our channels along with the usual support, but we recommend interested ReddHeads read through the sites and information listed at the end of this article BEFORE signing up to the program.

TECHNICAL NOTE: BTCQ is minable in very, very small amounts for those who wish to earn and support BTCQ network security directly. Instructions for mining will be made available shortly, but the chain is live now if you have the requisite knowledge. As documented in the AR and BTCQ whitepapers, one of the first orders of business of the new Board of Governors once confirmed will be to arrange and support a transition to a proof-of-stake codebase, and PoW mining will end at that point with a hardfork to a stakable version of BTCQ.

Reference sites:

ReddCoin: www.reddcoin.com www.redd.love

Altcoin Reserve: www.altcoinreserve.org

BTCQ: www.bitcoinq.io

BTCQ: www.xbitcoinq.com

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!

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