REDDCOIN

THE SOCIAL CURRENCY

AN INTRODUCTORY BLOCKCHAIN HISTORY BOOK

2014—2015—2016—2017—2018—2019—2020

CHRISTOPHER P. THOMPSON
...
 CONTENTS

Introduction ……………………………………………………. 8-9

What is Reddcoin? ………………………………………… 10-11
Why Use Reddcoin? ………………………………………… 12
Specification …………………………………………………... 13
History Timeline ………………………………………… 14-17
Blockchain ……………………………………………………. 18-19
Block Distribution Schedule ……………………………… 20
Block Time …………………………………………………… 21
Proof of Work ………………………………………... 22
Proof of Stake ………………………………………… 23
Proof of Stake Velocity ……………………………… 24
Reddonomics ………………………………………… 25
Redd ID …………………………………………………… 26
Wallets …………………………………………………… 27
Cryptocurrency Exchanges ……………………………… 28-29
Team Reddcoin ………………………………………… 30
Community …………………………………………………… 31

Reddcoin History ……………………………… 33

1. Reddcoin: The Beginning ……………………………… 32-43

2. Proof of Stake Velocity Transition …………………… 44-53
3. Social X Architecture ……………………………… 54-69
4 Reddcoin Reorganised ……………………………… 70-81
5. [CHAPTER 5] ………………………………………… 82-87
6. Reddcoin Bull Run ………………………………………… 88-95
7. [CHAPTER 7] …………………………………………………… 96-105
8. Redd-ID Beta Testing ……………………………… 106-
9. [CHAPTER 9] ……………………………….………..
10. Proof of Stake Velocity Version Two ………..

Appendix

1. Proof of Stake Velocity V1 Whitepaper ……….. ?

 INTRODUCTION

8
INTRODUCTION

9
 WHAT IS REDDCOIN?

10
WHAT IS REDDCOIN?

11
 WHY USE REDDCOIN?

12
SPECIFICATION

13
 HISTORY TIMELINE

20/01/2014 — Reddcoin announced on the Bitcointalk Forum

26/01/2014 — Block number 1 timestamped
02/02/2014 — Reddcoin blockchain public launch
02/02/2014 — Core wallet qt version 1.0 released
06/02/2014 — Core wallet qt version 1.1 released
08/02/2014 — Reddcoin logo design contest began
08/02/2014 — CryptX.io exchange...
10/02/2014 — Reddcoin added to www.coinmarketcap.com
15/02/2014 — New Reddcoin logo winner announced
16/02/2014 — IPCO ended
24/02/2014 — Poloniex exchange opened RDD/BTC trading
25/02/2014 — Bittrex exchange opened RDD/BTC trading
06/03/2014 — Core wallet version qt 1.1.3 released (mandatory)
06/03/2014 — Coined Up exchange opened RDD trading markets
12/03/2014 — First RDD Android wallet released
14/03/2014 — Cryptsy exchange opened RDD trading
21/03/2014 — Laudney interview published
21/03/2014 — First article on www.reddheads.com was published
06/04/2014 — Swisscex exchange opened RDD trading
09/04/2014 — Core wallet version qt 1.1.3.2 released (mandatory)
20/04/2014 — AllCrypt exchange...
22/04/2014 — Prelude exchange...
29/04/2014 — Proof of Stake Velocity officially announced
01/05/2014 — Core wallet qt version 1.2.0.0 released
11/05/2014 — First RDD block halving occurred
16/05/2014 — RDD IPCO distribution ended (lasted 90 days)
01/06/2014 — Phase 1 PoSV internal testing began
08/06/2014 — Phase 1 PoSV internal testing ended
14/06/2014 — Second RDD block halving occurred
18/06/2014 — Final PoSV internal testing began
23/06/2014 — First ever PoSV block timestamped on RDD testnet
06/07/2014 — PoSV public alpha released
17/07/2014 — Bleutrade exchange opened RDD trading
18/07/2014 — Mintpal exchange opened RDD trading
19/07/2014 — Third RDD block halving occurred
23/07/2014 — Core wallet qt version 1.3.0.0 released (PoSV)
27/07/2014 — All time high 2014 RDD market capitalisation
29/07/2014 — AllCoin exchange opened RDD trading
02/08/2014 — Proof of Stake Velocity timestamping activated
02/08/2014 — Core wallet qt version 1.3.1.0 released
07/08/2014 — Reddcoin social wallet version 1.0 released

14
HISTORY TIMELINE

15
 HISTORY TIMELINE

16
HISTORY TIMELINE

17
 BLOCKCHAIN

18
BLOCKCHAIN

19
 PROOF OF WORK

20
PROOF OF STAKE

21
 PROOF OF STAKE VELOCITY

22
REDDONOMICS

23
 CODE DEVELOPMENT

24
REDD ID

25
 CRYPTOCURRENCY WALLETS

26
CRYPTOCURRENCY EXCHANGES

27
 TEAM

28
COMMUNITY

29
 ...

30
...

31
 REDDCOIN ANNOUNCED ON BITCOINTALK FORUM ON 20/01/2014

BLOCK NUMBER 1 TIMESTAMPED ON 26/01/2014

RICKY0819 JOINED TEAM REDDCOIN ON 30/01/2014

REDDCOIN BLOCKCHAIN PUBLICLY LAUNCHED ON 02/02/2014

CORE WALLET VERSION 1.0 RELEASED ON 02/02/2014

CORE WALLET VERSION 1.1 RELEASED ON 06/02/2014

REDDCOIN ADDED TO COINMARKETCAP ON 10/02/2014

NEW REDDCOIN LOGO DESIGN INCORPORATED ON 15/02/2014

INITIAL PUBLIC COIN OFFERING (IPCO) ENDED ON 16/02/2014

POLONIEX EXCHANGE OPENED RDD TRADING ON 24/02/2014

BITTREX EXCHANGE OPENED RDD TRADING ON 25/02/2014

REDDCOIN TWITTER TIPBOT LAUNCHED ON 25/02/2014

CORE WALLET VERSION 1.1.3 RELEASED ON 06/03/2014

CRYPTSY EXCHANGE OPENED RDD TRADING ON 14/03/2014

LAUDNEY INTERVIEW PUBLISHED ON 21/03/2014

CORE WALLET VERSION 1.1.3.2 RELEASED ON 09/04/2014

32
 1
REDDCOIN:
THE BEGINNING

“Reddcoin is the social currency that enriches people’s

social lives and makes digital currency easy for the general
public. Reddcoin will achieve this by integrating a digital currency
platform with all major social networks to make the process of
sending and receiving money fun and rewarding for everyone.”

Building on proven blockchain technology, a group of technically minded

individuals set forth to develop a new cryptocurrency called Reddcoin with
the aim of integrating it as a tipping currency on social media. Code
development was underway to fork, and then modify, the codebase of the
original Scrypt based proof of work blockchain called Litecoin.

On 20th January 2014, Reddcoin founder Jonathan Patenaude, fictitiously

known by the alias ‘ReddCoin’, created an official thread on the crypto
renowned Bitcointalk Forum. It was initially titled “[ANN][IPO] Reddcoin
[RDD] - the coin of the internet! Release on February 2nd”. As evident
from the title, an IPO (Initial Price Offering) had already begun to raise
funds for continued brand and infrastructure development. Also, the
public launch of the Reddcoin blockchain had been scheduled for 2nd
February 2014. Jonathan Patenaude was seeking sufficient funding
without specifying a set capital requirement. An official Reddcoin website
was already live at www.reddcoin.com and a subreddit at
www.reddit.com/r/reddcoin had been created too.

On 22nd January 2014, the length of the IPO was extended by an extra two
weeks after the public launch. The primary reason for the change was to
give potential investors ample time to judge the value of code
development, the trustworthiness of the team and to allow time for more
people to discover the project. The Reddcoin codebase was ready for
release on 2nd February 2014.

33
 Just before the actual launch of the Reddcoin blockchain, changes were
made to the block reward distribution schedule. Firstly, the RDD block
reward halving interval was reduced from 525,600 to 500,000. This change
alone resulted in a maximum 100 billion RDD coin supply. Additionally,
special RDD block rewards for the first 30,000 blocks were implemented to
encourage, as well as gain support from, proof of work miners during the
first month or so. Bonus blocks added a further 8,946,700,000 RDD to the
maximum coin supply. The final distribution schedule was:
Reddcoin originally launched Blocks Reward (RDD) Total (RDD) Cumulative (RDD)
with a coin logo featuring a red
alien mascot on a gold coin. As 10 545,000,000 5,450,000,000 5,450,000,000
shown above, the Reddcoin 9,989 300,000 2,996,700,000 8,446,700,000
slogan was initially “The Coin of
10,000 200,000 2,000,000,000 10,446,700,000
the Internet”. A community
designed and chosen logo 10,000 150,000 1,500,000,000 11,946,700,000
replaced it on 15th Feb 2014.
470,000 100,000 47,000,000,000 58,946,700,000

500,000 50,000 25,000,000,000 83,946,700,000

500,000 25,000 12,500,000,000 96,446,710,000

500,000 12,500 6,250,000,000 102,696,710,000

On 26th January 2014, the Reddcoin blockchain successfully launched as

the first block timestamped and generated 545,000,000 RDD towards the
pre-mine or coins for IPO investors.

Block #1 (Reward 545,000,000 RDD) January 26th 2014 at 21:31:34 BST

From the outset, when Reddcoin was announced, the IPO was one single
phase without higher rewards for early investors. Some community
members pressed Team Reddcoin to consider changing it. On 27th January
2014, Jonathan Patenaude posted:

“Hi everyone. Because we really care about this project and we want the best
for Reddcoin, we are bringing something else to the table. Let us know what you
think. We could split this IPO in 2 stages to reward really early investors.

Stage 1 will close on February 1st at 11h59 PM PST before Reddcoin is released.

Stage 2 stay the same and will close on February 15th at 11h59 PM PST.

Stage 1 reward: 1.1 billion coins, Stage 2 reward: 4.35 billion coins.

This is a 25% premium for early investors. On February 1st at 11h59 PM PST,
we will take a snapshot of the database. All investors at the end of stage 1 will
split 1.1 billion coins according to the amount of shares they own. All those
investors will stay in for stage 2 where we will distribute the rest of the IPO,
4.35 billion coins according to the same formula. Each investor will still
receive their coins during a period of 90 days after IPO close. This is done
to protect the market. Let us know what you think.”

Following further community discussion, the RDD to be distributed to

investors changed again for stage 1 and 2 to 2.2 billion and 3.25 billion
respectively. It was also the time at which the IPO became known as IPCO
(Initial Price Coin Offering) to clarify that shares were not being sold at a
fixed price. Jonathan Patenaude also announced that IPCO investors had
until 31st January 2014 to request refunds.

34
On 30th January 2014, Jonathan Patenaude announced the first hire to
Team Reddcoin. The following post was submitted to the official Reddcoin
Bitcointalk Forum thread:
“Hi everyone,

I have great news! We’ve hired our first team member and he’s our
PR/Marketing Director—Ricky0819. Ricky0819 is a professional online marketing
guy and has written up an awesome plan for the release of Reddcoin. He’ll
present his plan to you here in a bit. Looking forward to it!”

As expected, Ricky0819 presented the Reddcoin Marketing Plan (see right)

before the end of January 2014. He thanked Team Reddcoin for bringing
him on board. He was looking forward to the successful public launch of
the Reddcoin blockchain. The 5.45 billion RDD pre-mine, designated for
IPCO investors, had already been mined.

On 2nd February 2014, the first stage of the IPCO ended. Team Reddcoin
had raised 55.32399750 BTC from 245 investors. Each investor would later
receive a share of 2.2 billion RDD based on what BTC each sent and also
qualify for the 3.25 billion RDD in stage 2 based on BTC already invested.

As anticipated, the Reddcoin blockchain publicly launched (see block

below) on 2nd February 2014. Reddcoin Core Qt wallet version 1.0
(initially just for Windows) was released. The first Reddcoin block explorer
at https://cryptexplorer.com/chain/ReddCoin went live. Team Reddcoin
offered a 0.1 BTC bounty for the first working Mac OS wallet.

Block #11 (Reward 300,000 RDD) February 2nd 2014 at 15:53:57 BST

On 3rd February 2014, RDD trading markets opened on three centralised

cryptocurrency exchanges. These were, in no particular order,
Freshmarket.co.in, Coinmarket.io and Coin Swap. All of these exchanges
are no longer operational.

On 6th February 2014, Jonathan Patenaude announced the release of a

mandatory core qt wallet (version 1.1) to address a big mining pool
upsetting the modified Kimoto Gravity Well (difficulty adjustment
algorithm) originally implemented into the Reddcoin codebase. Kimoto
Gravity Well settings similar to those used by Megacoin and Vertcoin were
quickly coded into version 1.1. Users had to upgrade before block 6,000.

As part of ongoing brand infrastructure development, the Reddcoin Logo

Design Contest was announced to the community via social media
channels. 99Designs had been chosen as the platform on which to submit
designs, suggest ideas and eventually vote for the winning logo. Also on
this day, the RDD block reward reduced by 33% from 300,000 RDD to
200,000 RDD (see blocks immediately below).

Block #9,999 (Reward 300,000 RDD) February 9th 2014

https://99designs.co.uk/logo-design/
contests/create-logo-reddcoin-
cryptocurrency-seen-millions-286987
Block #10,000 (Reward 200,000 RDD) February 9th 2014

35
 On 10th February 2014, a renowned cryptocurrency price-tracking and
ranking service www.coinmarketcap.com added Reddcoin. It is a website
that primarily ranks thousands of cryptocurrencies (coins and tokens) in
descending order of market capitalisation. What follows is a table of
historical RDD USD fiat prices derived from that website:

Open High Low Close

US$ US$ US$ US$

10th February 2014 0.000035 0.000035 0.000018 0.000020

11th February 2014 0.000021 0.000028 0.000013 0.000027

Besides the above figures, the first Reddcoin market capitalisation (the fiat
price of all RDD generated to date) recorded by www.coinmarketcap.com
was US$158,187 with corresponding 1 RDD = 0.00000003 BTC = 3 Bitcoin
Satoshi. It was possible to actively trade RDD on either FreshMarket,
CoinMarket, Coin Swap and CryptX.

After approximately one week of creativity, the Reddcoin Logo Design

Contest ended on 15th February 2014. As many as 525 coin logo designs
had been submitted by 141 designers. Design #347 submitted by
Alexandark won the contest (to be exact, design #572 won, see right
below). Other popular designs are shown to the left.

As requested in the design brief, the new Reddcoin logo incorporates

colours representing all major social media platforms. It is described as a
coin jar (or piggy bank) with a red coin being inserted like a tip.

On 16th February 2014 at 07:59 UTC, as scheduled, the Reddcoin IPCO

ended. A total of 168.8 BTC (just over US$100,000 at the time) had been
raised from 386 investors during the four week period. Each investor
quickly became aware of their allotted RDD to be received incrementally
over the next 90 days. The first 1/90th of RDD was distributed a few hours
later that same day. Jonathan Patenaude had created a script for
automatically distributing RDD each and every day.

As expected, the RDD bonus blocks ended on 23rd February 2014. The
RDD block reward would remain at 100,000 RDD until 11th May 2014.

Block #29,999 (Reward 150,000 RDD) February 23rd 2014

Block #30,000 (Reward 100,000 RDD) February 23rd 2014

36
On 24th February 2014, a centralised cryptocurrency exchange called
Poloniex opened a single RDD/BTC trading pair. Poloniex went live as an
exchange on 19th January 2014 and was founded by Tristan D'Agosta. It is
still operational, but ended support for RDD trading on 4th January 2017.

https://poloniex.com/exchange/btc_redd

On 25th February 2014, Bittrex became the seventh exchange to open RDD
trading. Bittrex was in beta testing mode at the time. Three days later,
twelve cryptocurrencies and twenty one trading pairs went fully active
including the RDD/BTC trading pair.

https://bittrex.com/Market?MarketName=BTC-RDD

Also on 25th February 2014, the Reddcoin Twitter Bot went live to allow
people to tip RDD via Twitter. Twitter users became able to follow the
Reddcoin Tipbot at @tipreddcoin, register and seamlessly tip other users
using specific message commands.

On 5th March 2014, Reddcoin wallet users reported difficulty with fully
synchronising the blockchain. Wallet users were complaining about a
particular block being attained, after which no further blocks were being
found. Also, an enormous Reddcoin blockchain difficulty figure was
evident. Jonathan Patenaude promised to release a fix as soon as possible.

On the following day, Reddcoin Core Qt wallet version 1.1.3 (Windows,

Mac OS and Linux) was made available for mandatory installation. Wallet
users, mining pools and other third parties reported that issues had been
resolved soon after its release.

https://www.cryptsy.com/markets/view/169

On 14th March 2014, the tenth centralised exchange made RDD trading
available. Cryptsy opened a single RDD/BTC trading pair. The exchange
went live on 20th May 2013 and was based in Delray Beach, Florida. After
dubious activity, Cryptsy ceased trading on 15th January 2016.

37
 On 21st March 2014, an article was published online titled “Reddcoin: The
Rising Social Currency” within which Laudney (Larry Ren), the Reddcoin
Lead Developer at the time, was interviewed by Drew Cordell. The full
transcript of the interview can be found on pages 40 to 43.

Also on 21st March 2014, the first article on www.reddheads.com was

published. It was written by blogger Melissa who ended her article with
the following paragraph:

“People everyday of their lives use email, they probably have no idea
how it works under the covers, but they use it because it’s simple, free, easy,
and allows them to send messages anywhere in the world for free. It’s the
same thing with Bitcoin, send money anywhere in the world for free.”

On 29th March 2014, Reddcoin community contributor BTCillionaire

announced that the redesign of the official website www.reddcoin.com
was ready for the community. The design was inspired by the latest PayPal
homepage. It was described as setting Reddcoin apart from all other
cryptocurrencies by emphasising the social media aspect of the coin.

At the end of March 2014, the number of Reddcoin Subreddit subscribers

surpassed 10,000 for the first time. Community engagement and
participation on Reddit had been steadily growing week on week.

During the first week of April 2014, there were many events to celebrate
after the launch of the new official Reddcoin website including the release
of the first ReddAPI. In addition, the Reddcoin Tipping Platform Chrome
and Firefox extensions were released and multiple Reddcoin subreddit
tipping campaigns were active.

On 9th April 2014, a mandatory upgrade to the Reddcoin Core Qt

wallet (version 1.1.3.2) was released to protect the codebase from the
Heartbleed Security Bug. It used the latest OpenSSL 1.0.1g with the
required fix. Team Reddcoin member Reddki described the bug as follows:

“When the bug is exploited the attacker can retrieve memory (up to 64kb) from
the remote system. This memory may contain usernames, passwords, keys or other
useful information that enables bigger attacks. An attacker may for example be
able to retrieve the keys and secrets used to encrypt traffic and then intercept
and read the communications of all other users of that service. There are all
kinds of variations that might be possible based on the ability to read this
memory. 64kb may not seem like a great deal of data, but of course the attacker
can connect repeatedly and progressively collect more information.”

During most of April 2014, community members created Reddcoin related

video promotions. They were subsequently uploaded to the Reddki
YouTube Channel (created on 9th April 2014) accessible from the URL
https://www.youtube.com/user/reddki. A total of twelve videos were
uploaded to the channel for other community members to view them at
their leisure (see left side bar).

38
Other events which occurred during this period included:

• On 2nd February 2014, the official Reddcoin Twitter account at

@reddcoin was created. It was also the day on which the first
official Reddcoin Facebook group went live.

• On 2nd February 2014, the Reddcoin block explorer located at

https://cryptexplorer.com/chain/ReddCoin went live.

• On 8th February 2014, the CryptX.io exchange opened RDD trading.

• On 17th February 2014, Reddcoin Core Qt wallet version 1.1.1 (only

for Windows) was released. It was not a mandatory upgrade, but
changed the cosmetic design of the client interface. The new
Reddcoin logo was incorporated.

• On 20th February 2014, the Cryptorush exchange opened three

RDD trading pairs (RDD/BTC, RDD/LTC, RDD/DOGE).

• On 6th March 2014, the Coined Up exchange opened RDD trading.

• On 6th March 2014, the Reddcoin market capitalisation surpassed

US$1,000,000 for the first time. The Coined Up exchange recorded
a RDD Bitcoin Satoshi price at 14.

• On 8th March 2014, the Pmtocoins exchange became the ninth

cryptocurrency exchange to open RDD trading.

• On 20th March 2014, the AGX.io exchange opened RDD trading.

• On 23rd March 2014, core wallet version 1.1.3.1 released…

• On 6th April 2014, the Swisscex exchange opened RDD trading.

• On 20th April 2014, the AllCrypt exchange opened RDD trading.

• On 22nd April 2014, the Prelude exchange opened RDD trading.

• On 24th April 2014, Reddcoin Core Qt wallet version 1.1.3.3 was

released. It was a maintenance upgrade (not mandatory) that was
highly recommended to improve security, faster synchronising
speeds and provided further protection against future forks.

39
https://www.ccn.com/reddcoin DREW CORDELL INTERVIEWED LARRY REN (LAUDNEY)
-rising-social-currency/
21ST MARCH 2014

Reddcoin was released on February 2nd to the public yet the Sub-Reddit
has already grown to over 7,000 members in that short amount of
time. The community is growing rapidly and at the rate it is growing, will
Here is the technical information about
surpass the subscribers of the Litecoin Sub-Reddit within thirty
the coin:
days. Reddcoin is the social coin, it is designed to be used over a variety of
social platforms to tip other users for their unique content. In this short
Algorithm: Scrypt
period of time, the developers have created several tipping bots for a
variety of social media platforms.
Max Coins: 109 billion RDD
I interviewed /u/Laudney, who is a developer for the coin and asked
several questions regarding the development, and community the coin
Block Time: 60 Seconds
has. Here were his responses:

Pre-mine: 5% to be distributed in full to

IPCO investors.
What is your name and position at Reddcoin?

My name is @laudney, and I’m a core developer for the Reddcoin project.
Difficulty Retarget: Every block using
Kimoto’s gravity well.

What duties do you do for the coin on a daily basis?

Block halving rate: 500,000 blocks
I’m involved in many aspects of the project. I talk with other core and
Reward: 100,000 RDD per block
active members daily through emails, conference calls and IRC chat. My
main focus is on building and running the core infrastructure systems for
Reddcoin. I’m the author of Reddcoin tipbots for Twitter, Twitch.tv and
Justin.tv. I run these bots on cloud servers and monitor them on a daily
basis. I maintain the Reddcoin Github repository, and I’m writing several
new systems. I also spend a lot of time interacting with the community
on /r/reddcoin.

I do all of these in my very limited spare time (< five hours per day)
because I have a full-time job.

What are the current projects you are working on?

I’m working on many things. The top of my list is a website that describes
the state of the Reddcoin economy in real-time. It’ll calculate and display
many statistics, analogous to economic indicators, that give people an
overview of the state of the economy Statistics include the number of tips
across different social networks, the top tippers, the top receivers and
many more. I want everyone to have a clear picture of what’s happening in
the Reddcoin economy, down to the very tipping transactions. We will also
use it to monitor the effectiveness of our marketing and PR campaigns. It’ll
be a very useful tool to quantify various aspects of the Reddcoin ecosystem
and that’s why I’ve decided to work on this before everything else such as
more tip bots.

40
What do you think makes this crypto-currency unique?

To answer this question properly, I need to first give a quick overview of

the cryptocurrency world based on my own understanding. This will be a
long answer so please bear with me.

I divide all the cryptocurrencies into four categories. The first category
includes Bitcoin and to a less extent Litecoin. They are technologically
mature and are well into the phase of building out real-world businesses.

The second category includes altcoins whose selling points are mainly
technical. Most of them use modified hashing algorithms which offer
limited real-life benefits in the economic sense. A few of them are more
innovative by proposing and implementing new features in the blockchain
to enable new features such as improved anonymity.

The third category includes all the pump-and-dump-ponzi-scheme altcoins.

Unfortunately they make up the vast majority of the altcoin universe and
come out everyday. They are created by a small group of people a s tools
to facilitate wealth transfer in deceptive fashion. Altcoin markets are
arguably the freest market in the world. They are unregulated and brutal.
They are truly zero-sum games (or even negative-sum games after taking
into account transaction costs). People playing the games all think “I’m
smarter than the average guy” and they all forget that “price is what you
pay; value is what you get”. To quote Warren Buffet, “Only when the tide
goes out do you discover who’s been swimming naked”.

The last category includes Dogecoin and Reddcoin. These two are unique in
the sense that their economy and ecosystem are mostly driven by the
community. Dogecoin, starting from a jike and heavily relying on meme,
broke many new grounds in the altcoin world. Their community’s ability to
organize various social activities is very impressive. Having said that, I do
believe Dogecoin has some inherent flaws. I don’t want to openly criticize
it and refer you to a FAQ named “Reddcoin vs Doge”.

So, what makes Reddcoin unique? There are many reasons but let me just
point out a few. First, Reddcoin had a successful IPCO. The funding is being
actively and cautiously deployed to build out the core pieces of the
infrastructure and fund marketing campaigns. The hug advantage of the
central funding is often neglected and understated. Second, Reddcoin was
created with a clear vision to be the social currency. Its design is
professional and appeals to real-life merchants and businesses. Third,
Reddcoin, at the moment, is the fastest growing community in the entire
cryptocurrency world. The number of subscribers in /r/reddcoin is growing
exponentially. Fourth, Reddcoin attracts some of the best people into the
community, usually ones who are serious, passionate, patient and
hardworking. This speaks a lot about the Reddcoin brand.

41
 Which social media outlets do you think are the most important for the
growth of Reddcoin?

None and all of them. One by one we will bring each social network into
the Reddcoin economy. Having said that, I do want to mention that we see
huge potential and opportunity for Reddcoin in China.

What are the major current goals of infrastructure for Reddcoin?

First and foremost, we are working on cloud-hosted APIs (credit to

@ReddAPI) that deal with all the complexity and security issues related to
creating user wallets, making payment and maintaining balances so that
developers can focus on building third party applications such as merchant
tools and online shops.

We are working on the website for Reddcoin economy as mentioned

before, and infographics for Reddcoin.

Later on I’ll release more tip bots
look at adding new features to
“financial contracts” that open
subscription (i.e. recurring
interesting-bearing debt.
for various social networks. We’ll also
the Reddcoin blockchain to support
up all sorts of possibilities like a
payment) escrow, auction and

Finally, I’d like to reiterate the importance of Chinese markets to Reddcoin.

China is responsible for over 50% of global trading volumes of
cryptocurrencies and enjoys a vibrant and fast-developing industry. We are
working on long-term strategic partnerships with Chinese Internet
companies to both develop infrastructure and promote Reddcoin as the
ultimate social currency for the world’s most populous country. It’s also
interesting to note that red is the favorite color of the country so
Reddcoin’s Chinese name could prove to be a big hit.

What do you want to see more of from the community?

What can we as the community do to aid the development of this
currency?

I answer these two questions together. In short, I hope everyone in the

community can add value to the Reddcoin ecosystem in any way possible.
Everyone has different skill sets and can contribute in their own unique
ways.

Less than 1% of the community are ones who are able to develop, form
graphics, stickers, browser plugins, websites to bot and more complicated
infrastructure. If you are one of them, please do come forward and
volunteer and share your proud work with all of us. There are bounties for
some of the core pieces.

42
These numbers may seem low, but they are still way higher than almost all
the other altcoins out there. However given Reddcoin’s vision to become
the social currency, we want to see more passive members come forward
and contribute. If you have an idea, don’t be shy; share it with us; discuss it
with us. If you have made something cool for Reddcoin, come and show
us. All your efforts will be greatly appreciated.

Where do you see Reddcoin in two years?

Reddcoin will still be here in two years, and it’ll be the ultimate validation
of the vision and efforts of the community. In an altcoin world where
lifetime is measured in months if not weeks, being able to survive two
years is the very definition of success itself.

So where do I see Reddcoin in two years? I hope to see Reddcoin

popularise cryptocurrencies among the general public and become deeply
ingrained in every aspect of people’s social lives. Satoshi admitted himself
that Bitcoin is not practical for micropayment. Reddcoin is well-suited to fill
this gap. I also know there is a huge amount of work for everyone. The
road is long and in the end the journey is the destination.

43
 PROOF OF STAKE VELOCITY (PoSV) ANNOUNCED ON 29/04/2014

PROOF OF STAKE VELOCITY WHITE PAPER PUBLISHED ON 29/04/2014

CORE WALLET VERSION 1.2.0.0 RELEASED ON 30/04/2014

RDD BLOCK REWARD HALVED TO 50,000 RDD ON 11/05/2014

REDDCOIN IPCO DISTRIBUTION TO INVESTORS ENDED ON 16/05/2014

RDD BLOCK REWARD HALVED TO 25,000 RDD ON 14/06/2014

FIRST PoSV BLOCK GENERATED ON TESTNET ON 23/06/2014

PoSV PUBLIC ALPHA TESTING BEGAN ON 06/07/2014

MINTPAL EXCHANGE OPENED RDD TRADING ON 19/07/2014

RDD BLOCK REWARD HALVED TO 12,500 RDD ON 19/07/2014

CORE WALLET VERSION 1.3.0.0 RELEASED ON 23/07/2014

ALL TIME HIGH 2014 RDD MARKET CAP RECORDED ON 27/07/2014

FIRST REDDCOIN ROADMAP PUBLISHED ON 01/08/2014

PoSV BEGAN AT BLOCK NUMBER 260,800 ON 02/08/2014

OFFICIAL REDDCOIN VIDEO PUBLISHED ON 02/08/2014

BIGREDDMACHINE JOINED TEAM REDDCOIN ON 31/08/2014

44
 2
PROOF OF STAKE
VELOCITY TRANSITION

“Since its inception in early 2014, Reddcoin has already achieved

the widest adoption on social networks across the world among
all digital currencies. Anyone can join this revolution by
downloading a wallet on reddcoin.com and start sending,
receiving and minting new Reddcoins today.”

After a long period of research and development, Team Reddcoin decided

to announce a major milestone on 29th April 2014. The developers had
been busy developing a new timestamping algorithm called Proof of Stake
Velocity (PoSV) to replace the current proof of work consensus. To
coincide with the announcement, lead developer Larry Ren (Laudney)
published a detailed full design whitepaper titled “Proof of Stake Velocity:
Building the Social Currency of the Digital Age” (see appendix). Further
information about Proof of Stake Velocity can be found on page ... The
abstract of the full design whitepaper reads as follows:

“Proof of Stake Velocity (PoSV) is proposed as an alternative to

Proof of Work (PoW) and Proof of Stake (PoS) to secure the peer-to-peer
network and confirm transactions of Reddcoin, a cryptocurrency created
Proof of Stake Veloc- specifically to facilitate social interactions in the digital age. PoSV is designed to
ity: Building the encourage both ownership (Stake) and activity (Velocity) which directly correspond
Social Currency of to the two main functions of Reddcoin as a real currency: store of value and
the Digital Age: medium of exchange. Reddcoin can also function as the unit of account in
heterogenous social context. The technological aspects of PoSV are presented
https:// after a detailed review of existing designs. The economic aspects of Reddcoin
assets.ctfassets.net/
are then analysed. Finally the unique position of Reddcoin as a digital social
sdlntm3tthp6/
resource-asset-r340/ currency in the competitive landscape of cryptocurrencies is discussed.”
c2bcf5ccbdea9961b6
edb15c36a5d665/ Larry Ren urged community members to carefully read the whitepaper to
b949095e-938c-4ac0
understand why and how Proof of Stake Velocity had been designed and to
-bb45-
1eae1369c779.pdf solve which problems. He also notified the community of an upcoming
core qt wallet to be released on 30th April 2014.

45
On 30th April 2014, core wallet ver-
sion 1.2.0.0 was released https://
github.com/reddcoin-project/
reddcoin/releases/tag/v1.2.0.0
On 30th April 2014, as promised, Reddcoin Core Qt wallet version 1.2.0.0
was released as a major mandatory upgrade. Laudney emphasised the
importance for users to upgrade before block number 140,000, otherwise
they would find themselves on the wrong fork of the chain. The upgrade
introduced a more accurate estimation of network hashrate. More
importantly, it prepared the Reddcoin blockchain for the upcoming
transition to PoSV timestamping by implementing a new block reward
distribution schedule (see below). Jonathan Patenaude highlighted the
fact that the RDD block reward would halve on 10th/11th May 2014.

Blocks Reward (RDD) Total (RDD) Cumulative (RDD)

10 (IPCO) 545,000,000 5,450,000,000 5,450,000,000

9,989 300,000 2,996,700,000 8,446,700,000

10,000 200,000 2,000,000,000 10,446,700,000

10,000 150,000 1,500,000,000 11,946,700,000

110,000 100,000 11,000,000,000 22,946,700,000

50,000 50,000 2,500,000,000 25,446,700,000

50,000 25,000 1,125,000,000 26,696,700,000

50,000 12,500 625,000,000 27,321,700,000

According to the new protocol code rules, the RDD block reward would
continue to halve every 50,000 blocks until the implementation of PoSV. A
new maximum coin supply cap of 27,946,700,000 RDD (assuming PoW
mining lasted indefinitely without PoSV activation) replaced the previous
109 billion cap (74.35% decrease).

To celebrate the upcoming RDD block reward halving, a community event

called “#TipReddcoinWeek” began on 4th May 2014 for one week. All
community members were encouraged to tip RDD to newbies, reward
creative content or contribute to a great cause. A poster was published to
mark the event (see page 52).

On 9th May 2014, the cryptocurrency exchanges CryptX, Poloniex, Bittrex,

Coined Up, Cryptsy, Swisscex, AllCrpt and Prelude had all confirmed that
they had upgraded to version 1.2.0.0 of the core qt wallet.

Two days later, the anticipated RDD block reward halving occurred at block
number 140,000 without any issues (see below).

Block #139,999 (Reward 100,000 RDD) May 11th 2014

Block #140,000 (Reward 50,000 RDD) May 11th 2014

On 16th May 2014, the distribution of RDD to IPCO investors ended. The
90 day period was applauded for the way in which it was conducted. It
was described by Team Reddcoin as the most successful cryptocurrency
investor scheme to date. Bitcoin raised during the IPCO had not just
helped to develop the code and infrastructure of Reddcoin, but had also
gone towards increasing the security of the network (higher hashrate).

46
On 3rd June 2014, lead developer Laudney announced that internal private
testing of Proof of Stake Velocity had begun. He also informed the
community that after the completion of internal testing, invitation only
beta testing would begin followed by public beta testing rounds.

On 14th June 2014, the RDD block reward halved for the second time. This
time, the block reward reduced from 50,000 RDD to 25,000 RDD at block
number 190,000 (see blocks below).

Block #189,999 (Reward 50,000 RDD) June 14th 2014

Block #190,000 (Reward 25,000 RDD) June 14th 2014

A major milestone during PoSV internal private testing occurred on 23rd

June 2014. The first PoSV block was successfully timestamped to the
testnet blockchain (see code below).

On the following day, Laudney invited technically minded community

members to volunteer towards PoSV testing. He posted the following:

“As we make daily progress toward releasing PoSV, I hereby

want to find all the volunteers who have the following skill sets:

1. Able to use Github repository and raise pull requests

2. Able to compile daemon and qt wallet on at least one OS (Windows, Mac,

Linux)

3. Able to modify c++ files locally when requested to

4. Familiar with setting various parameters in file reddcoin.conf

5. Familiar with issuing RPC calls to daemon on command line

6. Able to pinpoint error in file debug.log

7. Able to run a full node on testnet.

If you want to become one of the very first Reddheads to mint

Reddcoins, please reply below along with the OS of your choice.”

On 7th July 2014, public alpha release of PoSV wallet client made available
at https://github.com/reddcoin-project/reddcoin/releases/tag/posv-alpha

47
13th July 2014, https://github.com/
reddcoin-project/reddcoin/releases/
tag/posv_rc1
18th July 2014, https://github.com/
reddcoin-project/reddcoin/releases/
tag/posv_rc2
22nd July 2014, https://github.com/
reddcoin-project/reddcoin/releases/
tag/posv_rc3
On 23rd July 2014, core wallet version
1.3.0.0 released… https://github.com/
reddcoin-project/reddcoin/releases/
tag/v1.3.0.0
48
From 12th July 2014 to 18th July 2014, the US Dollar fiat price of each RDD,
and hence the overall RDD market capitalisation, surged to new all time
highs. The RDD price denominated in terms of Bitcoin Satoshi rose from 10
to 28 (180% increase over six days). As a consequence, the RDD market
capitalisation surpassed US$4,000,000 for the first time. The chart sourced
from www.coinmarketcap.com below shows the ascent.
After reaching number one position on the Mintpal exchange voting list
following several community driven campaigns, RDD trading opened on
that exchange on 19th July 2014.
https://www.mintpal.com/market/RDD/BTC
Also on 19th July 2014, the RDD block reward halved (see below). At the
time, it was described as the last halving before PoSV implementation,
implying that the Reddcoin blockchain would transition to PoSV within the
next 35 days.
Block #239,999 (Reward 25,000 RDD) July 19th 2014
Block #190,000 (Reward 12,500 RDD) July 19th 2014
On 23rd July 2014, Laudney informed the community, via both the official
Reddcoin Subreddit and Bitcointalk Forum thread, that a mandatory core
qt wallet upgrade had been tagged and released on the official github
repository. A poster was also unveiled to celebrate the future switch to
PoSV on 2nd August 2014 (see page 53). The following had been posted:
”PoSV is now officially released. You can download the PoSV wallet v1.3.0.0
for Windows/Linux/Mac at this link. PoSV will start at block 260800 which is
expected to be minted around 7pm UTC, 2nd August 2014.
(Who will be the lucky one?) The total amount of RDD mined in PoW phase will be
just a tad shy of 27 billion, which is about 500m less than we originally estimated.
Finally, a huge thank you to all who have helped us test PoSV. It’s your
efforts and contribution that make this release possible.”
As estimated by Laudney in the above post, the total number of RDD
scheduled to be mined via proof of work before block number 260,800
equated to exactly 26,956,700,000 RDD.
Building on the momentum gained during mid-July 2014, the RDD market
capitalisation continued to ascend. On 26th July 2014, the Bitcoin Satoshi
price of each RDD equalled the Bitcoin Satoshi price of each DOGE at 35.

On 27th July 2014, the all time high 2014 RDD market capitalisation was
recorded at US$6,373,318 according to www.coinmarketcap.com historical
data. Across all recognised exchanges, the average high RDD Bitcoin
Satoshi price reached 40 (~US$0.00024). On that day, the BTC Satoshi
trading figures of RDD according to www.cryptocoincharts.info were:

Exchange Open High Low Close Volume

(BTC Sat) (BTC Sat) (BTC Sat) (BTC Sat) (BTC) On 29th July 2014, it was confirmed
Cryptsy 40 41 28 35 938.555 that all active cryptocurrency ex-
changes had upgraded to the latest
Bittrex 36 40 30 31 25.7193
version of core qt wallet (v1.3.0.0)
Mintpal 39 41 32 33 15.878

Before the inevitable switch to PoSV timestamping at block number

260,800, the first ever Reddcoin roadmap was published on 1st August
2014 by Team Reddcoin (see below). It is an infographic that shows rough
future developments scheduled for the rest of 2014 and beyond.

49
 For the community to keep track On 2nd August 2014, the Reddcoin community celebrated the long
of the time until block number
anticipated switch to PoSV timestamping. Laudney reiterated his praise to
260,800, a countdown timer
existed at https:// the community, especially to the volunteers who rigorously minted/staked
reddcoinhub.com/ testnet RDD during the beta testing period.
posvcountdown

Block #260,799 (Reward 12,500 RDD) August 2nd 2014

Block #260,800 (Reward 17,109.49806272 RDD) August 2nd 2014

Besides the switch to PoSV timestamping, an official “What is Reddcoin?”

video was published on YouTube. The transcript of the video is:

“Reddcoin is a decentralised digital currency that makes the process of sending and
receiving money on social networks fun and rewarding for everyone. Think of it as
the social currency for the digital age that enriches people’s social lives and stays
accessible to the billions of people around the world connected by social media.

Reddcoin achieves this by providing a unique platform that allows people to

seamlessly send money on any social network to anyone in the world, which
revolutionises the payment industry by introducing instant money transfer with 0%
transaction fees to both senders and receivers. Anytime you read, listen to or
watch content on Twitter, Facebook, YouTube or any other social network, the
Reddcoin platform allows you to go beyond the “Favourite”, “Like” or “Retweet”
buttons. It allows you to tip money instantly with the simple click of a button to
show love and appreciation to family, friends or followers, and to offer a new
stream of income to content creators through micro-transactions.

Unlike Bitcoin, that uses the process of mining to generate new coins by
consuming massive amounts of energy and computer power, Reddcoin uses a more
environmentally friendly process called minting which levels the playing field
by allowing anyone to participate regardless of their technical abilities. Anyone
can mint new Reddcoins with a laptop, tablet or mobile on the go.

Reddcoin also introduces a state-of-the-art social wallet that provides

various social features to increase engagement among Reddcoin users. The
Reddcoin protocol further rewards those who contribute to the security of the
network by simply keeping their secure wallets connected online which act
as full nodes on the decentralised global Reddcoin network.

Since its inception in early 2014, Reddcoin has already achieved the widest
adoption on social networks across the world among all digital currencies. Anyone
can join this revolution by downloading a wallet on reddcoin.com and start
sending, receiving and minting new Reddcoins today.”

On 31st August 2014, Bigreddmachine joined Team Reddcoin. He had

accepted an offer from Laudney to create a wikipedia website devoted
entirely to Reddcoin content.

50
On 2nd September 2014, one month had passed since the successful From 10th-17th August 2014, a
#TipReddcoinWeek occurred to
switch from proof of work mining to the new PoSV timestamping algorithm
celebrate the successful launch
used to secure the Reddcoin network protocol. The Reddcoin project had of PoSV (IMAGE BELOW)
been in its second stage of development since 2nd August 2014. Stage one
had achieved a relatively fair RDD distribution via the IPCO, mining and
tipping. A team of highly skilled and trustworthy developers had also been
attracted to the project.

Other events:

• On 22nd May 2014, the CoinNext exchange opened RDD trading.

• On 10th June 2014, core wallet version 1.2.1.0 was released…

• On 16th July 2014, according to the www.coinmarketcap.com price-

tracking website, the daily trading volume over all recognised
cryptocurrency exchanges surpassed US$100,000 for the first time.

• On 17th July 2014, the Bleutrade exchange opened RDD trading.

• On 20th July 2014, the Cryptsy exchange opened the RDD/BTC trad-
ing market.

• On 29th July 2014, the AllCoin exchange opened RDD trading.

• On 2nd August 2014, core wallet version 1.3.1.0 was released…

• On 6th August 2014, core wallet version 1.3.1.1 and social wallet
version 1.0.0 released…

• On 25th August 2014, Reddcoin surpassed Litecoin in terms of the

number of subscribers on their respective official subreddits.

• On 26th August 2014, core wallet version 1.3.1.2 and social wallet
version 1.1.1 released…

51
52
53
 SOCIAL X ARCHITECTURE ANNOUNCED ON 06/09/2014

CORE WALLET QT VERSION 1.4 RELEASED ON 21/09/2014

REDDCOIN ADDED TO GIFTOFF ON 23/09/2014

EXPLORER HTTPS://LIVE.REDDCOIN.COM WENT LIVE ON 02/10/2014

FIRST REDDHEADS NEWSLETTER PUBLISHED ON 08/10/2014

LEAD DEV LAUDNEY INTERVIEW PUBLISHED ON 08/10/2014

REDDCOIN LTD LEGAL ENTITY FOUNDED ON 20/10/2014

CRYPTOPIA OPENED RDD TRADING ON 07/12/2014

OFFICIAL FORUM REDDCOINTALK WENT LIVE ON 14/12/2014

SHAPESHIFT PLATFORM ADDED REDDCOIN ON 24/12/2014

CORE WALLET VERSION 1.4.1.0 RELEASED ON 12/01/2015

REDDCOIN BLOCKCHAIN 1ST YEAR ANNIVERSARY ON 26/01/2015

JOHN ‘GNASHER’ NASH JOINED TEAM REDDCOIN IN EARLY MARCH 2015

REDDCOINTALK FORUM TIPBOT WENT LIVE ON 11/03/2015

REDDCOIN FIRST YEAR HISTORY BOOK PUBLISHED ON 29/06/2015

LAUDNEY RESIGNED AS LEAD DEVELOPER ON 17/07/2015

54
 3
SOCIAL X & 1ST YEAR
ANNIVERSARY

“The Reddcoin core team is building a decentralised

micro-payment platform that facilitates value exchange
between content creators and content consumers. The code
name of the project is Social X.”

Larry ’Laudney’ Ren—1st January 2015

Just over one month had passed since the successful switch to Proof of
Stake Velocity timestamping. It was the time to devise new strategies to
make Reddcoin more user friendly, less stressful and more socially
rewarding for the majority, if not all, of the community. Laudney named
this period of development Social X including increasing the ease with
which wallet clients are used, retaining full control of one’s private keys
and making tipping more socially acceptable. What follows are aspects of
Social X detailed on 6th September 2014::

• To create a lightweight wallet (Electrum) that only requires users to

download a fraction of the blockchain (solves hefty downloads).

• The ability to generate private keys from passphrases. Being

deterministic in nature, the passphrase will be all that is necessary
to access or backup funds (solves the portability problem).

• The ability to generate public keys on demand while keeping private

keys in cold storage (solves the cold storage problem).

• The ability to associate a multitude of different names, addresses or

e-mails to a public key. These names are publicly known on the
blockchain so others can easily send RDD to these (Redd-IDs).

• To introduce a decentralised tipping platform to allow users to

seamlessly tip on social networks between local wallets. It will
remove the need to trust third-party centralised tipbot servers.

55
 In conclusion, lead developer Laudney described Social X as an ongoing
broad plan, not a single project, to create an ecosystem in which users do
not rely on third-party exchanges, tipbots and other services. The end of
the Social X announcement was:

“Below I’ll only answer questions selectively. Much more details will be
available in the whitepaper and there is no reason to jump the gun and repeat it
here. Stage one took us 6 months. We expect stage two to take 6 months also. It
may be the most exciting period in the history of the Reddcoin project.”

On 20th September 2014, Reddcoin Core Qt wallet version 1.4.0.0 was

released. It improved parameters for optimal staking, added new
functionality in RPC calls and added new DNS seeds in Asia and Europe. It
was highly recommended for users to upgrade to this version.

On 23rd September 2014, Pock.io (rebranded to GiftOff on their first

anniversary in January 2015) integrated Reddcoin as a payment option to
purchase giftcards via their website. GiftOff is described as the easiest way
for customers in the UK to purchase giftcards with cryptocurrency. The
CEO and co-founder of GiftOff was quoted as saying:

“I had the idea of gift cards even before I knew Gyft and other
competitors were available. When I did my research, I obviously found them
in the US market, but there was nothing in the UK. I saw a gap that not only
I wanted to fill, but needed to be filled.”

During the second half of September 2014, the Reddcoin community

website www.reddheads.com was being revamped by Chief Editor
Reddibrek with help from other community members. A long term
strategy had been devised to make the resource more informative,
dynamic and exciting for its target audience.

As shown immediately below, Reddibrek had designed his office ready to

write informative articles and newsletters in the months and years ahead.

On 2nd October 2014, the first official Reddcoin block explorer and APIs
went live at https://live.reddcoin.com based on Bitpay’s Bitcore and Insight
API. The latest RDD blocks appear in real-time on the homepage.

56
On 8th October 2014, the first www.reddheads.com newsletter was
published. It was titled “Welcome to the newsletter!” and included a short
interview (see pages 64 and 65) with Laudney. Chief Editor Reddibrek
wrote the following for issue one of the newsletter:

“What better way to mark the first Reddheads.com newsletter

than some words from the Reddcoin Lead Developer. I put a few questions
to Laudney about the new blockchain explorer and APIs Reddsight, and
couldn't resist asking about Social X.

The Reddheads mailing list has just been launched. As time goes by
the newsletter will increase in size, with a range of unique content and
key insights into the Reddcoin project. The editorial team is enthusiastic
and we look forward to keeping you informed!”

On 20th October 2014, a public limited company called Reddcoin Ltd was
established in the United Kingdom by Jonathan Patenaude and Larry Ren
(Laudney). The legal entity was viewed as a great step forward for the
Reddcoin project. It was dissolved in December 2015.

On 3rd November 2014, a Reddcoin progress report was published in

which Laudney praised the hundreds of hours of voluntary work done over
the past two months. He posted:

“The best way to predict the future is to create it. The Reddcoin Project
is still an infant and the community is a huge part of it. Together we can
create a future with exciting possibilities.”

Two days later, issue number five of the Reddheads Newsletter was sent
out via e-mail to subscribers and published online. Chief Editor Reddibrek
wrote about recent Reddcoin progress and gave his personal perspective:

“When it come to the future of the project, personally I am firmly in the

“long-term view” camp. With a team of such trustworthy, dedicated and
qualified people involved, such a great community (more and more of whom are
launching their own Reddcoin games and services) and such a huge amount of
potential out there, I feel fully secure looking into next year as I plan how you will
maintain and develop my own involvement with Reddcoin. But for those of you
for whom a week may seem like an eternity, I have a final anecdote. In the
comments to Laudney’s post, Reddcoin dev userNameNotLongEnoug was
quizzed about the upcoming Electrum browser wallet (a cornerstone of
the next generation tip platform, as you have already read). He narrowed
down the time frame as he gave his views on the upcoming wallet:

“It will be worth the wait. I believe this will make Reddcoin
so easy to use that anyone can do it. All that’s standing in the way
is about 60 hours of programming.””

On 2nd December 2014, a video preview of the electrum browser wallet

was uploaded to YouTube. It had been a major future milestone of Social
X. Tralf (alias “usernameNotLongEnoug”) had been busy creating the
wallet that only requires users to download a fraction of the blockchain.

57
TENTH REDDHEADS NEWSLETTER
TITLED “HIGHLIGHTS OF AN AMAZING
YEAR” LISTED MAJOR ACHIEVEMENTS
DURING 2014:
• The Initial Public
Offering (IPCO)
On 7th December 2014, the Cryptopia cryptocurrency exchange, based in
New Zealand, opened several RDD related trading pairs including RDD/BTC,
RDD/LTC, RDD/DOGE and RDD/FTC. It operated for just over four years
during which time most RDD trading occurred there and on Bittrex. It
Coin
closed its doors in January 2019.

• The RDD logo went through a

process of redesign

• A plethora of “traditional”
Launched as a better alternative to Bitcointalk, and for more organised
wallets and unique Reddcoin
social wallet released discussion between community members, Laudney announced a brand
new official forum called Reddcointalk on 14th December 2014. He made
• The launch of a host of official
all Reddheads aware that all future Reddcoin project announcements
websites including for
example www.reddcoin.com would be initially posted at www.reddcointalk.org before being posted on
and the community site other official social media accounts. As soon as the forum went live, the
www.reddheads.com first giveaway campaign began to reward registered forum users. All those
• Reddcoin Broadcast who posted their RDD wallet address in the designated thread eventually
received 10,000 RDD.
• The Reddcoin tip platform.,
covering Reddit, Twitter and
Twitch TV, was released to
overwhelmingly positive
reviews https://reddcointalk.org/

• Reddcoin’s lead developer
Larry Ren published his PoSV
whitepaper
• The implementation of PoSV
• The creation of the Reddcoin
Wiki
• The announcement of the
next major phase in the
Reddcoin project, Social X
• The launch of an official RDD
block explorer and APIs,
Reddsight
Shortly after the official forum went live, the official Reddcoin Bitcointalk
Forum thread closed. Community discussion on that thread, which
originally announced Reddcoin on 20th January 2014, had become sparse
since the summer. The final post was submitted by Jonathan Patenaude in
which he directed Reddheads to use Reddcointalk instead.
On 24th December 2014, an instant cryptocurrency conversion platform
called ShapeShift integrated Reddcoin as a tradable option. ShapeShift was
established in August 2014 It allows people to instantly convert one
cryptocurrency into another. It initially did not require account creation,
but has required personal identification from its customers since 1st
October 2018.

• The release of Reddcoin

Electrum wallets, as the initial https://shapeshift.com
stage of Social X
On the last day of December 2014, the RDD market capitalisation was just
• More Social X in the form of a
video teaser showing the
shy of US$1,000,000 according to the www.coinmarketcap.com ranking
cornerstone of the next service. According to the www.cryptocoincharts.info metrics website, the
generation tipping platform Bitcoin Satoshi prices per RDD on 31st December 2014 were:
in an advanced stage of
development Exchange Open High Low Close Volume
(BTC Sat) (BTC Sat) (BTC Sat) (BTC Sat) (BTC)

Cryptsy 11 13 11 13 19.3268

Bittrex 11 13 11 11 0.426189

Poloniex 12 13 12 13 0.590969

Bleutrade 10 12 10 12 0.013496

Swisscex 11 12 11 12 0.031334

58
On 1st January 2015, lead developer Laudney created a Reddcoin
Subreddit post directed at newcomers to the community:

“Welcome to the subreddit of Reddcoin. This used to be

the main venue for all discussions of Reddcoin and witnessed
a lot of history. But since the launch of the official forums, almost all
discussions, e.g. official announcements, happen at reddcointalk.org

Reddcoin is a decentralised cryptocurrency that aims to become

the social currency of the digital age. The Reddcoin network relies on
an innovative algorithm Proof of Stake Velocity to verify new transactions
and safeguard the distributed financial ledger known as the blockchain.

The Reddcoin core team is building a decentralised micro-payment

platform that facilitates value exchange between content creators and
content consumers. The code name of the project is Social X.”

After the Christmas Holidays, on 7th January 2015, an article was published
on www.reddheads.com titled “Reddcoin 2015—Year of Adoption”. One
of the major events to look forward to included the next generation
Reddcoin tipping platform. With greater functionality and ease of use, a
significant amount of time was being spent to develop code thanks to
professional computer programmers. Reddibrek reiterated his continued
aspiration for the future of Reddcoin.

After discovering long RDD block intervals resulting in a sluggish Reddcoin

blockchain, an upgrade to the core qt wallet (version 1.4.1.0) was released
on 12th January 2015. Reddcoin community developer John ‘Gnasher’
Nash was praised for his contribution to the codebase. Laudney urged all
users of the software, especially those actively staking, to update to it.

On 14th January 2015, issue 13, or the third Reddheads Newsletter of the
year, was made available by Reddibrek. It was titled “Broad Trends in
Cryptocurrency” and began as follows:

“While the primary goal of the Reddheads newsletter is to provide

information, interviews and articles specifically about the Reddcoin project, it
is also a publication that aims to give some perspective on cryptocurrency in
general. Hence the focus in this week’s issue on broad trends that are set to
have a long-term impact on the future of cryptocurrency.

In the beginning…

To grasp the whole context, one has to start at the

beginning. And in the beginning there was Bitcoin. What was it about
Bitcoin that was considered to be genuine innovation?

Bitcoin (or rather, the blockchain) is a solution to the “Byzantine Generals”

problem of consensus between nodes when faced with the possibility of bad
actors and other issues. This problem may be relevant to financial transactions
but also to identity verification, contract validation, etc. Up until now, in
many cases the solution to the problem has been simply to avoid it: for
example, VISA keeps track of financial transactions by controlling a
central ledger; VISA does not require consensus with itself.

With the invention of the blockchain came the decentralised ledger: distributed
consensus, intended to be controlled by no-one…”

59

11th March 2015– Reddcointalk Tip
Platform Now Live:
https://reddcointalk.org/t/reddcointalk
-tip-platform-now-live/398
Gnasher posted on Reddcointalk:
Dear Fellow Reddheads:
It has been a little while in the making,
but I would like to take this opportunity
to announce to you that the Reddcoint-
alk tip platform is now LIVE!
The forum has been updated, and it
now includes the Reddcoin Tip Plugin
that i have been working on for
nodebb.
This version is the first cut, so i look
forward to your feedback.
I would also like to thank those who
volunteered and took the time to help
troubleshoot and validate progress
during development.
60
Block #516,490 (Reward 12.91074006 RDD) January 26th 2015
Block #516,491 (Reward 1,543.97110677 RDD) January 26th 2015
On 26th January 2015, the Reddcoin blockchain became one year old at
block number 516,491 (see above). Knowing there were 365 days in 2014 ,
each block took about 61.058 seconds to generate. It is important to note
that the IPCO pre-mined RDD were mined during the first ten blocks before
the public release of the blockchain on 2nd February 2014.
On 2nd February 2015, the Reddcoin blockchain successfully reached its
one year anniversary (see block below) since the community had been able
to either mine or stake RDD via PoW or PoSV respectively.
Block #526,012 (Reward 885.99843217 RDD) February 2nd 2015
On 2nd March 2015, Reddibrek informed the community that Laudney had
proposed to do another interview for the next Reddheads Newsletter. The
first time Reddibrek interviewed Laudney was in October 2014. Unlike last
time, the community was invited to post questions on Reddcointalk from
which the most popular with the community would be put forward
together with some picked by Team Reddcoin.
As scheduled, the bi-weekly Reddheads Newsletter (Issue 7) was published
on 11th March 2015. Thirteen questions, and the corresponding answers
from Laundey, were included for the community (see pages 66 to 68).
Also featured in the aforementioned newsletter, the community was
notified that a Reddcoin community developer had officially joined Team
Reddcoin in early March 2015. John ‘Gnasher’ Nash was happy to have
been recognised for his participation so far. Reddibrek wrote:
“I would just like to extend an official Reddheads.com welcome to the new
member of the Reddcoin dev team, Gnasher. If you are a regular visitor to
Reddcointalk you will be aware that in his first action as a Reddcoin dev, Gnasher
has upgraded the forum to include decentralised tipping functionality. It is fantastic
to have such an enthusiastic new member on the team and we really look forward
to working together to further the Reddcoin project in the future.”
On 23rd March 2015, Team Reddcoin member Bigreddmachine posted a
quick bi-weekly development update. He reminded the community about
the recently integrated RDD Tip Button on Reddcointalk. Furthermore, he
reported that the electrum browser wallet was still in heavy development
with focus mainly from Reddibrek and Tralf. Raid5, Lionzeye, Reddcoin and
Gnasher were also helping to test and debug it during private beta testing.
On 25th March 2015, the community received an update on what Team
Reddcoin had been working on. Collaboration between team members
was very strong as time was being dedicated towards many aspects of the
project. What follows is a list of all Team Reddcoin members with
corresponding responsibilities:

• Larry Ren (@laudney): team leader and lead developer, Qt HD

wallet, Redd-ID, PoSV 2.0, support for Redd-ID Electrum protocol,
support for Redd-ID registration in electrum wallets, support for fee
-earning for electrum severs, reddcore, reddsight-api and reddsight.

• Jonathan Patenaude (@reddcoin): maintaining websites, servers,

social media accounts, etc.

• Andrew (@tralf): browser wallet, support for Redd-ID Electrum

protocol, universal micropayment platform.

• Mike (@bigreddmachine): reddcore, reddsight-api, reddsight.

• Leonard Simonse (@lionzeye): Android wallet

• Adam McDonald (@raid5): iOS wallet

• John Nash (@gnasher): nodebb reddcoin plugin

A special Reddheads Newsletter (Issue 9) was published on 13th April

2015. It was written by Bigreddmachine who praised Laudney for his
collaboration in completing it. The newsletter revealed details of one of
the major aspects of Social X called Reddcoin Social ID, or Redd-ID for
short. Team Reddcoin admitted that public discussion about Redd-ID had
been vague up until now. It had been important to complete other
portions of the project before development of Redd-ID (see page … for
information). Basically, the following was already publicly available:

• Redd-ID will be blockchain level code protocol.

• The ability to register usernames associated with specific Reddcoin

wallet addresses.

• The ability to register other data such as an e-mail address.

• All registrations will be part of a public, decentralised, tamper-proof

record available to everyone.

• Registration fees will be based on the popularity of the username.

On 29th June 2015, the first ever history book written entirely about
Reddcoin was independently published on Amazon. It covered historical
material from 20th January 2014 (Reddcoin announced on Bitcointalk) to
2nd February 2015 (one year since Reddcoin blockchain publicly launched).

61
 At the end of June 2015, Laudney made an announcement to the rest of
Team Reddcoin of his immediate resignation and sudden step down from
the lead developer role. He had ceased to write anymore code for the
Reddcoin project. His decision led to internal discussions between the
remaining members of Team Reddcoin regarding particular aspects of the
project and future responsibilities.

On 17th July 2015, Jonathan Patenaude announced the resignation of

Laudney to the community on Reddcointalk and the Reddcoin Subreddit:

“I’m sad to announce that Laudney resigned from the lead developer role
at Reddcoin. He also resigned from this director role in Reddcoin Ltd.

We would like to thank him for everything he has done for the
Reddcoin project in the last year and a half. He worked 1000’s of hours,
without a salary, always in the best interest of the currency and the
community. Without him, there would be no Reddcoin today.

That being said, the role of lead developer at Reddcoin is now open, We
will be taking submissions in the next weeks and are actively looking for
a replacement. Contact me at jonathan@reddcoin.com if you have the
qualifications required. We thank all candidates for applying; however,
only those under consideration will be contacted.

Laudney will stay for a while as a consultant and he will

make sure the transition goes smoothly.”

Over the following weeks during the summer, the resignation ignited deep
discussion between team and community members. Jonathan Patenaude
put forward his desire for the remaining team members to work in a
decentralised manner without focus on hierarchical structure, and shift
Reddcoin towards being entirely open-source. Later on, he decentralised
the project by distributing administrative access to Reddcointalk and the
Reddcoin Subreddit.

62
Other events:

• On 7th September 2014, the first payment processor called LitePaid

(a shopping cart API provider) integrated Reddcoin

• From 8th-16th September 2014, a #TipReddcoinWeek event oc-

curred to celebrate the release of details about Social X.

• On 29th September 2014, official social media accounts for

Reddheads.com were created on both Facebook and Twitter.

• On 2nd October 2014, the CCEDK exchange opened multiple RDD

trading market pairs including RDD/BTC, RDD/LTC and RDD/DOGE.

• On 2nd February 2015, Comkort exchange added RDD...

63
 REDDIBREK INTERVIEWED LARRY REN (LAUDNEY)
8TH OCTOBER 2014

Reddheads: Congratulations on the launch of the Reddsight block

explorer and APIs. Who worked on this part of the Reddcoin project?

Laudney: /u/bigreddmachine and /u/userNameNotLongEnoug worked on

the front end and styling. I worked on PoSV—specific data structures and
core logic.

Reddheads: Why was this new service developed and released “under
the radar”?

Laudney: In addition to the main branch of development as described in

the official roadmap, we also have several side projects that provide
relatively minor but still important pieces to the overall “jigsaw puzzle”. An
official blockchain explorer and APIs have been internally considered for
some time. Recently the community explicitly requested it so we felt the
time was right to bring it to fruition.

Reddheads: Please could you give a couple of examples of how APIs

could be used?

Laudney: The APIs are very comprehensive. They provide even more
functionalities than RPC calls built into reddcoind. /u/BrownSlaughter is
already using them to build a new version of the RddCompanion browser
extension that allows users to see the balance of addresses and how long it
takes to stake, without need for a wallet. One can also use it to build
wallets or reporting tools that show interesting statistics of the Reddcoin
blockchain. With a bit of work, one can also implement payment services
for e-commerce.

It’s also useful to note that one can actually set up and host these APIs on
their own servers if they so desire. There is detailed documentation at
https://github.com/reddcoin-project/reddsight-api

Reddheads: How many other cryptocurrency projects provide this level of

functionality?

Laudney: Recently Bitcoin has seen several startups provide cloud-based

APIs. You can read about them here:

http://www.coindesk.com/cex-io-joins-bitcoin-api-race-lauch-plugchain/

A couple of them also support Litecoin and Dogecoin mainly due to the fact
that all of them are PoW and therefore code change required is
minimal. To my best knowledge, Reddcoin is the first major PoS
cryptocurrency to officially provide a service like this.

64
Reddheads: How is the Social X Whitepaper coming along?

Laudney: In the cryptocurrency world, there is this unwritten convention of

“releasing whitepaper first, code second”. I personally followed that
convention for the PoSV announcement and release. But recently I’ve
started to think about why this convention came into existence and
whether it’s helpful and my conclusion is quite interesting. What are the
benefits of releasing a whitepaper early for an open-source project? There
are several. First, to establish the precedence of the idea. Second, to
gather feedback. Third, to recruit people to work together on the
implementation. When it comes to my Social X whitepaper, all these
benefits are dwarfed by the risk of giving away too much of our game plan
too early to competitors. If you think about it, no company releases details
of their upcoming new products long before they are actually able to ship
those products. It’s almost ludicrous to give away technical specifications
and vision before seizing the first-mover advantage in the market place
and dealing a blow to competitors with element of surprise.

Based on this reasoning, I’ve been focused on writing code and the
whitepaper in parallel and plan to release the whitepaper when
implementation is largely finished.

Reddheads: So you’re already working on the code—exciting to hear!

One lasy quick question for you: do yo do a lot of reading? Who are you
favourite authors?

Laudney: Yes. Reading is part of my daily routine. My favourite authors are

Carl Sagan and Nil Stephenson.

65
https://us9.campaign- REDDIBREK INTERVIEWED LARRY REN (LAUDNEY)
archive.com/?
u=f660942d5df0331d9b0a3a3 11TH MARCH 2015
b9&id=8dc36b2918&e=bf1bf4f
e84
Reddheads: Where have the IPCO funds that were collected gone and
what has that investment produced?

Laudney: The vast majority of IPCO funds so far have been paid to develop-
ers who have worked on various aspects of the infrastructure such as PoSV,
testnet, multi-signature wallet, the tipping platform, the browser wallet,
the Electrum server and client and other on-going efforts, Also some of the
funds have been spent on the official video, rewarding Wiki contributors,
sponsoring numerous giveaways and community activities. Funds are also
used to pay for ongoing operational costs such as server hosting, domain
names, Cloudfare etc.

Reddheads: With the current situation of development being done in

spare time and devs being busy with full-time jobs, where do we stand on
Reddcoin Ltd? Has the option to employ people full-time been explored
yet?

As I have already said, Reddcoin Ltd has no full-time employee at the mo-
ment. Only after Social X is up and running will we make a decision on the
next steps for the Ltd. If Social Z turns out to be a success, we’ll explore
options to operate Ltd as a proper business. If not, we may dissolve the
company.

Reddheads: Have you considered releasing certain aspects of Redd-ID /

PoSV 2.0 / Social X following a sort of Minimum Viable Product approach
rather than a fully polished package?

Laudney: Yes. Redd-ID and PoSV 2.0 are where major changes to the block-
chain are introduced. Once those two are implemented and tested, we’ll
release them first. The integration with social networks and the next-
generation micropayment platform can be gradually rolled out afterwards
without change to the blockchain itself.

Reddheads: What plans are being considered for marketing and

advertising the Reddcoin brand?

Laudney: There is no plan under consideration for marketing and

advertising. We are in the early stage of making a product. If the product
works and satisfies real-life demand, we’ll start planning other aspects of
the project. Currently it’s all about writing code.

66
Reddheads: What features are coming with PoSV 2.0 and how different
will this be from the current PoSV?

Laudney: PoSV 2.0 will significantly increase the incentive for people to
stake by allocating interests on the entire money supply among active
stakers. For example, if during a specific time period only half of the
Reddcoin are staked, those Reddcoin will generate twice the normal
interests, i.e. 10-12% annualised.

A more subtle aspect of this proposal is how to prevent people from timing
their staking. In a naïve implementation, people with significant holdings
can simply choose to stake when the block difficult is low, which is similar
to multipools that choose to mine low-dif altcoins. I have an elegant
solution which rewards those bonus interests across a range of blocks
rather than through a simple spike of the interest. It’s important to
understand that the security of the network depends on how many
attempts there are to generate new blocks, not how large a coinstake
transaction is. Someone with 100M Reddcoins can generate one block
once every week and earn 6% annualised interest, That’s very bad for the
network. We need to encourage those 100M Reddcoins to be broken
down into smaller chunks, each of which generates a block periodically.

Reddheads: Will the social tip platform be the final piece of Social X? How
many social networks will it support upon release, and will it be
expanded over time?

Laudney: Yes. @tralf has already written code that integrates with 12
social networks. More will be added over time.

Reddheads: Whatever happened to the Social X Whitepaper?

Laudney: I decided not to write the full whitepaper because it takes huge
amount of effort and time to polish it to my self-imposed standard. If the
aim is just to provide information to the public, there are much more
efficient ways to do that, which is why I chose to publish a post on the
problems Social X aims to solve and what specific components are
required.

Reddheads: Is the social broadcast platform suggested previously under

active development?

Laudney: Not yet. It’ll be a focus of the stage three, i.e. after Social X.

Reddhead: When will the browser wallet be ready to try with Firefox?

Laudney: @tralf is focusing on the Chrome version. If you have strong

preference for Firefox and are keen to help test it once it’s in beta, please
email or message @tralf.

67
 Reddheads: Is the official Reddcoin project Github page up to date with
all the latest code from the dev team? Or is most of the work being done
in private repositories?

Laudney: Blockchain-related repos are usually public. Some proprietary

wallets are in private repos, Code on Github is not always up to date
because developers may choose not to push all the changes to Github just
yet when they are still in flux.

Reddhead: Is Reddcoin owned by Reddcoin Ltd or are they separate? Can

you elaborate on how Reddcoin the open-source project differs from
Reddcoin Ltd?

Laudney: Reddcoin the currency / blockchain is under MIT licence. Its

copyright is shared by all the contributing authors such as myself. It’s not
owned by the Ltd. Anyone is welcome to contribute to the codebase or
fork it to take it on a different direction as one wishes. Reddcoin Ltd may
own copyright to certain proprietary projects such as certain wallets. The
Ltd also pays for servers such as reddcointalk.org and publishes privacy
plolicies accordingly.

Reddheads: Will Reddcoin be working with social media websites or

browser / tech companies to integrate the tech?

Laudney: The technology under development to integrate Reddcoin with

social media networks does not requires the consent or cooperation of
those social networks, which is the most important part f the objective
when the design for Social X was conceived. Othereise it wouldn’t be this
complicated.

Reddheads: What’s next after Social X?

Laudney: After Social X is complete, the focus will be on expanding the list
of supported social networks and building new services on tip of the
micropayment platform, such as social broadcast.

68
69
 REDDCOIN ANNOUNCED A REORGANISATION ON 01/10/2015

TEAM REDDCOIN MEMBERS DISCLOSED ON 01/10/2015

REDDCOIN TESTNET BLOCKCHAIN V2.0 LAUNCHED ON 23/12/2015

BLOCK 1,000,000 TIMESTAMPED ON 30/12/2015

CRYPTSY EXCHANGE CLOSED DOWN IN JANUARY 2016

REDDCOIN BLOCKCHAIN TWO YEAR ANNIVESARY ON 26/01/2016

CORE WALLET CLOSED BETA VERSION 2.0 RC RELEASED ON 02/02/2016

ALL TIME HIGH 2016 RDD MARKET CAP RECORDED ON 02/04/2016

GOBIW EXCHANGE OPENED RDD TRADING ON 28/04/2016

CORE WALLET VERSION 2.0.0 (MANDATORY) RELEASED ON 12/08/2016

BIP66 ACTIVATION PROGRESS SURPASSED 50% ON 22/08/2016

JOHN ‘GNASHER’ NASH INTERVIEW PUBLISHED ON 02/09/2016

REDDCOIN ROADMAP 2016/2017 PUBLISHED ON 30/09/2016

DEADPOOL JOINED TEAM REDDCOIN ON 03/10/2016

OFFICIAL REDDCOIN SLACK CHANNEL CREATED ON 18/12/2016

POLONIEX EXCHANGE ANNOUNCED RDD DELISTING ON 19/12/2016

70
 4
REDDCOIN
REORGANISED

“After 9 months of work, and with the help of volunteers

for testing and translations, and with some work provided by the
original developers, I am pleased to announce that the new Reddcoin
wallet v2.0 is ready to go live on the main blockchain.”

John ‘Gnasher’ Nash—8th August 2016

During the last several months, the Reddcoin project had undergone large
scale change. Slower code development, less communication and lack of
progress were evident since the resignation of lead developer Laudney
at the end of June 2015. A reorganisation of the project, especially
in terms of who was responsible for what parts of development, was
still in progress. On 1st October 2015, Chief Editor Reddibrek
of www.reddheads.com released a newsletter in which the following read:

“As most of you are likely aware the Reddcoin project has been
undergoing profound change. The instigator for this change was the
announcement made by Laudney at the end of June to the Reddcoin dev team
that Reddcoin Ltd is being closed down, and the subsequent announcement by
Jonathan (aka @reddcoin) that Laudney was stepping down as lead developer.

Over the days and weeks that followed, this news set of a chain
reaction of further announcements by team members regarding
their future roles in the project, and a flurry of discussion regarding the
future of the project itself by Reddcoin community members. A notable upshot
of this discussion has been the generous pledging of funds by certain
community members, with a view to supporting further development.”

Despite the resignation, there was still determination within both the team
and the community to persist with achieving goals as set out in the Social X
announcement in early September 2014. The committed Team Reddcoin
was humbled as pro-active and generous community members had raised
nearly 100 million RDD to support future development work.

71

28th October 2015:
After enabling new electrum servers,
John Nash had begun to add network
services to the RDD infrastructure:
• Additional DNSSeed VPS node
to complement the original
seed.reddcoin.net
• Updated code to incorporate
the new servers
• Added second Electrum server
• Building an up-to-date testnet
wallet
• Providing a RDD testnet faucet
• Creating and testing multi-sig
addresses for community
driven pledges
• Creating Mac OS images to be
used for technical guides for
the core qt wallet
From Reddheads newsletter issue #14
on 1st December 2015:
“@gnasher originally became actively
involved with Reddcoin when he
developed the tipping plugin
for Reddcointalk, which runs on the
excellent "next generation forum
software" Node BB. What you probably
don't know is that while he was
working on the plugin @gnasher
managed to hunt down at least one
bug in the forum software itself, which
he communicated back to the Node BB
team. “
72
On 1st October 2015, the status of Team Reddcoin as a less structured and
more decentralised model was described to the community. Each team
member below had contributed to the project, mostly on a volunteer and
genuine interest basis, to take Reddcoin to the next level:
• Jonathan Patenaude (@reddcoin): Was hoping the project will
continue and was keen to work with the remaining team of
developers. He had begun the process of brining new people into
administrative roles governing the Reddcoin infrastructure,
beginning with the official Reddcoin forum and subreddit accounts.
• John Nash (@gnasher): Recently moved to the forefront of the
movement to re-invigorate Reddcoin. He had begun to carry out
and conduct extensive research into ways to build a new tipping
platform. He had become a Reddcointalk administrator.
• Mike (@bigreddmachine): Expressed his desire to continue being
https://wiki.reddcoin.com caretaker. He did not wish to be officially
recognised as a member of Team Reddcoin, but showed interest to
find ways to develop the Reddcoin ecosystem.
• Andrew (@tralf): Stated his desire to continue development of the
browser electrum wallet code. Browser wallet development had
been postponed for several months.
• Leonard Simonse (@lionzeye): Stated his intentions publicly to
continue work on an upcoming Android wallet release and in-app
payment system. He had been relatively quiet the past few months.
• Adam McDonald (@raid5): Recently completed some initial UI
(User Interface) building for the iOS wallet.
• Stuart (@reddibrek): Continued to publish articles and newsletters
for the Reddcoin project, manage www.reddheads.com and began
to work as an administrator on both the official Reddcoin forum and
subreddit.
• (@henry): Recently a new hire to the team in July 2015, he had
been contributing to code development. He was busy working on a
new release of the core qt wallet to align it with recent updates to
the Bitcoin and Litecoin codebases.
During November 2015, firm foundations were being laid by John Nash and
@henry on which to elevate Reddcoin to new heights. John Nash
had been meticulously busy working on a multitude of tasks
including identifying the need to implement BIP66 (Bitcoin Improvement
Proposal 66) into the Reddcoin codebase and whether to update
Reddcointalk. John Nash was keen for the Reddcoin project to move
forward in a competitive, but collaborative nature.
On 23rd December 2015, a brand new Reddcoin testnet (version 2.0)
blockchain launched to initially beta test a complete realignment of the
code. Reddcoin v2.0 would follow the BTC codebase, instead of the LTC
codebase that Reddcoin was originally forked from in January 2014.
 Block #1,000,000 (Reward 5,350.87183273 RDD) December 30th 2015

Congratulations to the winner who

On 30th December 2015, the 1,000,000th block timestamped to the staked the 1MM block
Reddcoin blockchain. The occasion was celebrated by giving a 1,000,000 Thanks to each and everyone who
participated
RDD payout to the address that staked the block (to qualify, wallet user
had to be staking; the more RDD, the higher chance of staking the block). Status: 8 confirmations, broadcast
through 49 nodes
As 2015 came to a close, the engagement with the community from Team Date: 12/31/2015 07:17
Reddcoin had progressively increased. Community activity on Reddcoin To: Winner 1000000 block
RnjVrMt7MARVPM1sdCS3QK2od7xsNP
related social media had increased too. Major code development work 2Hng
was underway to update the core qt wallet client. Debit: -1 000 000.00 RDD
Net amount: -1 000 000.00 RDD
Transaction
On 8th January 2016, John Nash posted a “State of the Redd-Nation”
ID: dbb0fff481984259b0e13b2e76f455
update in which he waved goodbye to 2015 and welcomed in 2016. He
had been researching, coding and experimenting, especially with the
Redd-ID concept, over the past several months. John Nash had plans to
direct more of his time towards Redd-ID in 2016. He also posted: 8th January 2016, @gnasher:

“I want to take the opportunity to thank everyone “I still believe in the legacy ideals of
who has been a part of the community and supported the Reddcoin what Reddcoin was based and the
Project over this last year. It would be fair to say that 2015 was quite an social currency. We have been left
with a coin that is technically stable
eventful year in the life of Reddcoin. Unfortunately most of it was probably not
and PoSV has proven to be a reliable
the type of activity that helps promote a coins growth. I don’t want to dwell on staking algorithm. The blockchain is
it too much now as it is history, but rather use this as an opportunity to finally solid (although having some more
close the door on this chapter and put closure to the events of the last year. staking (full) nodes would be nice) and
overall it is behaving exactly the way it
Trading wise, as the fireworks burst overhead on NYE the price of should. The blockchain parameters
Reddcoin was still sitting sub 10 satoshis (trading between 4-6) after declining give a coin that has attributes that
from a high of 13 satoshi in the early half of the year. The price has somewhat allow for fast transfers between users
stabilised throughout the year as it has bumped along in a downward and in the ‘cointext’ of social tipping
this is desirable. Coins such as Redd-
trend. I am not going to make any speculation on price for the coming year.
coin lend themselves far better to
That said, it was not all doom and gloom and I am looking these ‘micro’ transactions.”
forward into 2016 as an eventual year.”

On 15th January 2016, the Cryptsy cryptocurrency exchange based in

Delray Beach, Florida, USA, ceased trading operations without prior notice
given to its users. It had been one of the most popular destinations for
cryptocurrency traders to buy and sell over one hundred different coins
and tokens. It had been active since 20th May 2013. Unfortunately, many
users holding RDD on Cryptsy lost their coins.

What follows is a table of historical RDD Bitcoin Satoshi prices recorded

from the top three RDD trading exchanges on 15th January 2016

Exchange Open High Low Close Volume

(BTC Sat) (BTC Sat) (BTC Sat) (BTC Sat) (RDD)

Poloniex 5 6 4 6 54,035,738.62

Bittrex 5 6 4 6 27,136,930.50

Cryptsy 5 6 5 5 5,006,068.33

On 26th January 2016, the Reddcoin blockchain had been operational for
at least two years as soon as block number … timestamped.

Block #??? (Reward … RDD) January 26th 2016

73

29th Feb 2016, SoRN: Progress is con-
tinuing on the new wallet. Thanks
particularly to Didi, who has gone and
done remarkable things. In essense he
has created a test environment for
almost all scenarios with the following
considered
• Windows XP Pro SP3 32bit
• Windows Vista Home Basic 32bit
• Windows 7 Home Premium 32bit
• Windows 7 Ultimate 64bit
• Windows 8.1 Home 64bit
• Windows 10 Home 64bit
• Ubuntu 14.04 LTS 64bit
• MacOS X Yosemite 10.10.1
• Debian Wheezy
4th April 2016, Gnasher pointed out:
“2 weeks ago we experienced a small
blip on the exchanges, and this was
followed again by another blip this
week where nearly 900BTC was traded
on Poloniex during the 24hrs on Apr
2.”
74
On 2nd February 2016, John Nash was happy to report that work on the
next version of the core qt wallet, based directly on the Bitcoin Core v0.9
codebase, had been in limited testing on testnet and mainnet for the past
few weeks. He felt it was time to open up testing (public alpha) to a
limited group of community testers in order to gain feedback. Community
developers confident enough to help, with the right credentials, were
invited to private message John Nash for details on how to retrieve and
configure the wallet. It was also the day on which the Reddcoin Core Qt
(v2.0.0rc1c) wallet release candidate was released (both v2.0.0rc1a and
v2.0.0rc1b were released on 25th January 2016 during closed private
testing). A prolonged alpha testing period was expected going forward.
On 5th February 2016, John Nash posted the following:
“The big news has been that the new wallet has been put into the hands of a larger
circle of testers. I appreciate the time and effort that they are putting into setting
up and configuring and providing feed-back. Very much appreciated guys.”
Following weeks of testing Reddcoin Core on testnet, another release
candidate (v2.0.0rc1d) was released on 5th March 2016. It contained all
the fixes to issues recently raised and was quickly installed by most alpha
testers. It increased the block version from version 3 (originally created for
PoSV) to version 4 to handle the new DER signature validations.
On 14th March 2016, John Nash provided the community with an update
about Reddcoin Core v2.0.0 testing:
“This week has been one of heavy testing on testnet. Both Didi
and bmp02050 have been pushing the limits of the network by
creating thousands of transactions using some scripts. At times creating
transactions bigger than the currently supported block size.
The extent of the testing has pushed the transaction count 100 fold. It is
this type of testing that will help determine the direction of development.”
On 28th March 2016, John Nash continued to keep the community aware
of progress behind the scenes:
“The community awareness now seems to be growing at a steady rate
which is fantastic. We are solid into 2016 now and the general trend over the
last 6 months has been in a positive direction. The factors I am looking at give
an overall view of the interest in Reddcoin (node count, google searches, active
addresses, etc). And these have all shown an upward trend.”
During the first three months of 2016, the RDD market capitalisation had
increased from roughly US$500,000 to reach its all time 2016 high at
approximately US$2,126,500 on 2nd April 2016. Each RDD was priced at
18 BTC Satoshi on that day. The US Dollar fiat prices per RDD according to
www.coinmarketcap.com were:
Open High Low Close
US$ US$ US$ US$
31st March 2016 0.000037 0.000042 0.000036 0.000040
1st April 2016 0.000040 0.000042 0.000037 0.000041
2nd April 2016 0.000041 0.000077 0.000038 0.000054
At the end of April 2016, the first two Chinese based cryptocurrency
exchanges to open RDD trading pairs, Gobiw and BTC023, made it possible
for Chinese residents to buy RDD with CNY. It was great exposure for
Reddcoin in China. Both these exchanges do not exist anymore.

“It has been a surprising week, with 2 Chinese exchanges adding Reddcoin
this week. Both exchanges are a modest sized operation, and their focus
seems mostly on the local crypto space and trading to Chinese Yuan (CNY). I
see this activity as an important first step into this new market. “

Over the course of the next several months, hundreds of hours were spent
stress testing, editing and updating Reddcoin Core version 2.0.0 before its
full public release for mainnet. Didi and bmp02050 had contributed
greatly to the code. John Nash had been contacting third party services
(e.g. exchanges) to prepare them for the upcoming release in the summer.

On 1st August 2016, Jonathan Patenaude granted John Nash access to the
official Reddcoin Github repository account (originally used by Laudney in
2014). John Nash had been uploading updates to the core qt wallet code
to https://github.com/reddink/reddcoin instead. It became possible to
release Reddcoin Core version 2.0.0 to the official account when ready.

On 8th August 2016, an announcement was posted by lead developer John

Nash in his weekly State of the Redd-Nation update on Reddcointalk:

“After 9 months of work, and with the help of volunteers for testing and
translations, and with some work provided by the original developers, I am
pleased to announce that the new Reddcoin wallet v2.0 is ready to go live on
the main blockchain. If you are not aware, with this release we have taken a
fork from Bitcoin (rather than Litecoin as originally). Using this as a base, it
will pave the way for easier feature implementation from the upstream
Bitcoin Core software that launched most other coins.”

On 12th August 2016, a major milestone occurred with the transition of

Reddcoin from being a Litecoin-derived project to following the BTC Core
v0.9 codebase. John Nash uploaded Reddcoin Core version 2.0.0 to the
official Reddcoin Github (Windows, Mac OS and Linux binaries). All users
of the software, especially stakers, had to upgrade as soon as possible.

Besides switching the codebase to follow Bitcoin to facilitate future

updates, Reddcoin Core version 2.0.0 introduced faster synchronisation
times, important security fixes and BIP66. As soon as the network had
reached 85% (6,120/7,200) of blocks (v4 blocks to be specific) being
timestamped by the upgraded software, the stricter rules for how
transaction signatures are encoded would be enforced.

75
 A few days after the release of Reddcoin Core version 2.0.0 on 12th August
2016, John Nash described it as operating exceptionally with a good uptake
by users (still less than 50% staking v4 blocks).

On 22nd August 2016, the Reddcoin blockchain surpassed 50% of blocks

1st September 2016: being timestamped by the version 2.0.0 wallet. John Nash posted:

Redd Wars - Reddcoin II awak- “Just want to keep reminding you, that if you are staking, and
ens BIP66 you are on old clients, once the network reaches 85% you will not be
https://www.youtube.com/ able to validate your blocks and you will lose your stake reward.”
watch?v=ZpJErfYiObQ
Similar to the two interviews conducted by Reddibrek in 2014 and 2015
during which Laudney was asked questions, John Nash got his turn to
answer questions in late August 2016. On 2nd September 2016, all nine
questions were published in issue 32 of the Reddheads Newsletter (see
pages 78 to 81 for the full transcript).
28th Sept 2016: https://
steemit.com/bitcoin/
@gjsteele71/reddcoin-interview
-rdd-is-back-and-the-future-is-
bright

10th Oct 2016: http://

bitcoindood.com/bitcoin-
blog/2016/10/10/interview-john
-nash-lead-dev-for-reddcoin/

On 30th September 2016, the 2016-2017 Reddcoin Roadmap was

published in the form of an infographic (see below). John Nash had been
thinking of what ambitious development features lay ahead. It was hoped
that, with Reddcoin Core version 2.0.0 operating very well, Team Reddcoin
could divert more attention to the future direction of the project.

76
On 3rd October 2016, Eric Wursteisen (alias @deadpool) joined Team
Reddcoin taking on the role of Community Manager. He had helped to
draft the 2016/2017 Reddcoin Roadmap. Reddibrek introduced Eric in
issue 33 of the Reddheads Newsletter on the same day:

“Eric brings to the table years of experience in project management, specifically in

“Agile” methodology, which involves a very healthy dose of people-coordination
and communication. Skills which should prove very useful in his role!”

On 6th December 2016, John Nash reported that all efforts were being put
into delivering the goals as set in the 2016/2017 roadmap. Redd-ID had
been operational on testnet for quite some time with work put in to
improve the front-end user experience. In particular, the way in
which users register Redd-IDs, with the associated costs, was being
experimented with. Also on this day, the current status of the network
was posted with the v2.0.0 wallet now at 70% and v4 blocks averaging
about 79% towards BIP66 activation. John Nash reminded stakers to
update before 85% v4 blocks, or else lose their stake rewards.

On 18th December 2016, an alternative channel on which to discuss

Reddcoin development and other activities went live straight away. John
Nash posted the following:

“Over the last few weeks, I have had the pleasure of several
private chats with people interested in developing, not only on Reddcoin, but
other third party apps to connect (like games, stats, etc). To help improve the
communication channel, and share ideas, we have created a Slack group. If
you are interested in any aspect of programming, please sign up.”

Unfortunate news was brought to the attention of the Reddhead

community on 19th December 2016. Poloniex announced the delisting of
RDD trading to occur on 4th January 2017. All users holding RDD on New team members
Poloniex were instructed to withdraw their coins as soon as possible.
Throughout 2015 the active
Reddcoin Core team was
As a consequence of the above, the Bitcoin Satoshi price per RDD reduced until there were only
decreased to 1 on Poloniex. The RDD market capitalisation plunged to just three people communicating
about the future of the project.
over US$250,000 with each RDD priced at US$0.000009 according to the In 2016 the situation was turned
www.coinmarketcap.com ranking website. The following table shows the around as several others came
on board to help with various
RDD Bitcoin Satoshi prices recorded on 19th December 2016. aspects of the project. Notably
long-term community members
Exchange Open High Low Close Volume @Didi and @bmp02050 spent
(BTC Sat) (BTC Sat) (BTC Sat) (BTC Sat) (RDD) many hours stress-testing
Reddcoin 2.0 before its public
Poloniex 4 4 1 1 2,372,107,594 release. Community member
@Deadpool joined the Reddcoin
Bittrex 4 4 2 2 86,703,174
Team and helped draft the
Roadmap.
Other events which occurred during this period included:
The latest addition welcomed to
• On 28th February 2016, John Nash took control of both the the Reddcoin team is @Pixelbin,
who brings to the table a wealth
Reddcoin Reddit and Twitter tipbot platform servers. of experience in website design
and development, server
• On 1st November 2016, the news outlet www.reddheads.com got management and marketing.
its own physical headquarters, running operations from an office @Pixelbin writes code in PHP,
JavaScript, NodeJS, Angular and
based in Brussels, Belgium. There were plans to expand the service React; in his spare time he is
by conducting more interviews and inviting writers to contribute. learning Python.

77
https://us9.campaign-archive.com/?
u=f660942d5df0331d9b0a3a3b9&id
REDDIBREK INTERVIEWED JOHN NASH (@GNASHER)
=909153c6ea 2ND SEPTEMBER 2016

Reddheads: Hi John. Before the first question: congratulations on the

recent launch of Reddcoin v2.0! All seems to be going well. First question:
where are we with BIP66?

John Nash: Thanks Stuart. The launch of Reddcoin Core v2.0 has been a
long time in the making. The rollout of the launch went great and
happened within the expected boundaries. This version brought forward a
lot of improvements including BIP66 which is an important update bringing
much improved security to transactions. As of today (2 September) we are
at 68% of blocks being the new version.

Reddheads: OK, that’s cool. So let me make an appeal right here to all
readers who still haven’t done so to update your wallets now! To go back
to the beginning of your involvement in the project, I remember that you
joined the Reddcoin team just before the time when Laudney threw in
the towel and the project went through its existential crisis in the spring /
summer of 2015. How long were you a community member before you
began doing dev work for the project (notably starting with the tip
feature for the forum)?

John Nash: I became aware of Reddcoin quite early in 2014, very close to
the launch, but I didn’t get too involved until May 2014, which is when I
started mining. I was spread across a number of crypto communities back
then. At the time I was pretty much a lurker, and only making the
occasional post. Adding the tip feature to Reddcointalk was probably my
first public release of code. I think it was well received. Actually it has been
forked to work on other nodebb-based forums, but I am embarrassed to
say which crypto that was. I haven’t promoted the plugin too much.

Reddheads: What was it about the Reddcoin project that attracted you?

John Nash: What I found interesting was the Social element. There is a
space for micro-payments within the multitude of social networks, and it
has been attempted already quite a few times. But it is not so easy to get
right, a matter of getting the balance and usability correct.

78
Reddheads: One of the things that originally got me excited about the
project was Laudney’s roadmap. Now that you are planning and working
on the future of Reddcoin, what elements from this roadmap are you
keeping in your plans and what new ideas are you bringing to it?

John Nash: Larry’s original roadmap was inspirational and it really got me
excited about the prospects for cryptocurrency. Social-X as it was called,
outlined a number of ideas that would revolutionize the way that we
operate our wallets and transact while maintaining the security of our
funds. With Redd-ID and Electrum-based wallets, I will be carrying over
quite a few elements from the original plan, as at a high level it is still quite
valid. I have my own ideas and I think what was missing from the original
goals, was enough focus on how to encourage and promote content
creators (big or small). It is one thing to receive a micro-donation, but I
want to see when a donation is given and make it so that the content
is broadcast to other to view, which will help encourage further
promotion. This should have an impact on the network effect. The other
area that needs attention is encouraging those who operate services to be
remunerated for the efforts. Presently most services rely on the goodwill
of operators to provide the service out of their own pockets, but it has
been observed that across all blockchains, the number of full nodes tends
to decline over time. I want to make sure that there are incentives to keep
building.

Reddheads: One of your keys goals is to make Reddcoin as easy to use as

possible, to help with onboarding people coming to crypto for the first
time—indeed you are always saying that “It’ll be ready when my
grandmother can use it!” Can you tell us a bit about how you plan to
achieve this goal, which is clearly a tough nut to crack for crypto
generally and which will be a key element of the ever-elusive “killer
app”?

John Nash: You are correct, this is a tough nut to crack when you consider
cryptocurrency and blockchain technologies by their very nature are very
technical. We need to separate this technical aspect from the user
experience. As I have been reviewing different technologies and what is
available, it has become increasingly clear that Electrum provides a good
balance between usability, portability and security. Another element is the
language we use like “microbits” and “satoshis”. My grandmother
would never grasp this, and with the current value of Reddcoin being
1 RDD = $0.00003, these denominations should never to
considered. Generally speaking, we need to simply the language of
cryptocurrency into something everyday people find acceptable.

79
 Reddheads: As well as doing great dev work, you are getting out there
among fans and communities and chatting with crypto-enthusiasts from
diverse places—good activity for the lead dev of the social currency! It is
amazing that you are coming across Reddcoin fans all over the world—
what kinds of Reddcoin-related ideas and projects are coming up in your
discussions?

John Nash: Generally most discussions are about how to collaborate. I

don’t believe there should be a single chain to rule them all, so I am
spending time building relationships and determining how like-minded
groups can better collaborate to strengthen their positions. Other
conversations are about providing localized platforms on which to discuss
Reddcoin (forums, websites and the like). As a native English speaker at
times one can forget that there is a whole planet of nationalities who have
no need to learn English. It is not until you have to converse through a
translator to realize that more effort needs to be given to help spread the
word in different languages.

Reddheads: How could people who want to become involved in the

project do so?

John Nash: There are plenty of things to do. Every aspect of the project
needs attention at some level.

• There are always coding opportunities in C++, python and javas-

cript.

• Graphic artists can help to improve the appeal, look and feel.

• Writers and proof readers can help with documentation and con-
tent.

• Web design, UI design, etc.

• Software always needs lots of testing.

If you feel you would like to get involved, I would suggest doing something
that you are passionate about. Just drop me a PM anytime and we can
discuss. We are always looking to expand the team.

80
Reddheads: When you think ahead to the future of Reddcoin, and crypto
in general, what do you see?

John Nash: Cryptocurrency is so new and it is very hard to envisage just

what the future may hold (1 year, 5 years, 20 years…)

In a relatively short time, it has gone from being funny internet money to a
full-blown threat to the financial sector, and some banks have
formed a strong resistance to it as it cuts to the core of their business
model. However more recently, the efforts being made by certain banks to
build their own blockchains indicates that the technology is sound.
Cryptocurrency is here to stay.

For Reddcoin as a token of value with which to reward positive social

media interactions, I believe we have a project that can disrupt the ‘like’
button.

By spanning various social media platforms with a decentralized network,

while not being tied to any single social media platform, we have a
technology that can be used to reward content creators in a positive and
effective manner.

Reddcoin provides a method to transfer value, not just as an upvote or a

like on a page, but as another way to acknowledge that particular content
is worth something. As we move forward, I would like to think that we can
move past the concept of ‘tipping’ to a point where as people, we can
really value good content and donate appropriately.

Reddheads: Lastly, what question would you have liked me to ask you
but I didn’t, and how would you answer it?

John Nash: How did I get into cryptocurrency?

I first learnt about Bitcoin in 2010, but back then it seemed such a wild idea
to be ‘mining’ your coins to gain some sort of value. At the time, it seemed
way out there. But it stuck in my mind and over the next couple of years I
would hear whispers of it until 2013 when I finally sipped my toe in the
water and got excited about the mining concept. By then it looked pretty
serious, although at the time there was so much negative news about it. I
think for the average person, this still appears to be the vase. Bitcoin is still
magic Internet money.

By getting involved in Reddcoin, I feel it is my responsibility to help

promote what cryptocurrency can do for the average person. Doing so also
helps educate people about what Bitcoin and other cryptocurrencies can
also do. I would like to think that as we move forward we can provide ways
for anyone who puts effort into the project or into content generally to be
rewarded.

81
 POLONIEX EXCHANGE DELISTED RDD ON 04/01/2017

REDDCOIN BLOCKCHAIN 3RD YEAR ANNIVERSARY ON 26/01/2017

BIP66 ACTIVATED AT BLOCK NUMBER 1,564,142 ON 28/01/2017

REDDHEADS.COM ATTENDED EDCON IN PARIS, FRANCE ON 17/02/2017

REDD-ID REGISTRATION FEATURE PREVIEWED ON 22/02/2017

LAST REDDHEADS NEWSLETTER ISSUED ON 25/03/2017

REDD-ID TIP USER INTERFACE PREVIEWED ON 23/03/2017

COINFESTUK 2017 EVENT TOOK PLACE ON 03-09/04/2017

RDD PRICE SURPASSED US$0.001 FOR THE FIRST TIME ON 21/05/2017

FIRST TIME RDD MARKET CAP OVER US$10,000,000 ON 21/05/2017

JOHN ‘GNASHER’ NASH INTERVIEWED ON 31/05/2017

FIRST TIME RDD MARKET CAP OVER US$100,000,000 ON 05/06/2017

REDDCOIN ADDED TO LITEBIT.EU ON 10/06/2017

REDDCOIN ROADMAP 2017/2018 PUBLISHED ON 15/06/2017

REDDCOIN CORE TEAM MEMBERS RECOGNISED ON 11/07/2017

JOHN NASH UPDATED THE COMMUNITY ON 22/07/2017

82
 5
BIP66 ACTIVATION
& FURTHER GROWTH

“...”

83
 Block #??? (Reward … RDD) January 26th 2017

26th January 2017 - https://reddcointalk.org/t/happy-birthday-

reddcoin/961

Cryp
th
28 January 2017 – BIP66 Activated To c
https://reddcointalk.org/t/congratulations-bip66-has-been-activated/965 gam
each

84
 27th February 2017 – Reddheads Newsletter 38 – Redd-ID Video Preview: 27th February 2017: First State of the
Redd-Nation of the year 2017
https://us9.campaign-archive.com/?
u=f660942d5df0331d9b0a3a3b9&id=d68e02e399 https://reddcointalk.org/t/state-of-the-
https://www.youtube.com/watch?v=X_Rr2R9FcJY (22nd Feb 2017) redd-nation-february-27-2017/975

15th March 2017- Redd-ID Updates:

https://reddcointalk.org/t/redd-id-
updates/983
https://headwayapp.co/reddcoin-
updates

24th March 2017 – Redd-ID Tip UI

Demo https://reddcointalk.org/t/redd-
id-tip-ui-demo/990
https://www.youtube.com/watch?
v=YsRBTROQnOw&feature=youtu.be
(23rd March 2017)

al-

85
21st May 2017 - What is Redd-ID?? On 21st May 2017, the fiat price per RDD surpassed US$0.001 for the first
https://www.reddit.com/r/reddCoin/
comments/6cf4t2/what_is_reddid/
time (+RDD MC over US$10,000,000)...

31st May 2017 - Interview with #ReddCoin dev John Nash https://
www.reddit.com/r/reddCoin/comments/6eeige/
interview_with_reddcoin_dev_john_nash/
https://reddcointalk.org/t/interview-with-reddcoin-dev-gnasher/1047
https://www.youtube.com/watch?v=aEJTNZ6FCPc&feature=youtu.be

10th June 2017 – Reddcoin added to LiteBit.eu: https://twitter.com/

litebiteu/status/873615993918148608
https://www.reddit.com/r/reddCoin/comments/6gh59e/
rdd_is_added_to_litebiteu/

15th June 2017 - Updated Reddcoin Roadmap for 2017-2018 https://

www.reddit.com/r/reddCoin/comments/6hhsxz/
updated_reddcoin_roadmap_for_20172018/
https://reddcointalk.org/t/roadmap-2017-2018/1099

15th June 2017 - Reddcoin Core 2.1 https://www.reddit.com/r/reddCoin/

comments/6hcaxb/reddcoin_core_21/
https://reddcointalk.org/t/reddcoin-core-2-1/1098

86
 11th July 2017 - Thank You ! (crosspost from reddcointalk.org) https://
www.reddit.com/r/reddCoin/comments/6mijxn/
thank_you_crosspost_from_reddcointalkorg/

22nd July 2017 - Reddcoin Latest Developments (Reddcoin Domain Address-

es) https://www.reddit.com/r/reddCoin/comments/6ot0bl/
reddcoin_latest_developments/
https://reddcointalk.org/t/reddcoin-latest-developments/1177

9th August 2017 – Reddcoin on Overstock.com:

https://reddcointalk.org/t/overstock-com-accepts-reddcoin/1231

12th August 2017 – Happy Birthday Reddcoin Core 2.0:

https://reddcointalk.org/t/happy-birthday-reddcoin-core-2-0/1238

tive

v-
nt-
k
uni-
nd I
at

nt

87
 JOHN NASH APOLOGISED TO THE COMMUNITY ON 01/10/2017

OFFICIAL REDDCOIN TELEGRAM CHAT CHANNEL CREATED ON 11/10/2017

NEW TEAM REDDCOIN MEMBERS INTRODUCED ON 14/10/2017

JOHN NASH UPDATED THE COMMUNITY ON 20/10/2017

UPBIT EXCHANGE OPENED RDD TRADING ON 24/10/2017

REDDCOIN TELEGRAM TIPBOT WENT LIVE ON 18/11/2017

BLOCK NUMBER 2,000,000 TIMESTAMPED ON 28/11/2017

PARTNERSHIP MADE WITH LOCAL WORLD FORWARDERS ON 20/12/2017

RDD PRICE SURPASSED US$0.01 FOR THE FIRST TIME ON 20/12/2017

ALL TIME HIGH 2017 RDD MARKET CAP RECORDED ON 25/12/2017

RDD PRICE SURPASSED US$0.03 FOR THE FIRST TIME ON 07/01/2018

ALL TIME HIGH 2018 RDD MARKET CAP RECORDED ON 07/01/2018

REDDCOIN BLOCKCHAIN FOUR YEARS OLD ON 26/01/2018

CORE WALLET VERSION 2.0.1.2 RELEASED ON 27/01/2018

GODEX EXCHANGE OPENED RDD TRADING ON 03/02/2018

REDDCOIN STAKEBOXES BECAME AVAILABLE ON 07/02/2018

88
 6
REDDCOIN BULL RUN

“...”

During summer 2017, some community members expressed concern that

communication from the team, especially from lead developer John Nash,
had been lacking. It was also evident that the Reddheads Newsletter had
been discontinued for many months. On 8th September 2017, John Nash
admitted communication as one of his weaknesses, promising regular
updates from the team going forward. He had been inundated with
messages besides working on the Reddcoin code in his spare time. The
major focus was to release Redd-ID before the end of Q3 2017.

On 1st October 2017, John Nash sincerely apologised to the community for
failing to punctually deliver Redd-ID according to the latest roadmap:

“The last 6 months have been exceptionally challenging on a personal basis after
being required to return to full-time employment of which, the time investment
required to engage in that role has been far greater than anticipated.

This unfortunately had a number of undesirable effects of which, eating into any
available time for development, not being available to respond to reported issues
or update configurations and impacting my ability to effectively communicate
not only to the core team, but also to the broader and active community.

Effectively I went dark. I accept this not acceptable behaviour, especially

from someone who has lead this project for over 2 years.”

Redd-ID development switched from aiming to release a perfect product

over to MVP (minimal viable product) as a way to hasten progress. John
Nash was looking forward to the remaining three months of 2017.

89
 On 11th October 2017, the official Reddcoin Telegram chat channel went
live for the entire community to engage with each other. Within the first
24 hours, just over 400 people had joined. It is still operational today and
accessible from the official Reddcoin website and the link below.

As a way to inform the community, an infographic displaying current

members of Team Reddcoin was published on 14th October 2017. It
depicted all nine core members besides their respective roles and
locations. They were as follows:

• John “Gnasher” Nash—Lead Developer (AUSTRALIA)

• Leonard “Lionzeye” Simonse—Core Developer (THE NETHERLANDS)

• Eric “Deadpool” Wursteisen—Community Manager (CANADA)

• Samuel “Gozzy” Gosling—Tipbot Guru & Physicist (IRELAND)

• Daniel “xhale2007” Platten—Social Media Co-ordinator (UK)

• Ryan “Coldie” Colditz—Art Director & Designer (USA)

• Jason “BitBender” Brink—Marketing (THAILAND)

• Jay “TechAdept” Laurence—Advisor & Moderator (USA)

• Thomas “Doctorthee” van Engelen—Marketer (THE NETHERLANDS)

On 20th October 2017, unlike previous State of the Redd-Nation updates,

John Nash spoke to the community via video. The full transcript was:

“Hey Reddheads, hello and welcome. I am Gnasher, lead developer

of Reddcoin, and I am speaking to you from the developer’s desk. I like to
take a few short moments and give you an update on what’s been happening
recently. Over the last few weeks I have been working on different elements in
the browser UI including implementing an electrum client. Additionally I’ve also
completed moving of all the back-end services into the cloud for public access. For
the Redd-ID I am currently working on validating the operational electrum wallet,
including providing the transaction history and account summaries along with
continuing to integrate Redd-ID back-end. Speaking of the Redd-ID back-end,
now that the servers are in the cloud, we are now ready to initialise the
environment to begin live testing. This will include parameters for low cost
transactions during the test phase. When we are ready to launch, we will also
include a little surprise for the one that is able to stake the initial block.

Well, that’s it for me. Until the next update, Stake on Reddheads!”

RDD trading markets opened on the Upbit exchange on 24th October

2017...

90
On 14th November 2017, Team Reddcoin reported that it had been a busy
month so far. John Nash had successfully completed Electrum integration
into the Redd-ID extension and was actively creating a test environment
for the backend code. Leonard Simonse was redesigning the Redd-ID
frontend code, coding the desktop Electrum client and working on a
Reddcoin mobile wallet application.

To encourage RDD tipping, Samuel Gosling had been creating a Telegram

tipbot. On 18th November 2017, he announced the tipbot as live:

“I finally managed to sort the Telegram tip-bot, it’s up and running

and tips are flying left, right and centre! The only requirement to condone
in the practices of tipping is that you need to have a registered Telegram
username, which can be set in the Telegram setting. It’s pretty easy to do, if
you need any help about operating the bot do fire your questions at me.”

Reddcoin Telegram -> https://t.me/ReddcoinOfficial

Reddbot Username -> @Reddcoin_bot

Current community members are still free to use the tipbot to tip fellow @Reddcoin_bot was originally coded
by @xGozzy (Ex-Developer) and was
Reddheads, donate to Team Reddcoin and use other commands as shown
further developed by @cryptoBUZE.
below. All users receive regular stake rewards when holding RDD in
The source code can be viewed at
Reddbot. The current Reddbot the second instalment, where version 1 is
https://github.com/cryptoBUZE/
based on the Slack chatroom platform. reddbot-telegram.

If you have any enquiries please con-

tact @TechAdept or @cryptoBUZE

29th November 2017 - [Winner]

2,000,000th Block Giveaway! https://
www.reddit.com/r/reddCoin/
comments/7gc85a/
winner_2000000th_block_giveaway/

29th Nov 2017: Gnasher:

I would like to take a moment to con-

gratulate the owner of address
On 28th November 2017, the Reddcoin blockchain reached a major block RiyyAaQVgD2q7r6R2TNDb79QQFbNA8
Np5G for staking block 2000000 earlier
milestone. Block number 2,000,000 timestamped (see below) with the today.
lucky staking address RiyyAaQVgD2q7r6R2TNDb79QQFbNA8Np5G Reaching 2MM blocks is an awesome
milestone for us, and equally so to be
able share that event with those who
support the Reddcoin network through
staking.
Block #2,000,000 (Reward 659.97837053 RDD) November 28th 2017 Just for having their wallet online and
staking when block 2000000 came by,
that user was rewarded a nice little
On 7th December 2017, Jay Laurence posted an update on both the official bonus (equiv $250)
Reddcoin Subreddit and Reddcointalk Forum in which the team was The transaction for this was recorded
and confirmed TX: 08cfed-
pleased to announce internal technical development was progressing as e11184f105e4598cbf5cd24a1b676c1d
planned. Redd-ID still remained paramount importance as the future 8237f2c5f5a7e57def44ff9307
Thankyou again to everyone who were
method by which to send tips and payments to names, not complicated participating in the staking for the
alphanumeric addresses. Team Reddcoin was looking forward to the 2000000 block and prize giveaway.
community’s engagement in using and testing future beta releases.

91
22nd December 2017 - More positive
publicity for Reddcoin. Slowly the pub-
lic will wake up; the time to buy is now.
https://www.reddit.com/r/reddCoin/
comments/7ldm2k/
more_positive_publicity_for_reddcoin_
slowly_the/
https://globalcoinreport.com/reddcoin
-rdd-mounting-challenge-become-
number-one-social-coin-succeeding/

24th December 2017 - JOHN MCAFEE

TWEETED ABOUT RDD! YOU GUYS
MADE IT! https://www.reddit.com/r/
reddCoin/comments/7lv95j/
john_mcafee_tweeted_about_rdd_you
_guys_made_it/
https://reddcointalk.org/t/well-
reddheads-i-contacted-john-mcafee-
about-reddcoin-2hrs-ago-this-is-what-
happened/1431 At the beginning of 2017, the Reddcoin market cap was recorded at below
US$1,000,000 with a corresponding RDD price approx. US$0.000025. RDD
market cap over US$100,000,000 for time on 5th June 2017… All other
25th December 2017 - Reddcoin Fea- coins had gained in value during the year 2017 (with some exceptions) as
tured in International Business Times
https://www.reddit.com/r/reddCoin/
Bitcoin price increased from … to … .
comments/7m3hhc/
redd-
On 20th December 2017, the fiat price of each RDD surpassed US$0.01 for
coin_featured_in_international_busine the first time… https://www.reddit.com/r/reddCoin/comments/7l3s68/
ss_times/ reddcoin_at_001/
https://www.ibtimes.com/reddcoins-
price-just-spiked-after-john-mcafee-
tweeted-about-it-2632862?
utm_content=buffer7980d&utm_medi
um=social&utm_source=twitter.com&u
tm_campaign=buffer

1 RDD 1 RDD RDD MARKET CAP

US$ BTC SAT US$

1st January 2017 0.000022 2 620,327

18th May 2017 0.000355 19 10,034,497

5th June 2017 0.003507 138 100,047,242

20th December 2017 0.010411 61 298,769,486

25th December 2017 0.022306 158 640,103,238

26th
At the end of December 2017, the time during which Bitcoin was fluctu- www
ating between US$12K-15K, activity on the Reddcoin Subreddit was very
27th
strong. The subreddit had grown from approx. 22,500 subscribers on 1st
guys
January 2017 to approx. 31,000 by the end of the year. Major new outlets
including Forbes.com and IBT had published articles about Reddcoin… 29th
redd

31st
redd

92
On New Year’s Day, Team Reddcoin posted their first update of the year. It
began with the following:

“Well, Reddheads, Happy New Year! It’s been an amazing year for our community
and cryptocurrency in general. We’ve gained an immense number of new members
of the community, tipping and sharing as well as “hodling” and staking.

Side note, folks, if you’re not trading your Reddcoin, they need to be in the
desktop wallet helping to secure the network and earning up to 5% “interest”.”

Throughout the last couple of weeks of 2017, the vast majority of cryptos
attained their all time high market capitalisations. This trend continued
into the first couple of weeks in January 2017 when the RDD market cap
reached a new high (ATH 2018) at approx. US$930,142,000 on 7th January
2018.

Open High Low Close

US$ US$ US$ US$

1st January 2018 0.011586 0.012226 0.010134 0.010134

6th January 2018 0.018857 0.029635 0.018829 0.029256

7th January 2018 0.029209 0.032391 0.025942 0.026297

https://www.reddit.com/r/reddCoin/comments/7s2612/
reddcoin_content_creator_advert_thoughts/

Block #??? (Reward … RDD) January 26th 2018

93
 On 27th January 2018, core qt wallet version 2.0.1.2 pre-compiled executa-
ble binaries (or compile from source) for Windows, Mac and Linux were
made available on the official Reddcoin Github repository. It was a non-
mandatory upgrade, but highly recommended for users to benefit from
faster synchronisation times and improvement performance. According to
the release notes, the following changes were implemented:

• The addition of DNS seeds across the world (US, Europe, Asia)

• Resolved some compiler issues

• Fixed some gitian build issues

• Improved the layout of the core qt wallet splash screen

• Typographical fixes

John Nash welcomed feedback from the community based on the client’s
functionality and visual appeal. He also invited interested developers to
help contribute to the core qt wallet code development in the future.

On 3rd February 2018, the Godex centralised exchange opened RDD trad-
ing markets

7th February 2018 - #Reddcoin #Stakebox preorders are now live. Along with
#RDD merchandise. Pay with #BTC or #Fiat https://www.reddit.com/r/
reddCoin/comments/7w0651/
reddcoin_stakebox_preorders_are_now_live_along/
https://www.reddit.com/r/reddCoin/comments/7vwxlh/
reddcoin_hardware_staking_platform_now_with_solar/

94
Other historical events:

95
 ROADMAP 2018/2019 PUBLISHED ON 02/03/2018

REDDCOIN GLOBAL LLC INCORPORATED IN USA ON 05/03/2018

FIRST REDDCOIN REDDIT AMA OCCURRED ON 17/03/2018

JAY LAURENCE PRAISED JOHN NASH DURING AMA ON 17/03/2018

RDD MARKET CAP MORE THAN DOUBLED DURING APRIL 2018

WEB-ID BETA RELEASED ON 14/05/2018

BITEBIT EXCHANGE OPENED RDD TRADING ON 22/05/2018

REDDCOIN CROWDFUND IN MAY 2018

KOINOK EXCHANGE OPENED RDD TRADING ON 24/05/2018

REDD-ID NAME COST CALCULATOR RELEASED ON 26/05/2018

ALTILLY EXCHANGE OPENED RDD TRADING ON 26/05/2018

REDDCOIN DEFINED AS AN UTILITY TOKEN ON 04/06/2018

PARTNERSHIP WITH PHORE BLOCKCHAIN ANNOUNCED ON 12/06/2018

PARTNERSHIP WITH LINDA BLOCKCHAIN ANNOUNCED ON 13/06/2018

96
 7
...

Since the time John Nash took on the herculean task to rebuild and
reinvigorate the Reddcoin project, Team Reddcoin had been working
tirelessly behind the scenes coding and growing the community. The first
generation blockchain, launched in 2014 and transitioned to the Bitcoin
codebase in 2016, had survived for over four years and experienced ups
and downs. On 2nd March 2018, Jay Laurence posted the following:

“Reddcoin is exploding globally. Adoption and active address space

has doubled in the last 30 days, network weight has more than doubled, and
we continue to excite and fascinate newcomers to the cryptocurrency
community with our interest-like staking payments, and energy-efficient
staking process to secure the blockchain, saving energy using
Proof-of-Stake-Velocity (#PoSV). The future of crypto is green with Redd!!”

As promised, the Reddcoin public roadmap 2018/2019 was published on

Trello (a web-based organisational tool) on 2nd March 2018. It was
created to aid the anticipated direction of the project. It served as a
general guide to what the team envisaged to achieve . Team Reddcoin
welcomed input and feedback from the community.

On 5th March 2018, Reddcoin Global LLC was established as a foundational

entity in the USA. It provided a legal entity to allow Reddcoin to transact
with other legal entities… (Reddcoin Global LLC dissolved, Reddcoin
Solutions LLC (current))

97
 On 17th March 2018, Jay Laurence praised John Nash for being the key
person who rescued RDD and kept it alive from 2015:

“If not for John and his own interest, skills, expenditures, and
devotion, Reddcoin’s network, the seed nodes, explorers, domains, and
other necessary pieces would have shut down long ago. But each of you have
benefited directly from the unpaid work and effort John, and many others
have donated for years, whether from receiving tips, staking rewards,
increased price, or somehow profiting from day trading.

I would think the prevailing attitude, whether pieces of the envisioned

Reddcoin solution have arrived or not, that you all take a hard look at that. We
do it for the benefit of Reddcoin, the best we can, and in good faith, and to fulfil
what could be a paradigm-changing vision. We invite you all to join us.”

20th April 2018 - https://

globalcoinreport.com/reddcoin-rdd-
approaches-1-as-trading-volumes-soar
-significantly/
On 19th April 2018, /u/TheCryptoGod2018 called for fund raising help to
raise 500,000 RDD for iQuant exchange… https://www.reddit.com/r/reddCoin/
comments/8dg4te/join_us_in_the_official_reddcoin_community_we/

Which centralised exchange RDD on in April 2018: Upbit, Bittrex, Crypto-

pia, LiteBit.eu, Vebitcoin, YoBit, Bleutrade, TradeSatoshi, Coinhouse, Bisq,
C-Patex… (see image to the right)

22nd April 2018 - Reddcoin - First Community Crowdfund for iQuant Ex-
change Listing https://www.reddit.com/r/reddCoin/comments/8e6ld4/
reddcoin_first_community_crowdfund_for_iquant/

98
 24th May 2018 - Statement regarding Reddcoin's May 2018 Crowdfund - 18th May 2018 - https://
blockpublisher.com/reddcoin-the-
will Disclosure and results statement - from Reddcoin Core Team https:// future-of-social-platforms/
www.reddit.com/r/reddCoin/comments/8lwhy6/
statement_regarding_reddcoins_may_2018_crowdfund/
and 22nd May 2018 - Popular YouTuber talks
24th May 2018 - https://www.reddcoin.com/2018/05/24/reddcoin-listed-
up Reddcoin. Jsnip4 has been around
on-the-indian-koinok-exchange/ for years, recently go into Reddcoin.
https://www.reddit.com/r/reddCoin/comments/8lro8i/ This should help us out. https://
reddcoin_is_listed_in_koinok/ www.reddit.com/r/reddCoin/
comments/8l5nlk/
https://reddcointalk.org/t/reddcoin-launch-on-indian-exchange-
popu-
koinok/1838 lar_youtuber_talks_up_reddcoin_jsnip
4_has/

26th May 2018 - Reddcoin Core - Redd-ID Name Cost Calculator Released 26th May 2018 - https://medium.com/
@reddcoin/the-journey-of-reddcoin-
on Github
3b69ee91be6
https://reddcoin-project.github.io/reddid-name-calculator/ https://
www.reddit.com/r/reddCoin/comments/8ma7f3/
reddcoin_core_reddid_name_cost_calculator/

5th June 2018 - Great News for Reddcoin! - Legal opinion memo defines
RDD as a Utility Token. https://www.reddit.com/r/reddCoin/
comments/8omaak/great_news_for_reddcoin_legal_opinion_memo/
https://www.reddcoin.com/2018/06/05/it-is-official-reddcoin-is-a-utility-
token/ (4th June 2018)

99
13th June 2018 - Reddcoin Core (RDD) 12th June 2018 - Reddcoin (RDD) and Phore Blockchain (PHR) Announce
announces partnership with Partnership and Integration with Phore Marketplace, a decentralized
Lindacoin (LINDA) - Mobile multi-
currency staking wallet for iOS and eCommerce platform https://www.reddit.com/r/reddCoin/
Android. https://www.reddit.com/r/ comments/8qk7fa/reddcoin_rdd_and_phore_blockchain_phr_announce/
reddCoin/comments/8qp81u/
redd-
coin_core_rdd_announces_partnersh
ip_with/

15th June 2018 - REDDCOIN Review

(2018) - The Granddaddy Social Media
(POSV) Coin
https://www.reddit.com/r/reddCoin/
comments/8rbm0a/
redd-
coin_review_2018_the_granddaddy_s
ocial_media/
https://www.youtube.com/watch?
v=BonAg9blkJo&feature=youtu.be

14th June 2018 - Overview of recent

Reddcoin news and updates https://
www.reddit.com/r/reddCoin/
comments/8r090i/
over-
view_of_recent_reddcoin_news_and_
updates/

19th June 2018 - https://

cryptodaily.co.uk/2018/06/reddcoin-
skyrockets-with-phore-announcement/

100
101
 TEAM REDDCOIN / CORE DEV AMA / Q&A
17TH MARCH 2018 (10 QUESTIONS)

Ipscrispr: Is one of your priorities making Reddcoin attainable for Mr. and
Mrs. John Q. Public? It seems to me Reddcoin has a real shot at being
adopted by the masses. However, for this to happen it will need to be a
simple 1, 2, 3 process, like making a new email address. The process of
downloading, synching a wallet, and buying and tipping needs to be
simplified as much as possible without sacrificing security if this is to
happen. Is the Reddcoin dev tram focusing on this and if so how high of a
priority is it?

John Nash: Right, having any real adoption (for any crypto for that matter)
needs to be of interest to the general public. The current space is still very
much trade and price focused. The goal of Reddcoin is to move past the
trade and speculative aspects of crypto and provide a mechanism for
people to transact easily.

Running a core wallet is challenging. And in some regards, you could liken it
to running a mining operation. There is a cost to have enough coins
available and as the network difficulty level has been increasing recently,
this impacts the frequency of rewards (more RDD staking on the network).

It is envisaged at some point in time, that as adoption grows not everyone

will be using the core wallet. We are making inroads to enable not only the
electrum protocol in the browser wallet, but to provide that acorss a
number of platforms. This will suit people who do not have a large amount
of savings.

Jay Laurence: As many in the community have noted, our team has
consistently and positively avoided engaging in any price manipulation,
even avoiding release dates that might encourage such behavior. We fell
that organic and real growth has been and is the way to go.

For those who don’t know the terminology, electrum is a method of

running a “light” wallet that allows all of the functions of the regular QT
desktop wallet, but without the requirement to download and maintain a
current copy of the formidably sized blockchain. That mean, a working light
client on your phone, or the same on a low-end desktop with limited
connectivity, again, allowing for vastly expanded adoption. While staying
true to our policy of only releasing when ready, we can say that there is
progress being made on the electrum front at the same time as Redd-ID
and that initial mockups are looking very encouraging.

We hope to be able to provide a public release as soon as we’ve fully

wrapped up a releasable product. We’ve also collaborated with one
members of the community who’s created a very straightforward product
called ReddPay.Me. As it’s not quite ready for launch today, we’re
including some screenshots in this AMA and a more detailed description in
a separate post, but we hope to have that product live within a few days.

106
darkfroggy: When Redd-ID?

John Nash: Redd-ID will be released when we are comfortable that the
technology is stable and ready. This is a financial application, and as such
the risk is ever present that something we have missed could cause a loss
of funds. This is something that we are trying to avoid. That sad, we have
also faced a few challenges in building this application. It has gone through
a number of re-writes, and underlying libraries have been upfated, rebuilt,
trialled and tested. You can find the main libraries that we have used up on
the reddcoin-project github

• Pyreddcoin (python)

• Pyreddcointools (python)

• Reddcoin Electrum (python)

• Reddcore-lib (javascript)

• Reddcoin-electrum-js (javascript client)

To provide an overview on the implementation, there are several layers

that make up the overall project.

Back-End Services—Provides the interface into the Reddcoin blockchain for

reading and writing data stored in OP_RETURN transactions. Validates all
transactions, and verify the transaction meet the determined network
rules. Maintains a separate side-chain of the validated data so as to
prevent bloat on the main Reddcoin blockchain. Maintains and validates all
data provided by users interacting with the blockchain data.

API Service—Provides a lightweight interface between the back-end and

the client side requests as a webSocket service.

Client-Side—User facing application that ties in both a lightweight wallet

service and the Redd-ID network. Creates and validates transactions
compatible with the Reddcoin network and broadcasts through the
electrum protocol. Redd-ID transactions are created and validated to be
broadcast through the electrum network.

Development Status—Currently performing a rebuild of the electrum

implementation to include latest bitcoire-lib javascript libraries.

Perr1982: What is the financial position of Reddcoin? How is the project

financed, how are the team members financed etc and how long will
Reddcoin be able to finance the project without generating new income?

John Nash: Currently Reddcoin is community funded. Since taking over the
project, it has relied on the donations of the community to get stuff paid
for (VPS hosting, etc, etc). There were 3 donation addresses setup in 2015
to help with keeping the project going. From a team perspective, time is
also donated.

107
 ReddOctober: What State is “Reddcoin LLC” incorporated?

Jay Laurence: Reddcoin Global LLC is registered in Wyoming, although we

have a temporary NM mailing address as we get the basics up. Reddcoin
Solutions LLC, our transacting subsidiary, is a NJ entity. Please do realize
that it’s only reason for existence is to facilitate Reddcoin’s growth,
support the Core team, and to be able to legally contract where required.
Reddcoin itself is property of all, and an open-source project.

EmanCrypto: Is there a plan down the line to turn Reddcoin into a real
company like Ripple where employees are paid hard currency for their
work and not just doing this when they have time? A company formed
that can make money in different ways to support the coin? Will
someone be managing the website on a daily basis with the most up to
date information?

Jay Laurence: That’s what we’ve done in a sense with Reddcoin Global LLC.
While Reddcoin is open-source and therefore cannot be “owned”, the en-
tire reason for the company’s existence is to promote Reddcoin, facilitate
its growth and support projects and events toward that end. So, yes.

undadatunda: Is it possible to tweak the reward part of the code so that

stakers can get rewards more often but smaller? … for example it would
be nice for the people that don’t have much Reddcoin but are still staking
if they could get rewards in a shorter timeframe…

John Nash: While I understand that it can take some time for a low balance
wallet to earn a stake reward, on average you should still receive the 5%
p.a. regardless.

At the moment there are a few forces at play on the network: there has
been a 4 fold increase in network difficulty (50 => 200) since December and
it is still increasing. This essentially means that more people have moved
their coins into staking, and as a result, more people are competing on
each block to “win” the stake reward.

OTC_Buyer: I read something last year that Reddcoin doesn't do

masternodes but if 8+ connections you are considered a full node. Since
Reddcoin doesn’t do “masternode” could we get a better stake
percentage for those running full node with a certain minimum and/or
maybe even time period staking up?

John Nash: That is correct, Reddcoin does not utilise masternodes. For
PoSV2 we have been kicking ideas around for what the future of PoSV
may look like and how that may impact the overall network and
rewards. Ultimately, would love for the result to lead to more people
staking. As a FYI, if you are staking full time, your return should be 5% p.a.,
however, the grwoth of Reddcoin (coins) is not actually 5%. In order for
inflation to reach 5%, the entire network would need to be staking.

108
iPSCRISPR: Do Reddcoin developers get paid? If so where does this
money come from? I believe some transparency on this topic would be
healthy. Apologies if this information is already public. Also did the
Reddcoin creators keep a percentage of the total original coins released,
and did they leave any behind for future/current developers?

John Nash: All Reddcoin developers are self funded. For the original team
members, I understand through discussions that I have had with them in
the past that they completed divested themselves of Reddcoin at or
around the time they moved on from this project. When the project was
handed over, we have started from zero, no funds were ever provided to
the new team from the original capital.

Jay Laurence: At this time, the three development wallets contain roughly
10M RDD, earmarked for support costs that are required to keep the
network running. Domain name registration, server costs for explorer,
reddcoin.com and other components of the infrastructure. We’ll be
discussing specific ways to further leverage the funds we have access to,
but as price and value are low at this time, we’re attempting to maximize
the value of what we do currently have. In addition, Reddcoin Global LLC
brings it’s own corporate-level funding to the table to help strategically
invest in Reddcoin’s development and future. That is in fact it’s only reason
for existing, RG has already paid this week for listing on one exchange
(covered by NDA), and looks forward to doing the same as needed to help
Reddcoin grow.

cuteflow: Assuming Redd-ID will be fully functionally tested and ready

some time in the future. How will you release it, will it be in a “big bang”
style or otherwise. I am thinking releasing Redd-ID big bang style could
lead to black Friday situations. That would be a real test of the software I
guess. Can you share your thought about the way it will be released?

John Nash: The release will be staged, with select users given the
opportunity to test drive and determine any usability issues before a
broader public release.

halfeevil333: If release dates come and go and nothing is released. Will

you update the community as to what the reason is? As it stands now I
know of no way to communicate with the dev team to ask anything. Or
will you just ghost everyone as has been done previously?

John Nash: With the new Trello Roadmap, the goal is to allow the
community to see updates and the progress of each of the activities and
software. These will be updated with accomplishments and blockers so
that there is more transparency.

The board is dynamic and updated. If you feel you need to reach out to
development directly, Slack is the best channel.

109
 https://nulltx.com/reddcoins-reddid-supports-all-major-social-networks-at-launch/

FIRST LIVE BLOCKCHAIN REDD-ID REGISTERED ON 21/06/2018

PARTNERSHIP WITH MUSARDS ANNOUNCED ON 22/06/2018

REDD-ID PRIVATE BETA TESTING BEGAN ON 24/06/2018

BITVAVO EXCHANGE OPENED RDD TRADING ON 27/06/2018

REDD-ID PUBLIC BETA TESTING BEGAN ON 25/07/2018

RDD MARKET CAP BACK BELOW US$100,000,000 ON 02/08/2018

REDD-ID BETA V0.1.6 (FIREFOX SUPPORT) RELEASED ON 26/08/2018

PARTNERSHIP WITH HODL FINANCE ANNOUNCED ON 25/09/2018

REDDCOIN INTEGRATED INTO BLOCKFOLIO SIGNAL ON 25/09/2018

REDD-ID PUBLIC BETA TIPPING EXTENSION LAUNCHED ON 01/10/2018

REDD-ID—INTERNET’S LOVE BUTTON VIDEO UNVEILED ON 05/10/2018

GUARDA MULTIWALLET ADDED REDDCOIN ON 05/10/2018

REDDCOIN INTEGRATED INTO THE DELTA DIRECT APP ON 22/10/2018

BLOCK NUMBER 2,500,000 TIMESTAMPED ON 13/11/2018

THE QUIET BEFORE THE STORM ON 14/12/2018

ALL TIME LOW 2018 RDD MARKET CAP RECORDED ON 14/12/2018

106
 8
REDD-ID BETA
TESTING

18th June 2018 - "When ReddID??" https://www.reddit.com/r/reddCoin/

comments/8s145i/when_reddid/
https://medium.com/@reddcoin/when-redd-id-f97bfc6988b

107
20th June 2018 - REALIST NEWS -
Fantastic news for ReddCoin (RDD)
https://www.youtube.com/watch?
v=5FQ93htIM5g

21st June 2018 - Reddcoin (RDD) - Announcing first live blockchain Redd-ID
registration ever! https://www.reddit.com/r/reddCoin/comments/8styoz/
reddcoin_rdd_announcing_first_live_blockchain/

22nd June 2018 - https://medium.com/@ivanshergill/reddcoin-and-

musards-are-singing-a-duet-4ba83e9b4b50

27th June 2018 - Reddcoin (RDD) new listing on Dutch exchange Bit-
vavo.com. https://www.reddit.com/r/reddCoin/comments/8u5kud/
reddcoin_rdd_new_listing_on_dutch_exchange/
https://twitter.com/reddcoin/status/1011785383204524033

108
1st July 2018 - Reddcoin (RDD) ReddID News Update - 7 Day Delay of ReddID Public Beta 10th July 2018 - REDDCOIN RDD -The
Launch, now July 8th, 2018 https://www.reddit.com/r/reddCoin/comments/8vb8dw/ Go To Social Currency? Utility Token
reddcoin_rdd_reddid_news_update_7_day_delay_of/ News &amp; Altcoin Review!Crypto
For Social Media https://
9th July 2018 - Reddcoin Core (RDD) - ReddID Beta Release - User Instructions & Documenta- www.youtube.com/watch?
tion https://www.reddit.com/r/reddCoin/comments/8x6f3w/ v=AbGYqgfemI8
reddcoin_core_rdd_reddid_beta_release_user/

10th July 2018 - Reddcoin (RDD) & ReddID - Informational Update, July 10 - https://
www.reddit.com/r/reddCoin/comments/8xqz91/
reddcoin_rdd_reddid_informational_update_july_10/

30th July 2018 - This week in Reddcoin

"July 30th 2018 https://
www.youtube.com/watch?
v=QxqTzaidG2w
25th July 2018 - Reddcoin Core (RDD) Successfully Releases ReddID Social Tipping Extension
0.1.0 Beta to Community Public Test Group. https://www.reddit.com/r/reddCoin/
comments/91neht/reddcoin_core_rdd_successfully_releases_reddid/

4th August 2018 - ReddCoin (RDD)

Updates ReddID, Bringing It Closer to a
Full Public Release - Ethereum World
News https://www.reddit.com/r/
reddCoin/comments/94i7vl/
redd-
coin_rdd_updates_reddid_bringing_it
_closer_to/
https://ethereumworldnews.com/
reddcoin-rdd-updates-reddid-bringing-
2nd August 2018, RDD MC back below US$100,000,000 it-closer-to-a-full-public-release/

19th August 2018 - #Reddcoin Twitter

Poll (@TechAdeptRDD) - Crowdfund-
ing Ideas https://www.reddit.com/r/
reddCoin/comments/98gw6g/
redd-
coin_twitter_poll_techadeptrdd_crow
dfunding/
https://twitter.com/TechAdeptRDD/
status/1030998049538142208

20th August 2018 - Overview of recent

Reddcoin news and updates #2 (18
Jun - 15 Aug) https://
www.reddit.com/r/reddCoin/
15th August 2018 - #Reddcoin ReddID - September 2018 Public Release https:// comments/98s4uw/
www.reddit.com/r/reddCoin/comments/97eswf/ over-
reddcoin_reddid_september_2018_public_release/ view_of_recent_reddcoin_news_and_
https://twitter.com/reddcoin/status/1029538118091898880 updates_2_18/

109
 26th August 2018 - Reddcoin (RDD) - #ReddID Social Tipping Extension #Beta, v0.1.6
w/ Firefox extension support! #ReddIDBeta https://www.reddit.com/r/reddCoin/
comments/9ahqj8/reddcoin_rdd_reddid_social_tipping_extension_beta/

25th September 2018 - RDD integrates with Blockfolio Signal feature! https://
www.reddit.com/r/reddCoin/comments/9iv68y/
rdd_integrates_with_blockfolio_signal_feature/

25th September 2018 - #Reddcoin (RDD) #Core announces partnership with HODL
Finance (https://hodlfinance.io) to offer RDD-backed Fiat Loans! https://
www.reddit.com/r/reddCoin/comments/9isfkn/
reddcoin_rdd_core_announces_partnership_with_hodl/

29th September 2018 - Reddcoin moving into top 50! https://www.reddit.com/r/

reddCoin/comments/9jxobo/reddcoin_moving_into_top_50/

110
1st October 2018 - Reddcoin (RDD) Core presents ReddID! - ReddID Full MVP Release - v0.99 3rd October 2018 - Reddcoin's ReddID
https://www.reddit.com/r/reddCoin/comments/9kd358/ Supports All Major Social Networks at
reddcoin_rdd_core_presents_reddid_reddid_full_mvp/ Launch – NullTX https://
www.reddit.com/r/reddCoin/
1st October 2018 - Reddcoin (RDD) - ReddID Social Tipping Extension Public Launch - Press
comments/9kxqxb/
Release & Announcement , October 1, 2018 https://www.reddit.com/r/reddCoin/
comments/9khl7p/reddcoin_rdd_reddid_social_tipping_extension/ redd-
https://www.prnewswire.com/news-releases/reddcoin-unveils-public-release-of-reddid- coins_reddid_supports_all_major_soci
300721862.html al/

3rd October 2018 - https://

newslogical.com/how-reddcoins-rdd-
reddid-brought-revolution-to-social-
tipping/

5th October 2018 - #Reddcoin (RDD) #Core announces integration with GuardaWal-
let - https://guarda.co - Cryptocurrency Web and Desktop Wallet https://
www.reddit.com/r/reddCoin/comments/9lpuhv/
reddcoin_rdd_core_announces_integration_with/
https://twitter.com/reddcoin/status/1048305306831413248

7th October 2018 - Reddcoin (RDD) Core & ReddID - A Message from the Team on
Performance Issues and ReddID Platform Status https://www.reddit.com/r/
reddCoin/comments/9m6rh2/
reddcoin_rdd_core_reddid_a_message_from_the_team/

111
 22nd October 2018 - #Reddcoin is now live on the Delta Direct app! Get the latest
@reddcoin updates, now directly available on @get_delta #Blockchain info and
news directly from the Core team. https://www.reddit.com/r/reddCoin/
comments/9qhlqw/reddcoin_is_now_live_on_the_delta_direct_app_get/
https://twitter.com/reddcoin/status/1054465194875912193

Block #2,500,000 (Reward …………. RDD) November 13th 2018

12th December 2018 - Reddcoin (#RDD) Core - December 12, 2018 Update - The
Quiet Before the Storm https://www.reddit.com/r/reddCoin/comments/a5kr8n/
reddcoin_rdd_core_december_12_2018_update_the/

14th December 2018—ATL 2018 RDD MC recorded...

112
Others:

• 22nd June 2018 - Reddcoin in Russia - Trading on Exchange-

Assets.com RDD/BTC, RDD/USD, - Also, RDD for Ads https://
www.reddit.com/r/reddCoin/comments/8sx1bg/
reddcoin_in_russia_trading_on_exchangeassetscom/

113
 CRYPTOPIA EXCHANGE HACKED ON 14/01/2019

5TH ANNIVERSARY OF THE REDDCOIN BLOCKCHAIN ON 26/01/2019

EQUICEX EXCHANGE OPENED RDD TRADING ON 04/02/2019

INSIDE THE REDDCOIN TEAM ON 06/02/2019

REDDCOIN ADDED TO CRYPTOFACIL.COM ON 27/03/2019

VCC EXCHANGE OPENED RDD TRADING ON 10/05/2019

REDDCOIN CORE AMA OCCURRED ON 16/06/2019

A CALL FOR SUPPORT FROM THE COMMUNITY ON 19/06/2019

ALL TIME HIGH RDD 2019 MARKET CAP RECORDED ON 26/06/2019

VERTBASE EXCHANGE OPENED RDD TRADING ON 15/07/2019

DEVELOPMENT TEAM Q3 UPDATE ON 01/08/2019

REDD PAPER: A GUIDE TO POSV V2 PUBLISHED ON 27/08/2019

POSV V2 FREQUENTLY ASKED QUESTIONS PUBLISHED ON 27/08/2019

UPDATED REDDCOIN ROADMAP PUBLISHED ON 27/08/2019

OFFICIAL WEBSITE WWW.REDDCOIN.COM RELAUNCHED ON 01/09/2019

REDDID ‘LOVE BUTTON’ FRONTEND MADE OPEN-SOURCE ON 18/09/2019

114
 9
REDD PAPER
PUBLISHED

115
116
117
42
43
 ENHANCED POSV V2 PROTOCOL ANNOUNCED ON 24/09/2019

REDDCOIN POINT-OF-SALE MOBILE APP RELEASED ON 28/10/2019

BLOCK NUMBER 3,000,000 TIMESTAMPED ON 28/10/2019

CORE WALLET VERSION 3.0.0RC1 RELEASED ON 24/12/2019

CORE WALLET VERSION 3.0.0RC2 RELEASED ON 05/01/2020

CORE WALLET VERSION 3.0.1 RELEASED ON 10/01/2020

POSV V2 REACHED 4,500 OUT OF 9,000 BLOCKS ON 16/01/2020

PARTNERSHIP WITH RYPPLZZ ANNOUNCED ON 08/02/2020

PARTNERSHIP WITH FORGINGBLOCK ANNOUNCED ON 11/03/2020

REDDCOIN GLOBAL VIRTUAL MEETUP OCCURRED ON 06/04/2020

RDD MARKET CAPITALISATION DOUBLED IN MAY 2020

82
 10
PROOF OF STAKE
VELOCITY VERSION 2

41
42
43
42
43