Reddcoin (RDD) is a social currency. Reddcoin has been designed to enrich social lives of people. Reddcoin also focuses on making the use of digital currency easy for general public.
Reddcoin team has developed a Proof of Stake Velocity as a new algorithm. This PoSV algorithm has replaced the old Proof of Work, which used to create blocks and work as the mechanism to verify all transactions. PoSV is an algorithm which not only encourages ownership or Stake, but also activity or Verification. One just needs to have a greater holding of Reddcoin and keep her/his wallet running and connected to internet, in order to participate. There is no longer any need for the user to buy a Graphic Processing Unit or Application Specific Integrated Circuit for getting greater hash power for increasing the chances of locating a valid block or getting a block reward. PoSV can run only on Computer Processing Units.
It is a very easy process of Reddcoins (RDD) to switch to PoSV. PoW will stop working completely once the PoSV starts working. Reddcoin will have a changed and modified schedule for halving. The first halving was done during May 10th and 11th, in the year 2014. Halving of Reddcoins will continue afterwards once every 50k blocks. This will occur once every 35 days approximately.
This new halving schedule of Reddcoin will be introduced by its mandatory wallet 220.127.116.11 . Any user who is still using the old wallet will be on the wrong fork after first halving. That user runs the potential risk of losing coins in such condition. All users, exchanges, mining pools and all other service providers must switch to the latest Reddcoin wallet during the period of transition. It is very crucial and necessary for Reddcoin users.
It is expected that around 27 billion Reddcoins would be mined before PoW ends and PoSV takes over. Every Reddcoin holder will receive an annual interest at the rate of 5% after that. PoSV will definitely reduce the rate of creation of new Reddcoin in comparison to PoW. PoW will permit mining of Reddcoin but PoSV will allow minting of Reddcoin as mining of Reddcoin will stop completely.
The Reddcoin is the future of social cryptocurrency. Reddcoin is going to bring use of cryptocurrency closer to general public. Reddcoin (RDD) is going to integrate digital currency platform with all major social network. Reddcoin (RDD) is the cryptocurrency for all.
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