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[MAJOR ANNOUNCEMENT] Reddcoin to implement new algorithm Proof-of-Stake-Velocity

Dear fellow Reddheads:

After long period of research and development, the Reddcoin core team decides the time is now right to announce the biggest milestone in Reddcoin history to date.

We have designed a new algorithm called Proof-of-Stake-Velocity (PoSV) to replace the current Proof-of-Work (PoW).

PoSV builds on the strength of Proof-of-Stake (PoS) but introduces crucial features to address the flaws of both PoW and PoS.

PoSV is specifically designed to help Reddcoin grow as the digital social currency.

The full paper is available here: Proof of Stake Velocity: Building the Social Currency of the Digital Age

FAQs, such as PoSV’s impact on mining and halving schedule, are covered here: Proof of Stake Velocity: FAQs

We urge you all to read both papers carefully. We’ve taken great efforts to document why and how we designed PoSV to solve whatproblems. We’ve also spelt out the vision for Reddcoin and its unique position in the competitive landscape of cryptocurrencies.

The release of wallet 1.2.0.0 will happen tomorrow.

Please post thoughtful comments and questions below. Flaming will be removed immediately.

Regards

Reddcoin core team

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