Reddcoin unveils next-generation social wallet, platform and starts transition to proprietary Proof of Stake Velocity
Dear fellow Reddheads:
Today we’d like to announce three pieces of news:
next-generation social walletOur young star /u/hoppipoppipolla has been working on our next-gen social wallet for months. It’s the first ever fully functional cryptocurrency wallet that integrates various social features such as IRC chat, news feed, and official announcement. It has been designed to be easily extensible and many more social features, such as music, video, games, will be introduced one by one in coming months. The social wallet enhances user engagement, and along with PoSV, increases network security, and fits right in with Reddcoin’s goal to become the social currency of the digital age.The social wallet enjoys a completely new UI design that makes the traditional QT UI look obsolete. It can act as a local desktop application or work with daemons running on remote servers through encrypted RPC calls. It’s fully functional on Windows, Linux and Mac OS X.
The social wallet is already being used by Reddcoin developers on a daily basis. Starting from today, everyday we’ll send out invitations to the Top 10 Contributors of the Day to join us in beta testing. In coming weeks, the social wallet will be available to all.
transition to proprietary Proof of Stake Velocity (PoSV)Proof of Stake Velocity is a new and innovative algorithm designed to address the many technical and economic issues of Proof of Work and Proof of Stake.Ever since the publication of our white paper on PoSV, the implementation of PoSV has been progressing very well. We are currently in phase 2 of 3 of internal testing and a public beta will be released in coming weeks.
next-generation social platformThe goal of Reddcoin is to enrich and facilitate human social interactions. Our next-generation social platform is also under active development. Tipping across all social networks will be an important component of the platform but that’s not all. At this stage, we are deliberately very secretive about the details of the platform due to competitive reasons. In summer, you’ll find out more about the big picture and the details.
Reddcoin core developers today unveil the next-generation social wallet that implements several innovative features not seen in the cryptocurrency world before:
complete redesign of wallet GUI that replaces traditional QT interface
the wallet can both work as a local desktop application and operate as a front end that communicates with a daemon running on a remote server
the wallet provides various social features including IRC chat for official channel #Reddcoin, /u/reddcoin news feeds, Twitter news feed and official announcement feed.
The social wallet is fully functional on Windows, Linux and Mac OS X and is now in invitation-only beta testing. A public beta testing will start within weeks. More social features are under development and will be introduced in due course.
The social wallet is a central piece in the Reddcoin infrastructure and is designed to work with the proprietary Proof of Stake Velocity (PoSV) algorithm that will soon replace Proof of Work. PoSV was designed by Reddcoin lead developer Larry Ren and published in April in a landmark white paper that has received wide attention among the cryptocurrency communities.
Proof of Stake Velocity is an innovative algorithm that encourages both ownership (Stake) and activity (Velocity). It’s designed to address various flaws in Proof of Work and Proof of Stake from both technical and economic points of view. The white paper also provides the first comprehensive review of the state of economies of cryptocurrencies in general.
Another key piece of the Reddcoin infrastructure is the next-generation social platform that will integrate with all social networks and provide the easiest and smoothest user experience for micropayment and content creation across those social networks. The platform is under active development and is on track to be unveiled in summer 2014.
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