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[PoSV] Official Release v1.3.0.0 Mandatory Upgrade

Dear fellow Reddheads:

PoSV is now officially released. You can download the PoSV wallet v1.3.1.0 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.

All exchanges have confirmed upgrade to 1.3.1.0

All users (except mining pools)

  1. Encrypt your existing wallet.dat because staking is only possible with encrypted wallets.
  2. Back up wallet.dat
  3. Remove all files and folders in your Reddcoin home folder except wallet.dat
  4. Uninstall old wallet. Install wallet v1.3.1.0
  5. Start wallet and re-sync blockchain.
  6. Set staking=0 in reddcoin.conf if you want to disable staking (e.g. if you are an exchange or seed node).
  7. Never ever set txindex=0 (default 1) because it may interfere with staking.
  8. To start staking, just unlock the wallet and wait for PoSV to arrive.
  9. If you want to compile from source code, git checkout v1.3.1.0 (git tag is not tied to a branch).
  10. In our github repo, master branch is now the posv branch.

Mining pools

  1. Your mining daemon (the one that creates new PoW blocks and announces them to the network) must be at v1.2.1.0 (not even v1.2.0.0 which will be disconnected by all PoSV wallets). Otherwise your new blocks won’t be accepted by the network.
  2. Your payout daemon (the one that creates transactions to pay miners shares of block rewards) should be upgraded to v1.3.1.0 because transactions created by pre-PoSV wallets will be ignored and discarded by PoSV wallets once PoSV kicks in at block 260800.

Parties

  1. /u/hoppipoppipolla is hosting our (in)famous music DJ party at http://plug.dj/reddcoin-com-r-reddcoin/

Additional information

  1. All exchanges, block explorers etc are being notified.
  2. I’ll be posting more information on PoSV in coming days. There will be a public quiz contest for PoSV with awards to top scorers.
  3. Please ask any question below and I’ll add some of them to this post.
  4. You can now shut down all nodes on testnet but backup testnet wallet.dat for future testing.
  5. Notice by rddpool.com
  6. Tutorial on setting up PoSV wallet by Coinbrief.net
  7. Important information regarding Android wallet
  8. PoSV adds almost zero extra size to blockchain
  9. Instant Purchase of Reddcoin via PayPal

FAQs

  1. Will I lose coins if I do not upgrade? You don’t lose coins if you use the existing wallet.dat file. However you should upgrade immediately to transact after PoSV starts.
  2. Can I start staking now? Why am I not staking? PoSV starts at block 260,800 and the wallet will automatically start staking at that time, not now.
  3. Is there a PoSV wallet for Android? Unfortunately no one is working on a PoSV wallet for Android so you need to transfer all the coins out of it now or import those private keys into a PoSV wallet on a desktop.
  4. I start the new wallet and gets error message of corrupted block chain. You haven’t removed the existing blockchain files under Reddcoin home folder. Do that. You can find Reddcoin home folders here:
    • Windows: C:\Users\USER NAME\AppData\Roaming\Reddcoin
    • Mac: /Users/USER NAME/Library/Application Support/Reddcoin
    • Linux:~/.reddcoin

Finally, a huge thank you to all who have helped us test PoSV. It’s your efforts and contribution that make this release possible.

Regards

laudney

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