September 2016



bigreddcoinlogo

The Social Currency

The Reddcoin Team
30 September 2016
[email protected]

Executive Summary

During the summer of 2016, Reddcoin saw a major update to the network through the release of the v2.0 Core wallet. Features included in the release pave the way for Reddcoin to be made more accessible and to encourage widespread adoption.

V2.0 also introduces several security fixes, notably the enforcing of strict DER signatures and validation rules (Bitcoin Improvement Proposal – BIP66). The code base has moved from Litecoin, with Reddcoin becoming a fork of Bitcoin, based on the v0.9 branch. This grants Reddcoin direct access to upstream features and fixes coming from Bitcoin development.

With this major work now complete and adoption of v2.0 steadily increasing, the attention of the Reddcoin team now turns to the road ahead. Beyond developing a blockchain, the team is planning a broad ecosystem of applications that will realise the vision of Reddcoin – the Social Currency.

This document presents the 2016-2017 roadmap detailing Reddcoin development goals and objectives over the next 18 months. The outline of core objectives are made along a timeline with milestones to measure and validate healthy progress.

 

Reddcoin Status Report

Over the past year there has been significant work done at the Core wallet level to provide a stable blockchain ready to support various applications and features as development continues. Upgrades include a rebase from Bitcoin Core, the inclusion of strict DER signatures to further secure transactions and close possible attack vectors (BIP66), the ability to store data on the blockchain through OP_RETURN with a 80-byte limit, as well as numerous security upgrades and bug fixes taken from Bitcoin Core.

Over the past 18 months, additional infrastructure has also been implemented and planned (new DNSSeed node, new Electrum server nodes, implementation of testnet network). As features continue to be added further extensions of infrastructure will be required. While the core team will provide some of this infrastructure, the broader community will also be encouraged to become involved. The core team will be available at all times to provide guidance if requested.

The Reddcoin team maintains a strong proactive attitude. Contact is being made and maintained with third-party teams who are planning or who have already implemented various services for Reddcoin. For the long-term viability of the project, it is essential to engage with other groups who have taken or who will take the time to support Reddcoin in their endeavours.

The Reddcoin team has been engaging with the broader community and working with local groups in non-English speaking locations to establish local (non-English) information portals. Recently both the Chinese and Italian Reddcoin communities have launched websites, forums and blogs.

The next priorities aim to expand the functionality of Reddcoin while maintaining the integrity of the Core software and blockchain. The team will continue to forge relationships with the broader community as it identifies possible collaborative exercises. Regular updates will be made by the team to keep the community informed about ongoing development.

The focus is on building an ecosystem that reaches beyond the blockchain. One that allows Reddcoin to operate on a flexible platform  which the average person is able to use to earn support and to show appreciation. As it builds Reddcoin into a resource through which to express appreciation the Reddcoin team is working to make adoption easy for the broader community and the average social network user.

 

Reddcoin Fund Raising

Maintaining and developing Reddcoin as a global digital currency incurs various regular and one-off expenses.

The Reddcoin team now accepts donations from the community to help cover the ongoing cost of hosting servers, operational expenses, advertising, developer support and special promotions. Reddcoin donations received are hosted at the following addresses, which are also enabled for staking.

Community support of Reddcoin via donations is appreciated and useful.

PurposeAddress
Development FundRaWe7UEQ1p2PYmdwbCxAThrq4GucNh3Q6s
Administration FundRfmC2s2zUwkWT6cZNQiKQ6VN5xYVS3jE3V
Operations FundRwjWKJMY6NNehGWvWRQqmUw7HTriD2GDEB

Notes:

Guide to fundraising address goals

  • The Development Fund directly support the development team
  • The Administration Fund supports ongoing admin costs
  • The Operations Fund supports network infrastructure

The team also accepts non-financial assistance such as offers of programming, design work, etc. Community members are invited to volunteer their experience and time.

Join the growing community around Reddcoin and its core team.

The Reddcoin Team can be reached here:

web-iconwww.reddcointalk.org
@reddcoin

 

Reddcoin Project Roadmap

Infographic overview

To summarize the goals ahead and to communicate to the broader community the Reddcoin team has created the following infographic. This infographic will be used to communicate on Reddcoin websites and social media platforms. It provides a high-level introduction to the project goals over the next 18 months. The infographic also provides insight into the ecosystem that is being designed and built, along with approximate timelines for implementation.

As the exciting and inspiring steps along the roadmap are undertaken and completed, this will create a unique opportunity for the Reddcoin team to build an highly-integrated system that will make cryptocurrency easy and rewarding to use.

Detailed Overview

Reddcoin Project Roadmap
4th Qtr 2016
Redd-ID(Blockchain-based distributed naming service)
  • Redd-ID is a blockchain-based naming service.
  • The service provides users the ability to create and own multiple user IDs (e.g. social, work or community).
  • Each created ID is verified on the blockchain and linked to a Reddcoin address.
  • The Redd-ID can be used for sending and receiving Reddcoin to common names (Address-book).
  • User Redd-IDs are public and searchable.
  • A Redd-ID can include as much or as little profile information as the owner sees necessary (contact details, avatars, etc).
  • User profile details can be made public or private.
  • Within each user profile is the ability to link multiple social network identities (e.g. Facebook, Twitter, etc.).
  • Each social network identity can also have a separately assigned and individual Reddcoin address.
  • There is a cost for registering each Redd-ID.
  • The cost of registering is determined by a number of factors such as the length, mixture of characters, vowels, etc. (e.g. john.id > johnadam.id > john0001.id.)
  • Due to popularity, the cost of registering some short names (Joe, Tom, etc.) will be 6 figures or more (at current exchange rates).
  • Redd-IDs are verified in PoSV blocks, with active Reddcoin stakers supporting the registration service.
  • The majority of the registration fee paid for a Redd-ID goes to the wallet-holder who stakes and fully verifies the transaction.
  • A small percentage of the registration fee goes to the network (the Electrum server operator) to support infrastructure.
  • Redd-IDs may be transferred between users (creating a potential marketplace).
  • Redd-IDs will have an expiration date and require renewal (terms between 1 and 5 years with discounting).
ElectrumServers(SPV servers)
  • Essential to bootstrapping the Redd-ID ecosystem will be the revival of Reddcoin Electrum servers.
  • The servers provide the initial interface to the Redd-ID system for registration and maintenance.
  • The Electrum protocol is extended to support Redd-ID operations and to enable interaction between clients and the blockchain.
  • Network participants are encouraged to run Electrum servers to receive a percentage of registration fees as network operators’ fees (service fees).
  • Electrum Server operators set their own service fee percentage.
  • The fee structure is advertised to users when they register their Redd-ID and they can choose their prefered server to connect with.
1st Qtr 2017
Electrum Client(SPV wallet providing instant startup)
  • The Reddcoin Electrum Client provides the interface for Reddcoin users.
  • Reddcoin Electrum is a lightweight client with fast start times.
  • Operation requires a much smaller blockchain download (block headers only: 110MB vs 1.8GB full chain).
  • As of the publication date of the Reddcoin 2016-2017 roadmap, the Electrum Client is already updated to support BIP66 transactions (low_S signature).
  • Electrum wallets are easier to backup and maintain, with addresses being generated / restored from a seed phrase.
  • The client is available on
    • Desktop (Linux, Windows, OSx)
    • Android
    • iOS (availability depends on the evolution of  Apple’s policy on supported cryptocurrencies)
  • The Electrum Client supports natively the registration and maintenance of Redd-IDs and full user profile metadata management.
  • Plugin architecture is included to allow the extension of additional features
    • Users can opt in/out of features (enable / disable plugin).
    • Additional plugins extend the functionality of the wallet
      • Tip notifications
      • Tip feed
      • Built in RDD exchange rates
      • As of roadmap publication discussions are underway with some exchanges for built-in currency conversion
      • Other possibilities include social chat/IRC/news feeds
  • The Electrum wallet becomes the social wallet.

Reddcoin Electrum_Reddid

2nd Qtr 2017
Browser Wallet(Decentralised tipping)
  • Tipping wallets are no longer stored on discrete servers.
  • The existing tip bots (Reddit / Facebook/ Twitch) are reworked to become decentralised entities.
  • Tips are deposited and spent directly from a user’s wallet with private keys under the control of the user.
  • Inclusion of many popular social platforms (Facebook, Youtube, Twitch, Twitter and others) via browser plugin architecture acting as a bridge.
  • The Browser Wallet supports the extended Electrum protocol.
  • The wallet allows in-browser registration of Redd-IDs.
  • Micro-subscriptions
    • Scheduled or time-based transactions to websites and users to support good content.
  • Chrome is first on the list to support, followed by Firefox and Safari.

Reddid_2016_02_26 07_38 PM

3rd Qtr 2017
Social Broadcast(Service to encourage social and micro-donations)
  • Reddcoin Social Broadcast encourages positive social exchange and interaction, and rewarding / donations.
  • Social Broadcast links users to content creators.
  • The service generates metrics on popularity,interaction, etc.
  • URLs and postings that attract positive tipping behaviour are ranked and highlighted.
  • Activity is broadcast and users can subscribe.
  • Specific users or content can be followed.
Redd-ID API(Blockchain data interface)
  • An API for third-party integration with Redd-ID.
  • Allows remote registration from third-party services
  • Perform blockchain data queries and look-ups.
4th Qtr 2017
PoSV 2.0(Proof of Stake Velocity v2 improvements)
  • Continued investigation of PoS algorithms in the context of further upgrades (security, performance, etc.) to PoSV.
  • Improving the current PoSV algorithm to strengthen the existing PoS reward scheme.
  • Extending the algorithm to encourage more active staking nodes.
  • Modifying the existing algorithm to reward active stakers with interest based on the total money supply (staking + non-staking). For example if only 50% of the available Reddcoin are staked, those Reddcoins generate 2 x interest, i.e. 10-12%. This is implemented in the full-node Qt wallet first.
Electrum Staking(Extended staking ability)
  • To benefit smaller coin holders who find downloading the entire blockchain a burden, the implementation of staking in Electrum.
  • Staking enabled in each of the Electrum clients (Windows, OSx, Linux, Android) .

 

Team Reddcoin

Lead Developer   |John Nash (Gnasher)
Developer   |Henry
Communications & Reddheads Chief Editor   | Stuart (reddibrek)
Community Manager   |Eric
Reddcoin Community

[email protected]

Download the Reddcoin Roadmap 2016-2017 as PDF

Reddcoin Bi-Weekly Development Update


Welcome again Reddheads to the bi-weekly update of Reddcoin Development.

Things are getting damn hectic around the office lately, with lots of activity going on in all facets of this project.

Notably, there has certainly been a lot more people approaching, asking directly what is going on with the project. It is really starting to gain some well deserved attention again since the launch of the new Reddcoin Core wallet.

If you didn’t catch the article a few weeks ago when it was first published, I did a Reddheads interview with @reddibrek.

There will be another interview published next week around the 27th – 28th.

And speaking of next week…

Reddcoin 2016-2017 Roadmap:

I promised you earlier that the release of the roadmap would be at the end of this month.

So keep a lookout on Sept 30.

The document has been going through lots of refinement and fine tuning. And at each pass, it excites me as to the future of Reddcoin. Committing these thoughts and ideas to paper continue to strengthen the direction that we foresee for the micro-donation platform.

The vision of what Reddcoin wants to deliver is very solid.

One of the important aspects of this project you should be aware is NOT being restrictive on your choice of social network.

We want you to continue to use the platform of your choice. And while you are busy socialising with your friends, and rewarding good content, Reddcoin will be the decentralised micro-donation mechanism that allows YOU to remain in control of your funds at all times.

BIP66 progress:

Now that the Reddcoin Core wallet has been released, and with a healthy vision for the future, we are looking forward to progressing on many fronts.

It has now been just over 6 weeks since the release of the v2.0 wallet and we have already reached the following milestones.

  1. v2.0 wallet is now at 55% and the majority client according to bitinfocharts
  2. v4 blocks are at 75% (BIP66 activation)

This is a timely reminder for you, if you are staking, and you are on old clients, once the network reached 85% your blocks will not be valid and you will lose your stake reward.

Developers Wanted:

Since putting a call out to the community, we are starting to see some interest again in helping at the core level.

Our task ahead is ambitious and exciting, we are always on the look-out for new developers, If you have an interested in c++, js or python drop me a line, I have some interesting projects that need attention.

Development Fund-Raising:

Thank you again to everyone who has made some contribution to the Reddcoin fund-raising. Your generosity is truly welcomed.

With the funds raised, the goal is to remain quite transparent as to when the funds are used.

Presently, we have them online and staking so as to help build up a healthy backing. Ultimately, the goal is to become self funding where stake rewards are covering the costs for each of the purposes.

Your donations and support help to drive Reddcoin’s future success!!

The collected funds, and the staking rewards are be used to cover various operational expenses (hosting services, email ,etc), advertising, supporting developers, and special promotions.

Donation Addresses

PurposeAddress
Development FundRaWe7UEQ1p2PYmdwbCxAThrq4GucNh3Q6s
Administration FundRfmC2s2zUwkWT6cZNQiKQ6VN5xYVS3jE3V
Operations FundRwjWKJMY6NNehGWvWRQqmUw7HTriD2GDEB

Notes:

  • The Development Fund will help support the development team
  • The Administration Fund will help support the ongoing admin costs
  • The Operations Fund will help support the network infrastructure

International Community Expanding

Just a reminder to our international friends that there are new communities popping up.

If you would like some help in getting going and have a desire for writing or blogging, let me know and I will give your site some promotion.

If you are interested in creating localised news and content for Reddcoin, I am interested to hear from you.

Getting involved

We are a global community, and cross many borders but boundaries do not need to hinder us.

The crypto currency world has not reached its tipping point yet, but when it does, it is sure to escalate at an amazing rate. There are going to be many ups and downs, and an interesting ride for sure.

If you would like to get involved and dont know where to start, reach out and we will see where you can jump in @Deadpool has a great Trello site going with activities that need looking at.


In Closing

Thank you for your patience.
I know in this arena things projects move fast, but I am confident that we now have a platform to move forward.
There are lots of exciting projects out there, but none quite touch on the ideas I have in mind.

As always, there is still plenty to do, and there is no time for resting.

So where ever you are, enjoy your week ahead

Keep on staking!

Gnasher
(John Nash)

 

x-posted (https://www.reddcointalk.org/topic/927/state-of-the-redd-nation-september-23-2016)