Category: Tip Platform

Dear Fellow Reddheads:

It has been a little while in the making, but I would like to take this opportunity to announce to you that the Reddcointalk tip platform is now LIVE! The forum has been updated, and it now includes the Reddcoin Tip Plugin that i have been working on for nodebb. This version is the first cut, so i look forward to your feedback. I would also like to thank those who volunteered and took the time to help troubleshoot and validate progress during development.

Ok. so lets get started!!

First up, unlike a lot of other tipbots, this is a decentralised tip platform There is no wallet or program in the background receiving or storing your Reddcoin It relies on you having your own wallet address stored safely somewhere. This could be the Chrome extension, or the QT wallet (and others like Firefox and Safari apps will follow). And as other wallets types do become available they will be introduced and tested

You will need

Firstly, a valid Reddcoin wallet address, without this tipping is not going to work for you. You will need this to enter into the next step. You can use an existing, or generate a new

Store your Reddcoin address

The address is stored as apart of your forum user settings. What, your not a user yet?? Better register first then… Once registered, you need to find your user profile settings

  • Look over at the top-right corner of the forum and click on your profile picture
  • Click on your user name
  • Click on settings
  • At the bottom of the page there is now a field for your Reddcoin address
  • Fill it in, make sure it is correct and click save (you can also update/change this to a new address later if you want).

Congratulations… you have now finished registering for the tip platform :)

How to use??

Well, now that you have registered as a user, your user name will show up on every post or comment with a prominent icon and user-name. If you want to tip someone, just click on their Reddcoin icon at the bottom of their post or comment. This will launch your wallet, and you can enter your desired amount.

Any problems, or you need assistance you can message me @gnasher Also, any feedback and suggestions are welcome

One final note, if the name is not clickable, then that user has not entered their Reddcoin address.


Dear fellow Reddheads:

Some of you requested me to remove the requirement for trailing ” RDD” or ” Reddcoins” in all tipping commands and now this feature is available on all tipbots. I’ve also consolidated the servers and made miscellaneous minor fixes. Let me know if anything doesn’t work as expected.



Dear fellow Reddheads:

Our Reddit tipbot is now offline as we upgrade the servers and implement a couple of minor features. We expect it to be back later today. All the other tipbots are working fine.

Thank you for your understanding and patience.



Dear fellow Reddheads:

It’s been a month since the successful launch of PoSV, which marked the end of stage one of Reddcoin project. There were three main goals for stage one:

  1. fair distribution of Reddcoin to common users (tipping), miners (mining) and investors (IPCO).
  2. an innovative algorithm to secure the network and encourage ownership, participation and decentralisation (PoSV).
  3. to build out a team of super talented and trustworthy developers.

The three goals have all been achieved so it’s time for us to enter stage two: the buildout of services to make Reddcoin actually useful.This is what Social X is meant for. I’m still polishing the whitepaper to make it live up to my own self-imposed high standard, but I think the time is right for me to unveil it in broad strokes. There are three main problems Social X aims to solve.

Social X: why are wallets so difficult to use?

To achieve wide adoption of Reddcoin (or any cryptocurrency) by the non-tech-savvy general public, wallets must solve the following issues:

  • blockchain size

Ever increasing blockchain size discourages users from running full-blown wallets. It takes too much time and efforts to install or repair. A common user tends to find the process frustrating or even impenetrable and is forced to either give up adoption or rely on 3rd-party service providers (e.g. exchanges, wallets using ReddAPI) to take full control of her fund. Blockchain size grows everyday and grows faster with wider adoption.

  • backup

Current wallets generate private keys randomly. As a user engages in staking or normal transactions, she has to back up wallet.dat file periodically to make sure all newly generated private keys are backed up. If wallet.dat file is corrupted or lost, there is no way to recover lost fund.

  • portability

Again, due to the fact that private keys are randomly generated, it’s impossible for a user to share the same wallet.dat file across multiple devices (e.g. desktop, iOS, Android) and multiple platforms (e.g. Windows, Linux, Mac). Different copies of wallet.dat will get out-of-sync. A user has to manage each wallet independently, which leads to significant operational burden and risk.

  • cold storage

It would be extremely valuable for a service provider, such as an exchange or e-commerce site, to be able to generate unique public keys to receive fund while putting the corresponding private keys in cold storage. The impact on security is significant.

Social X: why is it so hard for me to tip someone?

One essential feature of Bitcoin is pseudo-anonymity. To pay someone, you need to get hold of her impenetrable public hash key, somehow. And the hash key, i.e. the wallet address, may not be valid a moment later because the owner might have lost the corresponding private key. Ironically, this awkwardness, even backwardness, is not perceived as a disadvantage by almost all the cryptocurrencies. In fact, on the contrary, the single biggest, hottest, most wanted feature is full decentralised anonymity, which has seen the rise and fall of many cryptocurrencies and their copycats. While all the other cryptocurrencies compete with each other on this front, Reddcoin, aiming to the social currency of the digital age, moves in the opposite direction. Social lives are not possible without social identities.

Social X: why can’t I use a service without giving up control?

The vast majority of 3rd-party service providers which hold fund on a user’s behalf has exclusive full control of her private keys. If a service is indeed worthy, a user has no choice but to trust the 3rd party with security and integrity. It’s ironic, to say the least, that cryptocurrencies which are created to remove exactly this need for blind trust in middlemen end up in a much worse position than fiat currencies due to the fact that many cryptocurrency companies are unregulated and incompetent. Then the question is: is there a way to create an ecosystem where anyone can write and provide valuable social applications in a fully decentralised fashion?

Social X: Architecture for a Decentralised System for Social Payment and Services

Social X has many components which are already being actively developed. Below I give a brief description of some of them.

  1. In the future, there will be two types of official Reddcoin wallets. QT wallet and reddcoind are full wallets required to run a full node. A second type of wallets, called thin wallets or SPV wallets will use the technology of Electrum modified and enhanced to support PoSV and staking. These wallets include mobile wallets on iOS, Android, next-generation Social Wallet on desktop and wallets inside browsers (Chrome/Firefox/Safari). I’ve already finished writing and started testing the reference implementation of Reddcoin Electrum server and client. Each client only needs to download 25M of data vs the current full blockchain at 660M. This is how we solve the blockchain size problem.
  2. All our official wallets, whether full or thin, will be deterministic. All private keys are generated deterministically from a long passphrase. This passphrase is all you need to remember and backup and with it you can fully recover your wallet and funds anytime anywhere. You will also be able to support multiple wallets on multiple platforms and devices and they will all be in sync. This is how we solve the portability problem.
  3. All our official wallets, whether full or thin, will be hierarchical. They will allow users to generate public keys on demand while keeping private keys in cold storage. This is how we solve the cold storage problem.
  4. I’m writing code (~30% finished) for sth we call Reddcoin Social ID (Redd-ID):
    • It’s a new service provided at the blockchain level.
    • It allow users to associate a username with one private key.
    • The user can choose to bundle extra information such as email, address and avatar.
    • The information is public and embedded in the blockchain. As a result, any user can send Reddcoin to another by simply specifying the recipient’s Redd-ID.
    • Redd-ID registration costs Reddcoins. The costs vary depending on many factors such as the length of the username. For example, we expect popular names like tom to cost at least 7 figure.
    • Redd-ID registration is verified in PoSV blocks. Therefore all active Reddcoin stakers will be the provider of Redd-ID service.
    • Redd-ID registration fee goes to the Reddhead who successfully mints the PoSV block that verifies and confirms the registration. In a sense, it will feel like a lottery. And this is why this service doesn’t make sense for any PoW coin where each block is pool-mined.
    • Redd-IDs can be transferred to new addresses and by default auto-expire annually and can be renewed.
    • Small Reddcoin holders, as long as they keep staking, may double, triple or 10x their existing holdings just by receiving registration fees.
    • Businesses and organisations can register usernames for purposes like receiving donation.
  5. There will be several services available to provide more ways for Redd-ID to be used on Internet. I don’t want to disclose all our cards here. Please wait for my whitepaper and see what we have for you as surprises. Meanwhile, do share with us how you imagine Redd-ID can be used.
  6. Different components of Social X will allow decentralised tipping across all social networks. In our next-generation social tipping platform, there will be no tipbots! When you tip someone on Reddit, Twitter, Twitch, Youtube or Facebook, the tipping goes straight from local wallet, whether on your mobile or desktop to the recipient.
  7. There will be APIs to allow 3rd parties to write and offer decentralised social applications.

Social X: where are we now?

  1. I’m finishing the whitepaper in coming weeks (while writing a lot of code). The whitepaper will contains much more information than this post.
  2. Reddcoin Electrum wallets for iOS and Android are being actively developed.
  3. Reddcoin full wallets (QT/reddcoind) are already hierarchical deterministic in the development branch and are being internally tested.
  4. The Social Tipping Platform is being actively developed.
  5. I need volunteers to host and test Reddcoin Electrum server and clients. I’ll make a separate post next week.


Below I’ll only answer questions selectively. Much more details will be available in the whitepaper and there is no reason to jump the gun and repeat it here. Stage one took us 6 months. We expect stage two to take 6 months also. It may be the most exciting period in the history of Reddcoin project.



Dear fellow Reddheads:

Today we’d like to announce three pieces of news:

  1. 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.

    An online slideshow of the screenshots are available here.

  2. 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.
  3. 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 Team

Reddcoin core developers today unveil the next-generation social wallet that implements several innovative features not seen in the cryptocurrency world before:

  1. complete redesign of wallet GUI that replaces traditional QT interface
  2. 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
  3. 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 screenshots of the social wallet is available at

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.