Reddcoin is the first social network based on the blockchain technology. RDD was created in 2014 after a fork from Litecoin and has been a popular cryptocurrency ever since.
Two days ago, the team of RDD announced the new version of their Proof of Stake protocol, the PoSV v2. This version will provide enhanced network growth by enhancing the stake rewards and providing a revenue stream to the development team.
According to the Reddcoin paper
the new improved PoS version will provide a higher velocity (activity), a crucial feature for a social currency. The new version will also encourage ownership and staking. The new protocol will upgrade its current 5% reward, this will make it easier for users to assist and participate in the network security.
Additional protection against 51% attacks is also achieved by encouraging stakeholders to be online, according to the ‘Reddpaper’ ‘’The asymptotic limit of coin age due to exponential decay function provides extra security for the network. The maximum amount of coin age a stakeholder can earn now equals coin amount times twice the half-life.’’
Since its creation back in 2014, Reddcoin has been trying to be the number 1 social cryptocurrency, encouraging users to tip creators of social media or other online creators."The upcoming PoSV v2 fork is meant to embody these three core principles in a concrete way, serving as an example to other projects to drive overall crypto adoption
," says Laurence, CEO/COO of Reddcoin Solutions.
The team of Reddcoin has been faithful to the idea of decentralization and has rejected the venture capital method of funding. The development of Reddcoin happens thanks to the built-in incentivization of decentralization.