Talking about the cryptocurrency Reddcoin

Interview with Reddcoin dev

On Wednesday the bi-weekly Reddheads newsletter was published including an interview with dev Laudney, in which he speaks about current work on the cryptocurrency Reddcoin and the future of the project.

Here is the interview reproduced in full.

An interview with Reddcoin dev Laudney

RH. Where have the IPCO funds that were collected gone and what has that investment produced?

L. The vast majority of IPCO funds so far have been paid to developers who have worked on various aspects of the infrastructure such as PoSV, testnet, multi-signature wallet, the tipping platform, the browser wallet, the Electrum server and client and other on-going efforts. Also some of the funds have been spent on the official video, rewarding Wiki contributors, sponsoring numerous giveaways and community activities. Funds are also used to pay for ongoing operational costs such as server hosting, domain names, Cloudfare etc.

RH. With the current situation of development being done in spare time and devs being busy with full time jobs, where do we stand on Reddcoin Ltd? Has the option to employ people full-time been explored yet?

L. As I have already said, Reddcoin Ltd has no full-time employee at the moment. Only after Social X is up and running will we make a decision on the next steps for the Ltd. If Social X turns out to be a success, we’ll explore options to operate the Ltd as a proper business. If not, we may dissolve the company.


RH. Have you considered releasing certain aspects of Redd-ID / PoSV 2.0 / Social X following a sort of Minimum Viable Product approach rather than a fully polished package?

L. Yes. Redd-ID and PoSV 2.0 are where major changes to the blockchain are introduced. Once those two are implemented and tested, we’ll release them first. The integration with social networks and the next-generation micropayment platform can be gradually rolled out afterwards without change to the blockchain itself.

RH. What features are coming with PoSV 2.0 and how different will this be from the current PoSV?

L. PoSV 2.0 will significantly increase the incentive for people to stake by allocating interests on the entire money supply among active stakers. For example, if during a specific time period only half of the Reddcoins are staked, those Reddcoins will generate twice the normal interests, i.e. 10-12% annualised.

A more subtle aspect of this proposal is how to prevent people from timing their staking. In a naive implementation, people with significant holdings can simply choose to stake when the block difficulty is low, which is similar to multipools that choose to mine low-diff altcoins. I have an elegant solution which rewards those bonus interests across a range of blocks rather than through a simple spike of the interest. It’s important to understand that the security of the network depends on how many attempts there are to generate new blocks, not how large a coinstake transaction is. Someone with 100M Reddcoins can generate one block once every week and earn 6% annualised interest. That’s very bad for the network. We need to encourage those 100M Reddcoins to be broken down into smaller chunks, each of which generates a block periodicially.


RH. What plans are being considered for marketing and advertising the Reddcoin brand?

L. There is no plan under consideration for marketing and advertising. We are in the early stage of making a product. If the product works and satisfies real-life demand, we’ll start planning other aspects of the project. Currently it’s all about writing code.

RH. Will the social tip platform be the final piece of Social X? How many social networks will it support upon release, and will it be expanded over time?

L. Yes. @tralf has already written code that integrates with 12 social networks. More will be added over time.

RH. Whatever happened to the Social X Whitepaper?

L. I decided not to write the full whitepaper because it takes huge amount of effort and time to polish it to my self-imposed standard. If the aim is just to provide information to the public, there are much more efficient ways to do that, which is why I chose to publish a post on the problems Social X aims to solve and what specific components are required.

RH. Is the social broadcast platform suggested previously under active development?

L. Not yet. It’ll be a focus of the stage three, i.e. after Social X.


RH. When will the browser wallet be ready to try with Firefox?

L. @tralf is focusing on the Chrome version. If you have strong preference for Firefox and are keen to help test it once it’s in beta, please email or message @tralf.

RH. Is the official Reddcoin project Github page up to date with all the latest code from the dev team? Or is most of the work being done in private repositories? 

L. Blockchain-related repos are usually public. Some proprietary wallets are in private repos. Code on Github is not always up to date because developers may choose not to push all the changes to Github just yet when they are still in flux.

RH. Is Reddcoin owned by Reddcoin Ltd or are they separate? Can you elaborate on how Reddcoin the open source project differs from Reddcoin Ltd? 

L. Reddcoin the currency / blockchain is under MIT license. Its copyright is shared by all the contributing authors such as myself. It’s not owned by the Ltd. Anyone is welcome to contribute to the codebase or fork it to take it on a different direction as one wishes. Reddcoin Ltd may own copyright to certain proprietary projects such as certain wallets. The Ltd also pays for servers such as and publishes privacy policies accordingly.

RH. Will Reddcoin be working with social media websites or browser / tech companies to integrate the tech? 

L. The technology under development to integrate Reddcoin with social networks does not require the consent or cooperation of those social networks, which is the most important part of the objective when the design for Social X was conceived. Otherwise it wouldn’t be this complicated.

RH. What’s next after Social X?

L. After Social X is complete, the focus will be on expanding the list of supported social networks and building new services on top of the micropayment platform, such as social broadcast.