In a bid to evolve from the norm and revolutionize the crypto world, first-generation altcoin and crypto pioneer Reddcoin has announced the immediate upgrade of the PoSVv2.
Same Outlook, Different Features
The new wallet looks and feels like the former, but the features are now tweaked to fit the aspiration of the company, which is to improve the overall security of its users.
The Reddcoin ecosystem is a self-funding, eco-friendly and user supportive financial solution for generation Z.
Even more impressive is the fact that it’s entirely run by a voluntary group, who are just passionate about the crypto community and charged with the aspiration of seeing the project get started in 2020.
But Why the Upgrade?
The need to improve the existing project is purely based on necessity. Already underway is the activation of the PoS v2 which will go live when the Reddcoin Network has observed 9000 of the prior 10000 blocks already generated by v3 wallets.
Currently, the network is 5200 or -58%, a supermajority soft fork will be enforced at the transition that will prevent older v2.x wallets from being able to send or receive transactions or to stake.
The new program will also lead to enhance staking rules and a visible deduction from each enhanced stake to help in the development of Reddcoin.
Another important factor in perspective was the fact that the Reddcoin network in 2015 was projected to achieve a modest annual goal of 5% but has only been able to achieve only 1%.
But with the new concept in place, Reddcoin would be able to reward active stakes and put machinery in place to achieve it’s 5% annual growth target.
What is PoS v2
The idea behind the creation of the PoS v2 is to improve Reddcoin in 3 strategic areas:
- Encourage users to actively stake and secure the network instead of leaving coins exchanges or cold wallets.
- Stabilize network growth and achieve the 5% annual growth objective.
- Provide a source of funds for the Reddcoin network, which is to be used to improve the general output of the network itself.
Media contact info:
Name: Jay Lawrence
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