Reddcoin, a decentralized, blockchain-based cryptocurrency used to tip and send payments for social content has made big announcements.
The Reddcoin team disclosed the intro of a new updated version of the 3.0 wallet software, which is agreeable with Mac, Linux, Windows and many more.
In order to advance from the norm and to revolutionize the crypto world, the crypto pioneer, Reddcoin has declared the rapid upgrade of the PoSVv2.
Characteristics of the new wallet
The new wallet looks like the previous one, but the features are now modified to suit the aim of Reddcoin.
This is to increase the all-around safety of its users.
The Reddcoin ecosystem is a self-funding, eco-friendly and user supportive financial solution for generation Z.
Even more remarkable is the fact that it’s completely operated by a voluntary group, who are enthusiastic about the crypto community and charged with the aspiration of seeing the project commenced in 2020.
Why the upgrade?
The need to enhance the prevailing project is solely based on necessity.
Already ongoing is the activation of the PoS v2 which will go live when the Reddcoin Network has examined 9000 of the prior 10000 blocks already generated by v3 wallets.
Presently, the network is 5200 or -58 per cent, 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 fresh program will also lead to strengthening staking rules and a noticeable deduction from each enhanced stake to help in the development of Reddcoin.
Another crucial factor in perspective was the fact that the Reddcoin network in 2015 was projected to attain a modest annual goal of 5 per cent but has only been able to attain only 1 per cent.
But with this different concept in place, Reddcoin would be able to reward active stakes and put machinery in place to achieve it’s 5 per cent annual growth target.
What is PoS v2?
The idea behind the invention of the PoS v2 is to boost Reddcoin in 3 main aspects.
The first is to motivate users to actively stake and secure the network instead of leaving coins exchanges or cold wallets.
The second is to solidify network growth and achieve the 5 per cent annual growth objective.
The last is to procure a source of funds for the Reddcoin network. This will be used to enhance the general output of the network.