Reddcoin Releases PoSV Wallets; Switching on August 2nd

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Reddcoin Releases PoSV Wallets; Switching on August 2nd

ForexMinute.com – Today, on July 24th 2014, the Reddcoin’s lead developer LAUDNEY informed the community about the official release of PoSV wallet v1.3.0.0, and further requested a mandatory upgrade to avoid unexpected hassles. LAUDNEY also confirmed August 2nd to be the date on which PoSV will be implemented into the blockchain. His statement reads:

“PoSV will start at block 260800 which is expected to be minted around 7pm UTC, 2nd August 2014. (Who will be the lucky one?) The total amount of RDD mined in PoW phase will be just a tad shy of 27 billion, which is about 500m less than we originally estimated.”

The new system is designed to ensure the ownership (stake) and activity (velocity) inside the Reddcoin network. These functionalities directly matches the qualities of a real currency, which not just a unit carrying a specific value, but also a medium of exchange; especially in cryptocurrency markets where only a handful of coins are used in real world.

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Reddcoin, unlike other coins, has always aimed at being the part of real finance world. The coin developers never actually criticized the designs of other cryptocurrencies, but have always targeted their lack of connectivity to the economic and social aspects of a real currency. Thus, they simply mean to fill these loopholes by introducing, as said, stake and velocity to Reddcoin.

However, no currency can escape the trading speculations after/before such announcements. Reddcoin charts, in this case, have also reacted to the scheduled launch of PoSV. Its value against the BTC has surges over 2% I last 24 hours, and is indicating a push upwards in next hours.

There is also a flip side here, as the switch to PoSV may cause some transaction halts as well. Furthermore, LAUDNEY has also informed of that that total number of RDD that will exists after the switch will be half than the expected amount.

The developer however has ensured to addresses any query that will arise during the process.

To contact the reporter of the story: Yashu Gola at yashu@forexminute.com

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