Reddcoin Officially Releases POSV; Will Begin on Aug. 2nd (Now Live)

Today, the lead developer of Reddcoin, Laudney, announced the official release of the POSV wallet 1.3.0.0.  Reddcoin’s POSV is a subject we have covered before, and is a completely new proof system that should harness the security of POS, while discouraging hoarding.  This announcement comes shortly after a huge rise in the value of Reddcoin, which was hovering in the 3-6 Satoshi range for months, before exploding up to a height of 29 Satoshi, and is now stable at around 20.

I expect that this announcement will be the start of another push upward, barring any attempts to keep the price down, as confirmation that POSV was functioning well enough to be taken to the live network has kept quite a few investors on the fence.  The statement also revealed that the total number of RDD that will exist at the moment of the switch will be slightly less than 27 billion, which is almost half a billion less than was originally anticipated.

Mining pools and exchanges will need to scramble to setup their new wallets, as this change is so large that it could cause transactions to be ignored once the switch to POSV is complete.  However, as the Reddcoin team has remained in close contact with the owners of the major exchanges, as well as the large mining pools, this should be a non-issue.

Rather than go on about this myself, it seems more effective to provide Laudney’s message directly.

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Dear fellow Reddheads:

PoSV is now officially released. You can download the PoSV wallet v1.3.0.0 for Windows/Linux/Mac at this link[1] . PoSV will start atblock 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.

All users (except mining pools)

1. Encrypt your existing wallet.dat because staking is only possible with encrypted wallets.
2. Back up wallet.dat
3. Remove all files and folders in your home folder except wallet.dat
4. Uninstall old wallet. Install wallet v1.3.0.0[2]
5. Start wallet and re-sync blockchain.
6. Set staking=0 in reddcoin.conf if you want to disable staking (e.g. if you are an exchange or seed node).
7. Never ever set txindex=0 (default 1) because it may interfere with staking.
8. To start staking, just unlock the wallet and wait for PoSV to arrive.
9. If you want to compile from source code, git checkout v1.3.0.0 (git tag is not tied to a branch).
10. In our github repo[3] , master branch is now the posv branch.

Mining pools

1. Your mining daemon (the one that creates new PoW blocks and announces them to the network) must be at v1.2.1.0(not even v1.2.0.0 which will be disconnected by all PoSV wallets). Otherwise your new blocks won’t be accepted by the network.
2. Your payout daemon (the one that creates transactions to pay miners shares of block rewards) should be upgraded to v1.3.0.0 because transactions created by pre-PoSV wallets will be ignored and discarded by PoSV wallets once PoSV kicks in at block 260800.

Party

1. /u/hoppipoppipolla[4] is hosting our (in)famous music DJ party at http://plug.dj/reddcoin-com-r-reddcoin/[5]

Additional information

1. All exchanges, block explorers etc are being notified.
2. I’ll be posting more information on PoSV in coming days. There will be a public quiz contest for PoSV with awards to top scorers.
3. Please ask any question below and I’ll add some of them to this post.
4. You can now shut down all nodes on testnet.

Finally, a huge thank you to all who have helped us test PoSV. It’s your efforts and contribution that make this release possible.

Regards

laudney

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I will be updating my own wallet momentarily, and will prepare a step-by-step guide for users that are hesitant to jump into this right away.  That should be available later today.

Update:  The Transition To POSV Went Very Smoothly, and Coin Brief Has Released Tutorials For Making the Switch.  The Walkthroughs are Available Here: Windows Reddcoin POSV Wallet Upgrade Tutorial and MAC Reddcoin POSV Wallet Upgrade Tutorial.  Also, the Reddcoin social wallet that we reviewed before is now available to the public.