Welcome again to another weekly post and update on everything Reddcoin.
For Reddcoin, it has been quite a productive week. I have been able to build out a new release candidate (RC1d) containing all the fixes to the issues raised. This has now been distributed to most of the beta testers.
If you havent received your link yet, let me know (PM)
Outside of Reddcoin, it has been quite turmultuous over the past week particularly as the Bitcoin network has been dealing with high volumes. There has been an increase of small transactions causing blocks to fill and delaying some transactions from actually getting into a block.
Some of this discussion has been centered on the increasing fees of the network and it is becoming expensive to send transaction.
New Wallet - RC1d development update
Last week I spoke about hopefully being able to release a new candidate for for testnet. Time wise i was able to get ahead and managed to push a version out on Saturday 5 March 2016
The new build includes the following improvements
- Re-implement BIP66 validation rules and switchover logic
- Fix some TX calculations
- Correct display of recent transactions on Overview page
- increase number items displayed to 5
- Sort the transaction list by date order decending
- Enable staking on launch and after unlocking wallet
- update checkpoints for main and testnet
With this release there is an increase in the block version up from version 3 to version 4. Version 3 was originally created for PoSV. The increase to version 4 is required to handle the new DER signature validation.
What this means for the network is we will have some switchover logic. Effectively the following parameters are used
- Mainnet when 95% block generated are ver 4
- Testnet when 75% blocks generated are ver 4
When this occurs version 3 blocks or lower will not be accepted on the network. This is not a hard fork that will suddenly happen, but rather timed so that everyone has time to get versions downloaded and tested (some exchanges and the like will need time to prepare).
Reddibrek has been very busy this last few weeks giving the reddheads.com website a freshen up. Here you can subscribe to the newsletter and read some of the pertinent articles being discussed.
If you havent subscribed already, please do to stay informed.
There has been lots of discussion in recent forums about network fees. I have even contributed to the following posting https://www.reddit.com/r/CryptoCurrency/comments/48zd7t/which_coin_has_the_cheapest_transaction_fees_atm/
In essence Reddcoin tries to keep fees to a reasonable level.
We have 3 destinct areas in transactions that effect fees from the QT wallet
- Transactions 1RDD or less are considered spam and will attract 0.0001 RDD as a transaction fee. This is to discourage such low value transactions
- Transactions that are above 1RDD, and have a size that will cause the block to be < 250KB will be free. That is if there only a small number of inputs or outputs it will be free.
- If the transaction will cause the block to be > 250KB will attract increasing fees up to the limit of the block of 1MB
In the case of Reddcoin, fees go back into the network, and anyone with an open and staking wallet is entitled to recieve them and are included in the staking amount.
Contributions you can make
Some discussions have started on what the community can do to help contribute to Reddcoin, when you are not a programmer.
A few things do come to mind
- Help translate the GUI into different languages. Reddcoin uses a service called Transiflex to map words from one language to another. If you would like to see Reddcoin GUI in your native language your input could help. I have had a few offers now already.
- Create a Local language channel on the forum. Sometimes it is not easy to convey a message when the only language used is English. Translating across to your local language can add a new dynamic to the forum.
- Help improve the information on the Wiki (wiki.reddcoin.com) there is a lot of information there and BigReddMachine put a lot of effort into getting it there.
- If you have an eye for detail, some input into UI/UX
These are just a few suggestions, there are plenty of things that could be improved.
This week brings new challenges and I will be focusing back on the ReddID and Browser wallet features. The new build of wallet will be going through its paces this week and hopefully we have most technical issues wrapped up.
Keep on staking!