Just got this sneak peak of what the CrytpoChat interface will look like and thought I’d share it here. Clean design and looks great. Can’t wait to use it 🙂 If you like meeting great people and talking about cryptocurrency, click here for an invite.
The Dood: Thanks for taking the time to answer the questions for this interview. Could you tell the readers who are you, a little about your background in the crypto space and your relationship to cryptochat.io?
Bill Cassidy: I’m Bill Cassidy. Crypto Enthusiast, Podcaster, Volunteer and big time surfing dood. I joined the crypto space in early 2014 after watching bitcoin soar to new price levels. I’d heard about bitcoin before but ignored most of it because I didn’t have the technical skills to understand what was going on. I am Co-Founder of CryptoChat. My specific role inside the project is not really defined right now I just do a whole bunch of stuff.
The Dood: Can you explain a little about cryptochat.io and what it does?
Bill Cassidy: CryptoChat started as a slack group dedicated to one project. About a month ago myself and the two other slack owners decided that we no longer wanted to focus on just one project so we pivoted our idea and created CryptoChat. At the moment we have our slack room and CryptoChat. CryptoChat is built on the matrix.org… framework and currently in private beta testing. Matrix is open sourced and distributed much like CryptoCurrencies which makes this a perfect match. We’ll be opening up public beta testing in late November.
CryptoChat is a hub for all kinds of Crypto projects. We aim to build bridges between the many different chat platforms directly into CryptoChat. Platforms such as, IRC, Slack, Gitter, Telegram to name a few. CryptoChat users will have access to all these rooms simply by registering and logging into our platform. Our slack group is already bridged to the CryptoChat rooms and we’re building bridges with other projects as well. Another cool feature of CryptoChat is that we will be able to offer encryption for direct messages between users (this feature is still being tested so it’s not quite ready).
The Dood: Great idea. I think this was something the community needed. We have slack channels and IRC channels all over the internet. Till now, there really hasn’t been one place for people to find, projects, news, and chat all together in one place. How has this project been received by the cryptocurrency community in general?
Bill Cassidy: There are so many slack groups it’s not even funny. I’ve literally signed up for over 30 slack groups! When we were only focusing on a single project our growth was pretty slow. Since changing our focus we’re already seeing the number of new users increase. Chatter has slowed a bit but that was to be expected during the transition phase. It’s picking up again and soon there will be too much for even one person to read. I think a lot of the crypto community members see value in what we are building. People will use it for different reasons and that’s exactly what we want. One of the best parts about CryptoChat is that we are very inviting and welcoming to new members. Kindness goes a long way and people remember that.
The Dood: At the time of this writing CryptoChat is hosting 24 + chat rooms dedicated to various altcoins and cryptocurrency projects. Are there any special requirements that need to get met or can anyone get a chatroom for their established altcoin or cryptocurrency project?
Bill Cassidy: The owners of CryptoChat are building some guidelines/framework for choosing which projects will be added or not. We’ll be adding a lot more projects to the closed CryptoChat platform, more-so than the slack platform because we want to draw people into CryptoChat. I think one of the best ways to get a channel on our platforms is by proving to us you can bring in members and create some conversation.
The Dood: Now is this an exclusive club or can anyone join in on the conversation as far as just the average person, with no connection to any crypto project? Can anyone join up to chat, learn, and maybe get some of the latest news on different projects?
Bill Cassidy: This is a very INCLUSIVE club. Anybody can join even your Grandma. There are a lot of people who provide technical assistance for each of the different projects, specialist of every kind. We set up news bots for each channel so you can always stay up to date with the latest.
The Dood: So what’s involved in getting a chatroom going on cryptochat.io? Say I’m Joe Crypto starting some new project and I want a place to meet friends and future associates and talk about the latest happenings with my project. What do I have to do, who do I have to contact, and how hard is this to set up?
Bill Cassidy: I want to note: There is a difference between our slack and CryptoChat. It’s really easy for someone to get a channel on our CryptoChat, it’s a little more difficult to get a channel on slack. The easiest way to get added is by visiting slack to start conversation and create activity related to your project. If you can prove to us that you’lll bring over new members and help CryptoChat grow we would love to have you. There is no real specific guideline for adding projects at the moment. So if you’re interested don’t hesitate to ask. At the minimum you gotta join the slack though so head on over to www.cryptochat.io and click “get invite”.
The Dood: When we talked on twitter you mentioned something about being able to plug a twitter feed into a chat room on the cryptochat platform? How hard or how easy is that to do and what other features do these chat rooms offer that I may have overlooked?
Bill Cassidy: While I was typing my responses to this interview I went ahead and created you a channel in our slack and on CryptoChat. The channels are bridged so you can chat from either one. I also set up an RSS feed from your twitter account which gets posted to both slack and cryptochat. All this took me about 15 minutes.
One of the best parts about the CryptoChat platform is that the chat history is saved forever. Slack limits users to view only the last 10k messages. I’m also looking into creating a slack<>slack bridge. At the moment we’ve got bridge from our slack to the ShadowCash Slack which was setup by one of the ShadowCash developers.
The Dood: I think I seen in your twitter that this is the brain child of a few different people. Care to talk a little about some of the other devs and what each one brings to the table?
Bill Cassidy: I was the original founder of the slack group I think back in Feb 2016. Within the first month I found my two partners Solarminer and Inthewoods. These two guys helped me form a team around the original slack group. When we decided to pivot we lost some of our team members but brought in 5 additional owners. CryptoAdvocate, Grant, Alexander, SteveCash, and CryptoAtm. Each one of us brings something to the table. We all have our special skills. Everyone’s main priority is to create chatter because at the end of the day this is a chat room. If there’s no chatter what’s the point?
The Dood: I popped into cryptochat a couple times when I started writing up this interview and I have to say it looks like a really great platform. I chatted with a few friendly community members and I’d say you guys are off to a great start! Is there anything else you want to tell the readers about that I may have missed or over looked? Maybe some cool feature that I didn’t point out in the other questions or some important news?
Bill Cassidy: As I said earlier we’ll be opening up public beta testing soon. I’ll have a form at cryptochat.io where you can sign up for the beta testing in a day or two. We’re really excited about this project so keep an eye out for progress.
The Dood: It’s a really exciting time to be part of this cryptocurrency experiment. Everyday I feel like we are all making history as cryptocurrency continues to grow. I ask all my interviews the same last question. Could you share any thoughts, predictions or observations of where you think cryptocurrency in general is heading in the future?
Bill Cassidy: I’m not old enough to have been apart of the early 90’s Internet craze. When I read about the 90’s and how the Internet came about I sometimes wish I was born sooner so I could have been a part of it. Now I believe we ‘re living in the same type of era with CryptoCurrency and blockchain technology. These projects are more than just digital currencies. There are so many different projects it’s impossible for one person to keep up. I think in 10-15 years people will be using bitcoin or similar technologies and they wont even realize it. I think it’ll all take off when people can use this technology in an easy way.
The Dood: Thanks for taking the time to answer these questions. The Dood really appreciates it and wishes you and the entire cryptochat team success with this project and all your future endeavors!
Bill Cassidy: Thank you too man. I love what you do for the space and appreciate you taking the time to interview me.
Join CryptoChat : www.cryptochat.io
Follow on twitter: twitter.com…
The Dood would like to thank Stephanie Kent founder of the Krypton project for doing a follow up interview and sharing some of the exciting news and developments happening with Krypton KR. Nothing posted in this blog, website or post should be construed as investment advice. Please seek a duly licensed investment professional for investment advice, not some guy on the internet who refers to himself as “The Dood”. In the spirit of full disclosure The Dood holds a small amount of Krypton KR.
BitcoinDood: Thanks for taking the time to do this interview. This is your second interview with The Dood and a lot has transpired since the last time we talked. I start and end every interview with the same two questions. So for any new readers who may not know who you are, could you introduce yourself again and tell us a little about the Krypton project and your association with it?
Stephanie Kent: Thanks for having me back, Dood. My name is Stephanie Kent, but most people into crypto and digital currencies know me from Twitter as “covertress.”
I’m founding a Blockchain-as-a-Service company, Krypton, Inc. and The KR Foundation to support the open source blockchain, KR.
Krypton, Inc. will specialize in coding distributed applications for business systems and Internet of Things (IoT) devices. KR will be Krypton’s blockchain of choice upon which to run these dApps, but Krypton will also code custom private blockchains, as our customers require.
BD: Since the last time we spoke, Krypton had some issues with a blockchain DDoS attack. Is that correct? Could you tell us a little about what happened?
SK: It’s fitting that we revisit the attack on Krypton now, at the end of October. What a nightmare!
As you know, KR began as a copy, or fork, of Ethereum’s Frontier client.
In May, a severe attack vector was identified within Ethereum code written in Golang but, Ethereum did not provide a solution to fix this and only stated that the chance of being attacked in this way was low.
A few months later, the first attack on an Ethereum-based blockchain happened.
The main problem with Ethereum is that a copy of its blockchain can be easily manufactured offline. When combining DDoS attacks against valid nodes with enough hashing power to overcome a network, a manufactured chain can be pushed into production as the real chain.
Krypton’s attacker was able to create a duplicate of the end of the KR chain that was 8,000 transactions long. Using it, he was able to reverse a large sell that he did on Bittrex and re-spend the stolen KR again. Krypton was lucky that the amount stolen was only ~24k KR. (Worth about $3,000.) If the attacker had more money to purchase KR in the first place, he could have stolen much much more.
BD: Krypton was an Ethereum based cryptocurrency. There was another Ethereum based coin that had a similar problem, I can’t find the post or remember which coin it was to save my life. At that time everyone thought this was a test run to DDoS some smaller blockchains before hitting Ethereum. Do you think this was a test run for what Ethereum now seems to be dealing with it on close to a regular basis?
SK: Earlier, you were thinking of Shift, which was the first Ethereum-based blockchain to be attacked.
At the time, KR, Expanse, Shift, SOIL, Ethereum and Ethereum Classic were all vulnerable. Now, both Shift and KR have moved away from Ethereum-based blockchains. The rest remain at risk for attack in this way.
It is possible that the attacks on Shift and KR were a test run for attacking Ethereum. Who knows? It is technically possible to attack Ethereum or Ethereum Classic in this way, although it would require a very large mining farm and be very expensive to do.
BD: From what I understand, your team decided to abandon the old POW (proof of work) blockchain and have now started a POS (proof of stake) blockchain. The Dood has a hard time with some of the technical aspects of the various blockchains out there. My understanding is more in the realm of trading. What’s the difference between the old chain and the new chain? Are you still using the Ethereum codebase or have you changed to something different?
SK: As a young network, lacking the hashing power of ETH or ETC, KR was not able to defend Ethereum code against this new type of 51% attack. In order to protect investors and keep KR trading on Bittrex Exchange, Krypton decided to move KR to our new, safer Proof-of-Stake blockchain based on Blackcoin code.
BD: I say it all the time I love POS coins. Nothing could be better than watching your coins grow as they sit in your wallet. Could you tell us a little more about the POS features Krypton now offers?
SK: Proof-of-Stake allows everyone to make more KR, without mining equipment. We have many happy stakers in the Krypton community right now.
Every 64 seconds 0.25 KR are created. Everyone staking shares a turn in line for this handout. If your wallet has more KR in it than Mary’s wallet does, you get to cut in line for another chance at the 0.25 KR before she does.
Just put KR into the new wallet, leave the wallet open and “unlocked for staking” and watch your KR begin to multiply.
BD: Now the last time we talked Krypton was focused on BaaS or Blockchain As A Service. You were kind enough to explain a little about DAO’s, DAC’s and DAPP’s and how they related to Krypton. bitcoindood.com… Are these services still the main focus of Krypton? Has the new blockchain changed the direction Krypton is heading in?
SK: KR will remain on this PoS chain until Krypton rewrites a version of the Ethereum-based blockchain code in a more secure language than Golang. We’re looking at C# language and plan during the rewrite to keep all of the distributed technology (D-Tech) functions of Ethereum (dApps, DACs, DAOs, smart contracts.)
Going forward, KR will not be compatible with Ethereum, however. We plan to rewrite KR in a way that makes it similar, yet more secure.
The continued attacks against Ethereum are showing Krypton what not to do.
BD: I have to ask you this. Since the last time we spoke we’ve seen “The DAO” disaster, an Ethereum fork that left us with Ethereum ETH and Ethereum Classic ETC, and now several DDoS attacks on Ethereum ETH. I respect everything Ethereum has accomplished as far as DAPP’s DAO’s DAC’s and the concept of the “world computer” but part of me wonders if they just released to much too soon. How do you feel about everything that has happened? From an insider’s perspective and your team working with that codebase do you have any thoughts on the subject?
SK: After examining the points of failure in the code of The DAO, I personally believe that it was irresponsible of Ethereum (and certainly Slock.it) to release this code for corporate use.
Real people are spending real money to run real businesses atop a code base that is not ready to do this.
Krypton aims to fix this with our rewrite of KR.
BD: I’m happy to report Krypton is back up and running. I know on Bittrex and some of the other exchanges, you guys took a short break and all trades were halted till the blockchain issues were resolved. As far as The Dood is concerned your team did a stellar job in addressing the problem, fixing the issue, and moving forward. Everything appears to be running smoothly now. Is the hardest part over? Do you see things progressing more smoothly from here on out?
SK: Yes, finally!
When the KR swap ends (31-Oct), I’ll have time again to solicit investors to found Krypton Inc and The KR Foundation.
I’m really looking forward to November. To celebrate, I’m giving away 300 KR to one lucky winner on Halloween (see Twitter for details.) twitter.com…
BD: What does the future of Krypton currently hold? Can you share any roadmap
plans as far as continued development and new features?
SK: Anyone can keep up with Krypton’s dynamic roadmap on our Trello page: trello.com…
We have a few surprises planned for development on our new PoS chain but, we’re saving all the heavy coding work, re-incorporating D-Tech, for the rewrite.
BD: With everything said, I want to add that The Dood’s seen a lot of cryptocurrencies come and go. In the cryptocurrency community, more times than not, we’ve seen dev teams just walk away from projects after a couple minor issues with their blockchain. This wasn’t the case with Krypton. In my humble opinion the best thing that could have come from all this, is that the Krypton team really showed the entire cryptocurrency community what they were made of. After all this I’m confident we’ll see Krypton being used, and on the exchanges for many years to come. With that said, do you have any final words for the readers? Anything you want to share that wasn’t covered in the interview?
SK: I thought that being the sole founder of a startup was hard until I began by creating the public blockchain, KR.
Now that KR is on a stable, secure chain and I have time again to startup Krypton Inc, I’m discovering the need for competent CIO and CFO co-founders.
In addition to shopping for VC funding, I’ll be headhunting these co-founders at the blockchain conferences I attend.
I already have my ticket for the next Consensus 2017 conference in New York and plan to speak at and attend many more conferences in the coming year.
BD: As always thanks for taking this time to answer my questions and share your story with the readers. The Dood really appreciates your time and I know things must be pretty busy for you guys now. Just reading your forum posts I know how much time you spend promoting Krypton and introducing new people to it. It certainly is an exciting time to be involved in the cryptocurrency field on any level as we all make history. I always end my interviews with the same last question, soooo, any new predictions or thoughts on where cryptocurrency in general is heading in the future?
SK: The last time I answered this question, I predicted that we will see much more blockchain technology that incorporates the features of smart contracts and distributed applications.
I still believe this though now I’m convinced that these technologies will not be built to last upon Ethereum but, instead, upon the coming, new KR.
BD: Thanks again Stephanie Kent @Covertress for taking the time to answer The Dood’s questions. It’s always a pleasure speaking with you and The Dood always looks forward to your interviews.Wishing you and the entire Krypton team much success in the future!
SK: It’s always my pleasure. Thanks, Dood!
Krypton slack slack.krypton.rocks…
Krypton website krypton.rocks…
Please DO NOT trade KR on Yobit Exchange. Yobit has not upgraded to the new PoS KR.
I have to say I’m really excited about this interview. Reddcoin was one of the first altcoins I purchased when I started trading altcoins and I’ve traded these coins on and off for the last couple years now. Reddcoin is a well established coin with a large enthusiastic community and a great dev team. Thank you John Nash, lead dev of Reddcoin for taking the time for this interview and answering these questions. The Dood really appreciates it. In the spirit of full disclosure I currently hold a small amount of Reddcoin.
BitcoinDood: Thanks for taking the time to do this interview. I have to say I was really excited to get the opportunity to put this interview together. Could you please tell the readers a little about who you are and your relationship to the Reddcoin project?
John Nash: Thank you for the opportunity also. My name is John Nash and I am the lead dev for Reddcoin. I first became interested in cryptocurrency in 2010 but it wasn’t until 2013 that I really got involved. Like many, I originally started by mining coins, but I wanted to go much further and understand what was under the hood. I did a fair amount of research and also a lot of analysis of blockchain data before I got into the role of lead developer.
BitcoinDood: Reddcoin is a well established coin with a great enthusiastic community. I believe the Reddcoin community has been around since early 2014.When I first started trading altcoins, Reddcoin was among some of the first coins I purchased outside of bitcoin. For some of the readers that may be newer to cryptocurrency, could you tell them a little about Reddcoin, and how it might differ from some of the other cryptocurrencies or altcoins out there?
John Nash: The Reddcoin vision is to reward positive social interaction. We are taking the standard upvote and converting that into something that is tangible and that has value. Clicking an upvote or like button shows a certain level of appreciation… but what worth does it hold? If you were to also attach an element of value then an upvote would carry with it a whole new level of meaning, even a level of support.
Whether it is a post or status update on Facebook, or a compelling post on Disqus, actually transferring something of value gives new meaning to your like.
BitcoinDood: As we approach the end of 2016 I can’t believe another year has passed us by! Your team just released the roadmap for the remainder of 2016 and what we can expect to see rolled out in 2017. From what I read Reddcoin is really working on some interesting and innovative features. I guess the first thing I’d like to ask you about is Redd-ID. What a cool feature. Could you explain to the readers a little about Redd-ID, how it will work, and most importantly where and when we can begin registering our ID’s ?
John Nash: Redd-ID has been around as an idea for quite some time – it was first written about in September 2014. The principles behind the concept:
Self-managed – 100% control over identification and funds
Decentralized – trust in the network
Social Identity – bringing real people together
Rather than attempting to create yet another social media platform supported by a specific cryptocurrency, we are taking a different direction. We will bridge multiple social networks, providing a identification system that will allow users to easily verify the intended recipient of Reddcoin tips.
Overall, we are progressing quite well with this aspect of the project. In fact we have been reading, writing and updating ID’s on testnet for the best part of this year already. We are now starting to bring together the various elements that we have been working on to provide a clean user experience. I would expect that very early in the New Year we will see the first ID’s being created on mainnet.
BitcoinDood: The idea of a cryptocurrency ID system has been talked about for awhile now in the cryptocurrency community. I don’t know of any other coins that have implemented this feature yet, is Reddcoin the first to roll out this type of feature?
John Nash: From what I understand, there have actually been a number of blockchain technologies that have some simplified in-wallet address mapping to an ID. But those implementations don’t go far enough to be used in a social media context. More recently, Microsoft announced a partnership with Blockstack and Consensys to build an open-source identity platform on both Bitcoin and Ethereum, which from some perspectives goes too far. Reddcoin is taking the approach of targeting a very specific gap and applying a solution.
BitcoinDood: Alright there’s a lot of other stuff to cover but I do have two more quick questions about the redd-ID feature. I don’t think you can really have a conversation about any type of cryptocurrency ID without at least touching on the fact that many people in the “cryptocurrency community” not everyone, but many, are quick to point out the privacy issues, and “Big Brother” type uses for such features. What do you say to those people? Also, has there been any consideration to maybe implementing a “proof of reputation” or “proof of trust” feature? Sort of like an Ebay feedback that could be connected to the Redd-ID system, for charities, vendors, or whoever else might be interested in such features?
John Nash: You are right, many developers are looking to implement systems with high levels of privacy and anonymity, considering that this is something that a lot of people want. I think this is absolutely warranted in some circumstances. For example, I would not like to have my savings balance made public to the rest of the world, or necessarily make it public knowledge who I am transacting with.
However there is a whole other class of online users who value social interaction, and some key elements to this kind of online interaction rely on openness in public, whether that be by making public a user-id, a photo, a conversation, blog contents, etc.
For the Redd-ID project, certain elements (an ID and a Reddcoin address) will be publicly exposed to simplify the lookup, verification and transfer of coins to recipients, while at the same time the maintainer (user) of that ID will control how much or how little additional information is exposed.
Proof of reputation is another interesting area and topic, and although it won’t be in the initial release, it is something we have been discussing. As with all transactions, especially those of a financial nature, a level of trust and reputation is required between sender and receiver. Combine that with accumulated tipping/transactions between multiple users and you have data on which to get started.
BitcoinDood: I’ve used an UberPay Electrum wallet for awhile now and they really are a convenient way for people to hold multiple cryptocurrencies. According to the roadmap, in the first quarter of next year you plan on incorporating the Redd-ID feature into Electrum wallets and servers. Can you maybe touch on how that will work?
John Nash: Electrum wallets are fantastic for the novice and experienced user alike, especially when it comes to wallet startup (no blockchain to download). They are fast, secure and flexible. It is these advantages that we also want to harness to support the operation of Redd-ID. We have extended the Electrum protocol to include network operations required for Redd-ID. This has the added benefit of providing a unified platform across which any of the Reddcoin Electrum clients will be able to communicate.
BitcoinDood: The Reddcoin team is really working on some cool features. Now by Q2 of 2017 your team is planning on browser wallet integration starting with Chrome, then Firefox and Safari. Users will be able to ‘tip’ on their favorite social sites directly from their browser, and they will even hold their own private keys! Again, Reddcoin is at the forefront of innovation, and I really can’t wait to see how this feature is implemented. Could you tell us a little more about this?
John Nash: The browser wallet is a very cool feature that also offer users a high level of protection. One of our goals has always been to ensure that the user is always in control of their private keys – no more remote tipbot servers controlled by unknown actors. A browser-based tool gives direct access to the webpage being viewed, and in conjunction with Redd-ID we can do some neat things in the mechanics of issuing tips.
BitcoinDood: You really could say Reddcoin is the grand daddy or OG of social cryptocurrency! As far as I know, I always thought of it as the first cryptocurrency that was focused primarily on micro tipping and social platform use. It seems 2017 is gearing up to be the year social networking gets taken over by cryptocurrency! We’ve seen the Steemit platform accomplish big things, and soon we’ll have “Yours” and “Synereo” rolling out their social networks. Coinsyde is working on a social bitcoin app. There are a lot of really interesting projects geared towards social networking for 2017. Do you think cryptocurrency is on its way to change the way social networking works? How do you think this will effect platforms like facebook and G+ ? How do you see this benefiting the end user of social sites and where do you see Reddcoin in this new sea of social networking platforms and apps?
John Nash: There are really great projects coming along. For any of them to succeed there is going to need to be that lightbulb moment. I can remember the months before Facebook got big. Originally, it was just about who is hot / not and it was a fun concept. Today it has transformed into something unrecognisable from its origins, with growth stimulated by mainstream attention. I am always thinking about the kind of apps you mention and what they are trying to solve, and about how will they attract the masses.
Rather than create another social network, our goal is to become a layer to all social networks. People generally like choices particularly on a global scale, and it is our experience that there is no best fit. It is also the case that once people are established on a social network, and have built up their contacts, then it can be very difficult to convince them to move… as they would also have to move their entire contacts with them! We see that by adding a layer or bridge across each network we can create a seamless environment – a meta-network.
BitcoinDood: For Q3 you plan on rolling out a “Social Broadcast” service. The service will encourage positive social exchange and interaction, link users and content creators, and also generate metrics on popularity. Could you explain a little more on how this will work?
John Nash: Social broadcast is a tool to help promote content and connect users to quality content. It operates similar to a news feed, in that every tip will be broadcast. You subscribe to “channels” within the stream that you have an interest in. Content that is getting a lot of attention through tipping is broadcast more, and is highlighted as it passes thresholds.
The real goal here is to attract users to content, and for content creators to get paid. If users find content rewarding to read, and tip it, then we let everyone know, and encourage others to also come and look (and of course tip). It is a support network for content-creators and also for those looking to promote their causes.
BitcoinDood: I have to say, one of my favorite features is the PoSV or Proof of Stake Velocity. The Dood loves staking coins and watching them grow. I’m embarrassed to say I lost a bunch of Reddcoin to a hard drive crash early this year and just started rebuilding the Reddcoin part of my portfolio over the last 8 weeks or so. I do have to say though, I love the way these coins stake!!! Triple exclamation marks, because they really stake that well. The final quarter of 2017 will be dedicated to improving the PoSV system. What types of improvement would we be likely to see with this feature? Also, the site mentions briefly that users will be able to stake with Electrum wallets? This is another feature I don’t think anyone has done yet. What can you tell us about this?
John Nash: It can’t be said enough that backing up your wallet is crucial to do regularly but something that we often forget.
One of the advantages of Electrum is that you can recover your private keys through a seed password, one that will reconstruct your wallet and history and any new keys created. This makes backing up a once-only requirement, and is just a matter of recording those keys someplace safe.
PoSV has really served us well over the last 2 years, but there is always room for improvement. The strength of a network is in the number of active nodes. When you look at some typical PoW coins, you see a reduction of full nodes over time as the user base changes. With PoSV, full nodes are rewarded for being online and it is these rewards that encourage users to keep their wallets staking.
With PoSV2, we are aiming to:
Encourage more active staking nodes
Update the reward system so that active stakers receive interest based on the total money supply being staked at that point in time. For example if only 50% of the available Reddcoin are being staked, those Reddcoins will generate 2x interest, i.e. 10-12%.
Electrum is also a good candidate for staking: being a light client, there is less blockchain to download which will help on-boarding for new users who are not familiar with blockchain technology. I do believe we will be the first to implement Electrum-based staking. Exciting times.
BitcoinDood: I can’t thank you enough for taking time out of your busy schedule to do this interview. The Dood really appreciates it! I always end each interview with the same question. Where do you see the future of bitcoin and cryptocurrency in general going? Any visions or predictions you care to share with us about where this industry is headed in the future?
John Nash: The crypto climate is really starting to mature and there are some great projects that are advancing. We still have a way to go before there is general mainstream acceptance, but this is getting closer every day. Our reliance on fiat money and the price volatility of most crypto has the general public standing back and waiting, and this will probably continue for a while.
The technology however is advancing at a great rate. It was not long ago blockchain technology was barely taken seriously by anyone; now big companies are looking at it and considering how it may impact their business.
Overall, today is a great day to get involved in crypto – I still feel we are all early adopters.
The Dood can’t thank John Nash enough for taking the time to do this interview. I was really excited when the opportunity for this interview presented itself. Thanks so much to @reddibrek on Twitter for helping to put this all together.
Check out these links to find out more about Reddcoin.
Disclaimer: Nothing in this interview or on this blog is meant as investment advise. Please seek a duly licensed investment professional for investment advice, not some guy on the internet who calls himself The Dood. It should be noted The Dood does hold a small amount of Reddcoin. Remember always do your own due diligence!