ReddCoin – Proof of Stake Velocity Whitepaper
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Proof of Stake Velocity (PoSV) is proposed as an alternative to Proof of Work (PoW) and Proof of Stake (PoS) to secure the peer-to-peer network and confirm transactions of Reddcoin, a cryptocurrency created specifi- cally to facilitate social interactions in the digital age. PoSV is designed to encourage both ownership (Stake) and activity (Velocity) which directly correspond to the two main functions of Reddcoin as a real currency: store of value and medium of exchange. Reddcoin can also function as the unit of account in heterogeneous social context. The technological aspects of PoSV are presented after a detailed review of existing designs. The economic aspects of Reddcoin are then analysed. Finally the unique position of Reddcoin as a digital social currency in the competitive landscape of cryptocurrencies is discussed.