REDEN.IO LAUNCHED ON APRIL 21
◆ Algorithm: X16S
◆ Block time: 120 seconds
◆ Block Reward: 50 Reden 60% PoW :: 40% Masternode
◆ Max supply: 14 mln
◆ Halving: 25% every 60K blocks
◆ 90% supply: 24months
◆100% supply: 5.7 years
◆ Masternode collateral: Required 5000 Reden
Premine: 400,000 REDEN + 3,000,000 REDEN for 1:1 swap of EDEN. First 800 blocks are 0 reward in the interest of fairness.
On 1 April 2018 developer “iodev” launched Eden, and over four days sold an estimated 90 masternodes before disappearing. He deleted the discord channel and would have succeeded in deleting the github code repository had it not been for the speedy action of several community members.
Within minutes @AT-sONk had opened a new discord channel, most of the community found its way there within the next few hours, and over the next days recruited more volunteers to save the project, with the goal from the outset to establish a community driven re-purpose for the project.
What in the world is REDEN?
REDEN is a direct continuation of the coin once known as EDEN. On April 4, the developer of EDEN, iodev, ran off with almost 16 bitcoins (around $128,000) worth of investment money that was to be used for exchanges, listings, and developments. Today, the community’s response to this terrible incident is the birth of a new coin: REDEN.
How will REDEN help stop scams from occuring?
1. New and current Altcoins will have the opportunity to list on the reden.io website with any amount of collateral in REDEN. There will be no maximum or minimum.
2. On reden.io, anyone can publicly view the collateral offered by the developer.
3. It is then up to the investor whether he wants to invest. Should the dev run away with the investor’s money, scam victims may exchange their coins for a portion the REDEN collateral. [A process will be established to verify bona fide claims and distribute the REDEN collateral.]
REDEN will be the altcoin that ends developer scamming:
a) Investors will have the opportunity to view publicly offered collateral
B) REDEN will also create a platform for the community to monitor projects for suspicious activity, and share and implement best practices for good projects. We have made a start on this with our #scam-watch and #scam-stories discord channels.
i) #scam-watch: help advise investors of possible scams
ii) #scam-stories: scam victims may publicly post their scam stories, whether it be by a developer or Discord user, and post donation addresses for community members to help.
Another value of REDEN is its active and dedicated community: polls are posted every step of the way and community members are allowed to vote and decide the future of REDEN at each step of the roadmap.
You can download and view the Whitepaper from the home page.
You can view the Roadmap on homepage!