On 2nd August 2014 at block 260,800 Reddcoin transitioned to its own original Proof-of-Stake-Velocity (PoSV) algorithm which replaced Proof-of-Work (PoW).

1 minute block target
just under 27 billion mined in PoW phase
5% annual interest in PoSV phase
difficulty retarget: every block using Kimoto's gravity well
white paper: http://www.reddcoin.com/papers/PoSV.pdf
FAQs paper: http://www.reddcoin.com/papers/PoSV_FAQ.pdf

Reddcoin first started in January 2014 as a variant of Litecoin using Scrypt as the Proof-of-Work (PoW) hash algorithm.