There is a whole bunch of cryptocurrencies nowadays, mimicking and fine-tuning some of Bitcoin’s attributes and concepts. Despite a number of improvements suggested by their developers, all altcoins face similar challenges, including limited block size which affects the speed of transactions.
CreditBit is said to be one of the faster-growing cryptocurrencies in its segment. Positioning itself as the “Future of Money.” Well, judging by the rapid development and adoption, the future is right around the corner.
Ten times faster than Bitcoin
CreditBit was launched in 2015 with the ultimate goal to provide financial services built on top of Blockchain technology to every individual on the planet. It was developed on an independent Bitcoin-like Blockchain, however, offered solutions for faster transactions and hybrid Proof of Work/ Proof of Stake consensus mechanisms, making it possible to use ASICs to mine CreditBit tokens.
The block generation time for Bitcoin is 10 minutes, meaning that it takes longer to confirm transactions and as a result the rate of transactions processed by Bitcoin protocol is low. CreditBit claims to be way faster than Bitcoin being able to handle a lot more transactions. An average CreditBit transaction confirmation takes less than 30 seconds, which makes it the world’s fastest digital currency.
CreditBit has gained a lot of traction lately. To advance further in the development of the cryptocurrency ecosystem the CreditBit Development Team introduced Credit 2.0. The project started on Jan. 11th, 2017 and consists of several elements, e.g. CreditMC, CreditGame, CreditDAO, etc. The first part of the project will imply migration of CreditBit to advanced Ethereum Blockchain.
The CreditBit development team believes that there is a number of fundamental limitations faced by cryptocurrencies today, lack of turing completeness being one of them. The Devteam has been seeking for ways to eliminate value blindness and Blockchain blindness to make it possible to implement advanced and complex smart contracts.
Ethereum Blockchain appeared to be a perfect choice for advancing CreditBit further. It offers fast transaction confirmations and its own programming language, which will enable innovative currency issuance and distribution mechanisms, and most importantly, open new possibilities in the implementation of smart contracts.
Smart contracts are truly unique tools which allow storing values, conditions, complex logic and distribution system. Each smart contract is equipped with rules, enabling one or several addresses to trigger functions or processes, including transactions, voting, deployment of other smart contracts and even self-destructing.
Creating an ERC 20 compliant token based on the Ethereum Blockchain CreditBit aims to eliminate the need to create and maintain an independent network and therefore concentrate on developing new apps.
CreditBit DAO - it’s all about transparency
Migration will be initiated today, on March 8th and will be executed through a CreditBit platform. Every user currently holding a CreditBit will be able to register one or several migration accounts that will be acting as an intermediary.
Everything CreditBits deposited to this migration account until the date of each migration round will be permanently locked and the proportional number of new Ethereum CreditBit tokens will be minted on central migration account and transferred to a user’s Ethereum account.
Right after the initiation of migration of tokens the CreditBit development team is planning to establish a decentralized organization - CreditBit DAO - to enable community voting and raising funds for development and promotional purposes.
This way the team aims to ensure the full transparency of the project and give the community a decentralized power to make decisions concerning all important issues in a fair and safe manner.
All coins that are not deposited on one of the migration accounts until the end of migration will be given to CreditDAO for development and promotional purposes.
CreditGAME - fun way of tokens distribution
CreditGAME will distribute a certain amount of coins through MMO and peer-to-peer games. As for the former, each distribution period, the same amount of new coins will be created and distributed among all owners of coins, that are willing to temporary lock down their coins.
To enter in a distribution group, an owner of tokens locks down a fixed buy-in amount of coins. His or her position (score) in distribution games will decide for how long his coins will stay locked (maximum one year) and what is his share of newly minted coins. After this locking period, tokens will be unlocked and freed to enter new transactions.
This algorithm will run as long as all newly minted coins for this month are distributed. New coins are unlocked and can be used instantly after their distribution at the end of each distribution period.
Several different games can be activated at the beginning of each period of distribution, each with fixed amount of new coins for a distribution. Games will have different dynamics, rewards and lock-down fees.
In the case of peer-to-peer games, both players lock an equal amount of tokens for a certain period and enter the game. The winner will be able to collect both yields for this locking period without any changes in the ownership of coins.
Want to know more? Read the CreditBit Whitepaper.