CreditBit Finalizes 1st Round of Migration to Ethereum Blockchain, Launches App

Launched in 2015 with the goal to provide financial services built on top of Blockchain technology to everyone on the planet, CreditBit appears to persistently move towards their goal.

Having developed a cryptocurrency on an independent Bitcoin-like Blockchain, it has offered solutions to increase the speed of transactions and introduced a hybrid Proof of Work/ Proof of Stake consensus mechanisms to make it possible to use ASICs to mine CreditBit tokens. Now it is expanding into the Chinese market and launches a mobile application.

CreditBit found its niche in Chinese market

A Chinese trader bought all the CRB coins on sale order book on website, which caused the cryptocurrency’s prices to skyrocket.

CreditBit’s current market cap is $13,757,594 with the price at $1,09 and the trading volume of $437,092 at the time of writing. The Chinese have this incredible buying power and they constantly look for more and more opportunities to invest in, therefore CreditBit is believed to gain more traction and adopters in the Chinese market.

CreditBit set to conquer a Chinese market with translating their whitepaper for DaBTC, which certainly helped them attract attention and drove the CRB price growth.

Migrating to Ethereum Blockchain

To ensure the constant development of the cryptocurrency ecosystem, CreditBit has recently introduced the Credit 2.0 project, which implied the migration of CreditBit to advanced Ethereum Blockchain and a few other elements including CreditMC, CreditGame, CreditDAO, etc.

Looking into cryptocurrencies existing today, CreditBit has identified a number of limitations, including the lack of turning power. Therefore, it has been working hard to find solutions which could eliminate value blindness and Blockchain blindness and make it possible to run advanced and complex smart contracts. The Ethereum Blockchain appeared to be just the perfect fit offering faster transaction confirmations and its own programming language, which enables innovative currency issuance and distribution mechanisms.

The first round of migration started in early March and is about to end on April 8. CreditBit can now be held or transacted between Ethereum digital wallets, each represented by a unique combination of private and public key, e.g. Mist, Ethereum Wallet, MyEtherWallet, Parity.

Closer to users

Anticipating the finalizing of the first round of migration, CreditBit has released an update ‘Parity & Mist/ Ethereum Wallet for Windows users’ explaining the step by step process of synchronizing Mist/Ethereum wallets, and the issues users might face.

Earlier on the CreditBit devteam has already announced that it has been working closely with most of the exchanges trying to find a solution to automatically migrate all CRBIT coins. The CreditBit team aimed to ensure the full transparency of the project and during the migration, they actually tried hard to make it as easy as possible for the users.

New mobile app

The team appeared to be rather consistent with any updates they are introducing and takes any problems arising and mentioned by users into serious consideration demonstrating diligence addressing them. To make sure their users get the latest updates, CreditBit is set to launch a mobile application CreditBit Info App. The app provides basic information about the CreditBit coin, information about price trends in real time and a list of markets where CreditBit can be traded.

CreditBit seems to be really disrupting the cryptocurrency space introducing the coin which is said to be ten times faster and safer than Bitcoin. While it is definitely a cryptocurrency to look for in the near future, we recommend you to visit their website already now, or stop by their booth at the BlockShow 2017 in Munich tomorrow to get to know the team.


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