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CreditBit Started Migration to Ether Token

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Creditbit is a relatively young cryptocurrency, developed on an independent Bitcoin-like Blockchain on December 2015. Despite sharing most of its properties with Bitcoin, CreditBit offered solutions for faster transactions and hybrid Proof of Work/Proof of Stake consensus mechanism. In order to develop this currency and build a whole monetary ecosystem, the currency is being ported to advanced Ethereum Blockchain. The migration process began yesterday, March 8th, 2017.

Credit 2.0, also named Credit2, is the name of the second CreditBit development roadmap and also parent project of CreditBit Development Team. Main goal of this project is to develop and maintain crypto currency ecosystem, based on token, that is built on top of Ethereum Blockchain. The Project started on January 1st, 2017 with introducing new Dev team. Project is based on open-source and continuous development principles.

It consists of several subsidiary projects, ex. CreditMC or CreditGAME. While this project covers more technical side of development, Decentralized Autonomous Organization (DAO) will be responsible for developing Community, social, marketing and decision-making processes. First stage of the project will be concluded with a migration to another platform: CRBIT, Bitcoin-class coin will be replaced with Ethereum based token.

Ethereum was chosen because it is currently the most advanced decentralized blockchain system out there. It offers fast transaction confirmations and its own programming language named Solidity, which is used for writing smart contracts. Essentially it is possible to write any custom logic in a form of smart contracts upon Ethereum and that is what is needed to cover the Credit 2.0 decentralized solution.

Currency Ecosystem around new CreditBit have several appealing features:

  • Proof of Trust, a locking mechanism that is a prerequisite for Token issuance and a voting process, CreditGAME and CreditBOND as two main distribution mechanisms;
  • CreditDAO will be used as a Community consensus platform, enabling voting for proposals and elections of leveraged rights titles – Trust Levels;
  • CreditIDENTITY will enable voluntary identification of addresses owners;
  • CreditBAY a decentralized commodity market;

The Migration opens new possibilities like implementing Smart Contracts, DAO, enable innovative currency issuance and distribution mechanisms, etc. Current owners of Creditbits will be able to exchange their current CRBIT coins for CRB Tokens through migration website.

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