May 16th, 2016 at 7:51 am UTC · 4 min read
Creditbit is one of the faster growing digital currencies in the cryptocurrency segment. The rapid adoption and development has positioned Creditbit as the ‘Future of Money’.
Launched in 2015, Creditbit follows the decentralized model like many other digital currency platforms to revolutionize the monetary system. With the platform,Creditbits ultimate goal is to reach out to every individual on the planet, offering them banking and financial services over the blockchain. The conventional banking system comes with its own challenges, which makes it almost impossible for everyone to have his/her own bank account. The challenge is mainly due to the centralized nature of the operation, where there are people and organizations who make the decision for their customers. These decision makers are also the ones who decide whether to provide these aforementioned services to a particular segment of people.
Creditbits open source approach makes it easy for anyone to join the community to use and further develop the Creditbit protocol. Moreover, setting up a Creditbit addresses and making transactions over the platform is completely free. The open source nature of Creditbit doesn’t confine its users to one particular model decided by its creator but it also allows developers to run, modify, copy and even distribute the modified versions of the software. The strong developer community ensures that the platform by itself is constantly evolving, in turn increasing adoption by offering a great user experience. Creditbit is built as a robust platform, with all its source code available on main repos on GitHub.
How is Creditbit Different from Bitcoin
Creditbit has recognized the challenges faced by Bitcoin and implemented the changes to prevent such issues from repeating on their platform. Creditbit uses a Proof of Work (PoW) hybrid, solving the no-stake-at-stake problem generally faced by the Proof of Stake (PoS) systems. The PoW – PoS hybrid also makes it impossible to use ASICs to mine Creditbit tokens.
The block generation time for Bitcoin protocol is 10 minutes, which has significantly increased the time taken to confirm transactions. Also, the rate of transactions processed by the Bitcoin protocol is also less due to the same issue. Creditbit has prevented such issues from happening by making it capable of processing transactions ten times faster than the Bitcoin network. The time taken for an average Creditbit transaction to be confirmed is less than 30 seconds, making it the world´s fastest digital currency.
Hashing Algorithm: X11
Algorithm Type: Hybrid POW/POS, POW only for the first year, POS 8% annually
Stake Age: Minimum – 24 hours; Maximum – 1 year
Block Reward: 100 coin
Halving: For every 129600 Block (the 4th re-target at block 525600 is the end of PoW)
Supply: 100 Million CRBIT (Creditbit tokens)
Block Target: 1-minute block target; 15 minutes diff. re-target
RPC port: 5555
P2P port: 5556
POW: 12,3 million coins
POS: The rest supply until 100 million
Creditbit is an open source cryptocurrency protocol released under MIT/X11 license. The protocol enables implementation of financial services over its blockchain to make it accessible to everyone.
Creditbit has gained a lot of traction since its launch and the Creditbit wallets are currently available for almost all platforms. Creditbit is currently being traded on 7 different exchanges viz., Bittrex, Livecoin, YoBit, C-Cex, Cryptopia, Bloombit, and Bitsquare. Creditbit has also been added to Coin Payments.
Creditbit users can contribute to the network by keeping their wallets open in a process called staking. Staking is rewards with up to 8 percent of the Creditbit holding every year. Staking helps the platform optimize the speed of transactions.
With increased adoption among individuals, traders and merchants; Creditbit has taken their first steps towards mass adoption.
About Bitcoin PR Buzz:
Bitcoin PR Buzz has been proudly serving the PR and marketing needs of Bitcoin and digital currency tech start-ups for over 2 years. Get your own professional Bitcoin and digital currency Press Release.