“The CreditBIT is a decentralized digital crypto currency.”
Established in December, 2015 as a Bitcoin like coin was recently migrated on a new Ethereum Blockchain. It can be hold or transacted between Ethereum digital wallets, each represented with an unique combination of private and public key (ex. Mist, Ethereum Wallet, MyEtherWallet, Parity). Technically, Creditbit is a digital Ethereum Token, that hosts on the Ethereum Blockchain, a public distributed digital ledger.
In practice, Creditbit can be exchanged and transacted between Ethereum addresses (wallets), that are managed by their owners. Moreover, Smart Contract, a set of rules for the Creditbit Token, hold many other functionalities than just a balance and transactions. One of the most prominent functionalities is Proof of Trust, a locking mechanism, that enables Token owners to involve in issued Token distribution and voting.
“Owners can lock their Creditbits for a time period and obtain a reward.”
Issuance of this currency is not regulated through central institution or a central bank, but through a process of voluntary locking. Each owner has an opportunity to lock (part of) their Tokens for some time period and gain a reward, similar to gaining yield for an investment bond.
Exchange value of CRB (abbreviation for Creditbit Token) is mostly determined on online Exchanges, where Tokens can be purchased or sold.
“Decisions about Creditbit are reached through Decentralized Autonomous Organization.”
Maintaining and development of the Creditbit Token ecosystem is provided by Creditbit Development Team. Credit 2.0 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 a Creditbit Token. The Project started on January 1st, 2017 with introducing new Development 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 was concluded with a migration to another platform: CRBIT, an older version of Bitcoin-class coin was replaced with Ethereum based Token.