Creditbit launched the first round of Migration of Creditbit coins to Ethereum tokens on March 8, 2017. The first round of Migration also gives a chance to the token holders to vote at initial voting, which will not be available in later rounds.
CreditBit, the open source software project released under the MIT/X11 license, is ready to migrate to Ethereum blockchain under the second development roadmap. According to the Creditbit website, Migration will help to evolve the Crypto Platform that supports CreditBit coin. Migration to Ether token will enable usage of Smart Contracts, DAO, innovative distribution systems and DAPPs.
There will be many impacts of the migration of CRBIT coin to Ethereum token. Since the token is built on the top of Ethereum Blockchain, there is no need to have an independent mining network or Confirmation Consensus Algorithms. Creditbit shares same algorithms and network with Ethereum.
The challenge will be to tackle a problem of minting and distribution of newly minted coins on their own for Creditbit – this is one of the key attributes of each token.
CreditBits deposited to this migration account until the date of each migration will be permanently locked and the proportional number of new Ethereum CreditBit tokens will be minted on central migration account and transferred to user’s Ethereum account.
The minting process of CreditBit would be based on consensus and quorum, and the currency and its management transparent and based on democratic principles.
The entire process will be transparent and to ensure that, CreditBit development team is planning to establish a decentralized organization – CreditBit DAO, right after the start of the migration. CreditBit DAO will enable community voting and raising funds for development and promotional purposes.
Community has played an important part in all stages of development of Creditbit and the formation of Creditbit DAO further ensures the involvement of the community in decision making process for all important issues.
CreditDAO will use all the remaining tokens after migration for development and promotional purposes.