Amid the birth and death of many Bitcoin clones, we sometime hear about exceptions that are actually looking to bring innovation to the digital currency space. The current limitations of Bitcoin have open doors for many of such developers. One among them is Mourad Ilyes Mlik, a DevOps engineer at Netis d.o.o., who is also heading the development of CreditBit.
NewsBTC recently got the opportunity to speak with Mourad, as he explained how CreditBit – as a digital currency and payment protocol – is looking to provide solutions to Bitcoin’s current limitations. Here are some excerpts from our conversation:
Yashu: How would you explain CreditBit to a Bitcoin follower?
Mourad: The differences between Creditbit and Bitcoin are clear and fundamental. Usually Bitcoiners claim that PoS is flawed because coins are generated from thin air or as they like to call it “no stake at stake”. This is where the PoW hybrid comes in, Credibit solves the no stake at stake by generating coins fairly using PoW for the first 6 months; it uses X11 hashing algorithm (Dash hashing algorithm) which is also ASIC resilient. After the 6 months period, Creditbit will not waste any resources, so I like to think of it as environment friendly. This was the fundamental difference, beside the fact that can do 10 times more and 10 times faster transactions at lower costs (no miners, no wasted energy, simple solutions).
What prompted you to lead an altcoin project like CreditBit, considering there are already 600+ digital currencies claiming to be better than Bitcoin?
As you can see in our repos we are the first Hybrid coin that got many important projects to work with the Hybrid coins technology and with support for both PoW and PoS, these can be seen in our Bitcore, Insight, Insight-API, Copay, Electrum, Electrum server forks. We wanted to start fresh, we didn’t want to do the work on existing Hybrid coins because many of the coins got abandoned or were considered scams or ponzis, so we didn’t want to risk our reputation with a shady coin.
Knowing CreditBit has its own blockchain, does it also have adequate plans to address scalability issues in the future? How does the consensus work in this blockchain?
Right now we can do 10 times more and 10 times faster than what Bitcoin can do, So even if it is unlikely that we see 10 times the Bitcoin growth in less than a year (this is 10x the whole crypto market) we are ready for it with the current code, additional implementations will be ported (like segwit) when they are ready, but if we are in a Bitcoin like situation, we would choose a simple solution (increasing block size) before developing a complicated one.
How does CreditBit protect users from centralization?
The protocol itself is decentralized same like many coins out there, centralization happens at a service level, we can’t tell services how to run their services, so it is completely up to user’s to choose wisely.
CreditBit claims to offer identity privacy to users. How do you plan to tackle the legal issues that might come with it?
All coins offer privacy if used correctly, there will be no legal issues for this matter, and it won’t be only our fight if something like this happens, this will hit Bitcoin first.
What are your future plans for the project?
At this stage of the project we are working mostly on the adoption side, development and bug fixing are still going, our hope is to see the community grows and more people get involved in development.
