More exciting news comes the Creditbit way just before the migration. Creditbit came out with its much awaited whitepaper and updated the community about it on Bitcoin Talk.
The Creditbit whitepaper is a thorough document which details the entire journey of the platform so far and also painstakingly explains all the new features and developments undertaken or planned as a part of Credit 2.0.
The whitepaper starts off with a short summary where Creditbit is described as a relatively young cryptocurrency, developed on an independent Bitcoin-like Blockchain on December 2015.
What distinguishes Creditbit from bitcoin is that despite sharing most of its properties with Bitcoin, CreditBit offered solutions for faster transactions and hybrid Proof of Work/Proof of Stake consensus mechanism.
The document also explains the reason for the migration. In order to develop this currency and build a whole monetary ecosystem, the currency will be ported (migrated) to advanced Ethereum Blockchain.
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.
The whitepaper also discusses the special features as offered by the Currency Ecosystem around new CreditBit. These features are delved deeper into in the latter half of the document. The features discussed include –
- 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 Creditbit whitepaper is a detailed document which explains to its readers in detail about the journey of Creditbit and its various aspects and all the features to be added under Credit 2.0. There is also a dictionary of terms included in the document to make it easy for the community to understand them. Other aspects like Migration and development timeline, community and promotions are also touched upon.