Creditbit Locking and CreditDAO Explained

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Creditbit has gone under major change and development for the last few months as planned in the second development roadmap. The cryptocurrency which was established in December 2015 as a Bitcoin like coin was recently migrated on a new Ethereum Blockchain.

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. It consists of several subsidiary projects, ex. CreditMC or CreditGAME.

After the recent conclusion of the first round of migration, it can now be held or transacted between Ethereum digital wallets, each represented with a unique combination of private and public key (ex. Mist, Ethereum Wallet, MyEtherWallet, Parity).

The recently updated Creditbit website updated and elaborated about the newer aspects of the term creditbit, the locking process and creditbit decisions.

“The CreditBIT is a decentralized digital crypto currency.” Technical definition of Creditbit sates that it is a digital Ethereum Token hosted on the Ethereum blockchain, which is a public distributed digital ledger.

Creditbit transaction between Ethereum addresses (wallets) managed by different owners can be easily carried out in practice. Smart Contract, a set of rules for the Creditbit Token, have many more functions other than balance and transactions. Proof of Trust, a locking mechanism, which enables Token owners to involve in issued token distribution and voting, is one such important function.

It is the voluntary locking process that decides the issuance of creditbit. As explained on the Creditbit website, the process is similar to gaining yield for an investment bond. Each owner can lock (part of) their Tokens for some time period to gain a reward. CRB tokens can be bought or sold from online Exchanges.

Finally, the decisions about Creditbit are reached via Decentralized Autonomous Organization. It is Creditbit development team that takes care of the maintenance and development of the Creditbit Token ecosystem. And for everything else including developing Community, social, marketing and decision-making processes, Decentralized Autonomous Organization (DAO) will be responsible.

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