Creditbit is all set for the migration process to go live on March 8, 2017. The recently launched revamped website explains the entire process and how to go through it in a step by step easy tutorial.
CreditBit, the open source software project released under the MIT/X11 license, details the reason behind migration on the newly launched website. It states that migration is essential in order to evolve the Crypto Platform that supports CreditBit coin. With migration to Ether token they will enable the usage of Smart Contracts, DAO, innovative distribution systems and DAPPs.
Further, in a downloadable file, Creditbit details the procedure of migration for the easy understanding of the community.
Step one titled ‘Create Ethereum address and Watch Contract & Token’ tells the participants to prepare their new receiving Ethereum address before doing anything with their CRBIT coins. They recommend installing either Ethereum Wallet/Mist or MyEtherWallet.
Creditbit also cautions against use of online Ethereum wallets as they are less secure.
The next step ‘Enter the migration on website’ prompts the participant to visit their website and click on the button “Migrate” to start the migration process. Following which they will be asked for the public address of Ethereum address, that was created in the previous step (keep your password for locking the wallet only to yourself).
People will also be able to cast votes after entering a valid Ethereum address, (only at first round of migration) on several migration settings. Votes will be weighed with the number of successfully migrated coins/tokens.
After voting, they will be given a CRBIT address on which they must deposit their CRBIT coins in order to migrate.
The third and final step is to ‘Deposit your CRBIT coins and wait.’ As is clear from the name, after depositing their CRBIT coins on a CRBIT address, that was generated to them at Step II, they just have to wait.
After migration, the Ethereum CreditBit tokens will be transacted to their Ethereum account.
Finally, Creditbit strongly recommends making a backup copy of the account and to store the address password securely.