CreditBit Ready for Ethereum Migration

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Creditbit is done with preparations for the migration of CRBIT coin to Ethereum token and has also come up with the Distribution Mechanism.

CreditBit, the open source software project released under the MIT/X11 license, recently updated the crypto community about its new Distribution Mechanism on Bitcoin Talk– a cryptocurrency forum. The update was titled ‘Show CreditBit your Trust’.

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.

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 token will have three Minting Processes:

Migration: these tokens will be initially minted for a purpose of exchange for current CRBIT coins. There would be several rounds of migration and will be executed through website. The tentative date for the first round of migration is 10th March 2017.

Proof of Pawn/Trust Distribution Mechanism: Community is central at this stage as it will be able to vote for predefined proposals on how many new tokens will be minted and distributed in next time periods.

A minting plan will be proposed from the Development Team, some key settings of minting plan will be decided within migration.

Dev&Promo Funds: Community will be consulted to allow the minting of certain amount of tokens and deposit them on three dedicated Funds, each with different function.

Decision about how many tokens will be minted for each Fund and at what time periods will be as well made at the migration.

Development Fund will cover the expenses of Development Team;

Community Development Fund will be dedicated to Development Support Team.

Promotional Fund will be dedicated to Promo Team for promotional purposes

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