Creditbit Unveils Locking Mechanism in Latest Update

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Creditbit development team in their latest update titled, ‘Transaction, Locking, Claiming Creditbond Reward Unlocked’ on Bitcoin Talk discussed in detail the locking mechanism to help the community properly comprehend the process of Locking as it cannot be undone once the tokens are locked.

Creditbit is an open source software project released under the MIT/X11 license which gives you the power to run, modify, and copy the software and to distribute, at your option, modified copies of the software.

Creditbit dev team unlocked all the remaining functions in the last step of migration. The Locking mechanism is imperative to understand before users start using it, as pointed out in the update.

LOCKING

BLOCKS

In Ethereum Blockchain, approximately every 15 seconds a new block is found. This metronome can be converted to this table:

4 blocks = 1 minute
240 blocks = 1 hour
5760 blocks = 1 day
40320 blocks = 1 week
172800 blocks = 1 month (depends on the month)
2102400 blocks = 1 year (depends on the year)

Locking for N blocks

Locking time period is measured in blocks. Locking for 500 blocks means locking for approx. 125 minutes. Locking for a 1.000.000 blocks means locking for approx. 173 days. Time frames can be calculated accordingly.

LOCKING

People can lock any amount of Tokens (1 is a minimum) anywhere from 1 block to 4204800 blocks (approx. 2 year period). It is suggested to test locking for a shorter time (small amount of blocks) first before going for longer periods as it can’t be undone.

Locking period resets each time you lock any amount of tokens. So if you lock 5 Tokens for a month, and lock another 5 tokens after 15 days for a year, you will have 10 tokens locked for a year.

Users also need to be careful when re-applying lock. If you need to lock another batch of Tokens, Creditbit suggests opening a new Ethereum account and transferring second amount of Tokens there, where they can be locked independently.

A step by step tutorial for the process can be accessed here.

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