Thank you.
Please could somebody explain:
- why this is better for creditbit to be ETH token?
- how much does it cost to be ETH token?
- how it looks with transaction fees and development on ETH chain and how much does it cost? If ETH price will rise what impact could that have for Credit2.0?
Thank you for your questions.
We decided to migrate Macro to Ethereum blockchain in order to take advantage of advanced features. Smart Contracts, that can be stored on the Ethereum blockchain, enable development of complex business logic, distributed community and decision process, innovative distribution of issued tokens etc. Faster transactions are also a big advantage. We also don't need to establish and maintain our own network of nodes (servers) to confirm transactions.
Costs are separated into two groups. Development costs are significant, as all applications and Smart Contracts must be written from scratch. It is easy just to establish an ECR 20 token, while implementing custom features in Smart Contracts takes a lot of effort and time. There are 4 stages of Smart Contract development: designing, developing, testning and deployment. Designing is most time consuming, as it requires development of Smart Contract functionality, interoperability with other SCs and user scenario writting. Time consumed is directly correlated to the complexity of the SCs functionality. Writting Solidity code is somehow predictable, while proper testing is a matter of borderline cases that SC covers.
For the end users, gas fees are not so costly, but time consuming. Users were used to pay fees in CRBIT coins, now fees are charged in Ether. To create any transactions, it requires additional steps to purchase and deposit Ether for the transaction fees (gas).
If the ETH price rises significantly, it will have a negative impact on the transaction costs, as fees will rise accordingly. We haven't yet observed the correlation between ETH and CRB price, as we are still facing market stabilization of our Token. At the moment, CRB price is still greatly influenced by the development process. The development itself is not influenced from ETH value, but it is directly influenced by the technological development of the Ethereum network.
If you have more specific questions, we are glad to answer them.
Dev team
How much fuel ETH do you need for development?
How much does it cost and where is funding source?
Do you have plans to add custom features or just take advantage what ETH has to offer?
I am really worried about ETH price. It will go up. Market cap explodes and price will moon soon together with fees and other costs. This could be very expensive.
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