CREDITS [CRE] | SHA256 | SIDECHAIN | NEW BLOCK-DEPOSIT FEATURE | OFFICIAL THREAD

[Gabriel Eiger]

Credits - CRE,
The first implementation of a "soft" sidechain,
claimable from Bitcoin in a non-spending way,
and combined proof-of-work/proof-of-deposit mining system

Version 0.9.1.75 of Credits client released. Stability release!

Main features of Credits

- Unique combined proof-of-work/proof-of-deposit mining algorithm. The pow/pod mining algorithm solves among other things one major problem with Bitcoin; the direct relation between inflation, Bitcoin value and mining costs. In the absolute start-up phase, approximately the first six months, only proof-of-work mining is required. Once initially mined coins will become available for deposit, the system will gradually and automatically shift toward the combined pow/pod algorithm. The deposit system does not prevent proof-of-work mining, instead it acts as a force pushing miners towards adding deposits.

- Deposits for the proof-of-deposit system can be created offline, minimising any risk when participating in the mining system.

- Multiple parties can take part in a mining effort, with different roles for depositor and miner. Instead of contributing to mining pools this will probably instead cause the rise of deposit pools, shifting the focus of the mining process from mining power to deposit power.

- Implementation of a one way "soft” sidechain, enabling all Bitcoin owners to claim a part of the system, without spending any Bitcoins.

- Credits are claimable from Bitcoin; up to 90% of the total Bitcoin monetary supply at any given time can be used to claim credits. Credits runs in parallel with Bitcoin and connects directly to the Bitcoin network, as well as running a separate network. This feature currently does not exist in any other system and will allow a migration path for any Bitcoin user. BITCOINS ARE NOT SPENT TO CLAIM CREDITS. Bitcoins only act as a ticket for claiming and the only requirement for getting Credits is proving ownership of Bitcoins, not in any way use them to buy, or otherwise convert Bitcoins. The system is similar to CLAMcoin, but with the difference that Credits is actually connected to the Bitcoin network and continually tracks the ownership of Bitcoins.

- Claims can be generated offline, and in a way that guarantees the claiming party not to put their bitcoins at risk.

- Credits supply is released over an S-curved distribution plan. Early start-up phase will have coins released at a slower rate and once adoption starts to pick up the rate will increase. This type of distribution puts emphasis on actual demand rather than focus on early adopters.

- Total monetary supply is 30 000 000 Credits. Half of the supply will be kept in deposit at any given point in time (IN THE BLOCKCHAIN). This means that only 15 000 000 credits will be available for spending, making the effective supply slightly less than the Bitcoin supply. Initial distribution is also faster, which means that 90 percent distribution will be achieved at about the same time as Bitcoin.

- Safer transfer of Credits ownership. Verification sign-off is built into the protocol to enable a receiver to verify that a transaction is correct before it gets finalized.

- The future possibility to use credits as coloured coins has been taken into consideration when the protocol was created.

- Credits has a higher block limit from the start, 4MB. Block limit will be increased in line with the planned Bitcoin block limit raise.

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Related features

- Blockchain explorer can be found at http://creditchain.org.

- Web wallet (no local wallet installation needed) can be found at http://creditswallet.info.

- Exchange trading can be done at http://c-cex.com.

- Official IRC channel can be found at #CreditsCurrency @ irc.freenode.net

- Reddit official subreddit can be found at http://www.reddit.com/r/CreditsCrypto/

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How do I get started?

Software and further information can be found at http://credits-currency.org.

Source can be found at https://github.com/credits-currency/credits.


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Claiming

How does it work?

The easiest way to go about and do it is to download the Credits application and start it. Once it has been started and is syncing the Bitcoin blockchain, you can take any wallet from Bitcoin and add it into the Credits working directory. The wallet will be scanned for transactions as the Bitcoin blockchain download progresses. A rescan can also be invoked manually once the full blockchain has been downloaded.

The Credit blockchain tracks the state of the Bitcoin blockchain approximately three months back. This means that the safest way to make a claim of bitcoins into the Credits blockchain is by first making a copy of a wallet. Store the copy in a safe place. Once the copy is done, all bitcoins in the original wallet should be transferred to a new address that you have control over. After this you can import the copy of the wallet created in step one into Credits and claim the coins.

Since the tracking of the Bitcoin blockchain is three months back in time you will be able to claim the coins using the copied wallet but still have a guarantee that the original bitcoins can not be touched once they have been transferred to the new (previously unused) address.

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Exchanges

Credits can be found on C-Cex!

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CURRENT BLOCK REWARD: 45 CRE

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PM Gabriel Eiger for any questions regarding Credits.

[Shadow_Runner]

Old coin. New thread.

[GreydonIselmoe]

Proof of deposit system seems like a game changer, I'm mining as we speak! Keep up the hard work and fast developments Gabriel!

[Gabriel Eiger]

Roadmap for near term development

DONE - Credits blockchain explorer Online blockchain explorers are helpful in determining the state of the current blockchain and can be used for many purposes, among them to get an “official” image of which the current active chain is.

DONE - Adding Bitcoin client capabilities Since the client is already downloading and tracking the Bitcoin blockchain adding the possibility to send Bitcoins from the client is quite straightforward. There are also other features of the Bitcoin client that could be incorporated, effectively turning the Credits client into a Bitcoin client as well. Those features would remove the need to store the Bitcoin blockchain twice, if a user also has a Bitcoin client installed. This will enable a user to forget about the Bitcoin client altogether and instead use the Credits client for both Bitcoin and Credits.

DONE - GPU mining A “natural” evolution in hash-based verification are improvements with the purpose of making the hashing process more efficient. The normal development phases are first CPU mining, then GPU mining, where a GPU is more efficient in running simple calculations in parallel, followed by creation of so called ASICs. It may be useful to assist in the development of GPU integration, to level the playing field for newcomers.

- Incorporate newer features from Bitcoin The version of Bitcoin used internally in Credits is 0.9.1. This version was released last summer and several key areas in Bitcoin has seen quite a lot of development since then. These features should be incorporated into both the internal Bitcoin client, and also where applicable, be added to the source code of Credits. These improvements are among lots of others “headers first” blockchain synching, preparations for increased block size and improvements for increased transaction volumes.

ONGOING - Lightweight client For the moment it is not possible to use Credits without downloading a complete copy of the Bitcoin blockchain. This could be a blocker for wider adoption of Credits. A client will be created that mostly uses online sources for verification, thereby simplifying the startup process and removing the storage requirements for the client.

- Evolve deposit features The deposit process is for the moment a manual one. A miner creates a set of deposits and then starts the miner, which uses the deposits to create new blocks. When the requirement for deposits grow, as the monetary base grows, the need for automated processes to handle deposits will grow as well. A streamlined process to prepare deposits automatically by the miner could prove useful in this situation.

- Develop miner-depositor integration A deposit-based proof-of-work system has two roles participating in the mining process, the miner and the depositor. These two are normally the same entities but as the system evolves, they will probably separate. The miner will provide the hashing power, and the depositor will offer up deposits for a fee taken from the reward. A system where these two roles can find each other and integrate can be built into the client, or be built as a separate miner system. Either way, this will be a natural step in the evolution of the transaction verification process.

[GreydonIselmoe]

can we mine?

Yes! CPU mining is the only option so far, with a GPU miner being released soon, I think. Mining can be done directly from the wallet core

[GreydonIselmoe]

can we mine?

Yes! CPU mining is the only option so far, with a GPU miner being released soon, I think. Mining can be done directly from the wallet core

why does it say sha256 then?
but nothing about block rewards?

Current block reward is 40 CRE, with an increase every 20,000 blocks.

[GreydonIselmoe]

can we mine?

Yes! CPU mining is the only option so far, with a GPU miner being released soon, I think. Mining can be done directly from the wallet core

why does it say sha256 then?
but nothing about block rewards?

Current block reward is 40 CRE, with an increase every 20,000 blocks.

how much is the increase?
this should be in the ANN really...

I think he's editing the OP as we speak, but from what I can see it started at 40 CRE and goes to 45 CRE in about 9800 blocks now. (We are at block 10260)

[Gabriel Eiger]

can we mine?

Yes! CPU mining is the only option so far, with a GPU miner being released soon, I think. Mining can be done directly from the wallet core

why does it say sha256 then?
but nothing about block rewards?

Current block reward is 40 CRE, with an increase every 20,000 blocks.

how much is the increase?
this should be in the ANN really...

The reward is increased over an S-curve, up to 100 CRE in approximately two years and after that a gradual drop-off.

[peaseniz]

Glad to see the new ANN hopefully the name change will help bring more people onboard the CRE train

[MickGhee]

this looks cool all new and will take some time to wrap my brain around it i like cpu mining i must say havent ever been able to pull that off im in

[Gabriel Eiger]

Glad to see the new ANN hopefully the name change will help bring more people onboard the CRE train

Glad to hear that you find it interesting. Make sure to dig into the code to see why for yourself why it is a game changer.

[bitcreditscc]

Glad to see the new ANN hopefully the name change will help bring more people onboard the CRE train

Glad to hear that you find it interesting. Make sure to dig into the code to see why for yourself why it is a game changer.

since you seem to not have noticed yours is the third coin to use *credits.

https://bitcointalk.org/index.php?topic=412591.0

[Gabriel Eiger]

this looks cool all new and will take some time to wrap my brain around it i like cpu mining i must say havent ever been able to pull that off im in

Have a look in the Getting started section for more info.
http://credits-currency.org/viewforum.php?f=18

Send me a PM and we'll help you set up the client.

[GreydonIselmoe]

Glad to see the new ANN hopefully the name change will help bring more people onboard the CRE train

Glad to hear that you find it interesting. Make sure to dig into the code to see why for yourself why it is a game changer.

since you seem to not have noticed yours is the third coin to use *credits.

https://bitcointalk.org/index.php?topic=412591.0

Nothing constructive to say?

We are aware of a *dead* coin using Credits. Thank you for your input.

[MickGhee]

Glad to see the new ANN hopefully the name change will help bring more people onboard the CRE train

Glad to hear that you find it interesting. Make sure to dig into the code to see why for yourself why it is a game changer.

since you seem to not have noticed yours is the third coin to use *credits.

https://bitcointalk.org/index.php?topic=412591.0

Nothing constructive to say?

We are aware of a *dead* coin using Credits. Thank you for your input.

+1

come on guys lets all be nice this looks good and bitcredits looks good they are two different mechanisms entirely and are in no way competing for users ..  if we all support each others ideas and help each other eventually a clear winner will emerge if we are all co-operating then we will all have each others coins when that winner does show itself ...  lets not forget the point ... some inbred lord of the bank just sits back and prints the currency for free and lends it into the economy at interest making us all slaves. ...the purpose of crypto is to put the power of money back into the peoples hands be it pow pod  or just plain giving it away on facebook ( i am a stong supporter of the work to eat initiative however)  we all need to stand behind each other so we can beat them   DIVIDE AND CONQUER  god i thought u people were smart  i for one will support ANY IDEA because if u keep drawing from the deck eventually you lay gin....

[GreydonIselmoe]

Glad to see the new ANN hopefully the name change will help bring more people onboard the CRE train

Glad to hear that you find it interesting. Make sure to dig into the code to see why for yourself why it is a game changer.

since you seem to not have noticed yours is the third coin to use *credits.

https://bitcointalk.org/index.php?topic=412591.0

Nothing constructive to say?

We are aware of a *dead* coin using Credits. Thank you for your input.

+1

come on guys lets all be nice this looks good and bitcredits looks good they are two different mechanisms entirely and are in no way competing for users ..  if we all support each others ideas and help each other eventually a clear winner will emerge if we are all co-operating then we will all have each others coins when that winner does show itself ...  lets not forget the point ... some inbred lord of the bank just sits back and prints the currency for free and lends it into the economy at interest making us all slaves. ...the purpose of crypto is to put the power of money back into the peoples hands be it pow pod  or just plain giving it away on facebook ( i am a stong supporter of the work to eat initiative however)  we all need to stand behind each other so we can beat them   DIVIDE AND CONQUER  god i thought u people were smart  i for one will support ANY IDEA because if u keep drawing from the deck eventually you lay gin....

I completely agree! I seemed slightly off-put simply because that user had come to our initial ANN thread and added huge red FUD text to dissuade users. I for one and in support of crypto diversity! The more ideas the better!

[Gabriel Eiger]

+1

come on guys lets all be nice this looks good and bitcredits looks good they are two different mechanisms entirely and are in no way competing for users ..  if we all support each others ideas and help each other eventually a clear winner will emerge if we are all co-operating then we will all have each others coins when that winner does show itself ...  lets not forget the point ... some inbred lord of the bank just sits back and prints the currency for free and lends it into the economy at interest making us all slaves. ...the purpose of crypto is to put the power of money back into the peoples hands be it pow pod  or just plain giving it away on facebook ( i am a stong supporter of the work to eat initiative however)  we all need to stand behind each other so we can beat them   DIVIDE AND CONQUER  god i thought u people were smart  i for one will support ANY IDEA because if u keep drawing from the deck eventually you lay gin....

True true. And just to make it clear, this renaming is to NOT interfere with other parties.

[bitcreditscc]

i wasn't posting FUD , i was warning of another possible naming collision. if that equates to FUD then you need to be examined. I have no problem with people's idea's, just thought you'd be better off knowing that you may end up sharing a name again with another project, and in this case , two other projects.

[MickGhee]

yes the important thing is we all work together to turn fiat into kindling if ur coin fails just be glad u colected xyz coin when it was worthless or whateer u see my point if we all bust our asses  and try to make it happen it will... eventually you get dealt a full house on the flop ... sometimes dude outdraws u but there is always the next hand  the important thing is we KILL THE BANKS and give the people thier lives back .... the whole fiat system is debt a dollar isnt an asset its an iou to the bank and u owe interest that dosent exist in the supply plus the principal u can never win because ol lord david can double production and have QE infinity -- lets not be divided


btw it wont be bitcoin its too slow and inflexible

[MickGhee]

i wasn't posting FUD , i was warning of another possible naming collision. if that equates to FUD then you need to be examined. I have no problem with people's idea's, just thought you'd be better off knowing that you may end up sharing a name again with another project, and in this case , two other projects.

well good now say something nice about their project like this is totally new and so advanced i cant fully understand it or something ... this really is like a new thing  bitcredits is new in its own way with credit ratings and p2p loans built into the system and it will have a use im sure this is more like a prototype that hasnt even been fully looked into by innovators   i dont think this will be the final product but we are in the building phase ... like android when it first came out it was just a phone but now its my computer it has everyhting u need even GTA san andreas bitcredits also is an experimental prototype whose full capabilities are yet to be exploited   bickering over the things that matter least just makes us all look like high school rich kids  making fun of the kid with prowings