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Author Topic: [ANN][CRB] Creditbit - ERC20 token  (Read 366406 times)
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February 09, 2017, 07:55:28 PM
 #1181


Show CreditBit your Trust

Dear Community,
we will cover two topics regarding new token: Distribution Mechanism and Bounty for Promoters

Distribution Mechanism

Migration of CRBIT coin to Ethereum token will have many impacts. Since the token is build on the top of Ethereum Blockchain, there is no need to have an independent mining network or Confirmation Consensus Algorithms. We share same algorithms and network with Ethereum. But we have to tackle a problem of minting and distribution of newly minted coins on our own - this is one of the key attributes of each token.

How the Minting and Distribution process works?
Every real-life currency has its Central Bank Authority, that decide about issuing new amounts of currency. In decentralized communities like CreditBit Community, decisions about Minting should be accepted with some consensus and quorum. We would like to keep the currency and its management transparent and based on democratic principles.

Our token will have three Minting Processes:
  • Migration: these tokens will be initially minted for a purpose of exchange for current CRBIT coins. Migration will be executed through web site, there would be several migration rounds (target date for first initial round is 10th March 2017), after each round a minting process will be fired, all tokens will be distributed to respective depositors of CRBIT coins.
  • Proof of Pawn/Trust Distribution Mechanism: a minting plan will be proposed from the Development Team, some key settings of minting plan will be decided within migration. In other words, a Community will be able to vote for predefined proposals on how many new tokens will be minted and distributed in next time periods. At migration, each depositor will be able to vote for a favourite proposal, his/hers vote will be weighted by an amount of migrated coins. Later votings will be managed by CreditBit DAO organization.
    While other currencies minting plans are determined by their Dev Teams and hardcoded, we would like You, the Community, to offer your view and opinion. We trust the Community to decide, or even to change this minting plan in a later future.
  • Dev&Promo Funds: we will ask Community 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 be explicitly dedicated to cover some of expenses to our Development Team;
    • Community Development Fund will be dedicated to Development Support Team. After the creation of this Fund, the Development Team will provide several tasks on development and offer them to the Community and Development Support Team (Dev Spt Team). After successful completion or delivery of solutions for these tasks, a developer will be granted an award from this Fund. Specialized decentralized Board within CreditBit DAO will manage the Fund and confirm each task's completion.
    • Promotional Fund will be dedicated to Promo Team for promotional purposes (more in text below).

What is Proof of Pawn/Trust?
We already mentioned our Proof of Pawn concept, we could also use a term Proof of Trust
Proof of Pawn = Proof of Trust
We would like your vote on this topic: Which term should we use, “Pawn” or “Trust”? Please vote in responce to this post.

For each owner of tokens to participate in a distribution process, he must candidate with an act of Trust to Community. Locking a certain amount of Tokens will enable him to participate in different modes of distribution. With holding long position on tokens (locking), you are not able to create a transaction with these tokens, although they still belong to your public address.

We already mentioned CreditGAME project, that will distribute a certain amount of coins each time period among winners. Each game will be allocated with fixed amount of tokens to distribute in a certain time frame. Owners of tokens can participate in these games after locking certain amount of tokens. Depending on their game score, a game can unlock their tokens and award them with new coins or keep their tokens locked for a variable time period. While this is our favourite distribution mechanism, we might develop others, based on Proof of Trust concept. More details on CreditGAME and other mechanisms will be provided in next posts, most probably next week.

Bounty Awards for Promoters


Promo Team is opening its doors! This is an open invitation to all promoters, journalists, blockchain and tech enthusiasts, Ethereum addicts to join our cause. This is an opportunity to show your trust to this project and Community.
In a time before the migration and before establishment of Dev&Promo Fund, we will offer some symbolic bounties/awards for best promoters. We seek innovative, qualitative approach, as we would like to promote CreditBit to broad public. More details will be published next Tuesday (14.2.2017).

Keep in mind, that we are not trying to spam the media or even members of our Community, but to reach out to Crypto Community. Main goal is to spread a word about migration and its benefits, new minting and distribution process, attributes of new token and subprojects as CreditGAME and CreditIDENTITY.

ATM, we already carefully monitor the activity of individuals and media, that offered their help. We would like to express our special gratitude to @Bitcoin_Rush, NewsBTC, @Vindyne8 and others.

Coming soon...
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February 09, 2017, 08:02:20 PM
 #1182


Oh, and BTW, have you seen our Twitter account yet? There are some changes, what do you think?

Don't forget to vote: Proof of Pawn or Proof of Trust? Let's see your opinion!!

Bye for now...

Dev Team
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February 09, 2017, 08:12:51 PM
 #1183


Oh, and BTW, have you seen our Twitter account yet? There are some changes, what do you think?

Don't forget to vote: Proof of Pawn or Proof of Trust? Let's see your opinion!!

Bye for now...

Dev Team

wow,WTF!
Your designer is best.
Lets read it careful and think.
Community lets vote.
Lets make Credit 2.0 huge Wink

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February 09, 2017, 08:16:12 PM
 #1184

Woow great job dev team! Nice concept! Can't wait to see CreditBit on Eth protocol! This will be real huge ecosystem!

Join the Elastic revolution!  Elastic - The Decentralized Supercomputer
ELASTIC WEBSITE | NEW ANNOUNCEMENT THREAD | ELASTIC SLACK | ELASTIC FORUM
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February 09, 2017, 08:17:49 PM
 #1185

community,please come to slack of creditbit,add your mail here or pm new dev team so they will add you. Wink

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February 09, 2017, 10:18:38 PM
 #1186

Wow. Awesome update! Big thanks to the amazing dev team. 2017 will be a good year for creditbit.
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February 10, 2017, 04:45:04 AM
 #1187

MAKE SURE EVERYBODY TO SEE THE CRBIT SHOW, IF YOU DIDN'T!!!

10000+ views here!!!


> vid.me/AHLF

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February 10, 2017, 05:21:12 AM
 #1188

MAKE SURE EVERYBODY TO SEE THE CRBIT SHOW, IF YOU DIDN'T!!!

10000+ views here!!!


> vid.me/AHLF



Url not work.
Add again url

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February 10, 2017, 06:37:10 AM
 #1189

Price will crash when migration to etherum i remember xaur.
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February 10, 2017, 08:45:15 AM
 #1190

Price will crash when migration to etherum i remember xaur.

Why you think so?I think price can go just up when moving on ethereum, after that it woun´t be just normal coin but it would have all features and i think is brilliant idea what devs prepared.
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February 10, 2017, 11:51:09 AM
 #1191

I see Cbit community i is waking up and very active Smiley

I see the price is steady over 0.3$

I see constant updates from devteam

I see bright future Smiley

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February 10, 2017, 02:33:25 PM
 #1192


Show CreditBit your Trust

Dear Community,
we will cover two topics regarding new token: Distribution Mechanism and Bounty for Promoters

Distribution Mechanism

Migration of CRBIT coin to Ethereum token will have many impacts. Since the token is build on the top of Ethereum Blockchain, there is no need to have an independent mining network or Confirmation Consensus Algorithms. We share same algorithms and network with Ethereum. But we have to tackle a problem of minting and distribution of newly minted coins on our own - this is one of the key attributes of each token.

How the Minting and Distribution process works?
Every real-life currency has its Central Bank Authority, that decide about issuing new amounts of currency. In decentralized communities like CreditBit Community, decisions about Minting should be accepted with some consensus and quorum. We would like to keep the currency and its management transparent and based on democratic principles.

Our token will have three Minting Processes:
  • Migration: these tokens will be initially minted for a purpose of exchange for current CRBIT coins. Migration will be executed through web site, there would be several migration rounds (target date for first initial round is 10th March 2017), after each round a minting process will be fired, all tokens will be distributed to respective depositors of CRBIT coins.
  • Proof of Pawn/Trust Distribution Mechanism: a minting plan will be proposed from the Development Team, some key settings of minting plan will be decided within migration. In other words, a Community will be able to vote for predefined proposals on how many new tokens will be minted and distributed in next time periods. At migration, each depositor will be able to vote for a favourite proposal, his/hers vote will be weighted by an amount of migrated coins. Later votings will be managed by CreditBit DAO organization.
    While other currencies minting plans are determined by their Dev Teams and hardcoded, we would like You, the Community, to offer your view and opinion. We trust the Community to decide, or even to change this minting plan in a later future.
  • Dev&Promo Funds: we will ask Community 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 be explicitly dedicated to cover some of expenses to our Development Team;
    • Community Development Fund will be dedicated to Development Support Team. After the creation of this Fund, the Development Team will provide several tasks on development and offer them to the Community and Development Support Team (Dev Spt Team). After successful completion or delivery of solutions for these tasks, a developer will be granted an award from this Fund. Specialized decentralized Board within CreditBit DAO will manage the Fund and confirm each task's completion.
    • Promotional Fund will be dedicated to Promo Team for promotional purposes (more in text below).

What is Proof of Pawn/Trust?
We already mentioned our Proof of Pawn concept, we could also use a term Proof of Trust
Proof of Pawn = Proof of Trust
We would like your vote on this topic: Which term should we use, “Pawn” or “Trust”? Please vote in responce to this post.

For each owner of tokens to participate in a distribution process, he must candidate with an act of Trust to Community. Locking a certain amount of Tokens will enable him to participate in different modes of distribution. With holding long position on tokens (locking), you are not able to create a transaction with these tokens, although they still belong to your public address.

We already mentioned CreditGAME project, that will distribute a certain amount of coins each time period among winners. Each game will be allocated with fixed amount of tokens to distribute in a certain time frame. Owners of tokens can participate in these games after locking certain amount of tokens. Depending on their game score, a game can unlock their tokens and award them with new coins or keep their tokens locked for a variable time period. While this is our favourite distribution mechanism, we might develop others, based on Proof of Trust concept. More details on CreditGAME and other mechanisms will be provided in next posts, most probably next week.

Bounty Awards for Promoters


Promo Team is opening its doors! This is an open invitation to all promoters, journalists, blockchain and tech enthusiasts, Ethereum addicts to join our cause. This is an opportunity to show your trust to this project and Community.
In a time before the migration and before establishment of Dev&Promo Fund, we will offer some symbolic bounties/awards for best promoters. We seek innovative, qualitative approach, as we would like to promote CreditBit to broad public. More details will be published next Tuesday (14.2.2017).

Keep in mind, that we are not trying to spam the media or even members of our Community, but to reach out to Crypto Community. Main goal is to spread a word about migration and its benefits, new minting and distribution process, attributes of new token and subprojects as CreditGAME and CreditIDENTITY.

ATM, we already carefully monitor the activity of individuals and media, that offered their help. We would like to express our special gratitude to @Bitcoin_Rush, NewsBTC, @Vindyne8 and others.

Coming soon...

Great news from the new Creditbit Team. The next chapter of Credibit just began.
Visit ICOtimeline.com for more infos!!
Follow ICOtimeline in Twitter https://twitter.com/ICOtimeline
TheBitcoinRush
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February 10, 2017, 06:19:06 PM
 #1193

Creditbit moving UP!

BIG CRBIT SHOW here: vid.me/AHLF



DXB2017
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February 10, 2017, 07:46:36 PM
 #1194

Creditbit moving UP!

BIG CRBIT SHOW here: vid.me/AHLF






https://vid.me/AHLF

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cryptotrader9
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February 10, 2017, 11:32:57 PM
 #1195

Hi guys i just got my first CRBIT today.  Wink
LowByter
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February 10, 2017, 11:35:40 PM
 #1196

Price will crash when migration to etherum i remember xaur.

There are too much Xaur :

89,192,163 XAUR

And the volume of trade is low so the price can only go down.I don't see the connection with platform though...

btcjoin14
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February 11, 2017, 01:18:49 AM
 #1197

Cool looking project. The chart shows that the price rise started around December 28, 2016 at 799 sats.





With the current price being 0.00034478 BTC, the increase of 33679 sats makes the coin look like a pump and dump victim though I do think the community has the heart to have the developer stick around with technological updates rather than being succumbed to the price of each coin.


Good Job creditbit, the project looks good.

My suggestion is that since there isn't any newer social media updates maybe post a couple tweets or something to gain more inputs on the technical development of your project.
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February 11, 2017, 07:01:10 AM
 #1198

Cool looking project. The chart shows that the price rise started around December 28, 2016 at 799 sats.





With the current price being 0.00034478 BTC, the increase of 33679 sats makes the coin look like a pump and dump victim though I do think the community has the heart to have the developer stick around with technological updates rather than being succumbed to the price of each coin.


Good Job creditbit, the project looks good.

My suggestion is that since there isn't any newer social media updates maybe post a couple tweets or something to gain more inputs on the technical development of your project.


I think they have Tweeter Credit 2.0
I am sure this month price will go up and up.
Let we see what will happen after coin move to ethereum. But i personal think only good can happen. Ethereum platform is future anyway.

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February 11, 2017, 07:32:57 AM
 #1199

The project is looking good for sure. I can't wait to see how the creditgame wiil look like. That is really something new in the crypto. This will help for the raise of community.
And a lot of other things is going on here. Looking forward to see what will happened...
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February 11, 2017, 08:02:54 AM
 #1200

What will be the ratio on swap creditbit to etherum?
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