Show CreditBit your Trust
Dear Community,
we will cover two topics regarding new token: Distribution Mechanism and Bounty for Promoters
Distribution MechanismMigration 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 PromotersPromo 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...
