Ogechi Nnadi Mbama
Ever come across TerraCredit or TerraBit and wondered what they are? In this guide, we explore the TerraCredit ecosystem and provide an in-depth beginner’s guide to one of the fastest-growing crypto projects in Africa.
What is TerraCredit (CREDIT)?
￼TerraCredit (CREDIT) is a decentralised cryptocurrency at the heart of a digital payment ecosystem. The developers behind the cryptocurrency built CREDIT as a “viable replacement to cash and a rewarding option” – especially for users in developing markets.
CREDIT is the native currency of the TerraBit platform, a payment platform tailored towards the unbanked.
At the time of writing, the cryptocurrency is in the top 1,000 coins by market cap on CoinGecko. At the time of writing, CREDIT was trading at $0.00614 per coin.
Highlights About CREDIT
Max supply: 86,000,000
Consensus mechanism: Proof of Stake (POS)
The cryptocurrency is built on a native Proof-of-Stake blockchain, requiring less from network validators, allowing more people to participate in the network. Currently, the Terracredit blockchain has over 12,000 individual network validators. The decentralised nature of validators makes it difficult to perform a 51 % attack on the blockchain.
What’s more, transaction fees on the Terra blockchain are very low. In contrast, most of the top cryptocurrencies have become very expensive to use due to fees. TerraCredit allows you to transact with fees as low as $0.00000003.
Moreover, CREDIT transactions are fast. They confirm in seconds Quicker transactions are made possible because of the low fees and the availability of several validators.
TerraCredit can be stored on native or third-party wallets. The native CREDIT wallet is available on desktops running Windows, Linux, and Mac OS. You can also download the mobile application for Android. Conversely, if you prefer third-party applications, there are many options like MyCointainer to choose from.
What is TerraBit?
￼TerraBit is a global payments platform that allows you to store cryptocurrencies and exchange them for fiat on a single app. It is also the native wallet of TerraCredit.
TerraBit supports CREDIT and bitcoin (BTC). It also supports fiat currencies like the naira (NGN), rand (ZAR), and peso (COP). You can deposit these currencies directly on the app to purchase cryptocurrencies.
Besides buying crypto, you can also sell crypto in the app and withdraw it to your bank account. This feature has made it very popular in developing markets like Nigeria, Colombia, and Kenya.
TerraBit also has a merchants interface that makes it possible for you to accept crypto payments. If you are a business owner, you can accept crypto payments in person via the app. It is extra easy doing the same online by just sending your crypto address.
Finally, the app comes with extra features, such as web staking.
Highlights of TerraBit
Trade cryptocurrencies on-the-go
Support for fiat currencies: NGN, ZAR, COP
Merchant interface to accept crypto payments
Future features coming to TerraBit includes more fiat options for markets like Ghana. Virtual credit cards are also on the roadmap. These cards will make it possible for you to spend your crypto wherever bank cards are accepted.
TerraCredit has several features that have seen an upgrade after the latest hard fork. As mentioned earlier, TerraCredit deploys the most modern blockchain technology. This makes it decentralised, fast, private, and easy to use. Here is a deeper look at the leading features of TerraCredit:
Proof of Stake: TerraCredit runs on a Proof of Stake (POS) consensus algorithm. Compared to other consensus algorithms like Proof of Work, POS is more lightweight and easier to participate in. Easy participation allows more individuals to play a role in confirming transactions. Without a broader pool of validators on a network, it becomes centralised.
The few validators get to control the affairs of the project. Also, bad actors can take advantage of this to attack the blockchain. You can participate in securing the TerraCredit network via staking or masternodes. Securing the network also rewards you through the creation of new coins.
Decentralised Autonomous Organisation (DAO): The latest TerraCredit hard fork brought a new governance model. Masternodes operate the TerraCredit DAO. Aside from helping secure the network, masternodes contribute to the governance of the project. The DAO gets funds directly from the blockchain, which are allocated to approved proposals. Anyone can submit a proposal that masternodes vote on. Each masternode has one vote. Having a DAO with funds directly from the blockchain ensures the development and marketing of the project.
Swiftx: TerraCredit (CREDIT) enables swift transactions using the masternode infrastructure. Swiftx ensures “near-instantaneous” transactions. This feature aims to put TerraCredit in the same league as major payment processors like Visa and MasterCard.
Coin mixing: Mixing makes transactions private. Instead of sending transactions directly from your wallet to another, coin mixing takes the coins through several transactions (mixing) before the final destination. This feature gives CREDIT privacy utility.
Ways to Earn CREDIT in 2020
There are two main ways to earn CREDIT in 2020. Both methods allow you to earn passive income since they require only a simple set up at the initial stages.
You can stake CREDIT via the native wallet. All you have to do is load your wallet with CREDIT and turn on staking to get started. It is simpler than mining and lowers the barrier of entry. You can stake 0.000000001 CREDIT and above. Rewards are paid daily into your wallet after you begin web staking.
Masternodes, on the other hand, come with more requirements. You need to hold at least 50,000 CREDIT as collateral for your masternode. After, you have to set up a node with the wallet. You can do this using a hosting service or do it yourself using basic hardware like Raspberry Pi.
Masternode owners receive rewards every block for securing the network and participating in the governance process.
The Bottom Line
TerraCredit continues to grow beyond the TerraBit platform. CREDIT has been added to several exchanges, payment processors, and wallets recently, while its web staking functionality offers users a way to generate investment income on their CREDIT holdings.
To learn more about TerraCredit, check out the project’s website.
#unbanktheplanet #credit #terrabit 2.0
Originally from bitcoinafrica.io