By Ogechi Nnadi Mbama
South African based cryptocurrency exchange, and payments application, Terrabit will undergo a hard fork at the start of August to reduce coin supply and introduce new features. At the heart of this new update are a hard fork and a coin swap
The Credit 2.0 Swap
The coin swap that follows the major update is set to be simple for existing users. The swap will be automatic, and users will not need to take any technical steps.
The platform will set up a page on its main website for people to send their coins and receive their coins back on the new chain. This will be the sole medium of exchange for this swap. Hence, community members must adhere strictly to this guideline and make sure they move their coins within the period stated above.
1000:1 is the ratio of the swap from old CREDIT coins to new ones. This ratio means that you will receive one newly minted CREDIT for every 1000 old coins you own. There will be a stipulated time for the swap, which cannot be changed. Users who miss this period will lose their funds.
Benefits of the Upcoming CREDIT Swap
Terrabit believes that this coin swap will benefit existing users. One of the major points is the decrease in circulating supply. The total supply of CREDIT will reduce 70 billion to 70 million with the intention of boosting demand due to scarcity.
Also, the new update will introduce TerraBit masternodes, which will have collateral of 50,000 per masternode. This collateral structure is also expected to decrease the supply in circulation, further creating more scarcity and demand.
Other features expected as part of the hard fork includes easy desktop mining and masternode governance. After this update, virtual bank cards will also become available as part of the Terra product suite.
TerraBit also offers passive income through web staking, which you can check out in our article: How to Get Started With Web Staking.
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Originally by Bitcoin Africa