Terra Credit has designed Credit (CREDIT) to offer free and fast blockchain based payments. Credit employs Proof of Stake which allows any user to become a producer.

Credit aims to be a decentralized digital payment solution to the world’s unbanked adult population. It is the vision of Terra Credit DAO to see that Credit becomes the fastest and leading Cryptocurrency in emancipating financial freedom for mankind globally.

In view of this, Terra Credit officially launches CREDIT 3.0 – El Salvador on September 1st, 2021. This happens to be the first release and brings CRC20 smart contacts and Dapps to the main net.

One exciting thing about this, is that it offers the lowest GAS fees ever, highly decentralized and scalable, designed with mass adoption in mind.

CRC-20 is an official protocol for proposing improvements to the Credit (CREDIT) network. CRC stands for Credit Request for Comment, and 20 is the proposal identifier. This is a common standard for creating tokens on the Credit blockchain.

CRC-20 is similar, in some respects, to bitcoin, Ethereum, Litecoin, and any other cryptocurrency; CRC-20 tokens are blockchain-based assets that have value and can be sent and received. The primary difference is that instead of running on their own blockchain, CRC-20 tokens are issued on the Credit network and also compatible with Ethereum.

KEY TAKEAWAYS

The popular cryptocurrency and blockchain system known as Ethereum is based on the use of tokens. Likewise, CRC-20 is based on the use of tokens and perfectly compatible with all Ethereum based projects which can be bought, sold, or traded.

One of the most significant tokens is called CRC-20, which has emerged as the technical standard used for all smart contracts on the Credit blockchain for token implementation not only within the Credit block chain but extends to all Ethereum based projects. Plenty of well-known digital currencies use the ERC-20 standard, including Maker (MKR), Basic Attention Token (BAT), Augur (REP), and OmiseGO (OMG) in the Ethereum block chain.

Interestingly, the vast majority of token developers have fallen in line with CRC-20 rules, meaning that most of the tokens released through the initial coin offerings are CRC-20 compliant. Eth based projects can easily move across in minutes and offer zero (0) fees as a benefit to their users because it’s wonderfully compatible with ethereum.

Consequently, this particular token empowers developers of all types to accurately predict how new tokens will function.

 This simplifies the task set forth for developers; they can proceed with their work knowing that each and every new project won’t need to be redone every time a new token is released, as long as the token follows the rules. This compliance is also necessary; it ensures compatibility between the many different tokens issued on Credit.

Consequently, this particular token empowers developers of all types to accurately predict how new tokens will function.

 This simplifies the task set forth for developers; they can proceed with their work knowing that each and every new project won’t need to be redone every time a new token is released, as long as the token follows the rules. This compliance is also necessary; it ensures compatibility between the many different tokens issued on Credit.

If you are planning on purchasing any digital currency that’s issued as an CRC-20 token, or any Ethereum based project, you must also have a wallet that is compatible with these tokens. Luckily, because CRC-20 tokens are so popular, there are many different options for wallets.

The management of Terra Credit chose the name, El Salvador to honour the Central American country for boldly accepting Cryptocurrency as their official legal tender.

Let’s take you down memory lane. El Salvador became the first in the world to make Cryptocurrency (bitcoin legal tender). The law passed by the nation’s Legislative Assembly, will now henceforth allow the use of the Cryptocurrency alongside the US dollars. Though El-Salvador enacted Cryptocurrency as ther legal tender in June 2021, this legislation takes effect in September. This means that Cryptocurrency can be used to pay for goods and services throughout the country and recipients are legally objected to accepting it.

The law was originally proposed by President Nayib Bukele, a former businessman and leader of the right-wing populist party, Nuevas Ideas. With this move, the government plans to boost El-Salvador’s economy, which for years has experienced low levels of economic growth. Most of the country’s population does not have a bank account and 23% of the gross domestic product comes from remittances spent from the large expat community working abroad around 360,000 households.

 http://terra-credit.com