Credit officially launches its blockchain CREDIT 3.0 – El Salvador today September 1st, 2021.
Amongst other things the team has made huge strides concerning this launch with remarkable developments such as;
The launch of CRC20 and CRC721 (EVM) smart contacts and Dapps to the main net. (Presently, the new blockchain passed 8423 blocks, roughly 17 weeks of production)
Credit also has launched a wallet version for all types of pcs with some bespoke versions in the pipeline.
Presently, the Rasputin testnet is running parallel to the main net.
Credit has developed explorers for main net and testnet.
Credit has developed the accurate api for coinmarketcap.com and in the coming days, will submit updates once swap is concluded.
Credit has totally re-developed the website terracredit.io
“The basis of creation and the entire concept of design has been to solve the industries GAS problems, CREDIT is extremely affordable at the moment but even when the price goes 1,000,000% plus, smartcontract creation remains under $1.00 and fees well below $0.01. This price scalability will see no change in fee’s all the way up to a value $10.00 with a market cap or over $20,000,000,000. CREDIT is 7 times faster than it’s direct competitor, Ethereum, and is many thousands of times more cost effective to use today, tomorrow and in 100 years to come. This is a highly decentralized POS blockchain ear marked for rapid adoption in sectors that formerly would not consider using Ethereum, based purely on the costs involved. With CREDIT there is no cost to speak of and the benefit is enhanced when you consider that CRC20 and ERC20 smartcontracts use identical bytecode. ”
Dan Ronchese (CEO) Credit (CREDIT)
The team has successfully contacted and received word back from all active partners and presently working out the finer details to conclude swap. Credit has some short term plans that will not only be beneficial to investors but also enhance mass adoption in the long run. As the acronym states, action speak louder than words. Credit has set in motion the process of developing a fully functioning web wallet that allows for full CRC20 and CRC721 support, including interaction and creation.
However, how tasking this may be, the development of the web wallet will include delegations to facilitate offline staking. The team is working on developing web3 and metamask functionality into a version of the Credit wallet.
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.
CREDIT 3.0 El Salvador is a highly decentralized blockchain where there is no interference in transactions whatsoever and is scalable, designed with mass adoption in mind. However the similarity between CRC20 and ERC20 is so wonderful as their bytecode are identical. (Both protocols use EVM – Ethereum Virtual Machine)
CRC-20 tokens are blockchain-based assets that have value and can be used for transactions (sent and received) CRC-20 tokens are issued on the Credit network .
With this in view, the total supply of Credit will be increased by 10x. Also, all ERC20 tokens needed to be exchanged will be at a ratio of 1:10 (1ERC20 token – 10 Credit coins). The increase in supply is designed to secure the long term scalability of Credit as a low cost smart chain and also encourage mass adoption. Also all funds held in exchanges will be swapped in the above said ratio i.e 1:10.
Also all ERC20 tokens will be burnt in the public Ethereum burnt addresses and there will be no further support provided for ERC20.
It is the goal of Credit, that Credit blockchain will outlive all of its current users. The platform design is meant to benefit generations to come hence the team has ensured that the blockchain, Credit 3.0 offers the lowest GAS fees ever in terms of what is obtained in the Crypto space. The new blockchain offers the lowest cost.
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.
Written by: Apostle Dr. Ogochukwu Amaukwu