Credit Smartchain Network is coming and before it can arrive, we as the community, have a lot of preparation to do. it’s important for us to grasp the fundamentals of what we are building so that each step of the process is clearly understood.
All of us can say in unison, that ETH is unusable. The single most problematic factor is related to the price of the Ethereum Networks native token, aka Ethereum or ETH. GAS or fee’s are always paid in the native token, ETH. So the more ETH costs, the more fee’s are paid. We get this right, no mystery here.
So along came other networks, many of them. They saw this same issue we have just identified and set about to change it. And some have been really successful, we are not naming names any more. Credit is stand alone in its design and its vision. Where others have had success, they suffered the same fate. Let’s be honest, $0.15 per transaction might as well be $40.00 to most people. It places a very large impact on the widespread usability of the network in question. So yes, no one can refute that a reduction from $40.00 to $0.15 is amazing for those that were paying $40.00, but funny enough not enough of an incentive to move the bulk of their transactions to other networks. So even with this massive reduction in cost, its still not a solution because the $0.15 goes up when the native token goes up.
So lets surmise briefly, for the existing market great improvements have been made. But for Ethereum and its internet of sidechains, there is no overall and long term solution.
Credit is that solution, because we have completely removed the cost of transaction.
Why did no one else do it ?
Simply put: We cannot comment on the motivation of others, we can only speak for our own. Our own vision is to completely remove the costs, absorb the existing market and expand it 1000 fold.
How will we do this ?
Almost anyone in the project today knows of has hear of DeFi, NFT etc. But unfortunately participation is not always possible for most and those that find it easy are definitely limited by way of fee’s. They eat into profits and cause stress, AMM Dex’s are incredible inventions, the way they manage liquidity revolutionized the term DEX. But also very limited by cost. And almost invisible to 99.99% of the world population, who have smartphones and digital money.
The primary technology we are discussing here is called Web3. this is known as the decentralized internet, what we in the industry believe in as the future. All these tokens, Dapps, sidechains, bridges, NFT, DeFi and other applications form the decentralized internet.
The focus is on scaling and supporting the Ethereum Blockchain, which makes us a direct competitor with some of the biggest projects.
So lets be prudent.
One thing about the Credit community is unbridled excitement, its intoxicating and sometimes very positive. But it also has a dark side, because it’s rooted in naivete. And you know what, that’s OK. And we should expect that, after all we are the project for every person, 100% accessible. And we take this opportunity to reaffirm our commitment to the promotion of blockchain throughout the developing world.
Ok, we understand that we want to be involved in Web3 and we know that if we are the only low cost option then we are rich right ?
Unfortunately not, here is why. Delivering the technology is key to allowing us to sit at the table. The quality of our network is what is going to set us apart. This is the key matter at hand. The part that cannot be rushed or weak in any area.
So now its time really bore you to death with the technical ecosystem.
The Credit Smartchain Network or CSC Network will be a layer 1 Ethereum side chain. There are many examples of ETH sidechains, which we will not name. The two primary types of ETH side chains are layer 1 and layer 2, layer 1 is its own blockchain that regularly syncs its block data to the ETH chain as well as having its own side chain. A layer 2 sidechain, uses the eth network chain data but runs its own simplified data layer on top. Layer 2 chains use a single node and cannot handle smartcontracts. A layer 1 chain is able to deliver complex blockchain support with multiple nodes and a competitive environment that ensure decentralization.
So with both types of chain you keep you eth wallet address and just change settings in metamask for example.
So how do we build the ultimate network ?
Using delegated proof of stake with a high node count and large requirement ensures competition between nodes. Once we have successfully created this network the price of fee’s or lack thereof becomes relevant. So both factors are crucial and neither can be ignored.
How do we make sure the promise of no cost is future proof?
This is anther crucial factor that simply cannot be ignored and its tied to a hot topic, the answer is this: If the price of the native token affects the cost of the transaction, the the answer is academic. Scaling is needed in the structure of supply.
But too much supply is bad, no ?
This is a relative concept, because its relevant as to how the supply is distributed. Our plans for CSC will see 50% at minimum secured to the network. The means that brute force and bad acting cannot simply not occur, because the majority of coins are already staked. This leads back to the previous point on how to make the network bullet proof. This single point achieves that in finality.
But nodes can cancel any time and just dump ?
No, this is import info: A validator can only leave the role and retrieve their coins, if another validator with the minimum requirement is ready to join in his place.
Lets briefly discuss, simply, how validation works. CSC will have 50 validators, their coins will be staked and their node will verify transactions and share equally in the rewards. This makes things happen in real time, transactions and interactions are extremely fast. Even if a validator does not pay their server or turns it off, their coins will only available when a new validator pushes them out. A validator can also be kicked out if its sending junk data, but their coins can only be reclaimed, when someone else pushes them out. This refers to the base requirement, not the individual stakers coins. Witness nodes allow users to stake their coins and retain ownership, securing more of supply to the network and creating even further scarcity. These users coins are not locked up like the validators base requirement, users who stake have 100% freedom all the time. This creates a refinement of offering from validators, who will compete for extra coins to ensure a larger share and longer guarantee of service. Because the bigger their balance the safer their position and the larger their share of the fee’s. So a normal user’s coins can be moved anytime to any validator. Instantly. So only the base value to become a validator is locked, ie: 50% of supply is always out of circulation, secured in support of the network. So a majority cannot be acquired and a brute force cannot happen..
So this means that 50% of all coins are staked in delegated nodes. And individual users who stake have freedom to move between validators, perhaps based on better rewards or reputation etc So to ensure their standing long term, a validator will incentivize and create their own community, branched from ours, through our support of them. And as more and more users stake with a validator their status as one of the top 50 becomes ensured. If they have faulty hardware and their node is not always on, it can be blacklisted and kicked out, no matter the balance. These rules are hardcoded and automatically executed. There is no way to break it.
So is a large supply an issue when at least 50% of coins are not in circulation ? Answer is no, that’s good for price, decentralization and over solution that solves many issues.
Lets see why a person or company would want to be a validator:
To be one of only 50 nodes that share in the potential income is an unquestionable opportunity. If we consider that on Ethereum alone, there is $15m per day paid in fees. This is paid today, tomorrow and yesterday, everyday. What % of that can we gain ?
That’s why we are in business, we want to make money. But we are concerned with all the issues that have stunted web3 and we are confident we can solve them all.
We believe in decentralization of the benefits of something like DeFi and how in this crazy world, these benefits of passive income can be extrapolated and extended to every person with a smartphone. Then we are looking at the 100% acceptance of web3, Credit and blockchain technology for much more than just money.
Is it easy to run a witness node/validator ?
No, it’s not simple to setup and its not simple to maintain and a lot of money will be invested in coins. It will be a competitive environment where balance determines, role, determines earning. There will always an excess of validators with a varying quantity above the minimum that are online, waiting fill the position of a faulty, badly managed or corrupt node.
But rest assured, staking as an individual will be as easy as pie and carried out in an would be replicated into a graphical user interface, a successful witness node would have a website that allows for easy interaction for users who wish to stake. But if that website failed, a user could still use an decentralized tools to interact with the node and regain their coins. The ownership of coins staked, is always retained by the owner. this true for validators as well, but they agree to the terms of their role as defined by the source code and their access is blocked until their role is fill by another.
Is the team going to help us with witness nodes ?
To some extent yes, but the requirements are unique and broad. The team will be working with prospective witness node/validator apllicants on Discord: https://discord.gg/6RssaqpfqV
We will assist with hardware requirements, provider suggestions. We will work with developers to setup their hardware and wallets etc . We will provide a channel on Discord and a rank that allows you to grow your community in anticipation of the launch of CSC.
The basic requirements are as such:
20,000,000 CREDIT (Either native chain or BSC)
You need to join Discord and create a ticket. The ticket system will be ready in 24 hours.
In this genesis period, we will allow access to the first 50 validators, on a first come first serve basis. This does not mean that your position will be guaranteed long term, but you will definitely benefit from the first cycle of blocks, your position will always be validated based on your balance. So the community you develop, those individual stakers will formulate the backbone of your future ability to validate the CSC network. Ensuring that you are well above the base requirements.
It’s plain to see the bare minimum wont be enough, which makes us even stronger as a decentralized platform. After all, there is $15,000,000.00 being paid on Ethereum fee’s everyday, and we don’t just want our piece of that, we want to grow it much bigger than its ever been.
In closing, applicants who plan to stake or validate would join discord. Our work now is to lock down our 50 validators and launch the main net as the most decentralized network with no cost to speak of.
We have had said as much as we can say without revealing anything at all, because we need to be protective, we are aiming for higher than ever and our competitors are great and powerful. So please try to read this as many times as you need to to understand that we are all on the same page. No man is an island, we are in this together. CSC is coming, when it’s ready and what determines its readiness is not entirely dependant on the team.