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Creditbit – Efficient and Speedy Hybrid Digital Currency

by on March 1, 2016

This is a sponsored story, paid for by the Creditbit marketing team. Always invest at your own risk. 

There are various types of digital currency in existence today, with Bitcoin being the most well-known. However, there is also a large variety of alternative digital currencies Рthe so-called altcoins Рwhich aim to bring something different to the table. Creditbit is one of those alternative digital currencies, and the developers are focusing on a hybrid proof of work / proof of stake approach.

Introducing Creditbit

The concept of hybrid digital currencies is nothing new, yet most of these projects lack active development and innovation. Focusing on a two-pronged approach in the form of proof of work, followed by a proof of stake phase, makes for a far more secure digital currency solution. But such a project would not go far without a proper roadmap, which is exactly what the Creditbit developers provided.

Porting important projects to the Creditbit ecosystem is an excellent way to create various solutions for community members from day one. These development efforts are visible in the form of an Electrum wallet for this altcoin, which is both straightforward and powerful at the same time. Plus, with the twelve-word security passphrase, users can protect their wallet to keep potential intruders out.

Other than the Electrum wallet, there is a regular QT wallet client for Creditbit as well, which offers a bit more privacy than the Electrum counterpart. This QT wallet is also the primary client for staking coins, meaning users will gain additional coins for keeping their funds in the wallet. As the wallet remains running in the background, the staking process will take place, which does not stress computer resources.

But the main purpose of any digital currency is providing use cases to the community. Creditpay is a mobile application that lets users hold funds or share financial security by creating multisignature wallets. Multiple parties will have to approve every outgoing transaction, which adds another layer on top of the digital currency protocol.

Additionally, there is Creditsight, which acts as a block explorer for the Creditbit digital currency. But there’s more to this project, as it also offers API and Websocket access for developers who want to build tools and applications on top of the Creditbit blockchain. This platform is completely free to use, similar to offerings like BitcoinChain for Bitcoin.

Technical Specifications

Hashing Algo: X11

Hybrid POW/POS, POW only for the first year, POS 8% annualy

Minimum Stake Age, 24 hours, One Year Max age

Block reward of 100 coin and halves every 129600 Block (the 4th retarger at block 518400 is the end of PoW)

Money supply 100 Million CREDIT

1 minute block target

15 minutes diff. retarget

Minimum Stake Age, 24 hours, One Year Max age

RPC port: 5555

P2P port: 5556

Buying And Selling Creditbit

One of the primary goals of any digital currency is being able to buy, sell, and trade with other enthusiasts.Creditbit is currently listed on three different exchanges: Cryptopia, YoBit, and Bloombit. More exchanges may be added over time, and we will update this list once more information becomes available.

Source: BitcoinTalk

Header image courtesy of Creditbit

JP Buntinx is a 30-year old FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he is working to achieve the same level of respect in the FinTech sector.
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