What is BlockMason Credit Protocol (BCPT)?
Future of BCPT Cryptocurrency and know how to buy BCPT

#1 - BlockMason Credit Protocol (BCPT): The Basics

What is BlockMason Credit Protocol?

  1. Blockmason Credit Protocol is an Ethereum based platform for recording credits and debts on blockchain. The platform works on a mutual agreement basis where a user sends a credit or debit request to another user. If the request is accepted by the second user, then it is recorded on the blockchain as a smart contract.
  2. Blockmason uses the BCPT token to fuel its network. The token essentially acts as a license to access and use Credit Protocol network. Users can also use BCPT for settling transactions on the network. However, Blockmason will continuously change the transaction cost, based on the network traffic.

Credit Protocol Development

  1. Blockmason was co-founded by Timothy Galebach (CEO), Jared Bowie, and Michael Chin in 2016. The company is headquartered at Georgetown, Grand Cayman in United Kingdom. Blockmason is currently lead by a team of 10 members, which includes CTO, Devin Canterberry and CMO, Erik MacKinnon.
  2. Blockmason has minted 116,158,667 BCPT tokens. The total supply is fixed, no new tokens will be minted in the future. The company reserved 33,700,000 tokens for the public sale.
  3. The company launched its initial coin offering on October 1, 2017. The goal was to raise $15.3 million within 30 days, which was achieved on October 16, 2017.

 

#2 - What are the benefits of Credit Protocol/BCPT?

Credit Protocol Technology

Credit protocol illustration

  • Credit Protocol Data Smart Contract: CP data smart contracts are responsible for storing the credit and debts of individuals in addition with data about the relationships between them. The CP data smart contracts are structured into two parts - Debts and Relationships.
      1. Debts records and keep tracks of debt between two users. It is also used for holding any pending debt and record the information about the currency of debt.
      2. Relationships defines and tracks relationships between the users. It establishes a relationship between two users, if they are agreed upon the debt. If credit request from the one user is not accepted by the second user. It will hold that as a pending relationship.
  • Credit Protocol Smart Contract: The Credit Protocol smart contract performs functions like accessing and reading user’s debt, sending and confirming debt; reading friend lists, adding and removing friends from the list. It is the only address in the blockchain that has the privilege to manipulate the data that is recorded in Credit Protocol data smart contract.
  • Flux Capacitor Smart Contract: The Flux capacitor smart contract acts as a mediator between users and UCACs(Use Case Authority Contracts), which means users interact with Flux Capacitor, instead of directly interacting with UCACs. It determines the validity of parameters specified by user for a UCAC by checking the user’s call against that particular UCAC. In addition, the Flux Capacitor also reads staking contracts for responsible for recording the details about token amount staked by token holders and their respective contracts.
  • Use Case Authority Contracts: UCACs have the same calls that are in the Flux Capacitor, which checks the validity of a transaction by calling on UCACs with exactly same function parameters that is being used in the Flux Capacitor. UCACs return these function calls with either “True” for valid transactions or “False” for invalid transactions. A false call return would result in a failed transaction in the Flux Capacitor.
  • Staking Smart Contract is used for storing staking information, such as the amount of staked token, which UCAC is being staked on, etc. Staking contract are checked the Flux Capacitor at the time of a function execution attempt by the users. It also tracks any change user's’ token quantity to prevent any cheating chance.

 

#3 - How to buy and store Blockmason Credit Protocol Token?

How to Buy BCPT?

Blockmason has pre-mined all BCPT tokens at the time of inception; so BCPT mining cannot be used for acquiring BCPT. Nevertheless, users can still obtain BCPT tokens via trading on a cryptocurrency exchange.

  1. The Blockmason cryptocurrency is available to trade on several leading cryptocurrency exchanges, such as Binance, HitBTC, Kucoin, Upbit, Bittrex, and Cryptopia. Users can acquire BCPT by exchanging Bitcoin, Ether, Tether, and Binance Coin.
  2. Instead of compare BCPT rates individually on different exchanges, users can save a lot of time by using CoinSwitch,.
  3. CoinSwitch is the largest cryptocurrency exchange, which allows trading more than 300 cryptocurrencies with over 45000 pairings. Users can compare BCPT rates and trade across all available leading exchanges at one place. It also allows users to track cryptocurrencies performance with live price charts from multiple exchanges.

How to Store BCPT?

Credit Protocol token is an ERC-20 type token, so only Ethereum compatible wallets should be used to store BCPT token. Some popular options are listed below:

  • MyEtherWallet
  • Coinomi
  • Metamask
  • imTomen
  • Ledger Nano S
  • Trezor

 

#4 - What is the future of Credit Protocol?

Trend So Far

Also Read: Complete Analysis of BlockMason Credit Protocol | Live BlockMason Credit Protocol (BCPT) Price Charts And Predictions

  1. As of July 2018, Blockmason Credit Protocol has a market cap of over $13.2 million, which makes it 384th largest cryptocurrency by market capitalization in the global cryptocurrency market. There are 73,754,499 BCPT tokens circulating in the market.
  2. On October 17, 2017, BCPT debuted for trading in the cryptocurrency market at an initial price of $0.181106. During its existence in the market, BCPT has remained highly volatile. Its price saw an all-time high of $2.39 in January 2018, followed by an immediate steep decline.
  3. The cryptocurrency saw another price hike during the end of February 2018. Since April 2018, BCPT price seems to exhibiting a little stability. As of July 2018, the price is floating near $0.17.

Price History

Date

Open

High

Low

Close

Volume

Market Cap

Jul 29, 2018

0.176409

0.185313

0.176409

0.177361

1,324,340

13,011,000

May 01, 2018

0.613719

0.617601

0.570955

0.612899

6,661,970

44,403,600

Mar 01, 2018

1.18

1.31

1.05

1.15

36,950,300

53,083,200

Jan 01, 2018

0.459772

0.730973

0.435802

0.720167

15,477,700

20,766,100

Oct 17, 2017

0.181106

0.195782

0.180281

0.195614

27,343

-

Future Trends

In 2018, BCPT has seen two major price hikes so for, although it seems to be stabling now. Analysts believe that BCPT could exhibit more stable growth in a long run, as the token gains more maturity. By 2023, BCPT price is expected reach near $1.48, with an increase of nearly 726.52%. However, these prediction can differ in future due to several factors.

 

#5 - How is BCPT different from other cryptocurrencies?

  1. Unlike Bitcoin, which is only a peer-to-peer payment system. BCPT is blockchain-powered system for tracking and settling of credit and debt. In addition, it is also a blockchain protocol that can facilitate the development of decentralization applications.
  2. The platform operates on several unique smart contracts, such as Credit Protocol data contracts, staking contracts, Use Case Authority Contracts (UCACs), and Flux Capacitor contract.
  3. Credit Protocol platform features a dynamic transaction cost, which is determined by the amount of traffic on the network.

 

#6 - Should you invest in Blockmason Credit Protocol?

  1. Blockmason’s Credit Protocol can solve a lot of problem connected to credit and debt tracking and can be adopted by small scale businesses to settle and track their corporate debts. The use of blockchain here will result in security and transparency of transactions.
  2. The team has already released its app LNDR (pronounced “Lender”), which is based on the Credit Protocol. The app has recently transitioned into the stable release channel and has high ratings on both Google Play Store and iOS store. With an increased adoption of the platform and token use, the value of the token should also grow.
  3. Credit Protocol platform presents good growth opportunities, if it is able to establish and extend its reach as a platform. The platform may require many partnerships on different levels in the industry, in order to fully demonstrate its potential and so far it has yet to score any significant partnership.
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