What is Creditbit (CRB)?
Future of CRB Cryptocurrency and know how to buy CRB

#1 - What is Creditbit

Creditbit is a relatively old currency that will soon gain crypto enthusiasts due to its shared properties with the likes of Bitcoin, Ethereum and Ripple. The coin is in the top 1000 cryptocurrencies of the world & has enough potential to give investors good worth of their money.

Creditbit: The Basics

  1. The Creditbit digital token is a decentralised hybrid network functioning on the Proof of Work & Proof of State protocols, which runs on the Ethereum blockchain. Its cryptocurrency is denoted by the symbol CRB and has a total supply of 16,501,719 coins.
  2. It was launched on 4 November 2015 without any ICO or crowdfunding.
  3. Creditbit works on Ethereum Blockchain for storage and execution of Smart Contracts. It is an open source platform which allows anyone to join and develop, modify and distribute Creditbit protocol.

Creditbit Development

  1. CreditBit boasts of a professional development and marketing team, with a democratic character to ensure a fair functioning of its parent body - the CreditDAO/CreditBIT Foundation. A highly capable development community regularly updates and evolves the platform to increase the user base and improve their experience.
  2. However, its core development team members’ names have not been disclosed for their privacy. Creditbit has received public support from Charlie Shrem, the Bitcoin Foundation founding member.
  3. The development team successfully delivered Qt wallet, Blockchain Explorer (CreditSight), an official mining Pool and CreditPay, an iOS paying app within 3 months of its launch on 15 January 2016. This enabled practical storage options for the coins and an easy spending proposal flow for shared wallets and group payments.
  4. The team has also developed CreditBond, which lets users earn up to 12% interest annually by locking in their coins for a certain period. This staking mechanism was not even available for Ethereum.
  5. Further updates will soon add more custom features for the CreditBit token. CreditGAME will also push for CRB’s commercial adoption as new coins are distributed.

 

#2 - Creditbit Technologies

  1. Users can switch between Proof of Work (PoW) & Proof of Stake (PoS) using the hybrid Consensus Mechanism which also speeds up transactions.
  2. Token issuance and voting is done through Proof of Trust locking mechanism. Token holders lock some tokens to vote and to get new tokens. Locked tokens cannot be used for transactions but they still belong to your public address. Locking of tokens stabilises token flow in long-term and protects against market manipulations.
  3. Credit 2.0 introduces 2 main distribution channels, viz. CreditGAME and CreditBOND. CreditGAME activates various games for a certain amount of tokens through algorithm distribution. The distribution algorithm runs until all the coins minted for the month get distributed. Anonymity is maintained while playing the game and new coins can be used immediately after the end of distribution period.
  4. Smart Contracts link Ethereum public addresses and public social network accounts, which is a voluntary process. The blockchain stores all the links which can be seen by everyone. New links can be created and old links can be deactivated but not deleted. This enables an audit trail.
  5. Ratings and reputation of activities with CreditDAO and CreditBAY are collected by respective public addresses, which can be used to gauge the performance of address owner activity and engagement in the Community.

Features

  1. Device and data security: The CRB wallet secures personal and shared wallets through multi-signature functionality. Private keys are stored locally and not on the cloud.
  2. Faster: The hybrid PoW & PoS consensus mechanism offers faster transactions. This ensures that the speed and rate of transactions is 10 times faster than on Bitcoin. Its block generation time is 30 seconds. Bitcoin takes 10 minutes.
  3. Decentralised: Creditbit does not require any third party network or centralised control as it works on Ethereum’s blockchain. Machines indulging in CRB mining together and form the network.
  4. Privacy: All transactions and addresses are anonymous. CreditGAME is played anonymously as well.

 

#3 - How to Buy and Store Creditbit?

How to buy CRB

Creditbit can be traded on various exchange platforms like Bittrex, Crytopia, YoBit.Net, Bitsquare, Bloombit, etc. CRB coin trading is also supported by the JAXX wallet platform, which allows token convertibility. The development team is working to list CRB on more exchanges.

With the Creditbit cryptocurrency being available over many exchanges, it can get difficult to get the best price for your transactions. Which is where CoinSwitch steps in.

  1. While cryptocurrency exchanges provide you a platform to buy or sell the Creditbit cryptocurrency, CoinSwitch, the largest cryptocurrency conversion platform, comes in to help you make the right decision by providing the prices for CRB. Creditbit offers the facility to earn interest on the stock of Creditbit coins for a specific period through credit bonds. This way you can choose the best deal for you!
  2. With CoinSwitch you can also buy, sell and trade over 300 cryptocurrencies for Creditbit. It offers interchangeability and unified experience for all cryptocurrencies with a wide offering from all major exchanges.

Creditbit Storage

Old wallets may not support Creditbit tokens as it has shifted to the Ethereum blockchain, making it an ERC20 token. Now a wallet supporting Ethereum can work as a CRB wallet as well. A CRB coin can be stored on

  • MyEtherWallet
  • Trezor
  • Parity
  • Jaxx
  • ETHEREUM / MIST

 

#4 - What is the future of Creditbit?

Also Read: Complete Analysis of Creditbit | Live Creditbit (CRB) Price Charts And Predictions

As of June 2018, its market capitalisation stands at $991 thousand, with the CRB cryptocurrency having an infinite supply.

With Credit2.0, Creditbit may be set for a long-term rise in its value. Priced at around $0.008758 at its launch, it rose with rapid pace to touch over $5.46 - giving its investors an impressive 681% returns in January 2018.

Many analysts suggest the CRB token will eventually grow to $1.041by 2023 due to its gradually growing adoption.

Price History

Date

Open*

High

Low

Close**

Volume

Market Cap

Jun 01, 2018

0.152135

0.154545

0.148955

0.152181

11,877

2,532,800

May 01, 2018

0.256752

0.258175

0.244429

0.252810

20,258

4,272,470

Feb 01, 2018

0.588673

0.595421

0.439402

0.459222

165,754

9,740,040

Jan 01, 2018

0.752380

0.766791

0.684811

0.736727

257,391

12,423,200

 

#5 - How is Creditbit different from other cryptocurrencies?

As discussed earlier in this post, Creditbit has multiple standout features making it unique from most other cryptocurrencies:

  1. Creditbit’s Creditpay feature protects against unauthorised payments via multi-signature wallets for which several approvals are required. It also lets users share finances securely with other users.
  2. Its payment protocol (BIP70-BIP73) quickly verifies Creditbit payments while identification of payment requests is also faster.
  3. Unlike most of its rivals, the Proof of Stake feature of Creditbit rewards shareholders with 8% annual interest when they confirm transactions, if they are proportionate to the amount that they maintain in their wallet at the time of the transactions.

 

#6 - Should you invest in CRB?

  1. CRB valuation is set to gain mileage with a solid short term and long term roadmap, which is attracting an enthusiastic and expanding community, as it is offering trade in goods and services as well.
  2. With customization and user-friendly secure features, it’s accessibility will only increase worldwide.
  3. Credit2.0 aims at making Creditbit an alternative banking and financial system globally, boosted by its open source nature. The robust platform offers source code on all emerging platforms which will make way for its mass adoption.
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