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Creditbit

What Is Creditbit?

The cryptocurrency space is evolving rather fast. In about ten years after the first network was released in 2009, over 1600 new tokens have entered the market. But the most notable thing is the ability of the blockchain networks to re-adjust and reflect the realities of the market. No other sector, not even the bank has managed to achieve this flexibility.

One cryptocurrency that has demonstrated huge potential for becoming the next big coin in the niche is Creditbit. This post digs deeper into Creditbit to establish the problems it solves and how it solves them.

  • A closer look at Creditbit coin

Creditbit is one of the old cryptos in the market that were established early in the early years of the blockchain technology. The coin was established by an anonymous team that wanted to remedy major issues such as centralization reported in pioneer coins.

The most notable aspect of the coin is its shift from proof of work to proof of stake consensus algorithm. Besides, it also shifted to the Ethereum blockchain to take advantage of the Ethereum’s impressive features and enjoy faster growth.

  • The price performance of Creditbit coin in the market

A closer look at the Creditbit’s value in the market reveals that it is a coin on a mission to outdo others and become a major force such as Ripple or Bitcoin Cash. When Creditbit entered into the market, the value of the native coin was $0.01.

The value remained within the same range until December 2016 when the demand started rising. In April, the price grew sharply to reach $2.66. This was a huge leap of over 33,000%. It was also the highest mark in the Creditbit’s history.

The price took a bearish trend hitting a low of $0.2 in mid-November before shooting up again in December 2017 and hitting a peak of $1.84 y 12th January 2018. This positive show did not last because the price took a downward trend in the remaining part of 2018.

By the close of October 2018, the value of Creditbit was $0.03. Note that even with this low price, the community is still optimistic that the show will become positive in the coming years.

What is the problem that Creditbit Solves?

When Creditbit entered the market in 2015, the crypto and financial niches were faced with a mammoth of problems. Here are some of the problems that Creditbit solves.

  • Low transaction speeds

When people want to send funds, the ideal situation is instant clearance at low costs. But this target has become a mirage in many financial services. If you want to use a bank system to send funds, the transaction is subjected to procedures such as anti-money laundering (AML) and know-your-customer (KYC) rules.

Because the procedures are done on both the sender and recipient, sending value can take up to four days. This makes wire transfer not a reliable method especially for clearing items on a take-and-go basis in the markets.

When blockchain was re veiled, people thought that it was the solution that would finally cure the issue. Indeed, it helped to a great extent. But the growing numbers using blockchain networks started clogging them making the old problem of slow transactions creep back. Take the case of Bitcoin.

Though it is the largest and most valued network, it can only manage seven transactions every second. Even more advanced networks such as Ethereum and Bitcoin Cash can only manage 20 and 60 transactions respectively. If you compare these rates with Visa that can handle over 20,000 transactions/ second, it implies that the cryptocurrencies have a long way to go.

  • Centralization of financial services

The centralization of financial services in the market is a serious problem that has been associated with most issues in the financial sector today. The bureaucratic design of banking institutions requires that clients’ details and resources to be held and run by a selected management team.

The centralized management implies that all the customer resources, especially the savings, are left at the mercy of the bank leadership. If the management is incompetent or engages in malpractices, users finances, personal info, and transaction history are at risk. Think of a situation where the bank falls bankrupt.

Before a receiver is selected and possible court battles, the likelihood of losing your deposits is very high. Things could get worse if you have a situation that requires cash urgently.

  • Centralized mining and associated risks

When cryptocurrencies entered the market, the community got a sigh of relief. The thought  that decentralization would deliver them from the bondage of centralized organizations. But these blockchains also started suffering from technical issues. One of them is centralized mining.

Because of the ever-rising crypto mining difficulties, the industry started creating advanced equipment that generates a lot of hashing power. The problem of the equipment is that they are expensive and only the well to do in the community can afford. This implies that mining and release of new coins are turned into a rich man’s affair. This raises the risk of 51% attack.

  • Poor motivation and uptake of cryptocurrencies

If you look at the cryptocurrency industry, it is easy to draw the conclusion that all is well because of the large number of cryptocurrencies. However, this is not true. The industry is reeling from lack of motivation and low uptake of digital coins.

Many people opt to stay away from the cryptos because of negative publicity and discouragement from governments. For example, the EU Commission and EU Central bank have been discouraging people from taking cryptocurrencies because they are high-risk entities.

In Russia, the government had indicated it would consider it criminal for companies and businesses to accept payment in digital coins. The negative perception makes people feel they are moving in the wrong direction with cryptos. Now, Creditbit targets to correct the situation by showing the positive side of the digital coins.

How Does Creditbit Solve The Problem?

To address the above four issues, Creditbit opted for a multi-strategy model that involves changing its consensus protocol to advanced features in its system. Here are some of the methods employed by the network.

  • A hybrid of proof of work and proof of stake consensus protocols

Many cryptocurrencies especially those created a few years after Bitcoin use proof of work consensus protocol. Though this protocol has been criticized for consuming a lot of power and centralization of mining, it is known for top-notch security.

To take advantage of proof of work (PoW) protocol, Creditbit combined it with another protocol referred to as proof of stake algorithm. Proof of stake protocol is considered more effective because miners do not a lot of hashing power to mine new coins. Indeed, it allows people to mine using standard GPU and CPUs.

  • Adoption of proof of trust locking mechanism

To help protect the network and advance Creditbit to the next level, the development team built on the concept of proof of work by requiring users to lock their stake before they can be allowed to mine the platform. This implies that having a stake on the network is not enough; users have to lock that stake for some time to help keep the network stable.

  • Unique distribution channels for user motivation

In addition to mining, Creditbit introduced two channels for distributing new tokens. These channels are meant to motivate users and encourage them to own and use the tokens. CreditGAME and CreditBond channels help activate different games for some tokens. The tokens you accumulate when playing the game are revealed every month.

  • Use of smart contracts

Smart contracts have become a common thing in the cryptocurrency niche because it helps to automate operations . This helps to make transactions fast, reliable, and inviolable. The smart contracts are now being used by the Creditbit development team to build more features on the network.

What makes Creditbit better than it’s competitors?

As more cryptocurrencies enter the market, the competition is becoming intensive. Therefore, each coin has to fight for its space to win a bigger market share.  Here are some of the things that make Creditbit better than competitors.

  • The coin has been in the market for a long time

One of the worries that people joining the crypto niche have is whether the coin they want to buy is being used as a pump and dump scheme. But Creditbit has been in the market for some time and, therefore, its features have been tested and proven to work. This is one of the reasons why more people have been showing interest in the coin especially starting from 2017.

  • The Creditbit system is led by a highly enthusiastic team

If you want to know how good or otherwise a crypto network is, start by checking at the development team. Though the Creditbit development founders and development team have opted to operate anonymously, their work has been very impressive. For example, the team was able to merge proof of work and proof of stake consensus algorithms to make the system more effective compared to using either of them.

  • Creditbit allows users to invest and run transactions anonymously

Unlike the standard banking institutions that allow a wide array of parties to access financial transaction details of clients, Creditbit is anonymous. The system uses advanced encryption that prevents access to personal transaction details by third parties. Note that even a court of law cannot order for your transactions because the cryptos are not regulated.

  • The Creditbit system is fully decentralized

By operating as a completely decentralized system, Creditbit has outdone conventional financial services because it does not rely on centralized organizations. This means that sending value is cheaper, faster, and free from third-party interference.

  • Creditbit helps to provide users with the freedom to send funds any time

If you use a banking system, there are limitations. For example, accessing large amounts of cash requires prior notice while getting some service at night or weekends is also impossible. Creditbit addresses this problem by giving people the freedom to do what they want any time of the day or right.

If you want to send funds at night, public holiday, or during weekends, Creditbit only requires you to have ample funds and the right address. Remember to be careful when sending Creditbit coins because relaying them to the wrong address implies that they will be lost permanently.

How can Creditbit be categorized?

Creditbit is a progressive cryptocurrency that has played an important role in helping the blockchain move to the next level. Its idea of combining the consensus algorithms, proof of stake and proof of stake, demonstrated that there are endless options in the blockchain niche.

The creativity of the team has inspired the crypto community to explore new ideas and extend the niche to other areas such as gaming and social media.

What’s Creditbit’s vision on Security?

The Creditbit’s vision on security is to offer users with a secure and reliable platform for all financial transactions. The team wanted to restore trust in the crypto networks at a time that key attacks such as Mt. Gox hack had become a common thing.

Examples of Creditbit’s use cases / applications

Creditbit was created to help users make financial payments easy and convenient no matter the location or time. The development team has been working extra hard to ensure that the coin is accepted in major stores to compete with other coins and raise value of the network. Here are other applications.

  • Creditbit can be used to trade in the markets against other cryptocurrencies. You only need to identify an exchange that lists the coin and register with it to start trading.
  • Use Creditbit to save money as opposed to keeping it in a bank. Here, you only need to buy the Creditbit coins and hold them until the time you will need the money.
  • Use Creditbit to pay for taxes. In jurisdictions such as Arizona, it is possible to pay for taxes using crypto coins.
  • Use Creditbit coin to stake the network for rewards. The Creditbit network requires users who want to mine its network to lock some coins before they can confirm transactions and vote on governance issues.

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Circuits of Value

What Is Circuits of Value?

The Circuits of Value is a decentralized and peer2peer cryptocurrency created in 2015 by Michael Sullivan. Sullivan is known for his achievements especially in coining the term “crowdfunding” in 2006 even before Satoshi launched Bitcoin.

The blockchain is the future of society. While it was less known and Satoshi Nakamoto appeared alone in 2009, every sector is now trying to join the industry with a crypto. One of the older cryptocurrencies to join the market is Circuits of Value (Coval).

Circuits of Value is one of the coins that have been doing well in the market. Its community holds that it has the potential to become the next Bitcoin in the crypto niche.

His target is helping cryptocurrency networks to implement peer2peer communication. His work could not be complete without the support of Shannon Code. Code is an expert in gaming and has been very instrumental in helping Circuits of Value venture into the gaming industry.

  • A closer look at the price performance of Circuits of Value

When Circuits of Value entered the market in January 2015, the price was $0.00043. The value remained around the same range for about one year before starting to rise in February 2016. By July 2016, the value of the coin had risen to $0.002 which represented about350% growth.

After the peak, the price dropped to in August and remained around $0,001 until May 2017. In June 2016, the value shot up to $0.01 before falling to $0.004 in November and climbing again to hit a peak of $0.045 in early January. But the good performance did not last.

Starting from January 2018, the price took a bearish trend sinking to $0.005 by April and falling further to $0.003 in October 2018. Note that the bearish trend has been evident in most coins as the prices adjust after the surge experienced in December 2017 and January 2018. Therefore, though the community is indicating that the coin has good potential for growth, it will be interesting to see the performance in the next few years.

What is the problem that Circuits of Value Solves?

If you are looking forward to joining the cryptocurrency niche, it is advisable to check the potential of a coin and its network becoming key players in the niche. One way of doing this is checking how effectively the crypto solves the issues reported in the market. In the case of Circuits of Value, here are the issues it solves:

  • Poor adoption of the cryptocurrencies and blockchain technology in the society

Though the cryptocurrencies entering the market are many, it is ironical that the penetration into society has been poor. When new coins are announced either through private sale or an initial coin offering (ICO), those who rush to buy are the investors. For them, the primary goal is not to facilitate faster adoption of technology, but to optimize returns when the price moves up.

As the tokens are mopped out of the market, many people who would have used the tokens to make daily purchases in the local stores left out. By the time the tokens reappear in the market, the price will be very high and unaffordable to many people.

In the markets, the process of buying digital coins is complex. People are required to join centralized exchanges that list the preferred coins and form trading pairs. Note that the exchanges also charge a fee. In many cases, buying tokens from exchanges requires users to start by learning about trading crypto markets.

Poor adoption of cryptocurrencies is also caused by negative publicity about the digital coins. Some governments have been advising their citizens against buying cryptocurrencies. A good example is the EU Commission. The giant union is of the opinion that cryptocurrencies are going to disrupt the smooth operation of the euro and other currencies. Therefore, it has been advising residents against the cryptos citing reasons such as the danger of complete loss and lack of consumer protection.

  • Difficulty in cross-chain communication

While the cryptographic experts have been working very hard to take blockchain technology to the next level, one area that has lagged behind is the cross-chain application. This means that if you are in Bitcoin network and want to send some coins to a person in Ethereum, you have to join the two networks. But this is not all.

You will also be required to use a centralized exchange to change the Bitcoins to Ethereum coin before sending to the targeted recipient. This process is lengthy and expensive. It is also risky because the exchanges have become an easy target for hackers.

  • Centralization of financial services

For decades, financial services have operated in a centralized way. This means that when you initiate a transaction to send value, it is processed from a central point. The management of the bank or credit card company is required to check the user details and further follow the anti-money laundering regulations.

The lengthy evaluation process makes the process of sending value via a bank to take very long. In some cases, it could take up to four days before the transaction is completed. Circuits of Value addresses the problem by cutting the time to only a few seconds.

How Does Circuits of Value Solve The Problem?

When the Circuits of Value founder started working on the digital coin and its platform, he wanted to present a new and superior system that people could rely on without worrying of suffering from bureaucracies.  Here is a demonstration of how Circuits of Value achieves the above goal:

  • Multi-chain technology

To address the problem of cross-chain communication, the Circuits of Value system uses multi-chain technology that allows development of side-chains attached to the main network. This implies that the Circuits of Value system supports users to create their own chains but running them attached to the primary blockchain.

The advantage of the side-chains is that they can easily communicate with the main chain (Circuits of Value) and other chains. This means that it will be easy to send value from one side-chain to another without requiring a centralized exchange.

The technology is also encouraging more players to join the blockchain niche because the process of creating new coins is simplified. Most of the work has been done because the main blockchain is already there, Circuits of Value. The Circuits of Value development team can help you craft a side chain promptly and release your coin into the market.

  • Integrating crypto exchanges ‘

While the ideal of side-chains is very impressive, the extent of its application still has some limitations because communication can only take place between the hoisted chains. To open the doors for the Circuits of Value users to interact with other coins and trade them easily, the network has integrated ShapeShift exchange into its system.

This implies that you no longer have to worry about perusing through dozens of exchanges to select the best, ShapeShift is right on the Circuits of Value dashboard. Therefore, whether you want to buy Circuits of Value coins using BTC or ETHM, the process is easy and fast.

  • Complete decentralization

The problem of centralized financial services is addressed through complete decentralization in the s Circuits of Value system. This method involves using a network of nodes to do all the transactions in the system without involving a centralized banking facility.

The nodes spread in the Circuits of Value network take up transactions and follow the public address to ensure that the sender has ample funds to send. In return, the nodes are rewarded with part of the transaction fee charged on the system.

The distributed nodes are also responsible for all the decisions made on the network. Whether it is a new feature that has been suggested by a member or additional technology, it is the work of the nodes to decide and approve/ disapprove.

The decentralized system ensures that there is no centralized point of failure in the system. This implies that there is no risk of users losing money due to mismanagement or interference by political authorities.

  • Use of smart contracts

Smart contracts have become the bottom-line of most crypto applications. They are preferred in the Circuits of Value system because of self-execution. This implies that the system can run a decentralized application such as gaming without requiring a  third party to counter-check compliance.

The smart contract development starts by creating the rules to be followed by two parties and implementing them in the blockchain. Once both parties meet the pre-set requirements, the smart contract executes the transaction. It is a reliable method of running advanced transactions without worrying of violation by either party.

What makes Circuits of Value better than it’s competitors?

When the Circuits of Value founders decided to launch the system, they knew that the market already had players who were offering similar services. Therefore, they packaged the Circuits of Value carefully to make it better and more attractive. Here are some of the things that make Circuits of Value better than competitors.

  • The Circuits of Value system provides users with a cheaper and faster way of sending value across the globe. Because the network operates as a decentralized system, sending value takes place on a peer2peer basis. This helps to eliminate all the bureaucracies to ensure that the recipient gets the funds immediately.
  • The Circuits of Value network is led by some of the top minds in the blockchain niche. The team inspires confidence to the community such that more people believe that the coin will become one of the leaders in the market.
  • The system allows users to join and own the system. Unlike the banking systems that make people feel detached because they are not involved directly with the management, Circuits of Value is different. When you join the system to send funds or run a node, the system ensures that you are part of it.
  • The Circuits of Value system operates as a completely encrypted network. This means that users can enjoy sending or investing without worrying about third-party seizures.

How can Circuits of Value be categorized?

Circuits of Value is a next-generation cryptocurrency network that is helping to provide workable solutions to issues affecting blockchain niche. The platform is expected to continue showing the way because of its committed and professional leadership. For example, the operation of side-chains has become a reliable technology with other networks picking it to address the same problem.

What’s Circuits of Value’s vision on Security?

The Circuits of Value vision on security is to offer users with a secure platform for their decentralized operations. The target is ensuring that whether users are sending value or running side-chains, they can do it without worrying of attacks and loss of their investments.

Examples of Circuits of Value’s use cases / applications

If you want to know the value of a cryptocurrency and its system, the first stop should be checking how it is applied. Here are the use cases of Circuits of Value coin and network:

  • You can use the Circuits of Value system to send value on a peer2peer basis. As a decentralized system, the transaction takes place without involving third parties. Note that the recipient should be on the same network or a supported side chain.
  • The Circuits of Value coin presents users with a good opportunity to invest and store value. If the value of the coin goes up, you will enjoy good return on investment.
  • The Circuits of Value coin can be used to pay for goods and services. As more stores start supporting digital coins, using the tokens to pay for goods and services is becoming easy. Even if there is a shop that supports a different coin, make sure to use the exchanges to change your coins to the supported tokens.
  • Use the Circuits of Value to trade in the markets. Like other coins in the market, you can pair Circuits of Value with other coins such as BTC or XPR to start trading in different markets.

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