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CREDITS RELEASES MAINNET: PROMISES MORE AFTER LAUNCH

The release of the Credits Mainnet is a long anticipated milestone. It is our goal to inform the blockchain community of our technology and we begin our marketing activities in earnest. – Team Credits

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Credits, in a recent community update, announced the launch of Credits Mainnet. In the same article, the concerned company did well to make available the details about their key events- providing all necessary details about the 2019 Credits Platform Roadmap, market entry strategy, and approaches to enhance project visibility.

Among the topics for discussion were the Source Code release and Bug bounty, Token swap, Platform Tests and Infrastructure Development.

Mainnet Launch

As rightly put by the Team, the scheduled date for the launch of the Credits Mainnet is 31st, March 2019. in the press release, the team shows that the launch would include the public availability of the main credits platform components which are Credits Node-full client software; Credits Monitor-Blockchain explorer; Desktop Wallet- the desktop version of wallet with full functionality; Web Wallet- web version of wallet.

The Credits Technical Roadmap for 2019

The roadmap for the project which was presented from March 2019 gives the idea that the platform contains all necessary functionality to start using software for the development and Production of DApps. Further emphasis was put on the fact that this current product which is being tested isn’t the final one.

According to the team, in subsequent releases, they hope to launch a series of optimization processes aimed at enhancing the network and data storage module, API and also plans to further develop their SDK are in place. Credits further stated that more significant updates would take place through hard forks.

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The Credits Technical Roadmap for 2019

Publishing Credits Source Code and Bug Bounty Campaign

The Blockchain community has recorded tremendous success since its invention mainly because of the fact that it is Open Source. according to Credits, even though it had been very cautious over the publishing of the Source code just before the Mainnet launch, it is points out that it had in time past prior to now, made available its code to private independent auditors who made sure to validate and give feedback which the team have incorporated to make the Credits Platform fast, safe and secure.

However, with the release of the Mainnet, the Credit team have said that it will begin publishing the complete source code of Credits Protocol in GitHub. This progressive move will commence in the month of April until the full code is out there in the community and is available for public perusal.

“Its a very important step that will increase the rate of transparency of the project, increase the developers’ audience and increase platform adoption. We hope this release form provides the basis for the joint use and collective development model, enhancing the project ecosystem.”

– Team Credits

At the completion of the publication of the source code, a Bug Bounty Campaign will be launched (Read about bug bounties). This will seek to improve the quality of the code and eliminate minor bugs. More info about this will be provided on their medium handle on a later date.

Token Swap

Credits intend to have two phases for their token swap beginning with the Mainnet launch.

Phase 1: Development and Stability Test

We will also provide a partial swap option with a fixed limit amount of coins per person to allow for the development and use of decentralized applications and services, based on the Credits protocol. Exact amount of coins available for the swap will be announced when Mainnet will go live.

Token Swap Phase 2 – Public Swap

According to Credits, a full swap of tokens will occur after 2-3 months of stable Mainnet operations. This measure will be taken with a focus to maintain a high level of platform security. As such, the intentions are to carry out our bug bounty campaign and test the level of platform workflow at different layers before the beginning the common public swap.

The common public swap will be accomplished via either exchanges or via a smart contract. The token swap will be announced 1 month prior to the commencement of the swap.

Platform Test

In the second and third quarters of the year 2019, the tests for Decentralization and Capacity will be carried out after publication. Credits is coming up with programs to support the promotion of product and services that will utilize the Credits Patform. Approved projects will receive $10000 grants to build their projects on the credits platform. Other community members will receive airdrop on a future date.

Among the numerous achievable projecs at hand, the Credits team went ahead to mention that:

  • The release and update of our technical documentation
  • Adding support for Trezor and Ledger cold storage wallets and
  • Development of a wallet browser extension and an escrow wallet are a top priority going forward after the launch.

Click to read more about Credits

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President of Venezuela Nicolas Maduro Calls on Public to its Newly Opened Petro Supported Casino

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The President of Venezuela has announced the opening of crypto supported casino in the country. This announcement was made on the 17th of January, 2020.

According to the President, the Ávila National Park’s Hotel Humboldt will soon be home to an international casino which will make use of the Petro (PTR) – the country’s cryptocurrency.

Nicolas Maduro went further saying, the proceeds from the casino activities will fund the country’s public health and education sectors. 

Betting has been halted in the country for several years prior to the administration of the current President Nicolas Maduro. Prior to this administration, betting places were ordered closed down because of being dens of drugs and other criminal activities. 

Giving details on the operation of the Casino, President Maduro said he has authorized legal bets with petros. According to him, the Hotel Humboldt will have an international casino and everyone will be able to place bets using the petro.

He went further explains, “You can come to bet. There will be offers, special prices. You buy your petro tokens, you can buy them if you bring yuan, if you bring yen, dollars, euros or any other cryptocurrencies … buy your petros and make your licit bets allowed by the state as contemplated by national laws.”

Owing to various sanctions hitting the oil filled country, the current President, Nicolas Maduro created the petro cryptocurrency to evade these sanctions and better position the economy of the state. 

The announcement of President Maduro to open the casino evidently is an attempt to provide more use cases for the petro to improve acceptability amongst the populace and global community. 

This move by the President will most likely fuel the emergence of new casinos across the country since it has been almost a decade casino activities were halted in the embattled state. 

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Binance to Support IOTX MainNet Token Swap

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The IOTX mainnet token swap to be supported by leading cryptocurrency exchange, Binance. The crypto ecosystem giant made this known via its blog.

Withdrawals will be suspended from the 15th of January, 2020 by 0:00 AM (UTC) pending till the token swap is completed.

IoTeX describes itself as an open source platform, building the Internet of Trusted Things, where all physical and virtual ‘things’ — humans, machines, businesses, and DApps — can exchange information and value at global scale. It was founded in 2017.

Binance also revealed it will handle all technical requirements involved in the swap process for all users holding the IOTX token in their Binance accounts.

Whenever even after the mainnet migration a user sends ERC-20 IOTX tokens to Binance, Binance guarantees the tokens will be converted to the mainnet IOTX and the user will not be able to withdraw the ERC-20 IOTX Tokens after the swap.

We will make a separate announcement after the mainnet swap is complete to notify users when withdrawals for IOTX (native coin) will open, Binance concluded.

In November 2019, IOTX revealed via a blog post the roadmap it intended to follow in ultimately bringing staking/voting using the IOTX token to its mainnet.

In the post, it gave a summary of schedule for staking/voting using the IOTX token.

Iotex

Mainnet Alpha (Apr 2019 – Oct 2019): staking on Ethereum using IOTX-E (ERC20) only

Mainnet Beta (Nov 2019 – Q1/Q2 2020): staking on both Ethereum and IoTeX using IOTX-E (ERC20) and IOTX (Native), respectively

Mainnet GA (Q1/Q1 2020 and on): staking on IoTeX using IOTX (Native) only. Note: all existing votes/tokens on Ethereum will be automatically converted to IoTeX

IoTex also stated that exchanges with IOTX-E currently listed will at their own different time perform official token swaps to IOTX (native) currency throughout Q4 2019 & Q1 2020.

The Internet of Trust Things platforms also stated that the final cutoff to swap IOTX-E to Native IOTX will be announced in Q1 2020.

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CEO of MTN Group Speaks Out on MTNCOIN, Calls it Fake.

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The CEO of MTN Group, Rob Shuter has spoken out on the document circulating the internet showing the Telecom giant, MTN Group to launch a utility token – MTNCOIN.

The CEO calls the document and unsolicited proposal and the Telecom firm will not consider it.

The document which was dated 29th of October, 2019 and titled “MTN COIN – Building Africa’s Universal Financial Services & Rewards Ecosystem” proposes a crypto token that will be used as a universal digital settlement currency for all financial.

In a statement published by MTN Group, it said it wishes to distance itself from the document as well as the services and offerings mentioned in the document as they are not provided by the firm.

According to the statement, MTN said the document was an unsolicited proposal submitted by an entity called Eureka Africa and it wasn’t adopted.

However, the Telecom giant affirmed its continual engagement and collaboration with various vendors, and if necessary it said, use official MTN channels to communicate such partnerships.

The document proposes the launch of a Stellar blockchain based cryptocurrency, MTNCOIN that will serve as a universal digital settlement currency for all financial users cases for all parties.

According to the document, It also intends solidifying and expanding MTN’s position as Africa’s leading communication services provider by staying at the forefront of digital transformation; capitalize on the Global Financial Technology revolution and lead the disruption of the traditional financial and insurance sector in the continent to protect current and create new revenue streams.

The Telecom giant has requested publishers to refrain from sharing the document or its contents on any public platforms.

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Telecom firm, MTN Could launch a token MTNCOIN on the Stellar Blockchain to become Universal Digital Settlement Currency

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A document showing Telecommunication firm MTN is set to launch a token –MTNCOIN on the Stellar Blockchain has been making waves on the internet since it was released.

The document which was dated October 29th 2019 and titled “MTN COIN – Building Africa’s Universal Financial Services & Rewards Ecosystem” posits that the African Financial sector is ripe for disruption.

It measured the financial flow of money through Mobile Money and Remittance. MTN through the plans to lead the disruption of Africa’s financial services industry to redefine financial inclusion.

This it intends to achieve by launching MTNCOIN as a universal digital settlement currency for all financial users cases for all parties. It also intends solidifying and expanding MTN’s position as Africa’s leading communication services provider by staying at the forefront of digital transformation.

It also wants to capitalize on the Global Financial Technology revolution and lead the disruption of the traditional financial and insurance sector in the continent to protect current and create new revenue streams.

MTN will to create a pan-african open platform and ecosystem and set the standards for trusted, direct, low-cost and instant financial transactions, bringing together various players in the financial industry such as banks, insurances, Fintechs, Retailers and major technology providers to drive interoperability and convergence.

The digital currency, MTNCOIN according to the document will be created and issued on the Stellar Blockchain Network.

It will serve as universal exchange currency, highly scalable, secure bridging currency across the African continent supported by the established MTN treasury functions.

It will serve data and airtime redemption assurance which according to the document will reduce counterpart risk as token holders.

The token will be a utility token controlled by MTN and it shall feature fast, no-cost remittance, automatic loyalty program benefits with ecommerce embedded shopping advantages.

The document compares MTNCOIN in superiority to other forms of payment such as MTN Money and M-Pesa. The coin will have a digital wallet, allow P2p transfer, cross border payments, bank integration, adoption by third party apps etc. MTNCOIN based on the document stands out from both MTN Money and M-Pesa.

The choice of choosing Stellar according to the document which compared it to the Bitcoin, Ripple and Ethereum Blockchain networks, was that Stellar is a platform that connects banks, payments systems and people, it allows fast, cross-border transactions between any pair of currencies. It is much cheaper and faster than bitcoin because of its unique consensus protocol etc.

CryptoTVPlus through one of its representative has reached out to MTN Nigeria for comment on the document as at press time but haven’t given response. Updates will be published as it comes.

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