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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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Market Retraces its Steps after Opening the Week with Green across the Market.

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The first day of the week just three days ago opened the week to a wide spread gains across the cryptocurrency market with Tron reporting the highest gains of over 9%. Today opens with significant losses that have wiped out the gains made in opening day of the week. Bitcoin is currently trading at a loss of 11.01% as at press time standing at $11,503. Total market capitalization sits at a $313 billion. Opening day of the week, it was at $327 billion

The second largest cryptocurrency by market capitalization Ethereum is trading at $271 which is over $30 lower than its week opening price. It is currently reporting 11.94% loss. XRP of Ripple is trading at a negative of 15.79% as Litecoin is also a little below standing at loss of 14.59%. The price of XRP stands at $0.33 while Litecoin is just over $100.

Tron which recorded the highest gains in the opening day of the week is reporting an astonishing 16.56% loss with Bitcoin SV, the embattled Bitcoin fork showing 18.56% in red. Top loser on today is EOS which is trading at $4.66 with a market capitilization of $3.9 billion but suffering a loss of 20.13%. Bitcoin cash is at 18.48% red trading at $339.29.

Tether the stablecoin positioned at number 8 by marketcap is stable at $1 but reports a 0.06% red which should be normal as it is of course a stable coin.

The industry continues at grow and thrive with the reported achievements of Blockstack to conduct a SEC compliant token sales, the market normally responds favorably to such news. While its is normal for the market to step back a bit after an upward surge, could this be the result of the 7300s BTC dumped on Binance?

We can only look at the charts and open our ears to hear positive news. And by the way, Bitcoin has increased in dominance to 65.4% as against its week opening dominance of 62.1%.

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Bitfinex’s LEO Smart Contract Unusual Code: An Intentional Move to Defraud?

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A software “Bug” was discovered recently in the Bitfinex Smart Contract for its LEO token. The bug grants any holder of the LEO token unusual levels of administrative privilegdes. Such priviledges are entirely unusual, though errors in smart contracts has been seen before, this is the first time these types of concerns has been raised concerning smart contracts codes.

Softwares are always with bugs. No matter how much care is put into writing the codes and rechecking, codes are written by humans who unintentionally make mistake. Mistakes which could cause untold damages financially and in other areas of life. In financial applications or softwares, one tiny vulnerability could allow bad actors to take undue advantages of systems and do what they are good for. Damage.

The Bitfinex ERC-20 smart contract code contains permission to enable owners of the Token to mint unlimited new tokens, they also have to ability to delete tokens of other people both in their personal wallets irrespective of the type of wallet. LEO owners are empowered via the vulnerability in the Bitfinex smart contract code to delete anyone’s coins both in centralized and decentralized exchanges.

Bitfinex, one of the world top cryptocurrency exchange was in the news some months ago and for a long time now owing to its shady behaviours as an exchange and also by its relationship to the stable coin Tether (USDT). Owing to financial challenges it was having since its funds were frozen, the embattled cryptocurrency exchange decided to host an Initial Exchange Offering were it aimed at raising xx billion dollars. A move which saw some reactions, however, the exchange later announced it has raised sufficient funds via other means and thus there will be no public sales of the LEO tokens.

In a tweet by the CTO of Bitfinex and Tether Paolo Ardoino, which was a reply to the call out made on the Bitfinex exchange, it appears this “bug” wasn’t in fact one rather it was coded into the contract with Paolo saying “For security and future reasons we left the ability to upgrade the Token Contract. That’s really a key feature for a contract that might live lot of years. Minting more tokens would not just make sense for Finex…like shooting our foot.”

In reaction to this, some twitter users were expressing their opinion on the issue.

https://twitter.com/will_harborne/status/1146507539170897920

 

With its reputation in times past, the Bitfinex exchange has a whole lot to contend with at this time however, this revelation presents an important reminder to everyone in cryptospace to not just Trust but Verify.

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Tron (TRX) Accepted by Travala.com To Be Used for Booking in Over 500,000 Hotels

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Tron (TRX) is the 10th cryptocurrency to be adopted by hotel booking platform, Travala. Before now, Travala had been accepting coins like; Bitcoin, Litecoin, Ethereum, XRP, Nanos, BNB, AVA, DGB, Doge, EOS, TUSD, XLM. It also accepts PayPal, VISA and Mastercard. As travel platform, Travala aims at merging decentralised technologies and tokenized incentive structures to make booking easy for travelers.

Travala.com, a reputable blockchain travel platform, dedicated to revitalizing the yet to come travel industry. Established in the year 2017, it now  boasts of 567,928 properties in 210 countries across the globe, with over 82,000 destination coverage. 

Travala.com as of yesterday declared that its clients can now make payments with Tron (TRX) token in over 550,000 hotels across the world with an added discount of 15% for every transaction performed with the token.

According to Travala.com their customers are to use TRX to book 550,000+ hotels worldwide with an average saving of 15% on http://Travala.com and the customers can get further savings up to 10% off the already amazing prices with our SMART program.

While the other coins listed above like Bitcoin, BNB, Nano, etc have been enjoying this privilege for some time now, it is coming new for Tron, and this can be taken as an added advantage for the cryptocurrency. Unlike every other blockchain technology, every moment of Tron (TRX) is filled with exciting news. The quality and potential of any cryptographic project in the space is determined by the adoptions and partnerships it gets.

As a means to echoing the success of Tron, Misha Lederman, a well-known member of the Tronix team, had once related that Tron has produced more blocks than Ethereum. According to Lederman, “Tron has produced 8.3 million blocks since its independence in June 2018 and Ethereum, on the other hand, despite its longevity, has only produced 7.5 million blocks since July 2015.”

Photo credit: Botcoin Exchange

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IOST Records  More Transactions than Ethereum One Month After Mainnet Launch

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IOST is an application-friendly next generation public blockchain network which is reported to be the first platform to launch an application-ready mainnet which features multiple live DApps (Decentralized Applications). IOST project’s software modules, as claimed by the management team, have been implemented using blockchain technology and they provide “secure and reliable data” as they “prevent tampering by third parties.” and thus, the IOST platform having been built on public blockchain infrastructure, allows “decentralized application developers overcome some of the most challenging problems with mass adoption.”

IOST is one of the most scalable blockchain networks. Although, its design principles are similar to some of the other leading dApp creation platforms, it has its own consensus protocol, known as “proof-of-believability.” Notably, the programming languages and development environments supported by the various dApp deployment platforms are a lot different from each other such as Ethereum, Tron, EOS, NEO etc. as each use different consensus algorithms such as proof-of-work (PoW), proof-of-stake (PoS), delegated proof-of-stake (DPoS), and delegated Byzantine Fault Tolerance (dBFT).

According to a news outlet, On April 6th, 2019,”the IOST network reportedly processed more transactions than Ethereum ( ETH ). Noting that Ethereum is the world’s largest blockchain-based platform for deploying decentralized applications (dApps), however, “IOST was able to register 580,231 transactions on its network while Ethereum only managed to log 558,272 transactions on the same day (April 6th).”

As contained in IOST’s press release, the smart contract development platform has achieved the following after “the first month of its mainnet launch:”

  • Registered [over] 213,000 live accounts on its network, with an average of 15,000 wallets added per day
  • Launched 9 dApps, including 6 games (one of which hit 700 million IOST tokens in a single day) and a USD-pegged stablecoin
  • Been listed and traded on 26 exchanges
  • Processed more than 25 million transactions, including a peak of 580,231 transactions per day
  • Brought more than 100 partners and developers onboard to build the IOST ecosystem, all partners totalling to more than 200 today

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