CreditBit’s Expands Upon Proof of Trust/Pawn
In the latest update on Bitcoin Talk, Creditbit has discussed Proof of Trust/Pawn, which is one of the core attributes of future CreditBit token – one of the three minting processes for the token. There will be two modes of tokens under the Proof of Trust/Pawn locking mechanism. Each wallet or each public address will have two balances. The two balances both will belong to this same public address. The first balance would be of transferable tokens, similar to other currencies. The second balance will be of “locked” tokens that are not transferable. Balance will be the sum of several....
Related News
Creditbit, the MIT/X11 licensed cryptocurrency project, just updated the crypto community about its distribution mechanism on Bitcoin Talk. The update talked about how one of the key attributes of the newly minted CRBIT coins is that Creditbit has to tackle the problem of minting and distribution of newly minted coins on their own. And how they want to keep the currency and its management transparent and based on democratic principles. Further, the update discusses the three Minting Processes involved in minting CRBIT coins – Migration, Proof of Pawn/Trust Distribution Mechanism and....
Ripple, a prominent cryptocurrency firm, has announced its acquisition of Fortress Trust, a financial institution that offers Web3 financial, regulatory, and technology infrastructure for blockchain innovators. With a focus on providing back-end infrastructure for payments, asset tokenization, and other services, Fortress Trust serves a wide range of clients, from Fortune 500 businesses to fintech startups, […]
Creditbit, which has been around since 2015, has gained a strong user base in a short time span of merely two years. Creditbit, the MIT/X11 licensed cryptocurrency project, recently introduced a 2-tiered development process at their latest meeting. This latest development follows a period of consistent innovation after the launch of the second roadmap. The open source software project which lets the users run, modify, and copy the software and to distribute, at their option, modified copies of the software; even announced the launch of a new logo as part of its rebranding initiative.....
Delegated proof of Stake ( or DPOS) is a consensus mechanism used to secure a blockchain. In proof-of-work based systems like Bitcoin, trust concentrates at the entities that can produce the greatest amount of work. In the early days of Bitcoin, this concentration of trust was not an issue because anybody could plug in their computer and mine some bitcoin. But, driven by incentives to cash the block reward, people mining entered an arms race and began accumulating more and more hashing power by joining pools and building better hardware. Today, mining pools GHash and Discus Fish make up....
In mining we trust. On the side of the US $1 bill it says "In God, we trust". Because money is all about trust. Trust that it's real, trust that it will remain at a similar value for the duration of the transaction at least, trust that the products are represented honestly. In the past trust that the paper was redeemable in gold, and more recently trust that our dollar will be backed by the "full faith and credit of the US Government". And when that trust is lacking society shuts down. To some extent, the crisis of 2008, in the same manner as the one in 1929 was about the lack of trust.....