LJUBLJANA, Slovenia, May 13, 2016 /PRNewswire/ -- Creditbit is one of the faster growing digital currencies in the cryptocurrency segment. The rapid adoption and development has positioned Creditbit as the 'Future of Money'.

Logo - http://photos.prnewswire.com/prnh/20160513/367520LOGO

Launched in 2015, Creditbit follows the decentralized model like many other digital currency platforms to revolutionize the monetary system. With the platform, Creditbit's ultimate goal is to reach out to every individual on the planet, offering them banking and financial services over the blockchain. The conventional banking system comes with its own challenges, which makes it almost impossible for everyone to have his/her own bank account. The challenge is mainly due to the centralized nature of the operation, where there are people and organizations who make the decision for their customers. These decision makers are also the ones who decide whether to provide these aforementioned services to a particular segment of people.

Creditbit's open source approach makes it easy for anyone to join the community to use and further develop the Creditbit protocol. Moreover, setting up Creditbit addresses and making transactions over the platform is completely free. The open source nature of Creditbit doesn't confine its users to one particular model decided by its creator but it also allows developers to run, modify, copy and even distribute the modified versions of the software. The strong developer community ensures that the platform by itself is constantly evolving, in turn increasing adoption by offering a great user experience. Creditbit is built as a robust platform, with all its source code available on main repos on GitHub.

How is Creditbit Different from Bitcoin

Creditbit has recognized the challenges faced by Bitcoin and implemented the changes to prevent such issues from repeating on their platform. Creditbit uses a Proof of Work (PoW) hybrid, solving the no-stake-at-stake problem generally faced by the Proof of Stake (PoS) systems. The PoW – PoS hybrid also makes it impossible to use ASICs to mine Creditbit tokens.

The block generation time for Bitcoin protocol is 10 minutes, which has significantly increased the time taken to confirm transactions. Also, the rate of transactions processed by the Bitcoin protocol is also less due to the same issue. Creditbit has prevented such issues from happening by making it capable of processing transactions ten times faster than the Bitcoin network. The time taken for an average Creditbit transaction to be confirmed is less than 30 seconds, making it the world´s fastest digital currency.

Technical Specifications

Hashing Algorithm: X11

Algorithm Type: Hybrid POW/POS, POW only for the first year, POS 8% annually

Stake Age: Minimum – 24 hours; Maximum – 1 year

Block Reward: 100 coin

Halving: For every 129600 Block (the 4th re-target at block 525600 is the end of PoW)

Supply: 100 Million CRBIT (Creditbit tokens)

Block Target: 1-minute block target; 15 minutes diff. re-target

RPC port: 5555

P2P port: 5556

POW: 12,3 million coins

POS: The rest supply until 100 million

About Creditbit

Creditbit is an open source cryptocurrency protocol released under MIT/X11 license. The protocol enables implementation of financial services over its blockchain to make it accessible to everyone.

Creditbit has gained a lot of traction since its launch and the Creditbit wallets are currently available for almost all platforms. Creditbit is currently being traded on 7 different exchanges viz., Bittrex, Livecoin, YoBit, C-Cex, Cryptopia, Bloombit, and Bitsquare. Creditbit has also been added to Coin Payments.

Creditbit users can contribute to the network by keeping their wallets open in a process called staking. Staking is rewards with up to 8 percent of the Creditbit holding every year. Staking helps the platform optimize the speed of transactions.

With increased adoption among individuals, traders and merchants; Creditbit has taken their first steps towards mass adoption.

To learn more about Creditbit please visit: https://www.creditbit.org

Media Contact:

Name: Petros Anagnostou

Email: [email protected]

Country and Country Location: Ljubljana, Slovenia

Find Creditbit on different platforms Forum:

Creditbit: https://forum.creditbit.org/

BitcoinTalk ANN: https://Bitcointalk.org/index.php?topic=1237511.0

Facebook: https://www.facebook.com/creditbitofficial/

Twitter: https://twitter.com/creditbit

Slack: https://slack.creditbit.org/

Creditbit ranking and indexing:

https://www.cryptocompare.com/coins/crbit/overview

https://www.coingecko.com/en/coins/creditbit

http://coinmarketcap.com/currencies/creditbit/

Creditbit is the source of this content. Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to FDIC and other consumer protections. This press release is for informational purposes only. The information does not constitute investment advice or an offer to invest.

This content was issued through the press release distribution service at Newswire.com. For more info visit: http://www.newswire.com

SOURCE Creditbit

Related Links

https://www.creditbit.org

