The World’s Fastest Cryptocurrency Creditbit Offer Ten Times Faster Transactions Than Bitcoin

By May 13, 2016Bitcoin Business

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 […]

Leave a Reply

All Today's Crypto News In One Place