Creditcoin

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Discover Creditcoin's fundamentals and latest news.

This content was generated by Whalee (BETA), an AI crypto assitant that analyses cryptocurrencies. Informations can be incomplete and/or erroneous. Please always double check and DYOR.

What is Creditcoin?

Creditcoin (CTC) is a blockchain-based interoperable lending protocol that connects investors/lenders and fundraisers/borrowers, facilitating a borderless credit investment network. It replaces collateral-based lending with credit-based lending, reducing verification costs and information asymmetry. The CTC token is used for transaction fees and mining rewards, and the network is transitioning from Proof-of-Work to Nominated-Proof-of-Stake (NPoS) consensus.

How is Creditcoin used?

Creditcoin (CTC) is a multi-use utility token that plays a crucial role in the Creditcoin Network, a blockchain-based interoperable lending protocol. Here are the key ways CTC is used:

  1. Transaction Fees: CTC is used to pay for transaction fees on the Creditcoin Network. These fees are variable and dynamically scale based on network load and computational cost. Each loan cycle costs around 0.07 to 0.1 CTC to complete, with an average transaction cost of 0.01 CTC.

  2. Staking Rewards: CTC is earned as a staking reward for network participants who contribute to the network's security and maintenance. This incentivizes good behavior and ensures the network's stability.

  3. Network Governance: CTC is planned to be used for governance purposes, allowing token holders to vote on proposed upgrades within the Creditcoin ecosystem.

  1. CTC Rental Market: A future functionality aims to create a CTC rental market, where holders can rent out their CTC for a fee to passively generate income from the network's users.

  2. Miner Rewards: Miners who run Creditcoin nodes are rewarded CTC in return for their services, initially set at 28 CTC per block with a gradual decay rate.

  3. Vesting and Trading: The ERC-20 version of CTC, known as G-CRE, is used for vesting and trading on exchanges. G-CRE can be swapped for CTC using a one-way 1:1 hook.

In summary, CTC is the primary utility token of the Creditcoin Network, facilitating transactions, incentivizing network participants, and governing the ecosystem.

How do I store Creditcoin?

To store Creditcoin (CTC) tokens, you can use SubWallet, a user-friendly and secure wallet solution. Here's a step-by-step guide to set up and use SubWallet:

  1. Download SubWallet: Choose the interface you prefer, either the browser extension or the app-based mobile wallet. Download the preferred version from the official link: https://www.subwallet.app/download.html. SubWallet supports Firefox, Chrome, MS Edge, and Brave browsers, as well as mobile OS' like App Store and Google Play.

  2. Set up Your Wallet: Open the app and follow the on-screen instructions to set up your new wallet. You have two options:

    • Create a New Account: If you don't have a Creditcoin/Substrate wallet, select 'Create a new account' and follow the instructions.
    • Import an Account: If you already have a pre-existing Creditcoin/Substrate wallet, select 'Import an account' and follow the guides to import it into SubWallet.
  3. Connect to the Creditcoin Staking Dashboard: Once you've set up your wallet, connect it to the Creditcoin Staking Dashboard. This will allow you to manage your CTC tokens and participate in staking activities.

By using SubWallet, you can easily store, send, and manage your CTC tokens and Creditcoin staking activities from one simple place.

How to buy Creditcoin?

To buy Creditcoin (CTC) tokens, follow these steps:

  1. Create an Account:

    • Register for a free account on a cryptocurrency exchange such as Bit2Me, BitScreener, Bitget, KuCoin, or CoinCarp.
    • Verify your identity by providing necessary information and uploading a valid Photo ID.
  2. Add Funds:

    • Deposit funds into your account using various payment methods such as credit/debit cards, bank transfers, or cash.
    • Ensure you have sufficient funds to purchase the desired amount of Creditcoin (CTC).
  3. Choose Your Order Type:

  • Decide on the order type you want to use, such as Market Order, Stop Order, Limit Order, or TWAP Order, depending on your trading strategy.
  1. Buy Creditcoin (CTC):

    • Navigate to the Buy & Sell section and select Creditcoin (CTC) as the cryptocurrency you want to buy.
    • Enter the amount you want to purchase and confirm the order.
  2. Transfer to Your Wallet:

    • Once the purchase is complete, transfer the Creditcoin (CTC) to your personal cryptocurrency wallet for safekeeping.

Remember to research the exchange's reputation, read user reviews, and compare different exchanges to choose the most suitable one for you.

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History of Creditcoin

Creditcoin (CTC) was launched on April 4, 2019, by a team based in the US, Canada, South Korea, Nigeria, and Estonia. The project aimed to address the lack of a reliable credit system among the unbanked in emerging markets. It sought to solve the problem by recording credit transaction history objectively on a public blockchain, thereby creating a trusted and accessible credit system for those who cannot access traditional banking services.

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How Creditcoin works

Creditcoin (CTC) is a decentralized blockchain network designed to facilitate credit transactions and create a global ledger of credit history. Here's how it works:

Decentralized Ledger

Creditcoin records all credit transactions on a decentralized ledger, ensuring security and transparency. This ledger is maintained by a network of participants who validate and record transactions in exchange for rewards in the form of CTC tokens.

CTC Tokens

The Creditcoin token (CTC) is the native cryptocurrency of the network. It serves several purposes:

  • Incentivizing Network Participants: CTC tokens are used to incentivize network participants, known as stakers, to maintain the network and validate transactions. Stakers earn CTC tokens as rewards for their services.
  • Transaction Fees: CTC tokens are used to pay for transaction fees on the network. These fees are variable and depend on the computational cost of each transaction.
  • Security: CTC tokens play a crucial role in maintaining the security of the network by creating economic incentives for good behavior and penalizing dishonest behavior.
Types of CTC Tokens

There are two types of CTC tokens:

  • Mainnet CTC: These tokens are used on the Creditcoin mainnet for transaction fees and staking rewards. They are burned when used, which helps maintain a deflationary supply.
  • ERC-20 CTC: These tokens are listed on cryptocurrency exchanges and are used for trading and vesting. They can be swapped for mainnet CTC tokens using a one-way swap function.
Staking and Earning Rewards

Users can earn CTC tokens by participating in the network's security as Validators or Nominators. Validators run their own nodes and compete to get elected via staking, earning rewards and commission fees. Nominators vote for Validators and earn a share of the elected Validator's rewards.

Upgrades and Improvements

Creditcoin is constantly evolving, with upgrades like the 2.0+ upgrade, which transitioned the network from a proof-of-work (PoW) to a more efficient proof-of-stake (NPoS) consensus mechanism. This upgrade improved the stability, security, and performance of the network.

Buying and Storing CTC

CTC tokens can be purchased on reputable exchanges like OKX, Bybit, Kucoin, Crypto.com, and Bitget. It is recommended to store CTC tokens in a hardware wallet like Ledger or Trezor for security reasons.

Overall, Creditcoin's decentralized ledger and CTC tokens work together to create a secure, transparent, and efficient platform for credit transactions and credit history management.

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Creditcoin's strengths

Creditcoin (CTC) has several strengths that contribute to its value and potential in the cryptocurrency market:

  1. Credit-Based Lending: Creditcoin brings the concept of credit to the market, which is a fundamental component in building a financial ecosystem. This allows for the integration of fiat lenders and the creation of stablecoin bonds, providing a unique and valuable service.

  2. Decentralized Credit Services: Creditcoin is a borderless credit network and Layer 1 blockchain that facilitates easier access to decentralized credit services. This enables financial inclusion and credit for all, connecting the cheap capital of developed markets with the high growth of emerging markets.

  3. Scalability and Energy Efficiency: Creditcoin's transition to Nominated Proof of Stake (NPoS) makes it more energy efficient compared to traditional Proof of Work (PoW) systems. This allows for faster block times, increased transaction capacity, and lower transaction costs, making it more suitable for fintech applications.

  1. Accessibility and Decentralization: The NPoS system makes it easier for more people to participate in validating the network, increasing decentralization and network effects. This also reduces the environmental impact of the blockchain.

  2. Regulatory Compliance: By moving to NPoS, Creditcoin is better prepared for potential regulatory shifts, as some regulators have considered banning PoW in favor of more environmentally friendly alternatives.

  3. Tokenomics: The CTC token is used for transaction fees and staking rewards, providing a clear utility and incentive structure for users. The token's value is also tied to the success of the network, aligning the interests of validators with the overall health of the blockchain.

These strengths position Creditcoin as a pioneering decentralized credit setup that is adapting to market needs and providing innovative financial services.

Creditcoin's risks

Creditcoin (CTC) carries several risks, primarily related to its decentralized nature and the broader cryptocurrency market. Here are some key risks associated with CTC:

  1. Regulatory Risks: Creditcoin operates in a rapidly evolving regulatory environment. Changes in laws or regulations could negatively impact the token's value or usability. For instance, some regulators have considered banning Proof of Work (PoW) in favor of Proof of Stake (PoS), which could influence CTC's performance.

  2. Security Risks: As a blockchain-based system, Creditcoin is vulnerable to potential security breaches or hacking attempts. If a breach occurs, it could lead to significant losses for users and damage to the network's reputation.

  3. Market Volatility: Cryptocurrencies are known for their price fluctuations. CTC's value can drop suddenly due to market sentiment, global economic conditions, or other external factors. This volatility makes it a high-risk investment.

  1. Environmental Impact: Although Creditcoin is transitioning to Proof of Stake, which is more energy-efficient than PoW, the environmental impact of the broader cryptocurrency industry remains a concern. Increased scrutiny on energy consumption could affect the token's reputation and adoption.

  2. Investment Scams: The cryptocurrency space is prone to scams and fraudulent activities. Investors should be cautious of fake client reviews, overly promising returns, and unverified investment opportunities to avoid falling prey to scams.

  3. Lack of Central Authority: Creditcoin, like other cryptocurrencies, is not backed by a government or central bank. This lack of central authority means that users have limited recourse in case of disputes or issues with transactions.

  1. Technical Risks: The Creditcoin network relies on complex technology, which can be prone to technical issues or bugs. If these issues are not addressed promptly, they can disrupt the network and negatively impact users.

  2. Dependence on Staking: Creditcoin's transition to PoS relies on users staking their tokens to validate transactions. If staking participation is low or if stakers act dishonestly, the network's security and performance could be compromised.

  3. Competition: The cryptocurrency market is highly competitive, with numerous tokens and platforms vying for adoption. Creditcoin must differentiate itself and provide unique value to users to maintain its position in the market.

  1. Information Asymmetry: The decentralized nature of Creditcoin means that users may not have equal access to information about the network, its performance, or potential risks. This information asymmetry can lead to uninformed investment decisions.

It is essential for investors to carefully consider these risks and conduct thorough research before investing in Creditcoin or any other cryptocurrency.

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Did Creditcoin raise funds?

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Creditcoin’s team

  • Tae Oh: Founder and CEO of Gluwa, a key company behind Creditcoin.
  • FLATLAY Inc. Team: The team at FLATLAY Inc., a technology company specializing in e-commerce and digital advertising, created Creditcoin.

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