Creditcoin Rolls Out Incentivized Testnet Offering Participants Rewards
Creditcoin (CTC), a public blockchain focused on credit lending infrastructure, has announced the release of its incentivized public testnet. This significant development includes participation rewards and bug bounties, offering users the opportunity to play an active role while earning substantial rewards.
The primary objective of this update is to transition the platform from Proof-of-Work (PoW) consensus algorithm to Nominated-Proof-of-Stake (NPoS). By conducting a testnet phase, Creditcoin aims to identify and address any potential shortcomings before the full mainnet launch.
To encourage participation before the official release of Creditcoin 2.0+, a generous prize pool of up to 400,000 mainnet CTC tokens is up for grabs. Moreover, a bug bounty award program offers cash payments of up to $1,000 for every discovered and reported problem.
Rewards will be determined by a variety of different factors, primarily users on-chain activity, engagement in the forums etc. For more details read the dedicated Medium article.
Individuals interested in participating can join the testnet as Validators or Nominators. Validators, who host a node and validate blocks, can earn up to 2,000 CTC mainnet tokens, while Nominators, who support honest Validators, can receive up to 100 CTC mainnet tokens.
To begin, users must create a Polkadot.js wallet, as it is the only wallet compatible with the testnet. Additionally, registration on the Creditcoin Community Forums is required. Once the wallet is established, participants can request Testnet tokens to actively take part. Validators will be rewarded with 15,000 testnet CTC tokens, and Nominators will receive 1,000 testnet CTC tokens. It's important to note that these testnet tokens hold no value beyond participating in the testnet.
Creditcoin stands as a blockchain-based interoperable lending protocol that creates a credit lending infrastructure, benefiting fintech lenders and microfinance providers. It facilitates access to capital while borrowers securely record transactions, loans, and their credit history on an immutable ledger using the Creditcoin token.
The platform records loan terms, repayments, and credit performance on a blockchain-agnostic protocol. It enables seamless credit risk assessment, promoting the connection between Web3 capital and real-world credit investment opportunities.
By building a blockchain to immutably record credit transaction events, Creditcoin reduces the costs of verification and risk assessment. Lenders can easily access credit history, evaluate potential borrowers' risks, and make informed lending decisions. Currently, Bitcoin and ERC-20 are supported for completing loan transactions on Creditcoin, with plans to support more networks in the future.
