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Creditcoin 2.0

Creditcoin 2.0

When we started Creditcoin in 2017, we came to the conclusion that Hyperledger Sawtooth is the best candidate to meet our technical requirements and form the basis of our project. Thanks to Intel's initial input, Sawtooth was part of Hyperledger, an open-source blockchain project launched by the Linux Foundation-at the time the project had great mission, direction and significant momentum.

On April 4, 2019, we released the first version of Creditcoin based on Sawtooth. It was a proud moment for the Creditcoin Foundation and for us, and unfortunately it also became the starting point for a long climb. As the number of nodes increased, the Creditcoin network suffered from problems with peer-to-peer and frequent/long forks.

The Creditcoin Foundation has done an incredible job of addressing these issues, and by the end of last year we thought we had finally addressed it. However, over the past few months, as we have delved into these issues, we have come across a simple truth that sawtooth is not suitable for our project.

It left us with a choice. We then market a reconstructed saw tooth that suits our needs, or implement Creditcoin with a new architecture that better suits our needs.

In 2021, the substrate stood out from other blockchain architectures. The platforms developed by Parity offer a wide range of functionality and reliability. Is a vibrant and active community that includes over 100 active blockchain networks. These other networks serve as a testing ground for the underlying technology, leading to a much more stable foundation for CreditCoin's creation. Because we care less about the underlying technology, we can focus on CreditCoin's main purpose and create a credit infrastructure that allows fintech lenders and microfinance providers better access to capital.

After long and careful consideration, we made the difficult decision to implement Creditcoin on the platform. While this path will require a lot of hard work and effort to restore already existing elements of Creditcoin, we are confident that the platforms will help us create a more successful blockchain and ecosystem over the long term.

This means that Creditcoin 1.8 is the latest version of Creditcoin 1.8, based on Sawtooth developed by the Creditcoin Foundation. Creditcoin Foundation no longer expects or supports Creditcoin Sawtooth for this release. As our project has always been open source, we welcome anyone in the Creditcoin community who wishes to continue our work.

Creditcoin 2.0 differs from Creditcoin 1.8 in block 1,123,966. we take a picture of the Creditcoin network in block, export account balances and creditcoin 1.8 public keys to the file and give these public keys a creditcoin 2.0 balance. Because the Sawtooth implementation stores the account balance with a cigar (public key hash) rather than the public key itself, we were able to identify public keys for only 21,738 of 32,059 wallets. We are going to move what we can do automatically. Creditcoin 2.0 also has a feature that allows users to prove the ownership of a Sighash so they can inquire about the balance saved for that Sighash.

The Creditcoin Foundation also wants to publicly introduce Creditcoin 2.0, the first version of the Creditcoin coin, which is substrate-based and leverages the broad tools of the substrate ecosystem. In addition, this version opens the way for credal and therefore Creditcoin integration with our various partners, which we have all been waiting for. I can promise that the foundation will redouble its efforts to improve, create and implement the true vision of this version of Creditcoin — starting today.

Creditcoin 2.0 has maintained stability throughout the closed beta test cycle at over 500 knots and is among the top 15 Polkadot telemetry networks. The mesh has also been tested at high load with no discernible forks or peeking problems during this time. One of those who took part in the test said: "the mining experience has become incomparably better""

We thank our community for trusting us during the difficult months behind us, particularly our miners who had many issues with network stability as we sought to improve the different versions of Creditcoin 1.0. Now it is up to us to repay this trust / we will continue to do everything possible to repay the trust you invested in Creditcoin.

 Thanks again.