Creditcoin Mainnet Goes Live: Connecting Purpose to Blockchain Infrastructure

At its core, Creditcoin is all about connecting - acting as the synapses that bring together diverse elements of the financial ecosystem, down to the most granular aspect. By seamlessly connecting blockchains, individuals to local banking and credit infrastructure, and peer-to-peer interactions, Creditcoin creates a network where trust and collaboration can thrive.

Every connection within this network is an opportunity to unlock new avenues for human prosperity. Whether it’s lending or cross-border remittances, Creditcoin connects parties securely, allowing them to engage in efficient and transparent financial exchanges.

Since its inception, Creditcoin has always strived to empower individuals and small businesses that have been previously underserved worldwide. The protocol has provided blockchain-based credit infrastructure facilitating the generation and extension of loans, a public ledger to record repayments, and building publicly verifiable credit reputations on-chain.

All of this lays the foundation for yield-bearing RWA opportunities, such as tokenizing AI-graded loans, physical infrastructure products, and more.

Our partner, Aella Finance has been successful in leveraging the Creditcoin infrastructure to create real-world impact, offering microloans to consumers in Nigeria, facilitating capital flows and financial services totaling 100B Naira to over 2 million Nigerians and counting. The fruits of these endeavors reflect Creditcoin's broader mission to drive global financial inclusion, creating opportunities where they’re needed most.

EVM Unlocks The Universal Smart Contract Layer

Financial inclusion is the bedrock of a universally interoperable Web3, and it all starts with connectivity. Thus, every aspect of the Creditcoin network has been thoughtfully curated so as to empower each and every participant.

As we move forward, Creditcoin's mission to drive global financial inclusion is entering a new phase with the launch of our EVM-compatible L1 Mainnet. Consequently, the direction Creditcoin is heading will deliver capabilities that truly deliver what blockchain technology has always promised us.

This brings us to the importance of compatibility with the Ethereum Virtual Machine (EVM). It is no secret that many of the most exciting primitives are built with EVM functionality in mind, meaning that the Creditcoin network, its user base, and assets under management can leverage the same primitives without cumbersome limitations.

With this EVM upgrade, developrs can seamlessly port their existing dApps (and smart contracts) onto Creditcoin infrastructure without any extra legwork regarding rewrites or adjustments, yet the benefits go beyond plug-and-play portability.

By integrating EVM compatibility, Creditcoin is taking the first step towards the implementation of its Universal Smart Contract (USC) layer, opening the door to cost-efficient, seamless dApps able to leverage a wide range of ecosystems to execute smart contracts.

This is about real, practical use cases that scale beyond any single blockchain.

The Universal Smart Contract on Creditcoin allows smart contracts to interact with data and assets from other chains without the need for a bridge, enabling seamless multi-chain support for on-chain services. This USC layer will coordinate, interact, and update smart contracts across multiple chains, enabling hundreds of novel applications.

What Will USC Bring To The Creditcoin Network?

• Enhanced Security: Minimize security risks associated with legacy approaches like bridges, reducing the potential for exploits to occur during cross-chain interactions.
• Simplified Development: Create multi-chain applications with ease, reducing any reliance on third-party applications or other security compromises.
• Seamless Interoperability: Enable direct interactions across different blockchain ledgers, making it easier to move assets across previously disparate ecosystems.
• Cost Optimizations: Reduce overhead costs associated with bridging to optimize operational expenses.
• Improved UX: Enjoy a more integrated experience, setting cross-chain transactions in mere moments.
• Optimized Reliability: Reduce dependencies on third-party protocols, leading to increased price stability and assurances that settlements occur.

The Universal Smart Contract layer therefore ushers in the kind of interoperability necessary for tokenizing real-world assets, the provision of decentralized physical infrastructure networks (DePIN), and other innovative use cases to scale past any single L1 ecosystem or cross-chain bridging setup.

With the launch of USC, Creditcoin developers will be equipped to build the most powerful multi-chain dApps the world has ever seen.

This is about a revolution.

What Current Creditcoin Network Users Need To Know and Do

In a previous announcement, we shared that when the EVM network launches, the original Creditcoin chain will be called Creditcoin Classic and the EVM chain will be called Creditcoin.

Thanks to community feedback requesting to better distinguish between the two Creditcoin chains and its core purposes, here's what we've decided based on your support in helping with simplification:

Creditcoin

The current mainnet and this latest release of the EVM-compatible Layer 1 blockchain will simply be called Creditcoin. This is the L1 network that will introduce the Universal Smart Contract (USC) layer, a feature that allows seamless interaction with data and assets across multiple blockchains, without the need for bridges.

CC Enterprise

The original Creditcoin chain (with names such as CC 2.0+ and Creditcoin Classic) will now be called CC Enterprise. This is a more accurate differentiator of our Substrate-based, single purpose blockchain designed to specifically record credit transactions and serve as a decentralized credit history layer for Web2 companies, including financial institutions, government entities, and more.

Credal will support both Creditcoin and CC Enterprise. Both networks will be live to serve its respective purposes.

Notice for CC Enterprise Participants

There are a few key points to note for current CC Enterprise network participants:

• Nominators and Validators: Since the Creditcoin EVM network is a new chain, the roles of nominators and validators will not be transferred automatically. Users will need to manually set up their roles again, configuring them from scratch to run a node on Creditcoin.
  • For the validators who want to move to the upgraded Creditcoin network, you must chill the validator, wait for 1-2 era to no longer be elected, then shut down your validator to prevent any slashing. It's important to know that shutting down your validator without doing a proper chill will cause your CTC to be slashed.
• Token Balances: Fortunately, token balances are being transferred from CC Enterprise based on the snapshot taken on Aug 21, 14:30 (UTC). Please note that subsequent rewards earned on CC Enterprise following the snapshot will not be reflected on the ledger on the newly updated chain.
• New Pools on the Staking Dashboard: Pools that were unavailable in CC Enterprise have now been added to Creditcoin’s latest upgrade, expanding your staking options on our revamped dashboard.
• RPC Information: For those looking to dive deeper into technical integrations, you can check the RPC information in the Creditcoin docs. We'll also guide you on how to add the Creditcoin EVM to MetaMask, making it easier to manage and interact with your assets.

NEW PRODUCT! Introducing the Credit Wallet App

Shortly after the release of Creditcoin’s EVM mainnet is Credit Wallet, a secure and user-friendly mobile wallet app that opens up the gateway to the full potential of the Creditcoin ecosystem. Designed with both newcomers and seasoned blockchain users in mind, Credit Wallet offers a suite of features that make managing your digital assets seamless and efficient.

One of the standout features of Credit Wallet is its ability to facilitate cross-network transfers between Creditcoin’s EVM and Substrate networks in just one click. This means you can effortlessly move your assets between the two ecosystems without the need for complex processes or multiple steps.

Whether you're managing tokens on the EVM-compatible Creditcoin chain or staking on the Substrate-based network, Credit Wallet simplifies the entire experience, ensuring that your assets are always where you need them to be.

Key Features of Credit Wallet

• Non-Custodial Ownership: Credit Wallet ensures that you maintain full control over your digital assets. Your private keys are stored securely on your device, and with non-custodial ownership, you’re the only one who can access and manage your funds.
• Multi-Address Management: With Credit Wallet, you can generate multiple addresses from a single seed, giving you greater flexibility in managing your assets. This feature also enhances your privacy, allowing you to separate different transactions and holdings across multiple addresses.
• Seamless Transfers: The ability to transfer tokens between EVM and Substrate networks in one click is a game-changer. This feature breaks down the barriers between different blockchain ecosystems, making it easier than ever to move assets, participate in various dApps, and explore new opportunities across the Creditcoin network.
• User-Friendly Interface: Credit Wallet’s interface is designed for ease of use, making it simple for anyone to navigate the complexities of blockchain. Whether you’re importing an existing wallet from the cloud or generating a new private seed, the process is straightforward and intuitive.
• Enhanced Security: Security is a top priority with Credit Wallet. In addition to non-custodial ownership, the wallet employs advanced encryption protocols to protect your private keys and transaction data, ensuring that your assets are safe from unauthorized access.

Keep an eye on Creditcoin's X for the official release and download links!

Join the Movement: Build a Financially Inclusive Future with Creditcoin

As Creditcoin continues to evolve, Credit Wallet will serve as the foundation for interacting with the upcoming dApps and products that will be launched on the network. As users and developers in the Creditcoin ecosystem, we’re inviting you to join us on this journey to build a practical, universally interoperable ecosystem for digital assets that benefits us all equally.

Let’s collaborate! We’re looking for both users and developers working on projects that promote digital inclusivity leveraging Creditcoin's network.

For Users: Step into a world where financial barriers are broken. Your journey to financial sovereignty starts in a few days when Credit Wallet’s official download links are shared!

For Developers: Imagine a world where your innovations drive financial inclusion. Creditcoin provides the foundation to create impactful solutions that connect people to global markets. Your ideas can change lives—start building them today.

Together, we can create a more inclusive and purposeful future.