The biggest upgrade of 2023 has landed: Creditcoin 2.0+ mainnet is officially live!
This major protocol upgrade is a significant milestone for the Creditcoin protocol, representing the culmination of years of hard work, transitioning the Network to Nominated Proof of Stake. As a result, 2.0+ is now set to deliver vastly improved real-world performance, throughput and efficiency, for both our community and our various institutional partners.
Since the launch of the Creditcoin Network, we have pioneered true blockchain utility that delivers real-world impact. Take a quick look at our stats for yourself:
- Number of loan transactions recorded on-chain: 4.27M
- Total loan value: $79.7M
- Number of loans serviced: 909k
- Number of serviced customers: 337k
But we’re just getting started... With the transition from PoW to NPoS now complete, Creditcoin is set to deliver even more of DeFi’s true potential; bringing real-world credit on-chain, delivering value for real-world businesses, and driving financial inclusion for everyday people, together with our incredible community of supporters around the world.
To celebrate this momentous milestone, we’re launching a mainnet incentive program to promote greater decentralization of our global network by rewarding Nominators who stake on the Creditcoin network. The best part? We’ll give you the mainnet tokens for free for helping secure our RWA blockchain.
The mainnet incentive event will be rewarding our community members with 150,000 CTC (mainnet) tokens and will be split into 2 prize pools. Every single participant is guaranteed a reward!
We’ll get into the details of how you can win in just a moment, but first, let’s share more about the exciting changes coming with the Creditcoin 2.0+ mainnet upgrade.
What’s changing with 2.0+?
The Creditcoin 2.0+ upgrade transitions the Network’s consensus mechanism from Proof of Work (PoW) to Nominated Proof of Stake (NPoS), an improved version of the Proof of Stake consensus system found in most L1 chains today including Ethereum.
NPoS features two different network consensus roles. Validators and Nominators. These two roles are summarized below:
🖥️ Validators - Responsible for running a node and validating blocks. Must be elected into the 'active set' via nominator voting. Requires technical expertise and dedicated hardware. More Rewards.
🗳️ Nominators - Responsible for backing honest validators. Stake CTC to vote and elect validators to the 'active set'. Requires no technical expertise and no dedicated hardware. Lower Rewards.
The transition to NPoS offers the protocol a number of key advantages:
Network Efficiency - NPoS reduces the energy consumption of the network by over 99.9%. This isn’t just better for the environment, it also significantly reduces the costs of network validation, helping to unlock more value for the protocol’s various stakeholders.
Real-World Lending Performance - With over 50,000 real-world loans being recorded on-chain every month, more performance is never a bad thing. With NPoS, Creditcoin can process more transactions in less time. For our real-world lending partners, that means better real-world performance, faster settlement speeds, and greater network capacity under load.
Decentralisation and Security - NPoS makes it much easier for stakeholders to join the network and actively participate in validation. In the Testnet alone, Creditcoin was able to amass over 3,000 active consensus participants from around the world. All that decentralisation helps to make the network more secure, decentralized and more accessible than ever before.
To align with the new NPoS system, the 2.0+ update also makes several significant adjustments to the Tokenomics structure of the Network. Most notably, the block time has been reduced from 60s on average, to just 15s. In addition, to reflect the lower energy costs and faster block times, block rewards have been lowered from 28 CTC → 2 CTC.
For a more detailed breakdown of how NPoS works and the various changes coming with Creditcoin 2.0, head to our 2.0+ explained article here.
Looking to the future, Creditcoin 2.0+ is the next big step towards our longer-term goal. With the move to NPoS complete, our development resources are now focused on delivering Creditcoin 3.0 - a dedicated multichain L1 featuring the industry's first Universal Smart Contract technology. You can read more about the future of Creditcoin here.
How do I join the party?
There’s never been a better time to join the Creditcoin Network and claim your stake in the future of on-chain credit. We’re here to make that process as easy as possible. We’ll begin by explaining how validators can join the network, upgrade their nodes and get ready for launch.
Then, we’ll share exactly how to join the network as a nominator, and, for a limited-time only, begin staking on the Creditcoin Network completely for FREE as part of our exclusive 150,000 CTC mainnet incentive program! Let’s dive in…
🖥️ Validators 🖥️
Validators are responsible for running nodes and validating blocks in Creditcoin 2.0+. In return for validating blocks, they earn block rewards. Only the top 50 validators elected into the 'active set' via nominator voting are eligible to partake in consensus and earn rewards.
Running a validator node requires technical expertise and dedicated hardware. Whilst validators automatically share staking rewards with any backing nominators according to their relative total staked CTC, validators may also charge an optional commission fee for their services. To become an active validator, at least 1,000 CTC (mainnet) tokens are required.
For more information on how to become a validator, please consult the Creditcoin Documentation here.
⚠️ Important Validator Upgrade Notice
Due to the inherent risks associated with such a major protocol upgrade, the development team has opted for a staggered release. This means that for week 1 of the update, the active set will be restricted to 5-10 validators. After week 1, the team will increase the active set to 50 validators.
The Creditcoin team completed the upgrade packaging and uploaded a release image to our Dockerhub on August 29th.
Any validators currently operating nodes must update their nodes to the latest image in order to successfully participate in block creation.
🗳️ Nominators 🗳️
Nominators are responsible for electing honest validators into the active set. Nominators can vote for validators by staking their CTC in the staking dashboard. In return for voting for validators, nominators receive a pre-defined share of any backed validator’s block rewards, distributed according to the validator node’s relative total staked CTC.
Becoming a nominator on Creditcoin 2.0+ isn’t just easy. For a limited time only, it’s completely FREE as well - find out how you can partake today! 👇
🏆 Exclusive 150,000 CTC Incentive Program 🏆
We’ve just launched a month-long event where you can claim a free stake in the future of the network. By participating in the QuestN Event and submitting your Substrate wallet address, you’ll receive 1 free CTC (mainnet) token - your ‘whitelist spot’. This token is your ticket to the Creditcoin mainnet incentive program, letting you stake and claim your share of the 150k CTC prize pool.
In order to win from our 2 prize pools, collectively worth 150,000 CTC, or ~$23,000 USD, you’ll need to stake this free CTC token via our staking dashboard and then start nominating. You can find our Polkadot.js nominator staking guide here, or if you’d prefer a smoother UX and/or mobile app experience, you can follow the SubWallet guide here. Please keep the following in mind...
- Do not stake your entire CTC token. Instead, stake 0.9 (or less) and keep the other 0.1 for any transactions fees.
- Make sure you nominate multiple validators. This helps to ensure your nominations become active, otherwise you might miss out on rewards.
Here’s a breakdown of the two different prize pools:
Prize Pool A
Pool amount: 75,000 CTC (mainnet tokens)
How to win: To win your share of the 75k, simply create and add your Substrate wallet, then nominate your free CTC token via our staking dashboard. Read our Polkadot.js or SubWallet nominator staking guide for step-by-step instructions. Every active nominator is guaranteed a reward and will be split evenly amongst all - the amount you receive will depend on the total number of participants.
Prize Pool B
Pool amount: 75,000 CTC (mainnet tokens)
How to win: This prize pool is dedicated to the true Creditcoin 2.0+ hustlers, letting you win much bigger prizes by completing tasks and climbing the competition leaderboard!
How the Top 100 Leaders will be rewarded:
- Top 5 → 2,000 CTC (mainnet) each
- Top 6-20 → 1,000 CTC (mainnet) each
- Top 21-100 → Split the remaining 50,000 CTC (mainnet)
How do I climb the leaderboard?
To get started, make sure you complete all the QuestN tasks and start nominating with your free CTC token! After that, it’s time to refer your friends via your custom referral link. The more you refer, the more points you’ll rack up, helping you climb the leaderboard and secure the top spot!
Check back daily to discover any limited-time tasks available, worth even more points! We’re running the 2.0+ mainnet launch event for a whole month, giving you tons of opportunities to complete bonus tasks, refer your friends and climb the ranks to earn ever-bigger rewards.
And yes, before you ask, Prize Pool B winners will also receive rewards from Prize Pool A 🙂
Please check the Resources list below for everything you need to join our community, participate in the mainnet incentive event, and more.
Good luck everyone!
Creditcoin 2.0+ Resources:
- Polkadot.js Nominator Staking Guide
- SubWallet Nominator Staking Guide
- Creditcoin Staking Dashboard
- Creditcoin Documentation
- Follow Creditcoin’s Twitter/X for the latest updates
- Join our Discord
- Subscribe to Telegram
- Visit the official website
Creditcoin is the world’s leading real-world asset infrastructure chain for financial institutions, connecting global borrowers, lenders and investors on-chain. To date, the protocol has helped its partners record over 4.27 million real-world credit transactions, valued at $79.7 million USD, while servicing 337,000 customers worldwide across emerging markets.
By transparently securing credit history and loan performance on the Credicoin network, the protocol has already helped thousands of borrowers, businesses, and investors secure capital financing, build credit history, and grow their global RWA investment footprint.