Creditcoin Q&A | Feb 2024

This month we discuss the possibility of an EVM Testnet, and the exciting changes coming to staking...

Creditcoin Q&A | Feb 2024

Welcome to the monthly Q&A Corner of Creditcoin, your go-to source for insights, updates, and answers directly from the heart of the Creditcoin ecosystem! Each month, we dive deep into your most pressing questions, offering clarity, guidance, and a peek behind the curtain of our rapidly evolving blockchain platform.

This month we're covering questions surrounding the upcoming release of our EVM update, Creditcoin's biggest protocol upgrade to date, which will be delivering smart-contract support and more!

If you'd like to have your question answered next month (and win some CTC for getting selected), then make sure you follow us on Twitter and tap the bell icon to get notified when the Q&A survey goes live! 

Otherwise, feel free to drop into the Discord, say hi, and ask any questions you may have. Without further ado, lets jump in.

1) Will the EVM update have a Testnet before the official upgrade goes live?

Yes! We’re excited to say that we will be launching a Creditcoin EVM Testnet before the full upgrade. The testnet will allow us to stress test the network, help educate our users about the changes coming as part of the upgrade, and kickstart the process of onboarding dApp developers into our ecosystem.

Whilst the first stage of the Testnet will be focused on delivering and testing network stability, our plan is to leverage the Testnet as an opportunity to help developers build, test and fast track all new dApp launches on Creditcoin! We’re super excited to share more information on that programme when the Testnet goes live!

The upcoming Creditcoin Testnet will act like a sandbox for both developers and the community to play around with the network, stake, and write smart contracts.

2) What updates to staking will there be in the upcoming Creditcoin network release?

Staking will be expanded to have two ways for nominators to participate: solo and pool. In the current version of the Creditcoin network, you are already accustomed to the solo nomination process. The issue was that when there was a high demand from nominators (as we experienced during our testnet where 26k+ nominators were staking) and only 50 validators, all of the nodes became oversubscribed.

In order to meet the high demand, we’re launching nomination pools. Nomination pools are a feature introduced in the latest Creditcoin protocol upgrade, designed to democratize and simplify the staking process.

Nomination pools allow multiple users to combine their tokens into a collective stake, making it easier for individuals with smaller amounts of Creditcoin to participate in staking.

In addition, nomination pools help to simplify the staking experience, allowing users to delegate their nomination activities and management to another user, who can also charge a fee for their services. The full details will be shared in our documentation upon the update’s release.

And why are nomination pools useful?

  • Accessibility: Nomination pools lower the barrier to entry for staking, enabling users with fewer tokens to earn rewards and contribute to network security.
  • Convenience: They also simplify the staking process, allowing users to partake in network staking without the need for deep technical knowledge or active nomination management.

In essence, nomination pools on the Creditcoin blockchain make staking more accessible and user-friendly, encouraging broader participation. This benefits users by enabling them to earn rewards while strengthening the network's security through enhanced decentralization and participation.

About Creditcoin

Creditcoin is the world’s leading real-world asset infrastructure chain, with over 3 million credit transactions recorded to-date. By matching borrowers, lenders and investors on-chain, the protocol is paving the way for a new generation of globally interoperable credit markets.

Having integrated with various fintech lenders and connecting them directly to global DeFi investors, the Creditcoin network has helped thousands of borrowers, businesses, and investors secure capital financing, build credit history, and make global RWA investments.

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