Creditcoin Q&A | June 2023
In this months Q&A we talk Testnet launch, CTC visibility metrics, MSME lending and more...
In this months Q&A we talk Testnet launch, CTC visibility, MSME lending and more...
Welcome to another monthly Q&A session. This time we've got some big big news to cover! The Creditcoin 2.0+ public Testnet went live this week, letting you stress test the Network and earn hundreds of CTC in rewards as a thank you bonus! We'll be covering some key Testnet questions, including exactly how you can join the Testnet, as well as a bunch of other community questions in this Q&A.
Testnet Questions
What is the Testnet and how do I join?
The Creditcoin 2.0+ upgrade is fast approaching, upgrading the Network from Proof-of-Work (PoW) to Nominated-Proof-of-Stake (NPoS). The Creditcoin 2.0+ testnet is our way of gathering technical performance data, ironing out any bugs, and giving our community a taste of NPoS before we roll out the full mainnet update.
For all the information, please read our official announcement here.
Testnet users can participate in Network staking to earn a variety of exciting CTC rewards based on their activities. Nominators can earn up to 100 mainnet CTC, while Validators can earn up to 2,000 for every successful node. Before you join the Testnet, you should decide which of these roles is better for you. Here's a brief summary of the key differences 👇
🖥️ Validators - Backed by nominators via voting. Responsible for running a node and validating blocks. Requires technical expertise and dedicated hardware.
🗳️ Nominators - Stakes via voting for validators. Responsible for backing honest validators. Requires minimal technical expertise and no dedicated hardware.
With that sorted, here's what you need to start and join the Testnet…
- Create an Creditcoin Community Account 👉🏻 Here
- Create A Polkadot.js wallet 👉🏻 Click here to download the extension for Google / Brave
- Get Your Testnet CTC Tokens 👉🏻 Click here to Request your CTC tokens
Once you've completed these steps and received your Testnet tokens, you're ready to jump in. Please refer to our Testnet Nominator guide here for a detailed step-by-step breakdown on how to join the Testnet and begin nominating. Please make sure you only use the official staking dashboard linked here.
If you'd like to become a validator, please read the technical documentation available here.
The Testnet seems complicated, are there any guides or other resources I should check to help me become a nominator/validator?
Yes, we have a full Testnet Nominator guide available here which covers everything including creating your community forum account, requesting your Testnet tokens, and navigating the Staking Dashboard to begin nominating. The guide also includes a step-by-step video tutorial to help walk you through the process.
Please make sure you only use the official staking dashboard linked here.
For validators, please consult our technical documentation for all the information you need to start running your own node. If you have any further technical questions or require assistance, please contact us using the community forums here: https://community.creditcoin.org
Why do the Testnet Rewards only say 'up to'? What are the conditions for not receiving the full rewards?
In order to incentivize proper engagement with the Testnet, rewards may be distributed at the discretion of the Creditcoin team based on each user's Testent activity. Factors include engagement in the community forums, validator node availability, wallet activity and much more.
Please bear in mind that we plan to issue validators with the maximum possible rewards if they have acted in good-faith towards the Testnet. This provision is meant to ensure that participants follow the spirit of the Testnet, providing us with active and constructive feedback, while also ensuring that we minimize any potential free-loading.
Other Questions
Can the actual usage amount for CTC be monitored? Seeing the mining and burning amounts could help holders predict how the business is going.
The exact figures can be manually calculated, but of course this is unfeasible for most users today. In the longer-term, there will be an improved UI implemented for monitoring transactions and token burning on 2.0+. Similarly, the 2.0+ Staking Dashboard features a Payout page which makes it easy to track new token issuance.
How big is the difference between the overall MSME financing gap in emerging markets and the current level of MSME lending?
According to the SME Finance Forum, the finance gap facing emerging market MSMEs today is equivalent to around $5 trillion USD, with 41% of businesses having unmet financing needs. This number is 1.3x the current level of MSME lending, which is currently around $3.8 trillion USD.
Figures: https://www.smefinanceforum.org/data-sites/msme-finance-gap
That's all for this month's Q&A session! We hope you found the answers to your questions informative and helpful.
Don't forget to follow us on Twitter to stay up to date on all things Creditcoin and Gluwa. And be sure to tune in next month for more exciting updates and answers to your burning questions. Thanks for joining us!
About Creditcoin
Creditcoin is a foundational L1 blockchain designed to match and record credit transactions, creating a public ledger of credit history and loan performance and paving the way for a new generation of interoperable cross-chain credit markets.
By working with technology partners, fintech lenders such as Aella, and other financial institutions across global emerging markets, Creditcoin is securing capital financing, building credit history and facilitating trust for millions of underserved financial customers and businesses based on the principles of Real World Assets (RWAs).
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About Gluwa
Gluwa is an Real World Assets (RWAs) platform, connecting global capital to emerging market lending and investment opportunities through blockchain technology, and empowering users with the choice and information they need to prosper.
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