Creditcoin 2.0+ Testnet Update: Rewards, FAQ & Wave 2 is now Live!
It's mid way of the testnet, so, it's time for a quick update! Testnet Update: Rewards, FAQ, and Wave 2 applications are now open! Read more here!
Thank you all for your amazing response to the Creditcoin 2.0+ Testnet! We've been overwhelmed by the community's enthusiasm, with over 5,000 token applications to date! We can't wait for you to join us on our mission to change the landscape of RWA investing together.
If you haven't received your testnet tokens yet due to the temporary pause because of the high demand, read on for more information on how you can join the Testnet in Wave 2!
In this announcement, we'll be sharing more information on the updated Testnet Rewards, important community notices (below), and cover the community's most frequently asked Testnet questions.
⚠️ Validator Community Notice: In order to increase transparency and help us monitor Testnet activities, we are requesting that all Validators link their on-chain identity to their Discord IDs. We have provided a video guide on how to do this in the FAQ.
🏆 Updated Testnet Reward Guidelines 🏆
Having listened to your community feedback surrounding Testnet rewards and evaluation of the super high demand we experienced over the last week, we made it our priority to re-assess the current rewards structure to ensure that Testnet rewards can be distributed as fairly as possible!
In the blockchain spirit of greater decentralization and attracting more ecosystem participants, let's review the new rewards structure together 👇
🗳️ Nominators 🗳️
👉 Original Reward: All active nominators once the Testnet ends will receive up to 100 mainnet CTC tokens.
👉What happened: 5,000+ Nominator applications poured in, with hundreds more coming in every day. The first 1,200 have been sent Testnet tokens; we will call this first round of Nominators ‘Wave 1’ 🌊 . We’ve also chosen to do this manually to minimize participants trying to game the system for free tokens. Then, we temporarily paused the sending of new Nominator Testnet tokens in order to re-evaluate the situation to prepare Wave 2. Read on for more information on how to join Wave 2 if you missed out on Wave 1.
ℹ️ Important PSA: If you made it into Wave 1 and have already received Testnet tokens, you cannot apply to Wave 2.
The Nominators reward structure has been updated to:
👉 Wave 1 Rewards: The active Nominators in Wave 1 will receive up to 100 mainnet CTC tokens each. To claim your prize, you'll have to fill out a simple form at the end of the Testnet.
👉 Wave 2 Rewards: We have re-opened a second wave of applications to include a simple qualifier in order to receive your testnet tokens. Nominators who apply to Wave 2 will share a prize pool of 100,000 CTC, split equally between ALL active Wave 2 participants.
👉 How to apply to Wave 2: Simply fill out the Typeform here. Please remember that you can only apply to Wave 2 if you did not already receive any Testnet tokens. Users who make duplicate applications will be disqualified from all rewards.
⛓️ Validators ⛓️
👉 Original Reward: 50 Validators based on the final testnet snapshot will receive up to 2,000 mainnet CTC.
👉 What happened: 200+ Validators set up nodes - amazing! However, our original reward structure did not fairly incentivize the recruitment of more Validators or distribute rewards fairly based on Validator activities throughout the testnet, instead, rewarding only Validators in the final snapshot. Thank you to our Credit Penguins for providing this feedback - super helpful 🙏
The Validators reward structure has been updated to:
👉 Reward #1: We wanted to make sure we honoured our initial commitment. That means we're still giving away up to 100k in CTC to the top 50 active Validators, determined by the final Testnet snapshot. But, we've now got another reward worth 100k CTC planned too…
👉 NEW Reward #2: To reward all Active Validators throughout the Testnet, we'll be splitting a pot of 100,000 mainnet CTC between each Validator according to their activity throughout the entirety of the Testnet, enabling more of you to set up nodes and earn rewards!
Let's explain this change to Validator Rewards a little more…
Why are we changing this?
The Creditcoin 2.0+ consensus protocol works by electing Validators to the 'Active Set' based on the total CTC backing them. The Validators with the most votes will always win and become part of the 'Active Set'. This created two risks in terms of reward fairness:
- Validator Monopoly - Given that most nominators will simply 'set and forget' their nominations, a small number of early Validators might consistently monopolise the Validator election, preventing newer Validators from ever being elected, excluding them from rewards completely. We want to ensure that all participants have the opportunity to get rewarded.
- Unfair Reward Criteria - As rewards were based purely on the final snapshot, this created a risk that reliable Validators, despite consistently supporting the Testnet and being elected to the 'Active set', might simply fail in the final election and not get rewarded at all. Essentially, rewards would be based on an 'all-or-nothing' snapshot, rather than a user's contribution throughout the whole of the Testnet.
In summary, the new Reward #2 system is designed to make rewards more fair AND equitable. In addition, we'll be considering factors like community engagement and feedback when it comes to awarding discretionary bonus rewards.
If you have more questions about the updated rewards system, please consult the FAQ at the bottom of this announcement for more information.
2.0+ Testnet | Community FAQs
Question: What counts as participation in the Creditcoin forum?
The Community Forum is strictly a place to leave constructive feedback, suggestions and post any technical issues or inquiries you may have. If you spam the forum as “participation”, it won’t be counted toward your reward. In fact, it will reduce your likelihood of earning rewards.
Community members who make exceptional contributions during the Testnet, for example, by leaving useful feedback, providing technical assistance to other users, and generally going 'above and beyond', may receive bonus rewards at the discretion of our team.
If you just want to share your excitement, spread the word and learn more about the Creditcoin project, then Discord or social media is the place to go! Posting it on the Creditcoin forum is counterproductive because registered members already know about Creditcoin. Feel free to ask our team any questions about our technology, plans, RWAs, etc. in the Discord too!
Question: How do I set my on-chain identity to my Discord ID?
As you may know, we're requesting that all Validators change their node names to their Discord IDs. Check out the video our team member, Toby, created to walk you through the process below. Please make sure you use the official account management link here when changing your on-chain identity.
Question: How long will the Testnet run/do I need to run my Validator node?
The exact Testnet timeframe hasn't been confirmed and is dependent on the Development team finalizing their performance tests, gathering data, and compiling feedback. The Testnet will run until the launch of the Creditcoin 2.0+ mainnet. This should be a matter of weeks, rather than months.
Question: Is there a difference between mainnet CTC (used for Testnet rewards) and ERC-20 CTC (used for Bug Bounty Rewards)?
Mainnet CTC tokens are not the same as the ERC-20 CTC tokens. CTC listed on exchanges is known as 'G-CRE'; which is the Ethereum ERC-20 version of CTC. This ERC-20 CTC is a vesting and trading token, and is the only CTC which is currently tradable on major exchanges. Currently, mainnet CTC can only be used for mainnet activities, such as staking or recording loan transactions.
However, all G-CRE will be converted into Mainnet CTC over an extended period of time. This means that mainnet CTC will become the primary liquidity token in future.
For the 2.0+ testnet, G-CRE will be provided as rewards for bug bounties, and mainnet CTC will be provided to all active Validator and Nominator participants. Please ensure you take the time to understand the difference regarding their functions and how this affects your stake in the future growth of the Creditcoin network.
Question: Can I run multiple Validator nodes?
You can run multiple Validator nodes to earn more rewards. However, you are only allowed to fill out the form and request tokens once. All of your nodes must also be connected to the single Discord ID submitted in the application form to ensure fair participation.
As a reminder, duplicate accounts or making multiple token requests to game the system is strictly forbidden; you will be banned without notice and will not receive any Testnet rewards.
Question: What are the minimum required Validator specs?
Please click here to see the minimum specs to become a Validator.
Question: I applied to become a Validator, but now I want to Nominate instead. What should I do?
Don't worry if you applied to become a Validator but would now rather be a Nominator. However, please make sure you follow the instructions below, otherwise you may be disqualified from all rewards.
- Do not use more than 1,000 CTC tokens for your Nominator activities.
- Do not apply for tokens multiple times.
- Do not send your tokens to any other wallet (or both wallets may be disqualified from rewards).
Question: Who pays out the reward distribution fee? And why does this transaction cost CTC?
Anyone can trigger a reward payout on this page. Triggering a payout will distribute any earned rewards to you, the Validator(s) you backed, and every other Nominator backing them as well.
Triggering a payout costs CTC, however, this CTC is refunded immediately. This means that you'll need a certain amount of CTC in your wallet to trigger a payout, but the transaction itself is essentially free. For a step-by-step guide, please watch the video below.
Question: It's been 24 hours, why haven't I received my Testnet tokens yet?
Due to unprecedented demand, we temporarily suspended new Testnet Nominator applications in Wave 1. Please read the updated reward guidelines to learn more about how you can join the Testnet as a Nominator in Wave 2.
Question: What will happen to Nominators if their nominated Validator's private key is leaked to 3rd parties?
It depends on what the 3rd party does with it. The Validator might just get chilled or end up being slashed (thus slashing its nominators). Validators are responsible for keeping their nodes and accounts secure.
Thank you again to our incredible Creditcoin community for your support of 2.0+ testnet!
Tae Oh
Toby Bromet