Announcement

Creditcoin 2.0+ Testnet Live | Join Today!

Join the Creditcoin 2.0+ Testnet today to earn 2k+ in CTC rewards & up to $1,000 for every bug you report!

Creditcoin Team

Jun 28, 2023 • 5 min read

The Creditcoin 2.0+ mainnet update is around the corner, upgrading the world's biggest RWA credit network from Proof-of-Work to Nominated-Proof-of-Stake (NPoS)! You can read more about the advantages of 2.0+ here.

But before mainnet, we need your help to test the network before launch - by joining the Testnet you can earn upwards of 2,000 in CTC and get a headstart on the competition before the full release of Creditcoin 2.0+!

More importantly, you'll be helping us stress test the Network and make sure everything is set and ready to go. Oh yeah, did we mention you can also earn up to $1,000 per bug bounty? Let's dive in….

What is the Creditcoin 2.0+ Testnet?

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.

Testnet users can participate in Network staking to earn a variety of exciting CTC rewards based on their activities.

Creditcoin's new consensus system allows for two different types of staking: nominating and validating. 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 👇

🗳️ Nominators - Stakes via voting for validators. Responsible for backing honest validators. Requires minimal technical expertise and no dedicated hardware. Lower Rewards.

🖥️ Validators - Backed by nominators via voting. Responsible for running a node and validating blocks. Requires technical expertise and dedicated hardware. More Rewards.

If you'd like to familiarize yourself more with Creditcoin's NPoS consensus design, please read the full Creditcoin Staking documentation here.

Participation Rewards 💰

Of course, we don't expect you to go through all this without getting rewarded! In fact, we have over 400,000 of CTC in prizes up for grabs. Read on to see how you can claim your share...

🗳️ Nominators

Due to overwhelming demand to join the Testnet as a Nominator, we had to close Wave 1 of applications. If you didn't get to join Wave 1, don't worry, Wave 2 applications are still open. If you made it into Wave 1 and have already received Testnet tokens, you cannot apply to Wave 2.

👉 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

[Update] 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. Therefore, we just added an extra reward as well to make up for it and say thank you to our amazing community!!!

👉 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.

👉 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! Basically, the more you help, the more you'll be rewarded.

Please bear in mind that duplicate accounts/applications are not allowed and will be punished.

* (P.S. Validators can run multiple nodes to earn multiple prizes)

Bug Bounty Program 🐞

Our bug bounty program offers users up to $1,000 (in ERC-20 CTC tokens) for every bug they report, based on the severity of the bug identified!

Major bugs: $500-$1,000
Medium bugs: $100-$499
Minor bugs: $10-$99

Nominators should submit bugs via this form. Validators should submit bugs via Huntr.dev (the Creditcoin Github can be found here). Bug classification and rewards are at the discretion of the Creditcoin dev team. Bug bounties are paid out on a first-come-first-serve basis.

Please note that bugs are glitches and blockers that prevent you from fulfilling your role as a Validator or Nominator. Bugs are NOT graphical improvements, typos, etc. This is a public testnet and so we’re testing functionality.

How Do I Join?

The easiest way to get started as a nominator is by checking out our step-by-step nomination guide linked here. Otherwise, just follow the steps below to get started.

First, you'll need to register an account on the Creditcoin Community Forums. You can use these forums to flag any issues and ask technical questions about the Testnet.

Then, set up a Polkadot.js wallet: Click here to download the extension for Google Chrome. Chrome is the only compatible browser for our testnet.

Depending on your chosen role, please read the relevant documentation and familiarizing yourself with the staking process.

🖥️ Validators: https://gluwa.gitbook.io/creditcoin-pos-testnet-documentation/validator-guides

🗳️ Nominators: https://gluwa.gitbook.io/creditcoin-pos-testnet-documentation/nominator-guides

Once you've set up your Polkadot wallet, you'll need to request some Testnet tokens to participate. Simply fill in the Typeform here and we'll transfer you tokens within 24 hours.

Please note that testnet tokens have no value and its utility is for participating in testnet purposes only. Validators will receive 15,000 testnet CTC tokens and nominators will receive 1,000 testnet CTC tokens.

Additionally, we’ve created a supplemental guide for Nominators if you prefer to follow a step-by-step guide instead of exploring on your own through the Creditcoin documentation.

Finally, you can also verify your testnet transactions by visiting the Explorer here.

If you run into any technical difficulties please direct your questions to the community forums and our team will promptly assist. Happy bug hunting and thank you for participating in the Creditcoin 2.0+ public testnet!

Quick Testnet Links

Official Website Links

Join Testnet Links

Testnet Documentation & Guides

Testnet Bug Bounty Links

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 RWA.