Credits Blockchain to Enter Global Stage: Mainnet Swap is on the Way
The Credits blockchain platform is one of those projects that is at the finish line of the main event in the process of technology development. The company is about to conduct a swap procedure of an exchange of ERC20 to Credits (CS) coins. This process will be carried out manually via MEW or other wallets and through Kucoin exchange (for people who have an account there). The start date is the 20th of December, 2019.
What is “Token Swap”?
A new step in the evolution of the blockchain project is the process of transferring tokens from one blockchain network to another, in other words, “migration of tokens” or “token swap”. In this connection, there is an exchange of one cryptocurrency for another at a fixed rate. Up to this point, tokens function as “substitutes” for future tokens. With the migration of tokens, the balance of token holders is transferred from Ethereum wallets to new compatible wallets of the project itself. After such a replacement, tokens are effectively transferred from one blockchain network to another.
The Swap Procedure
There will be two approaches for Credits community to swap CS ERC20: via exchange and manual swap through smart contract or special service. Find out more detailed information below.
1) Instruction for an exchange token swap:
- Credits holders transfer CS ERC20 tokens to the Kucoin exchange
- Trading, depositing and withdrawing limited for 1 day
- Swap happens on 20th December at 12:00 UTC
- Trading, depositing and withdrawing recommence at 21st December at 12:00 UTC
2) Instruction for a manual token swap
Everyone, who miss the deadline to swap tokens via Kucoin exchange, will be able to exchange CS ERC20 tokens to CS native coin manually via requesting Credits technical support on email@example.com. The deadline to finish the swap is 20th March 2020.
Hardware Wallets Integration
The hardware wallet is a special type of security device allowing users to store their cryptocurrency holdings. Trezor and Ledger are the world’s first and most secure cryptocurrency hardware wallets. These devices enable users to make secure payments and manage cryptocurrencies without exposing any sensitive information to a potentially compromised computer.
Currently, Credits developers are working on the integration of Credits protocol with hardware wallets like Trezor and Ledger. The undergoing process will be completed in Q1 2020.
In order to finalize the Credits performance on the market before the token swap, we would like to recall all the important events that we have met together during the development of our project, and that are in the implementation process.
- Bonoox Loyalty Program. The modern blockchain-based development that specializes in providing complex service for brand loyalty programs and meets the interests of customers and companies. The product enables to issue loyalty points in the form of tokens on the Credits blockchain for enhanced customer interaction.
- Web Wallet. The client interface for secure and easy interaction with the Credits peer-to-peer network. It allows to transfer the Credits Coins and Tokens running on the Credits platform from one user to another, and perform operations with pre-existing smart contracts in real-time.
- Mobile Wallet. The free application that provides secure and simple methods to send, receive and store digital assets issued on Credits blockchain. Its key feature is private keys that are encrypted and stored locally, allowing users to exploit the app with confidence.
- Browser Wallet. The web extension allows to manage Credits private keys via a web browser. It is represented as a wallet for CS coins and tokens, based on Credits protocol.
- Blockchain Explorer. The multifunctional web-based tool for monitoring the history of the transactions of all network members, distribution of nodes around the world and obtaining general statistics.
- Decentralized Exchange. Credits technology that is currently in the process of development. It allows to trade in real-time and at high transaction speed.
Key Partnership Agreements
- IBM. The partnership is aimed at creating new IoT models, which integrate blockchain technology with the IBM Watson IoT™ Platform and IBM Cloud infrastructure.
- Lenovo. The partnership is focused on the development of the Internet of things. Credits utilizes its blockchain expertise to help facilitate building software applications for the combination of the Internet of Things and AI/AR, with a perspective of further implementation of the product in a variety of industries such as Fintech and Logistics. Lenovo New Vision Technology is looking to incorporate Credits blockchain solution to streamline internal operations management procedures.
- GlobalTechExport. The partnership is aimed at improving the control and automation of the equipment supply chain at all stages of the production process, which largely ensures complete transparency and helps reduce costs.
- IVHIMPROM. The agreement relates to the launch of a pilot project on the implementation of blockchain technologies into the chemical manufacturer’s supply management and sales systems.
- Sevastopol Hotel. The business project involves the implementation of a loyalty program and mobile application for hotel customers.
- Mina Stones. The partnership is focused on building a blockchain-based solution for the gemstone supply chain in Africa.
- TransRossica. The pilot project is aimed at storing historical documents and materials using the blockchain as a reliable source of preservation of cultural heritage, which allows to ensure the uniqueness, authenticity and integration of data.
All of the products are developed specifically for solving real business challenges. The company’s main focus is on applying blockchain for solving current business problems and allowing its clients to experience the full range of advantages that the technology can offer.
Company Development Roadmap
Credits team has acquired a long and productive experience of developing advanced technologies and forging partnerships for international blockchain implementation in order to increase Credits presence in the IT market. On the way, we are holding the main event in the formation of our blockchain platform. Whereupon we are about to continue our way towards the large-scale application of the Credits products on the market. We building an extensive ecosystem that provides our users with high-speed transactions, rewards, and transparency. With the support of a large pool of investors and a thriving community, Credits is well on the way to popularizing blockchain as a real and affordable technology that can be applied in a variety of industries. If time is to be the main judge of the company’s achievements, it is safe to say that the Credits platform’s management has done an outstanding job of appeasing the clock and building a solid base for growth.