Following the number of questions from our community members Credits team would like to clarify some of the key of them below.
What is Mainnet and what is it used for?
Mainnet is required to allow developers an opportunity to start creating services on Credits blockchain, use the platform and create smart contracts. We allow to do this as soon as possible to fulfil the demand and already start promoting the platform. We would like to note that swap and Mainnet are two completely different things. Mainnet is a network with real coins that has already been launched, while the swap is just an abandonment of the temporary coins and a full transition to our own Credits platform coin.
Mainnet is a network where CS coins based on Credits protocol, which is different from ERC20 are used. Credits coins are required for development of smart contracts and the use of the platform. They can be obtained by exchanging ERC20 tokens to Credits coins. To do that a user needs to send ERC20 tokens to a certain smart contract and the sender will receive Credits coins in return to Credits platform wallet. Therefore an exchange of tokens to coins is being done.
What does swap entail?
Swap is a procedure of an exchange of ERC20 to Credits coins. It will take place following the full release of the platform, a minimum required bug bounty and listing on at least a few exchanges. We are going to implement a gradual transition to new coins in Q4 2018. Now over the course of the transition period ERC20 tokens will continue to work on exchanges and Credits coins inside the platform. These coins will be offered only to those who would like to develop services using the Credits platform Mainnet and can be used only inside the platform of the platform, transferred or purchased anywhere.
What is the current status of Mainnet?
Mainnet is up and running. It’s functional and already to be used for services deployment. Swap is going to happen gradually, firstly for the partners and outside developers and then for the community, which will start in Q4 at an exchange rate of 1 to 1. All of these is being done to offer an opportunity to use smart contracts on Credits platform and create dApps already now.