Creditbit Talks about Claiming Creditbond Reward in Latest Update


Creditbit, an open source software project released under the MIT/X11, recently unveiled the final remaining functions under their ongoing migration. The Creditbit dev team informed the community about the same on Bitcoin Talk in an update titled ‘Transaction, Locking, Claiming Creditbond Reward Unlocked.’

The migration from now on will continuously run till April 8th, 2017 and a step by step tutorial for the same is also available here. Migration is an important aspect under the first round of development of Credit 2.0. With the launch of Creditbond Yield (award), Creditbit is now done with the final remaining steps of the first round of migration.

This latest update elaborated upon the Creditbond Yield (award), explaining how the locking of tokens will enable the users to collect yields from CreditBOND Smart Contract.

Yields depend on the locking period:

from 1 to 175200 blocks (a month) – 1% yield per year
from 175200 to 525600 blocks (3 months) – 3% yield per year
from 525600 to 1051200 blocks (6 months) – 6% yield per year
from 1051200 to 2102400 blocks (1 year) – 8% yield per year
from 2102400 to 4204800 blocks (2 year) – 12% yield per year


People don’t need to wait for the locking period to end before claiming their Bond Reward. During the locking period, users will still obtain proportional share of the Reward, according to blocks passed between locking and claiming. It is only the locked tokens that will not be available until the locking period ends. Though, claiming awards too often will cause the loss of a small percentage of reward due to rounding.

Claiming Bond Reward once the locking period gets over is advisable as all the tokens will be unlocked and returned to the user wallets. Also, users obtain a Bond Reward for a full number of blocks elapsed from the time of locking till the time of claiming (not only to the end-locking block).

To explain it further, let us assume someone locks 100 CRB for 1.500.000 blocks. Yield for this period is 6%. If they claim a reward after 500.000 blocks, they will obtain the following reward:
100 CRB * 0, 06 * 500.000 / 2102400 = 1.4269… CRB (approx.)

If they claim their reward again after another 1.200.000 blocks, locking period will be over by then. Therefore, they will obtain the following reward:
100 CRB * 0,06 * 1.200.000 / 2102400 = 3.4246… CRB (approx.)
and the original amount of locked Tokens: 100 CRB

In total, they will obtain 4.8515…CRB, almost the same as they would claim their reward once:
100 CRB * 0,06 * 1.700.000 / 2102400 = 4.8516… CRB

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