Creditbit Aims to Resolve Bitcoin’s Scaling Issue with Its Alternative
Creditbit was launched in 2015 with the aim of revolutionising the monetary system. It works on the decentralised model like various other digital currency platforms and hopes to make banking and financial services over the blockchain available to every individual on the planet.
Creditbit is one of the faster growing cryptocurrencies and has also been tagged as the ‘Future of Money’.
Creditbit is the cryptocurrency of the new age as it will not only be implemented on Ethereum platform as an Ether token (smart contract) but will also have some custom, decentralized functionalities.
Creditbit, being true to its tag as the ‘Future of Money’, has realized the challenges faced by Bitcoin. The biggest of them all being scalability issues. Creditbit addresses the scalability issues by claiming that it will simply have to increase the block size before devising a more sophisticated solution to any scalability issues it faces in any future situation like Bitcoin is facing at present.
Creditbit is ready with its current code to tackle scalability issues and is already ten times faster than Bitcoin. It can also handle ten times more transactions than Bitcoin. Therefore, making Creditbit world’s fastest digital currency as the average Creditbit transaction gets confirmed in less than 30 seconds.
Moreover, Creditbit’s use of a Proof of Work (PoW) hybrid even counters the claims of the Proof of Stake (PoS) systems being flawed and generated from thin air or “no stake at stake”. Creditbit uses using PoW for the first 6 months to generate coins and after that no resource would be wasted.
Finally, this also makes Creditbit environment friendly and the PoW-PoS hybrid renders it impossible for ASICs to mine Creditbit tokens. Creditbit is an advanced cryptocurrency which doesn’t waste resources like in the case of Bitcoin, is faster than Bitcoin and also solves the scalability issues plaguing it.
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