Community-Driven Cryptocurrency Credits Announces First Public Release

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Richard Kastelein
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Credits (CRDS), a community-driven cryptographic currency, has announced its first public release to take place on the 17th of June, 2017. Designed around accessibility, ease of use, and equality of opportunity, Credits offers people the opportunity to participate in the development of an innovative new cryptocurrency.

Mining

Unlike most other cryptocurrencies, mining Credits is done using a CPU, utilizing the cutting-edge, award-winning Argon2d algorithm. In addition to botnet resistance, the Argon2d algorithm is resistant to both GPU mining and ASICs, meaning that anyone with a computer, the Credits wallet software, and an internet connection can mine Credits without being forced out of the market by the widespread GPU and ASIC farms which are currently monopolizing most cryptocurrency mining. Furthermore, Credits protects against multi-mining and jump-mining pools through the implementation of Gulden’s latest difficulty retargeting algorithm, DELTA—the most advanced retargeting algorithm available today.

Masternodes

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Credits also features Masternodes, which form a 2nd layer of security on the network, process InstantSend transactions, and mix CRDS for PrivateSend transactions. Masternode and PoW (Proof-of-Work) rewards have been mapped for a 36-year period in order to incentivize a continued return on the investments of both Masternode operators and PoW miners alike; over this 36-year coin creation period, Masternode rewards gradually increase and PoW rewards gradually decrease. This 36-year design ensures the longevity of the network.

DAO

In the initial release, the Credits DAO (governance system) will be disabled in order to eliminate the risk of early majority control of the Masternode network. This will prevent malicious parties from creating proposals, voting as a bloc, and subsequently defrauding the network. This governance functionality can be brought online at a later stage, once the Masternode network has grown in size.

Release

Mining will begin at the moment of launch, 10:00 p.m. UTC on the 17th of June. The first block of Credits, containing 475,000 CRDS in total and representing 0.5% of the total coin supply, will be allocated to feature bounties, marketing, hosting costs, and initial development.

Community

As a community-driven project, Credits is completely open source and development will not be centralized in the hands of just one developer—anyone can contribute to the project. The Credits community is currently located on Slack and Bitcointalk (see below), and anyone is welcome to join and participate.

About Richard Kastelein

Founder of industry publication Blockchain News, partner at ICO services collective CryptoAsset Design Group (helped raise over $200m+), director of education company Blockchain Partners (Oracle Partner) and ICO event organiser at leading industry event  CryptoFinancing (first ICO event in Europe) - Richard Kastelein is an award-winning publisher, innovation executive and entrepreneur. He sits on the advisory boards of half a dozen Blockchain startups and has written over 1200 articles on Blockchain technology and startups at Blockchain News and has also published pioneering articles on ICOs in Harvard Business Review and Venturebeat.
 
Kastelein has spoken (keynotes & panels) on Blockchain technology in Amsterdam, Antwerp, Barcelona, Beijing, Brussels, Bucharest, Dubai, Eindhoven, Gdansk, Groningen, the Hague, Helsinki, London, Manchester, Minsk, Nairobi, Nanchang, San Mateo, Shanghai,Tel Aviv and Venice. His network is global and extensive.
 
He is a Canadian (Dutch/Irish/English/Métis) whose writing career has ranged from the Canadian Native Press (Arctic) to the Caribbean & Europe. He's written occasionally for Harvard Business Review, Wired, Venturebeat, The Guardian and Virgin.com and his work and ideas have been translated into Dutch, Greek, Polish, German and French.
 
A journalist by trade, an entrepreneur and adventurer at heart, Kastelein's professional career has ranged from political publishing to TV technology, boatbuilding to judging startups, skippering yachts to marketing and more as he's travelled for nearly 30 years as a Canadian expatriate living around the world.
 
In his 20s, he sailed around the world on small yachts and wrote a series of travel articles called, "The Hitchhiker's Guide to the Seas' travelling by hitching rides on yachts (1989) in major travel and yachting publications. He currently lives in Groningen, Netherlands where he's raising three teenage daughters with his wife and sailing partner, Wieke Beenen.

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