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

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

Richard Kastelein is the Founder, Publisher and Editor in Chief of industry leading online publication, Blockchain News, partner of token design and ICO architecture company Cryptoassets Design Group and co-founder and director at education company Blockchain Partners.

As a prominent keynote presenter, Kastelein has spoken on Blockchain at events in Gdansk, Beijing, Venice, Nanchang, Shanghai, Amsterdam, Minsk, Dubai, Antwerp, Eindhoven, Bucharest, Munich, Nairobi, Tel Aviv, Manchester, Brussels, Barcelona, San Meteo etc, where he helped spread the cause for Blockchain technology and cryptocurrency and, consequently, has built a notable network in the scene.

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