Creditbit: A Decentralized Solution and Smart Contract Platform Based on Ethereum

What is Creditbit

Friends, imagine the bank cards we use every day—they help us save money and transfer funds. “Cryptocurrency” on the blockchain is similar: it’s money that exists on the internet, but it isn’t controlled by any single bank or company. Instead, it’s maintained collectively by all participants. Creditbit (CRB for short) was originally such a digital currency, born in 2015. Like Bitcoin, it had its own independent ledger system (what we call a blockchain).

However, Creditbit later underwent a major “upgrade”—like a phone system updating to a more powerful version. It moved from its own blockchain to Ethereum, a more advanced blockchain platform. You can think of Ethereum as a huge, open “digital operating system” that can run all kinds of decentralized applications. After moving to Ethereum, Creditbit became an ERC-20 token, allowing it to better leverage Ethereum’s smart contract capabilities and enable more complex and interesting applications.

In short, Creditbit’s goal is to build an ecosystem around this digital currency, so that people can not only use it for transfers, but also participate in community governance, play games, and even for identity verification and goods trading.

Project Vision and Value Proposition

Creditbit’s vision is to use blockchain technology to create a more decentralized, transparent, and community-driven digital currency ecosystem. The core problem it aims to solve is how to make digital currency more than just a simple payment tool, but also carry more functions and give community members greater say.

Compared to many early digital currencies (like Bitcoin), Creditbit initially tried to offer faster transaction speeds and a hybrid consensus mechanism (explained later). After migrating to Ethereum, it aimed to introduce a series of innovative features through smart contracts (think of these as self-executing contracts), such as decentralized autonomous organizations (DAO), allowing community members to jointly decide the project’s development direction.

It emphasizes the concept of “Proof of Trust,” encouraging users to lock up their tokens to express trust in the community and gain corresponding rights—different from projects that only focus on mining or earning interest by holding tokens.

Technical Features

Creditbit’s technical development can be divided into two stages:

Early Stage (CRBIT)

Before migrating to Ethereum, Creditbit (then with the ticker CRBIT) had its own independent blockchain.

• Consensus Mechanism: It adopted a hybrid “Proof of Work” (PoW) and “Proof of Stake” (PoS) mechanism.
  • Proof of Work (PoW): Like Bitcoin, miners needed to solve complex computational puzzles to validate transactions and create new blocks, a process that consumes significant computing resources and electricity.
  • Proof of Stake (PoS): The probability of validating transactions and earning rewards depends on the amount and duration of tokens you hold—more like “earning interest on deposits.” The more you hold and the longer you hold, the greater your chance of rewards.
• Hash Algorithm: Used the X11 algorithm.
• Transaction Speed: Block generation time targeted at 1 minute, 10 times faster than Bitcoin.

Later Stage (CRB)

To enable richer features, Creditbit migrated to the Ethereum blockchain and became an ERC-20 standard token.

• Blockchain Platform: Ethereum.
• Smart Contracts: With Ethereum’s smart contract functionality, Creditbit can implement more complex logic and applications, such as decentralized autonomous organizations (DAO), identity verification (CreditIDENTITY), and decentralized goods marketplace (CreditBAY). Smart contracts are like vending machines on the blockchain: you provide the right conditions, and they automatically execute preset programs without third-party intervention.
• Consensus Mechanism: As an ERC-20 token on Ethereum, it no longer has its own mining mechanism but relies on Ethereum’s consensus mechanism.

Tokenomics

Creditbit’s tokenomics also evolved:

Early CRBIT Token

• Token Symbol: CRBIT.
• Total Supply: Initially set at 100 million.
• Issuance Mechanism: Distributed via PoW mining and PoS staking rewards.
• Staking Rewards: Holders could earn 8% annual staking interest.

Later CRB Token

After migrating to Ethereum, old CRBIT coins could be exchanged for new CRB tokens.

• Token Symbol: CRB.
• Issuance Chain: Ethereum (ERC-20 standard).
• Current Supply: CoinMarketCap shows a current supply of about 16,901,016.66.
• Token Use Cases:
  • Governance Participation: Through CreditDAO, CRB holders can vote on community proposals and elections.
  • Proof of Trust: Locking CRB tokens serves as “Proof of Trust,” a prerequisite for token issuance and voting.
  • Earning Yields: Through the CreditBOND mechanism, locked tokens can earn “bond yields.”
  • Participating in Ecosystem Applications: Used in CreditGAME (token distribution game) and CreditBAY (decentralized goods marketplace) and other ecosystem applications.

Note: Currently, some mainstream data platforms show Creditbit (CRB) has a market circulation and market cap of 0, and is marked as “untracked,” which may indicate low project activity.

Team, Governance, and Funding

The Creditbit project introduced a new development team in January 2017 and operates on the principles of open source and continuous development.

• Governance Mechanism: The project’s core governance mechanism is CreditDAO, a decentralized autonomous organization. Its goal is to let community members decide important matters—such as development direction and fund usage—through voting. The voting process is implemented via smart contracts on Ethereum, and each vote requires a small amount of Ethereum as “gas fees” (think of this as a network transaction fee).
• Community Participation: Community members can gain voting and proposal rights through “Trust Levels” and by locking tokens. There is also a think tank called “EC” (possibly Executive Committee or similar), responsible for proposing new ideas, preparing proposal drafts, and driving marketing activities.
• Funding: The whitepaper mentions a “Promotional Fund” managed by EC members to support project development and promotion.

Roadmap

Creditbit’s roadmap mainly revolves around its migration from CRBIT to CRB and the subsequent development of ecosystem applications:

• December 2015: Creditbit (CRBIT) launched as an independent Bitcoin-like blockchain project.
• January 11, 2017: New development team introduced, Credit 2.0 development roadmap launched.
• March 1, 2017: Planned release of the upgraded website.
• March 8, 2017: Migration to Ethereum platform began; old CRBIT coins could be exchanged for new CRB tokens. At the same time, planned release of Creditbit main smart contract (including ERC-20 token and other features).
• End of April 2017: Planned release of CreditGAME smart contract.
• June 2017: Planned release of CreditDAO smart contract.
• July 7, 2017: DAO smart contract entered testnet testing phase, then deployed to Ethereum mainnet.
• Afterwards: The team planned to continue developing sub-projects such as CreditIDENTITY and CreditBAY.

According to the latest information, there has been little news or development activity after 2018, and some data platforms have marked it as “untracked,” indicating that its activity may have dropped significantly.

Common Risk Warnings

Investing in any cryptocurrency carries risks, and Creditbit is no exception. Here are some common risks to note:

• Project Activity Risk: Multiple data platforms show Creditbit (CRB) is currently “untracked,” with circulating market cap and supply at 0. This may mean project development and community activity are very low, or even that maintenance has stopped. Lack of active development and community support is one of the biggest risks for crypto projects.
• Technical Risk: Although the project migrated to Ethereum, the smart contracts themselves may have vulnerabilities. If the contract code is not thoroughly audited, it could lead to asset loss.
• Economic Risk: If the project lacks real-world use and users, the token’s value may be hard to sustain. Currently, CRB’s trading volume and price are very low, with poor liquidity, making buying and selling difficult.
• Market Risk: The entire cryptocurrency market is highly volatile. CRB’s price is affected by overall market sentiment and the prices of major coins like Bitcoin.
• Compliance and Operational Risk: With increasing global regulation of cryptocurrencies, the project’s compliance may face challenges.
• Information Transparency Risk: If the project team no longer actively updates information, investors will find it difficult to obtain the latest progress and risk status.

Please note: The above information is for educational purposes only and does not constitute investment advice. Cryptocurrency investment is extremely risky—please exercise caution.

Verification Checklist

For any blockchain project, here are some key pieces of information you can verify yourself:

• Block Explorer Contract Address: For ERC-20 tokens, you can look up CRB’s contract address on Ethereum block explorers (such as Etherscan) to view token holders, transaction records, and total supply.
• GitHub Activity: Check the project’s GitHub repository for code update frequency, commit history, and developer community activity. Current information suggests Creditbit’s GitHub activity may be low or inactive.
• Official Website and Social Media: Visit the project’s official website (if it still exists) and social media (such as Twitter, Telegram, Reddit, etc.) for the latest announcements and community discussions. Currently, Creditbit’s social media activity also appears inactive.
• Whitepaper: Read the project’s whitepaper carefully to understand its technical details, economic model, and development plan.

Project Summary

Creditbit (CRB) is a blockchain project with some history. It started as an independent Bitcoin-like blockchain (CRBIT), and later, to embrace smart contracts and a richer ecosystem, migrated to the Ethereum platform as an ERC-20 token. The project’s highlights include its decentralized autonomous organization (CreditDAO), Proof of Trust, and a series of ecosystem-building sub-projects such as CreditGAME, CreditBOND, CreditIDENTITY, and CreditBAY.

However, based on currently available information, Creditbit’s activity appears to have dropped significantly in recent years. Multiple mainstream data platforms have marked it as “untracked,” with circulating market cap and supply shown as 0. This suggests the project may be stagnant or inactive, and its original vision and roadmap may not have been fully realized. For anyone interested in Creditbit, it is strongly recommended to conduct thorough independent research and fully understand its current status and potential risks.

Again, the above content is for information sharing only and does not constitute investment advice. The cryptocurrency market is highly volatile—proceed at your own risk.