Creditcoin Releases 2.0+ Incentivized Testnet

[PRESS RELEASE – Delaware, USA, July 7th, 2023]

Creditcoin is excited to announce the release of its incentivized public testnet, enhanced with participation rewards and bug bounties. Users are now able to join the testnet as a validator or nominator and take an active role in this game-changing upgrade, while earning substantial rewards in the process.

The upgrade is set to transition the world’s leading Real World Asset (RWA) credit network from Proof-of-Work to Nominated-Proof-of-Stake (NPoS). The testnet phase will allow for stress-testing of the network and ironing out any potential issues before the full mainnet launch.

Participants can earn their share of a reward pot that is up to 400,000 mainnet CTC and enjoy a significant head start ahead of the official release of mainnet Creditcoin 2.0+. Furthermore, there’s a bug bounty reward program of up to $1,000 for every bug identified and reported, based on severity.

In the Creditcoin 2.0+ testnet, users can partake in network staking, either as Validators, running a node and validating blocks, or as Nominators, backing honest Validators. Each role comes with its own set of rewards: up to 2,000 CTC mainnet tokens for Validators and up to 100 CTC mainnet tokens for Nominators. The more you help, the more you’ll be rewarded.

You can get started by registering an account on the Creditcoin Community Forums and setting up a Polkadot.js wallet, the only compatible wallet for our testnet. Once you’ve decided on your role, familiarize yourself with the staking process through the relevant documentation for Validators and Nominators.

After setting up your wallet, request Testnet tokens to participate. Validators will receive 15,000 testnet CTC tokens, and nominators will receive 1,000 testnet CTC tokens. Please note that these testnet tokens hold no value outside of participation in the testnet.

Bug reports can be submitted via a form for Nominators and via Huntr.dev for Validators. Every bug reported stands a chance to earn rewards, from minor bugs fetching between $10-$99, medium bugs rewarding $100-$499, and major bugs warranting $500-$1,000.

We thank our community for your ongoing support and are eager to usher in this new chapter for Creditcoin together. With your help, the transition to Creditcoin 2.0+ will be smoother, more efficient, and beneficial for all users of our network.

For more details on joining the testnet and earning participation rewards, read more here.

About Creditcoin

Creditcoin is a foundational L1 blockchain designed to match and record credit transactions, creating a public ledger of credit history and loan performance and paving the way for a new generation of interoperable cross-chain credit markets. By working with technology partners, fintech lenders such as Aella, and other financial institutions across global emerging markets, Creditcoin is securing capital financing, building credit history and facilitating trust for millions of underserved financial customers and businesses based on the principles of RWA.