Creditbit is an open source digital currency protocol that has claimed to be ten times faster than Bitcoin when it comes to the speed and rate of transactions. Creditbit offers a user-friendly and secure cryptocurrency easily accessible to users worldwide.
Launched in 2015, Creditbit follows the same decentralized model as many other digital currency platforms to revolutionize the monetary system. With the platform, Creditbit’s ultimate goal is to offer global banking and financial services over the blockchain.
Creditbit’s open source approach allows anyone to join the community to use and further develop the Creditbit protocol. Moreover, setting up Creditbit addresses and making transactions over the platform is completely free. The open source nature of Creditbit allows developers to run, modify, copy and distribute modified versions of the software.
Creditbit has identified the challenges faced by bitcoin and implemented the changes to prevent such issues from repeating on its platform. Creditbit uses a Proof of Work hybrid, solving the no-stake-at-stake problem generally faced by the Proof of Stake systems. The PoW – PoS hybrid also makes it impossible to use ASICs to mine Creditbit tokens.
The block generation time for bitcoin protocol is 10 minutes, which has significantly increased the time taken to confirm transactions. Also, the rate of transactions processed by the bitcoin protocol is also less due to the same issue. The Creditbit model is improving these issues from happening by making it capable of processing transactions ten times faster than the bitcoin network. The time taken for an average Creditbit transaction to be confirmed is less than 30 seconds, which Creditbit claims makes it the world´s fastest digital currency.