LOVE LOVE LOVE Credence coin. After reading the white paper and the posts, I can clearly see that the team has people that can communicate on a very professional level. No other lending platform comes even close to that. For some reason I have big trust in Credence, even bigger than Bitconnect. We may finally have a real rival. If Credence continues with the transparency and trust, there is no doubt in me that they will surpass the current king.
I tried to look for flaws and I found only one. I'm not sure how much of a flaw that is though.
Credence Coin uses ASIC mining. This can be no problem at all or a huge problem. ASIC mining tends to centralize cryptos because they are cost efficient (but still expensive for many people) and you can just buy a ton of them and have a big mining market share like we have with BTC and BCH. Some years in the future we may end up having a monopoly (or very close to it) rather than true decentralization on Credence. It all depends on how big it becomes and who has what % mining share. It is possible that Credence themselves may be mining it the most and having the potential power to move the market any way they want in the distant future. I am not fan of ASIC mining as it does not stimulate decentralization. GPU is much better for making any coin truly decentralized. I would really love some feedback on this from the Credence team.
After the recent BTC/BCH "war" it is very obvious that both are very centralized and a few people own most of them. They can just move money around and crash the market as they please. I personally do not have a problem with that since I have been trading for a few years now and know how the big dogs play. Every single market in the world has a few players that hold an incredible market share, including Forex, which is supposed to be decentralized, but that's far from the truth.
Last, I have a question about the staking. It says 20% per year which amounts to, I quote from white paper, "(0.054% Interest on Total Balance Per Day on average)". Does that mean we are paid daily and the 20% annual interest is compounded daily?
I tried to look for flaws and I found only one. I'm not sure how much of a flaw that is though.
Credence Coin uses ASIC mining. This can be no problem at all or a huge problem. ASIC mining tends to centralize cryptos because they are cost efficient (but still expensive for many people) and you can just buy a ton of them and have a big mining market share like we have with BTC and BCH. Some years in the future we may end up having a monopoly (or very close to it) rather than true decentralization on Credence. It all depends on how big it becomes and who has what % mining share. It is possible that Credence themselves may be mining it the most and having the potential power to move the market any way they want in the distant future. I am not fan of ASIC mining as it does not stimulate decentralization. GPU is much better for making any coin truly decentralized. I would really love some feedback on this from the Credence team.
After the recent BTC/BCH "war" it is very obvious that both are very centralized and a few people own most of them. They can just move money around and crash the market as they please. I personally do not have a problem with that since I have been trading for a few years now and know how the big dogs play. Every single market in the world has a few players that hold an incredible market share, including Forex, which is supposed to be decentralized, but that's far from the truth.
Last, I have a question about the staking. It says 20% per year which amounts to, I quote from white paper, "(0.054% Interest on Total Balance Per Day on average)". Does that mean we are paid daily and the 20% annual interest is compounded daily?
I don't know the details on the mining but I don't think that it can compete with the 20% staking, if you take into consideration that the rich list controls over 90% of the coins these will be staking and a lot of coins will be generated by them. I am betting it will be more than the mining. Now onto your staking question if you stake every day and compound those coins it is actually an annual interest of 22.13% and if you only do it weekly it is 22.09%. So it you have 1,000 coins and stake them daily for a year you will have 1,221.3 coins at the 1 year mark. I have ran the numbers and have check with what my wallets are staking and it is dead on.
Good job!