Topic: [ANN][CRB] Creditbit - ERC20 token - page 37. (Read 391259 times)

Thanks Dev team!

Thank you again for your questions.

An amount of ETH, needed for deploying Smart Contracts on the Ethereum blockchain, is negligible. Approx. 0,1 ETH was used for gas, we could check each transaction to get an exact amount. These ETHs we purchased ourselves. Future costs will be covered from the Development Fund, which is described in the Whitepaper.

We are also observing ETH price with bipolar feelings. Although gas price for transactions (including SC deployment) is adjusted with time, we are counting on that new versions of the Ethereum blockchain will enable charging fees in CreditBit Tokens (not only in ETH).

We are definitly developing custom features for CreditBit Token, but they still rely on the underlying Ethereum blockchain technology that enables storing and executing Smart Contracts.

Dev Team

What to say?! Amazing dev team! Thanks god we got good dev team for creditbit!👍🏼

How much fuel ETH do you need for development?
How much does it cost and where is funding source?
Do you have plans to add custom features or just take advantage what ETH has to offer?

I am really worried about ETH price. It will go up. Market cap explodes and price will moon soon together with fees and other costs. This could be very expensive. 

Thank you for your questions.

We decided to migrate CreditBit to Ethereum blockchain in order to take advantage of advanced features. Smart Contracts, that can be stored on the Ethereum blockchain, enable development of complex business logic, distributed community and decision process, innovative distribution of issued tokens etc. Faster transactions are also a big advantage. We also don't need to establish and maintain our own network of nodes (servers) to confirm transactions.

Costs are separated into two groups. Development costs are significant, as all applications and Smart Contracts must be written from scratch. It is easy just to establish an ECR 20 token, while implementing custom features in Smart Contracts takes a lot of effort and time. There are 4 stages of Smart Contract development: designing, developing, testning and deployment. Designing is most time consuming, as it requires development of Smart Contract functionality, interoperability with other SCs and user scenario writting. Time consumed is directly correlated to the complexity of the SCs functionality. Writting Solidity code is somehow predictable, while proper testing is a matter of borderline cases that SC covers.

For the end users, gas fees are not so costly, but time consuming. Users were used to pay fees in CRBIT coins, now fees are charged in Ether. To create any transactions, it requires additional steps to purchase and deposit Ether for the transaction fees (gas).

If the ETH price rises significantly, it will have a negative impact on the transaction costs, as fees will rise accordingly. We haven't yet observed the correlation between ETH and CRB price, as we are still facing market stabilization of our Token. At the moment, CRB price is still greatly influenced by the development process. The development itself is not influenced from ETH value, but it is directly influenced by the technological development of the Ethereum network.

If you have more specific questions, we are glad to answer them.

Dev team

Looks like a good rise happening for now and I think this rise will surely continue since bounty dumpers are ended up to dump their salary coins, And It is good time to buy now and stake in bittrex since im so sure that their will be another uplift happening on it on this past days.

Thank you.

Please could somebody explain:
- why this is better for creditbit to be ETH token?
- how much does it cost to be ETH token?
- how it looks with transaction fees and development on ETH chain and how much does it cost? If ETH price will rise what impact could that have for Credit2.0?

Here is real good read and analysis for Creditbit

http://www.newsbtc.com/2017/06/16/creditbit-price-technical-analysis-crbbtc-settles-0-0005btc/

Creditbit what possible to mine from November 2015 til Jan 2016 when coin was pow/pos...after may 2016 its start solo POS! This year community decide to fork Creditbit from x11coin  to Ethereum token and migration was sucess and now its full CRB eth token.

So no more POW (mining) for creditbit.

But you can lock your CRB token and receive up to 12% a year.

Crb is coin release. I do not think I can dig

If you can't mine it, won't they run into processing/speed issues? I'm novice with crypto-currencies but isn't that kind of important?

Thanks,

**EDIT** - Disregard, I did some more research and understand now. Thanks!

CreditBit is POS only Ethereum token so no mining...

You can lock your Crb and get an interest of up to 12% per year, that's the only method of increasing volume of CreditBit for now, later CreditGame will also mint new Crb through gaming awards.

So basically no inflation possible

Is anyone mining CRB? If so, which I assume is possible, can you briefly explain your experience? ASICs?

Cheers,

Or on FB:

https://www.facebook.com/creditbitofficial/

Wallpaper

https://www.creditbit.org/downloads/WHITEPAPER-CREDIT2.0_2FINAL.pdf

There is no roadmap for this coin or I can"t find it 

with project that coming from dev team its will go over 100k sats!
and community working on new exchanges

Yey it is getting higher and more.
I hope this keeps up and somehow get to 100k satoshis like someone predicted it.
Go all the way Creditbit. Still holding it and maybe adding some more for future profits.
I have stopped looking at its price for 3 days I think and was shocked with the price now.
Certainly a good investment.

Yeah true.
He keep talk shit, troll! but anyway CRB have good future. CRB have one of best support VIP guy Charlie Shrem!

lol he just gets people in a panic to get a cheap price

I have made a lot of profit of CRB, the current price is very stable in 50k sat, and I'm also sure it's going to 100k