Delaware, USA, July 7th, 2023, Chainwire
Creditcoin has announced the launch of its incentivized public testnet with participation rewards and bug bounties. Users can participate in the testnet as validators or nominators and earn rewards while playing an active role in the upgrade. The upgrade will transition the Real World Asset (RWA) credit network from Proof-of-Work to Nominated-Proof-of-Stake (NPoS). The testnet phase will allow for stress-testing and identifying any potential issues before the full mainnet launch. Creditcoin launches 2.0+ incentivized testnet.
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Participants can earn their share of a reward pot that is up to 400,000 mainnet CTC and have a significant head start ahead of the official release of mainnet Creditcoin 2.0+. Additionally, there is a bug bounty reward program of up to $1,000 for every identified and reported bug based on its severity.
In the Creditcoin 2.0+ testnet, users can partake in network staking as Validators or Nominators. 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.
To participate, users should register an account on the Creditcoin Community Forums and set up a Polkadot.js wallet, which is the only compatible wallet for the testnet. After choosing a role, users should familiarize themselves with the staking process through the relevant documentation for Validators and Nominators.
Validators will receive 15,000 testnet CTC tokens, and nominators will receive 1,000 testnet CTC tokens after setting up their wallet. It is important to 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, with minor bugs fetching between $10-$99, medium bugs rewarding $100-$499, and major bugs warranting $500-$1,000.
Creditcoin is grateful for the community's support and looks forward to ushering in this new chapter together. With everyone's help, the transition to Creditcoin 2.0+ will be smoother, more efficient, and beneficial for all users of the network.
For more information on joining the testnet and earning participation rewards, please read more here.
About Creditcoin
Creditcoin is a blockchain platform that operates as a Level 1 network. Its primary goal is to match and record credit transactions, which creates a public ledger of credit history and loan performance. This technology is laying the foundation for a new generation of interoperable cross-chain credit markets. Creditcoin is working with technology partners, fintech lenders like Aella, and other financial institutions across global emerging markets to secure capital financing, build credit history, and facilitate trust for millions of underserved financial customers and businesses based on the principles of RWA.
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