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Creditbit Status Update #3

–== Creditbit status update ==—

DEVELOPMENT PROGRESS REVIEW

Dear Community,

We are working hard to develop all the Smart Contracts and CreditBit features that we promissed, here are some abstracts on our progress.

CreditDAO and CreditIDENTITY Smart Contracts are almost finished, due to interlacing of both we had to develop IDENTITY first. We also solved the financial part and testing the whole system. We will deploy contracts on testing networks today to live test all features. IDENTITY will probably be deployed on the main-net by tomorrow evening. We will post updates as soon as it happens.

CreditDAO Executive Board members will have some dedicated powers, so there is plenty of room for you, members of Community, to participate in the future development of CreditDAO and Community as a whole. Elections will be fired soon after the deployment of both Contracts on the main network, we will announce them to start the candidature.

CreditIDENTITY

Although this rather small and simple Smart Contract seemed like an easy task, we had to review our thinking process along the way.

Each user will be able to establish an identification Account, with several Ethereum Addresses attached to it. An account is also connected to several identification fields (name, surname, address…). This way, a person can disclose his identity and all Ethereum addresses that belong to him/her.

First question was whether to enable full identification of a person with several dedicated fields, or just basic identification with one big text field. We decided, that in a first version of CreditIDENTITY, an Account should only have max. 10 basic fields, but additional fields can also be added to extend the basic set. Each Address can also have a quickname.

Each identity account can attach unlimited number of Ethereum address to it, and this transaction is verified from the owner of the account and the owner of the Ethereum address (handshake principle), to prevent people to attach addresses, that don’t belong to them, to their personal account.

Personal information will not be verified for now, but one address (the Facilitator/Administrator) will have the power to delete accounts in case they would contain insulting, threatening, misleading, offensive… information. The history of each account will be tracked, but the owner will be able to update personal information at any time.

To create a convenient way to interact with these Smart Contracts, we are going to create an application, that will help you to establish your accounts. Detailed information about how to do it directly from your wallet will not be published for now, as we find it inpractical to use Smart Contract this way.

Webpage is also updated: CreditIDENTITY

DAPP (in development)

Have a little sneak-peak in our DAPP, how do you like the frontend? It is under active development, we are doing our best to deliver it soon after the DAO is published on main-net.

CreditDAO

These Smart Contracts are even harder to think over. Developing must take into account several “human” aspects, like inactivity, resignation, incomplete applications, candidature, etc. We must also include features like rights transmission, mandate expiration, etc.

This is why most of these contracts have to be extensible, upgradable and flexible. Most probably first version of both contracts will not cover all requirements, also probably some will emerge after the practical usage of the DAO. We are planning to start with developing version 2 of both contracts right after the deployment of the first version. We avoided some quite neat features in the first version, that would require just to much of our time.

First elections for the Elected Commons will start really soon, they should be over by the end of July, if no obstacles will occur. There are still many problems to tackle, as distributed application is also developed in parallel.

Executive Board with all sub-funds will be generated at once and filled with CRBITs that were created and locked at the migration. After the elections of the Elected Commons and consequently the elections of Executive Board, the right to manage these sub-funds will be granted to EB members.

We would like to stress again, that all candidates for EB will have to reveal their identity with CreditIDENTITY, personal data will be verified by the Community to guarantee that it represent a true person. We would like to attract trustworthy, technologically versed and recognizable persons to candidate for the place in the EB.

So, keep your shorts on, because the DAO will be released really soon after the IDENTITY!!!

–== Markets/Media update ==—

Online public meeting

We are short of time to push forward this meeting at the moment, but we are most definitely going to create this event as soon as both Smart Contracts are deployed. Probably in next 2 weeks we will announce the themes/subjects and the channels.

Market Price

Last days the price spiked again, but generally it is stabilized and is showing a positive trend again. We are doing our best to join some other Crypto exchanges but sadly they also have some technical problems with new Ethereum Tokens.

Meanwhile, average of 400.000$ worth of trading is executed each day in the exchange markets and rising. Our plan is to reach 1M$ of a daily trade till the election of the Executive Board.

There has been a lot of positive media coverage about the project just to show you some of the articles:

https://cointelegraph.com/news/democracy-on-blockchain-how-creditbit-engages-community-to-co-create
https://vid.me/Lq5o
http://www.newsbtc.com/2017/05/19/creditbit-price-technical-analysis-crbitbtc-started-consolidating/
http://www.newsbtc.com/2017/05/18/creditbits-finalized-white-paper-unveiled/
http://newsbitcoin.info/creditbit-price-technical-analysis-crbitbtc-double-top
http://fintechist.com/finalized-creditbit-white-paper-released/
http://www.livebitcoinnews.com/creditbit-updates-website-creditgame-information/
http://fintechist.com/never-overlook-creditbits-crb-token-investing-digital-assets/
www.newsbtc.com/2017/05/12/creditbit-community-expands-price-hike-speculations-rife/

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