Learn about the current market dynamics. Download the exclusive Q3 2017 Cryptocurrency Report

    Creditbit tokens backed by the TREZOR hardware token cryptography

    CoinGecko May 03, 2017 - Posted by CoinGecko on Press Releases

    Sponsored Press Release - The publication of this press release is not an endorsement by CoinGecko. Readers should conduct their own research and due diligence before taking any action. CoinGecko is not liable for the content on this page.

    Creditbit is an Ethereum ERC20 compliant token with a lot of attractive features added on top of it. Integration will be simple and will work outside the box for all community-driven services that are standard compliant (block explorer, web wallets, mobile wallets and so on).

    Starting today, you can store Creditbits safely on your TREZORs. Control your private keys from the hardware wallet of your choice, and enjoy a perfect peace of mind!

    TREZOR has officially supported Ethereum since the firmware update to version 1.4.0. If you are using firmware version from 1.4.0 onwards, you should be all set to use MyEtherWallet with TREZOR.

    Creditbit earlier finalised migration of their platform to a sophisticated Ethereum blockchain that enables several features like Smart Contracts, DAO, innovative distribution systems, contracts etc.

    Your Creditbit tokens are secured, stored and protected by the same recovery seed, which you have been using for ether, bitcoin and other cryptocurrencies. Therefore, no changes are required on how you should use your TREZOR. Just remember to always protect your recovery seed. If you are familiar with how bitcoin works on TREZOR, the procedure is similar with Ethereum - you are just using a different wallet interface.

    Creditbit is now basically one of the first Ethereum based tokens which can leverage security offered by hardware wallets. Community members now do not need to worry about storing their CRBs in an online wallet as they are backed by the TREZOR cryptography and recovery seed.

    Creditbit development team is now working to further leverage TREZOR APIs and its features to bring even more interesting TREZOR integration to enable the full smart contract stack offered by the Ethereum platform.

    Creditbit has also introduced the Proof of Trust consensus where each owner of tokens can participate in a distribution process with an act of Trust to the Community. By locking a certain amount of Tokens, you will be able to participate in different modes of distribution. By holding long positions on tokens (locking), you are not able to create a transaction with these tokens, although the tokens still belong to your public address.

    The Creditbit team has already mentioned the CreditGAME project that will distribute a certain amount of coins during each time period among winners. Each game will be allocated with a fixed amount of tokens to distribute in a certain time frame. Owners of tokens can participate in these games after locking a certain amount of tokens. Depending on their game score, a game can unlock their tokens and award them with new coins or keep their tokens locked for a variable time period. While this is the Creditbit team's favourite distribution mechanism, the team might develop others, based on Proof of Trust concept.

    Users holding their long positions, locking their tokens are now able to use TREZOR as their private saving account in their hand and earn 12% yearly ROI just locking their digital tokens in TREZOR hardware token.

    The Creditbit community has ordered 10 TREZOR devices for the community to securely store their CRB tokens and private keys on the hardware token. For more info about the Creditbit platform, read the whitepaper here.

    Sponsored Press Release - The publication of this press release is not an endorsement by CoinGecko. Readers should conduct their own research and due diligence before taking any action. CoinGecko is not liable for the content on this page.


    CoinGecko
    About CoinGecko — Did you know the gecko also does some writing here? Hope you enjoy his writing. Follow the author on Twitter @coingecko

What is CoinGecko Buzz?

CoinGecko Buzz is a space for lists, guides, and insights article on Bitcoin and other digital currencies (cryptocurrencies).

Let us know what you think about this new section by sending us an email at hello@coingecko.com or tweet us at @coingecko