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Creditcoin launches 2.0+ incentivized public testnet

Creditcoin launches 2.0+ incentivized public testnet

On July 7, Creditcoin (CTC) made the announcement that it will be releasing its incentivized public testnet, which would also include participation rewards and bug bounties.

Specifically, according to the most recent information provided to Finbold, users may now join the testnet as a validator or nominator and play an active role in this game-changing enhancement, all while earning large rewards. 

The update is intended to transfer the Real World Asset (RWA) credit network from Proof-of-Work to Nominated-Proof-of-Stake (NPoS). Prior to the introduction of the full mainnet, any possible shortcomings will be ironed out during the testnet phase, which will allow for stress testing of the network.

A large head start will be provided to participants in advance of the formal release of mainnet Creditcoin 2.0+, and participants have the opportunity to earn their share of a prize pool that is up to 400,000 mainnet CTC. In addition, there is a bug bounty award program that offers a cash payment of up to $1,000 for every problem that is discovered and reported. 

Creditcoin 2.0+ testnet

Staking on the Creditcoin 2.0+ testnet is open to those who either host a node and validate blocks as Validators or who support honest Validators as Nominators. Up to 2,000 CTC mainnet tokens are available to Validators, while up to 100 CTC mainnet tokens are offered to Nominators.

Users will need to create a Polkadot.js wallet, since this is the only wallet that is compatible with the testnet, and register for an account on the Creditcoin Community Forums. 

After establishing a wallet, users will need to make a request for Testnet tokens to take part. Validators will be rewarded with 15,000 testnet CTC tokens, while nominators will be rewarded with 1,000 testnet CTC tokens. It is important to keep in mind that these testnet tokens have no value outside of the context of participating in the testnet.

Finally, every bug that is reported has the potential to earn a reward, with small problems having a reward range of $10 to $99, medium bugs having a reward range of $100 to $499, and significant flaws having a reward range of $500 to $1,000.

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