Unveiling Creditcoin 3.0: Pioneering Universal Smart Contracts to Build Multi-Chain Applications

CLAYMONT, Del., April 6, 2023 /PRNewswire/ -- Gluwa Inc. is excited to announce the next generation of Creditcoin, a groundbreaking evolution that will enable novel use cases and unlock the full potential of the multi-chain future. Creditcoin 3.0 (CC3) introduces the innovative concept of universal smart contracts.

Over the past year, Creditcoin has amassed a customer base of 10M users and recorded more than 3 million real-world transactions totaling over $70 million USD. This achievement demonstrates the success of Creditcoin 2.0, a fully functioning, decentralized credit network with over one thousand unique validators. Building on this success, Creditcoin 3.0 will transform the current blockchain landscape by allowing developers to create multi-chain applications without the complexity and risk associated with existing cross-chain technology, such as bridges.

The key to this transformation is the integration of a built-in generic oracle with an EVM-compatible blockchain. CC3's universal smart contracts will enable entirely new use cases, such as multi-chain smart contract coordination and multi-chain marketplaces.

Universal smart contracts will enable multi-chain marketplaces without having to peg assets to bridges. For example, users can list their NFT on Ethereum and trade for not only ETH but also BNB or MATIC. The master contract on CC3 can accept the NFT listing on Ethereum, verify payment happened on BNB, and release the NFT to the buyer's address on Ethereum.

Similarly, you can build multi-chain DEXs exchanging ETH on Ethereum with MATIC on Polygon.

Key changes proposed for CC3 include:

EVM-Compatibility: Creditcoin will become a fully EVM-compatible layer 1 blockchain, allowing developers to build a wide range of applications and protocols.

Universal Oracle: CC3 aims to use Universal Oracles to provide developers with native access to key information about L1 blockchains, enabling easier development and deployment of multi-chain applications.

Proof-of-Stake: Creditcoin will transition from a PoW to a PoS consensus model, enhancing decentralization, reducing energy consumption, and improving network security.

Creditcoin 3.0's multi-chain capabilities set it apart from other ecosystems, offering a more extensible solution to cross-chain communication. Read the full proposal from our Founder, Tae Oh, and participate in upcoming community events. 

Our team is open to communications from the media to share our mission, as we continue redefining the boundaries of what is possible in decentralized finance.

SOURCE Gluwa