What is Creditcoin
The latest version of the Creditcoin network transforms the RWA protocol into an EVM-compatible layer 1 blockchain, which lays the foundations for the future release of a game-changing innovation: Universal Smart Contract. Universal Smart Contract will ultimately be able to coordinate, interact, and update smart contracts across multiple blockchains, enabling the development of native multichain applications.
With the release of Creditcoin’s EVM-compatibility, it is important to distinguish it from earlier versions of the protocol. The previous Substrate version of the Creditcoin network (2.0+ and earlier) will now be called ‘Creditcoin Classic’. The EVM-compatible version of Creditcoin will simply be called ‘Creditcoin’.
Creditcoin will be developed in two phases:
EVM-Compatibility (Phase 1 - Currently in Testnet): The first goal is to transform Creditcoin into a fully EVM-compatible layer 1 blockchain. This will enable anyone to program new smart contracts for Creditcoin using the same programming language and techniques used by Ethereum and other EVM-compatible blockchains. By leveraging these existing EVM network effects, Creditcoin benefits from lower dApp development costs and lead times. In summary, as an EVM-compatible protocol, Creditcoin will allow developers to build a wide range of related applications, protocols, and more, directly on the Creditcoin blockchain, in addition to all existing credit capabilities.
Universal Smart Contract (Phase 2): Phase 2 involves the deployment of Universal Smart Contract allowing Creditcoin developers to natively access information and events on other L1 blockchains, such as Bitcoin and Ethereum. By providing native access to multi-blockchain event data through a standardized interface, Creditcoin allows developers to coordinate smart contracts across multiple chains. In summary, making it safer and simpler to deploy novel multi-chain applications. With the release of this phase, Creditcoin will become the Universal Smart Contract Layer of Web3.
Explore the visual overview of Creditcoin:
Read more about Creditcoin’s main components:
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