FAQ

Frequently Asked Questions

Why develop a new cryptocurrency?

We believe a new currency is needed for fast, private transactions.

Where does the name CredaCash come from?

CredaCash comes from the Latin word “credo” which means a strong belief, and which itself came from an ancient Indo-European word which meant to trust or believe.  From these roots we get the English words creed, credible, accredit, and credit.

How is CredaCash pronounced?

CredaCash can be pronounced in the English style “Creh-da-Cash”, or the Latin style “Cray-da-Cash”.

What’s the status of the project?

The core code is more than 90% complete with documentation and a beta software release.  The most important feature left to implement is a wallet application to send and receive transactions.

What’s the expected release date?

In 2016, if everything goes as we hope.

Where can I find the source code?

The source code is available on GitHub.

Who’s involved in the project?

See Our Team

How will the currency be distributed?

CredaCash will have a fixed currency supply of 2 billion units.  18% will to go to the project developers, and the remaining 82% to a non-profit Foundation for distribution primarily through a cryptocurrency exchange.

Is CredaCash a decentralized currency?

Yes, CredaCash is decentralized.  Blocks are assembled by a small number of witnesses and checked by all nodes in the system.  If a witness produced a bad block or attempted to revert a cleared transaction, it would be rejected by the other nodes on the network.

Why does CredaCash use witnesses instead of proof-of-work?

CredaCash currently uses permissioned witnesses for speed and security.  We plan to add unpermissioned proof-of-stake, and the ability to have thousands of witnesses without any decrease in speed.  In contrast, proof-of-work is inherently slow since security is provided by performing computations, and that requires time.  For that reason, a proof-of-work blockchain will never be able to securely clear transactions in just a few seconds.  We are also not convinced that any new currency using proof-of-work is secure, since the computational power dedicated to it is relatively small. Another issue for any proof-of-work currency is the long term sustainability as the mining reward is eventually phased out.

How can I become a witness on the CredaCash blockchain?

In the future, we plan to support unpermissioned proof-of-stake witnesses. We also plan to make it possible for any person or organization to set up their own public or private blockchain, with their own permissioned or unpermissioned witnesses, and have transactions seamless routed across multiple interconnected blockchains, similar to how data is routed on the internet.  In the meantime, please contact us if you are interested in operating one of the witnesses on the current CredaCash blockchain.  Note that we prefer reputable organizations that can provide PCI-level security.

How can I learn more?

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