Terra-CREDIT is the ultimate solution of a decentralized payment system

6 min readJul 30, 2020

Introduction

Well, the real reason why people use cryptocurrency is to make faster transactions without using any third parties or anything. But almost all the people in the world still don’t know about cryptocurrency. That’s why it’s important to attract more people to this arena by explaining its use case and advantages. But the question remains: how can we gather more people here in cryptocurrency? The answer will be when someone makes a payment using a local, untrusted third party or a system that takes more time to complete that payment. At that moment, we can tell them about cryptocurrency. However, many cryptocurrencies are still centralized, where users don’t have full access to their assets. But with Terra-CREDIT, all problems will be solved. Terra-CREDIT offers a 100% decentralized payment system that is, of course, based on blockchain. The only way cryptocurrency can become a global payment system is if everyone who makes payments has access to it. Terra-CREDIT is just part of one of those payment systems.

What is Terra CREDIT?

Terra created CREDIT, a cryptocurrency that uses the Proof of Stake (POS) algorithm. Terra is focusing on achieving its goals by giving away the cryptocurrency to everyone who wants to use it.

Terra-CREDIT’S key features

Fast transaction
Secure & private network
Lowest transaction fees
Decentralized wallet
Proof of stakes(POS)
Easy Mine abilities
Decentralized team
Insurance

Terra-CREDIT’S Proof of stakes (POS) & Mining

Terra has designed Credit to offer free and fast blockchain-based payments. Like I said, credit is using Proof of Stake PoS, which allows any user to become a block producer. Block producers support the network and get rewarded with new coins for doing so. This function replaces traditional mining, which is expensive and complicated. With a Terra-CREDIT wallet, your computer, an internet connection, and a minimum of 10,000 CREDIT in your wallet. You can become a miner of credit. Once you have all the above requirements, everything else happens automatically. The credit wallet offers the simplest and most rewarding mining experience, surpassing the old way miners have been. Credit desktop wallet automatically “stakes” a user’s coin balance, which allows them to become block producers and earn rewards for maintaining the Credit blockchain. This creates a legitimate and passive income stream without the need for expensive equipment and complicated technical knowledge. You can join TerraCredit Block Producer to learn more about how to become a credit block producer or to make any requests.

Ambitions of creating CREDIT

CREDIT has been designed as a digital payment platform, a centralized solution to cash. CREDIT’s most important function is as a medium of exchange to facilitate digital transactions.Also, International payments are instant and have virtually no cost. The transparency of the CREDIT blockchain ensures public accountability of all transactions, as every coin can be traced to its creation.

Short presentations CREDIT’S main Goals

Transparency
Decentralization
Sustainability
Security
Feasibility
User-friendliness
Integration
Removing the barrier of the international payment system

Why is Proof of Stakes (PoS), not Proof of Work (PoW)?

In the past, CREDIT was a PoW and PoS blockchain, but the block height was 10,000; that’s why it has become only PoS. The CREDIT blockchain network selects block producers based on coinage and balance, in contrast to PoW blockchains, where computational power determines success in block production. Proof of Stakes (PoS) is a new leap in cryptocurrency evolution that presents true decentralization and pure accessibility.

The end goal of PoS is identical to that of PoW: they both are the validators of transactions. By the way, their working systems are totally different. The biggest advantage Proof of Stakes (PoS) has over Proof of Work (PoW) is that it is very less energy-intensive because hash power doesn’t play any role in success as a producer. This solidifies the decentralization of the CREDIT blockchain by removing production costs and the shackle. This allows Terra-CREDIT to introduce thousands of non-technical block producers.

Where to store CREDIT?

There are multiple wallets for storing CREDIT.

WINDOWS WALLET: https://github.com/CREDIT-2-0/TerraCredit/releases/download/v1.2.0.1/TerraCredit-1.2.0.1-win64-setup.exe

MAC WALLET: https://github.com/CREDIT-2-0/TerraCredit/releases/download/v1.2.0.1/TerraCredit-Mac_v1.2.0.1.dmg

LINUX WALLET: https://github.com/CREDIT-2-0/TerraCredit/releases/download/v1.2.0.1/TerraCredit-Ubuntu-setup_1.2.0.1.deb

RASPBERRY PI WALLET : (Coming soon)

WEB WALLET : (DISCONTINUED Now)

TERRABIT Mobile WALLET: https://play.google.com/store/apps/details?id=com.app.terrabitt&gl=ZA

Why should you use CREDIT as your payment system?

Credit is a totally decentralized solution that can never be influenced by any government. This solution is to ensure mass adoption, which gives such freedom and insurance to the poor and allows the world’s unbanked population to be able to send and receive payments to and from their relatives quickly and efficiently. Credit has various benefits compared to other coins! Here are some of them…👇👇

Fastest transaction speed and no fees. Credit’s transaction speed is faster than that of Bitcoin as well as other blockchains. It’s transaction completes so quickly; a maximum of three seconds are needed for the transaction, and it’s virtually free. Any user can make multiple transactions at the same time; it will cost only 0.00001 credit, which is literally nothing.
Lowest cost of mining and increased earnings.
CREDIT provides proof of stake (POS) and not proof of work (PoW). The reason for this is that PoW has a fixed production cost and electricity costs as well, which determine the value.
In PoS, coins are needed for staking. So, in PoW, a miner will only sell for what it costs to produce plus profit, but in PoS,all producers will only be able to make their profits by keeping most of the coins out of circulating supply.This is why PoS is safer and more sustainable because there is no need for a hardware wallet or anything else.

Protects from fake stake attacks.

Credit proof of stakes (PoS) protects against fake stake attacks because anyone can produce, therefore, there are many producers and too many nodes to confuse. It’s the distribution strategy that makes CREDIT rock solid, safe, & unique than any other blockchain.

Where do I buy credit?

At the moment, CREDIT is listed in two well-known exchanges: Catex, and Bitforex

you can also check them on coinmarketcap:https://coinmarketcap.com/currencies/credit/markets

New Exchange Listing?

Hotbit & Crex24 Listing Coming Soon (3rd August, 2020)

Recent updates

Terra-CREDIT recently announced they are going to swap their coin with a new supply to increase the value of CREDIT. The swap ratio is 1000:1.

Old supply: 74 Billions

New supply: 74 Millions

Note: If you have CREDIT coins in exchange or your wallet you don’t have to do anything. Your Coins will be automatically swapped. But https://Terra-Wallet.com not going to be supported in the swap. That’s why all need to send their coins to Terrabit (https://terra-bit.io). Otherwise, all coins will result in loss.

Terra-Foundation’S mission

The eventual mission of Terra-Foundation is to make cryptocurrency the leading cryptocurrency in the crypto-economy. Also, make a permanent replacement for the cash & reward system which will be attractive for new people to join cryptocurrency.