Crypto News & ICO Reviews
Creditbit recently announced to the community that it has finally unlocked all the remaining functions including transaction, locking, and claiming creditbond reward.
Creditbit, an open source software project released under the MIT/X11 license, informed the community about this last step of migration in its latest update on Bitcoin Talk. Also, the migration will run continuously from now on till April 8th, 2017.
The update further cautioned the community to first read and understand the locking mechanism and the process of claiming reward before starting with these functions as the users will not have any second chances with the tokens once locked, even accidentally.
In Ethereum Blockchain, approximately every 15 seconds a new block is found.
Locking for N blocks
Locking time period is measured in blocks. Locking for 500 blocks means locking for approx. 125 minutes. Locking for a 1.000.000 blocks means locking for approx. 173 days.
Any number of Tokens (1 is a minimum) anywhere from 1 block to 4204800 blocks (approx. 2 year period) can be locked.
Locking period resets each time you lock any amount of tokens. So if you lock 5 Tokens for a month, and lock another 5 tokens after 15 days for a year, you will have 10 tokens locked for a year.
CREDITBOND YIELD (AWARD)
With locking your Tokens you will be able to collect yields from CreditBOND Smart Contract. Yields depend on the locking period, so the users need to understand how the yields are calculated first.
CALCULATING CLAIMED BOND YIELDS (AWARDS)
Bond Reward can be claimed before locking period runs out. You will obtain proportional share of the Reward, according to blocks passed between locking and claiming.
If you claim the Bond Reward after locking period is over, you will obtain a Bond Reward for a full number of blocks elapsed from the time of locking till the time of claiming (not only to the end-locking block). Also your Tokens will be unlocked and returned to your Wallet.
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