TerraCredit DAO - 100% Decentralized Payment Platform

Traditional banking is characterized by creating physical offices and giving “face-to-face” services to it's customers. This creates a very close and mutual relationships with their customers. This type of banking system provides supports to it’s customers through financial services, basically accounts managements payrolls, credit/debit cards, loans, etc. This kind of banking system require clients to move/travel to the physical offices, in order to obtain some banking services like making transactions, obtaining cash, etc. The traditional means of banking had been in existence for a long time, it had actually worked amazingly well till now, however, its lagging behind due to a lot of problems attached to it. These are but not limited to; 

Slow Processes – One of the problem attached to traditional banking is the slowness in services carried out by the internal hierarchy/organization or the actions of its own officials. Sometimes, as a client, to withdraw cash from the counter is always a huge problem and frustrating. Imagine an emergency where cash is needed to treat an almost-dead patient and the bank’s network went off. That would be a huge calamity that can’t be ignored. Another area is the inter-bank transactions which can take hours before it is delivered. 

Low Stimulus to Savings – Traditional banks are found of paying out low interest rate to it’s clients which cause a low saving stimulus. This obviously means banks are the one that generate more interest and collection fees, which allows them to create more fiat money and gain more profits by depriving their customers. 

High Commission – Due to high operating expenses, which makes many of their products and services to be very expensive, traditional banking commission is very high. This had been a great problem till now with their clients. Monthly charges by banks are nothing to write home all about as it is making them uncomfortable.

Operating Expenses – The expenses at which traditional banking operates is considerably high. Expenses such as paying of rents, payment of public services, security, debit and credit cards expenses, and payments of payroll of employees. 

Blockchain is transforming everything from payments transactions to how money is being spent and raised in private market. This technology is gradually replacing the traditional banking industry. Blockchain technology has received a lot of attention for the past years, making it a figure to reckon with in our economy. Blockchain technology provide ways in which unknown parties come to an agreement on the state of a database, without the interference of middlemen intermediaries. For instance, Blockchain could easily executes financial services without the need for a bank to interfere. This improves the problem of human errors and other challenges attached to traditional banking system. 

Blockchain technology has a lot of advantages to disrupt the traditional banking system. Some of them include but not limited to;

Fundraising – To raise funds for new potential projects had been a challenge the normal banking system had battled with in the past. But with blockchain technology, Initial Coin Offerings (ICOs) have been paving way to establish potential projects that needs fundraising. 

Payments – Blockchain technology facilitates faster payments and considerable lower fees when compared to banks. 

Securities – Since blockchain is immutable and secured, funds stored on blockchain are way more secured when compared to the traditional way of storing funds. 

Loans and Credit – No middlemen or gatekeeper is required to secure loans and credit on blockchain when compared to Traditional banking system which makes acquiring of loans to become very complicated to achieve. Aside that, blockchain technology reduce the interest rate. 

Clearance and Settlement Systems – With blockchain, operational costs are reduced which brings us closer to real-time transactions between financial firms. 

Introduction to TerraCredit

TerraCredit is a decentralized digital payment platform which Intends to eradicate all challenges faced by traditional banking system. It will serve as the solution to the world’s unbanked adult population. By using Credit, you are assured of almost free and fast blockchain transactions. Cryptocurrency mining is a process by which transactions are validated between users and added to the blockchain public ledger. Mining of coins simply introduce new coins into the circulation which is one of the main elements that allow cryptocurrencies to work as a peer-to-peer decentralized network, without the need of third party intermediaries. 

Mining of cryptocurrencies uses two mechanisms which are; Proof of Work (PoW) and Proof of Stake (PoS). Originally, PoW was the most reliable method for blockchain consensus. It eradicates the service and intrusion of third party intermediaries enabling decentralization, thereby ensuring valid transactions. However, as the size of the blockchain increasingly grow, more problems are attached to it. When a number of transactions are to be verified and miners are few, it causes network congestion and reduce the speed of transactions. Infact, It consequently increase transaction fees due to the fact that transactions are prioritized based on how high the fee is. Another problem of PoW is that it is very expensive to maintain since you need 24hrs of constant electric supply and CPU.

In PoS, computational power is replaced by currency power. It all depends on the number of cryptocurrencies you have in a wallet. The ability to verify a transaction depends on how much you staked in the network. Obviously, there is nothing like miners in PoS, instead, there is what is called ”validators”. New coins are not mined, instead, it would be produced by the creators when launching the network. So, the number of coins in the circulation doesn’t change. Validators or stakers only verify transactions using their staked coins. PoS solve the problem of network congestion and are cheaper to maintain. All you need to have is a computer, not a gigantic machines used to mine coins in PoW. Based on the benefits of PoS over PoW, TerraCredit employs PoS mechanism to allow any user to be a block producers when compared to PoW that limits users based on the fact that it is not easy to maintain and very expensive to operate. Credit Wallet rewards users for maintaining Credit blockchain by staking their CREDIT coin. To stake your coins, all you need is a computer or a laptop and have a minimum of 10,000 coins, then make sure it’s synced 100%, every other operations are automated. So easy and simple to use. 

TerraCredit Intends to bring transparency and decentralization into the table since cryptocurrency was originally invented because of gaining more trust in the system. Every transactions are decentralized, no third party intermediaries and visible to anyone to verify. Aside that, security is one of the main concern in financial industry, Credit Intends to create effective security blockchain to it’s users without the need of second thought. Also, Credit Intends to achieve mass adoption via effective sustainability, feasibility, user friendliness and integration. 

CREDIT Wallet 

CREDIT Wallet allow users to earn passive rewards without the need to set up expensive machines and technical knowledge. All you need to have is a computer or laptop with good internet connection and 10,000 CREDIT coins ensuring the computer is 100% synced and the rest operations are automated. It is very easy and simple to operate. Infact, a newbie can easily set up the wallet and start earning rewards immediately. This wallet is available to users in many versions. Click the link below to download the wallets for each version. 

Windows wallet

Mac wallet

Linux wallet

Terrabit 

Terrabit is the world’s leading cryptocurrency decentralized trading platform which provides safe, stable and efficient crypto-assets trading services to crypto traders and enthusiasts. Terrabit is a platform that brings the true decentralization crypto users desires in the past. Individuals have the private keys to their wallets, thereby enabling full security to funds stored in the wallet. Trading speed of this platform is the same as in centralized exchanges with completion of order within 3 seconds, amazing right? The platform presently supports trading of BCH, BTC, ETH, LTC, XLM, DASH, DOGE and XRP all with USDT pairs. CREDIT was initially traded on the platform but due to the token sale, the trading is paused until the token sale is over. More crypto assets are still in the pipeline to be added on the platform in the coming months. 

Another benefits of Terrabit is the availability of support which provide professional customer services to users. Be rest assured that any issues encountered on the platform will be attended to within a blink of an eye. The transaction interface is also easy to use, no complexity or technicality involved as it is in centralized exchanges. The machine engine is also one of its kind as it matches orders in 1 second which is not only fast but secure. Terrabit platform is available worldwide to users ready to explore the true decentralization of trading crypto assets. 

CREDIT Token

CREDIT token had a pre-swap supply of 86 billion coins. After the swap the coin supply was slashed from 86 billion to 107 million reducing the supply drastically. Also, this Hardfork upgraded CREDIT to a Decentralized Autonomous Organization (DAO) based system with masternodes governance and PoS blockchain. The new swapped coin is built in Ethereum blockchain. 

CREDIT Token Sale

TerraCredit announced the token sale of CREDIT Token with a price of $0.15 by 50% discount in the initial phase of the token sale. 10,000,000 tokens is reserved for each phases of the token sale. The price of the token increases with each phases. The last phase token price will be $0.28. Unsold token will be burned after the conclusion of the phase. TerraCredit limited token sale is now live at BitForex exchange from 12/04/2021 with a 50% discount. Ensure you grab your own as soon as possible as it is limited.

Token Sale summary - https://terra-credit.com/wp-content/uploads/2021/04/Token-Sale-Summary-ver-2.01_compressed.pdf

In conclusion, the traditional means of making payments is centralized – controlled by a body or governments, which is getting worse based on the services rendered and flaws around it. High transaction fee, slowness in making transactions, high maintenance fee, centralization and security breaches are challenges faced by traditional banking industry. This is obviously getting out of hands. Thankfully blockchain eradicates this problems by creating a decentralized, transparent, and secured environment for financial services. TerraCredit is a platform that Intends to produce decentralization, transparency, and security for it’s users and the world at large. Also, users can earn passive income by staking their coins on the platform. This is a bonus to enthusiastic users. Crypto assets can easily be traded on Terrabit – crypto trading platform created by TerraCredit, without having full knowledge of cryptocurrencies trading. Aside that, transferring Credit coin from one wallet to other is fast with low transaction fee. These are the qualities we have been aspiring for, now we have it. Hurry up and grab this rare gem and enjoy the goodies yet to come.  

Website - https://terra-credit.com/

Twitter - https://twitter.com/terracredit

Telegram - https://t.me/terracredit

Facebook - https://www.facebook.com/terrabitofficial/

Linkedin - https://www.dhirubhai.net/company/terra-bloockchain/

Whitepaper - https://terra-credit.com/wp-content/uploads/2020/03/whitepaper.pdf

Author's info - Jerryco

POA - https://bitcointalk.org/index.php?topic=5320635.msg56734363#msg56734363