Layer one blockchain Creditcoin announced the launch of its Ethereum virtual machine-compatible (EVM) mainnet.
According to an Aug. 28 Creditcoin announcement, the EVM-compatible mainnet launch is paired with the release of the dedicated CreditWallet application. This mobile app is meant to simplify cross-blockchain transfers between the EVM-compatible and Substrate-based blockchains.
The wallet is non-custodial and will make it easier for users to move assets and interacts with decentralized applications (DApps) across different ecosystems. The new mainnet’s EVM compatibility will allow developers to migrate their existing DApps from Ethereum or compatible blockchains and decrease the cost of cross-chain operations.
Creditcoin also introduced the Universal Smart Contract (USC) layer which the company hopes will make developer’s life even easier by enabling direct interactions across multiple blockchains without bridging.
The balances of Creditcoin Classic users will be transferred to the new chain based on an Aug. 21 snapshot. Creditcoin Classic users will also need to reconfigure their mainnet nominator and validator roles through the updated dashboard.
Creditcoin made the news earlier this month when real-world asset tokenization firm Credefi partnered with the blockchain. Credefi is focused on providing access to lending to small and medium enterprises and the partnership brought Creditcoin users access to its NFT Bonds and other derivative products. A spokesperson said at the time:
“By leveraging the strengths of both platforms, we are taking a major step forward in bridging TradFi and DeFi. This collaboration will help us create a more seamless and unified financial ecosystem, offering greater opportunities and benefits for all users.”
The partnership plays into Creditcoin’s focus on real-world assets, with the project’s website explaining that the platform is meant for this very type of product. The company explains that it’s purpose is to help the unbanked build their access to credit through access to on-chain liquidity and on-chain credit recordings.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice
