Creditcoin

Tae Oh founded Gluwa in 2016 with a problem that did not begin in crypto markets. A borrower excluded from formal credit could repay faithfully and still arrive at the next lender with no portable record. Creditcoin would let lenders publish loan events to a common ledger, making performance visible without asking one bank or platform to own the whole history.

Gluwa first tried to implement that idea as an Ethereum smart contract. By the time the proof of concept was ready, CryptoKitties congestion had raised transaction costs while Aella was receiving more than 1,000 loan requests an hour, according to the team’s 2019 design account. The mismatch changed the architecture: Creditcoin became a single-purpose Hyperledger Sawtooth chain so loan records would not compete with unrelated applications for block space.

A purpose-built chain solved throughput but created a distribution problem. Exchanges could handle an ERC-20 more easily than the network coin, so Gluwa deployed a separate vesting token. The whitepaper allocated its 600 million units among investors, Gluwa and the Foundation. Its contract calls it G-CRE; centralized venues mostly called it CTC.

That naming shortcut survived its original purpose. The asset catalogued on this page still points to G-CRE’s Ethereum contract, not either CTC form used on Creditcoin mainnet. The verified contract permits holder burns and exchange burns, so its supply has declined below 600 million. It has no proxy, pause or blacklist in the published code; the more consequential control now sits outside the contract, in the Foundation-run route that delivers CTC (EVM) for deposited G-CRE.

Creditcoin launched in 2019, but Sawtooth was not the final foundation. Gluwa rewrote the network on Substrate, put the 2.0 generation into beta in March 2022 and then completed a move from proof of work to nominated proof of stake in August 2023. Native CTC became the fee and staking asset of that chain. G-CRE remained on Ethereum as the exchange and vesting token, with a one-way entry into the network rather than a shared ledger.

A second rebuild followed the next year. Creditcoin’s August 2024 announcement described its EVM mainnet as a new chain: native balances came from an August 21 snapshot, but validators and nominators had to establish their roles again. The previous Substrate chain was renamed CC Enterprise. What had been announced as an upgrade therefore preserved balances while separating operating continuity from chain continuity.

The new chain followed a change in ambition. In April 2023 Tae Oh argued that Creditcoin’s loan oracle already knew how to read activity elsewhere, so it should verify general transaction and state data and let Solidity contracts react. The proposal shifted Creditcoin from a ledger with a narrow command family toward a programmable EVM L1.

The first production result arrived on 18 June 2026. Universal Smart Contract readability let Creditcoin contracts verify Ethereum mainnet transactions using proofs built off-chain against an attested reference. It was a concrete release, but a bounded one: the announcement calls readability the first capability, and the current mainnet table lists Ethereum as the supported source chain. The broader multichain vision remains larger than today’s verified surface.

On August 21, 2026 the team said every enterprise partner, its loan records and the Credal API had moved from CC Enterprise to EVM Creditcoin. The same post announced that support for the old chain would end on August 31. The reported migration brought the credit product and its history onto the programmable chain; the notice alone does not prove the separate support shutdown was carried out.

The token split remains. A G-CRE holder sends tokens to a Foundation address and receives CTC (EVM) at 1:1 at the same EVM address; received G-CRE is later batch-burned. One current guide says processing takes one to two weeks and another says up to one week. Staking still requires a separate conversion into CTC (Native), and there is no guaranteed 1:1 route back to G-CRE. Creditcoin moved its oldest product without erasing its records, yet the market still prices the temporary exchange token that two generations of chain architecture left behind.