What Is Citadel (CTL)?
Citadel (CTL) is a peer-to-peer, decentralized cryptographic network where users transact by sending each other economic values. Citadel's primary goal is to build a digital ecosystem that is open and adaptable that encourages innovation. Citadel also aims to provide economic opportunities to businesses and consumers worldwide. Citadel intends to cut service costs while reducing transaction risks and cutting entrance barriers.
As per its whitepaper, The Citadel project segments has two parts :
The Citadel Network- An underlying blockchain-based system for transmitting economic value between users in the form of CTL coins.
The Citadel Platform- A global ecosystem of digital, identity, and e-commerce services that are diversified and versatile.
The Citadel Network is:
Private: Transactions performed across the Citadel network are anonymous and untraceable.
Decentralized: Citadel utilizes the Proof-of-Work (PoW) network consensus to ensure the integrity of its shared ledger and reduce specific participants taking control of the network.
Threat Resistant: Prevents attackers from being able to compromise the network's operational continuity.
Fungible: Citadel coins (CTL), the network's native cryptographic currency, represent funds saved on the Citadel network. Tracing a coin's transaction history is complicated as the network is private. CTL coins are indistinguishable, thus prohibiting these coins from being singled out or blocklisted. CTL is the equivalent of convenient digital currency because of its indistinguishability.
Scarce: Citadel Network relies on a deflationary economic model to support its coin's long-term value. Deflationary cryptocurrencies are fashioned to reduce supply over time.
Some important components of the Citadel platform are:
Sentinel Network: Citadel Platform's robust, open, digital services architecture where developers can author decentralized applications.
BitKYC Protocol: BitKYC Protocol is Citadel platform's Smart Identity Management Service (SIMS), an identity registration, encryption, and verification service.
Private Smart Contracts: With the introduction of private smart contracts, Citadel aims to provide a framework for creating, executing and verifying cross-party agreements with special commercial terms.
History of Citadel (CTL)
The project development team published the platform's whitepaper on September 16, 2018. The maximum supply of CTL coins is 18.5M CTL.
