CREDITS- EXPANDING THE POTENTIAL BLOCKCHAIN TECHNOLOGY FOR THE FINANCIAL INDUSTRY
We are in a developing world in which previous systems might act as a form of barrier to accessing blockbusting goals. Facing the problem on ground is the problem of creation and performance of financial products on the basis of blockchains and smart contracts needing quick transactions. This is where CREDITS comes in.
Firstly, what is credit? CREDITS platform is a decentralized financial system for the direct interaction between participants on peer-to-peer (P2P) principles. The platform expands the potential of using financial services on the basis of a distributed ledger, self-executing smart contracts, with its own internal cryptocurrency, CREDITS (CS). Credits is a new open source platform for creating and managing financial services based on blockchain/credit ledger. It is a new and unique technical implementation of blockchain technology, smart contracts, and data protocol. The principle of implementing an intellectual contract and a joint voting system creates a unique opportunity for all participants to interact with various financial products. The platform opens up a huge new market and has the potential to use blockchain projects and services in financial and other industries that previously was unsuitable due to speed as mentioned earlier and also transaction cost which is another major problem.
HOW IT WORKS
The unique system based on the block chain allows you to build high-speed transaction processing financial services, up to 1 million times per second, the average transaction processing speed within 3 seconds offering a very fast transaction speed along side low transaction cost. This doesn’t only end here. For more emphasis, i’ll be making a short comparison of credits platform with other competing platforms.
First, looking at Bitcoin and Ethereum platforms which processes about 100 transaction per second. This is very slow compared to what credits is offering. Also, its processing time is averagely 0.5 minutes to 15minutes and also the cost per transaction is around $0.02 to $0.5. This is quite unacceptable and unsuitable for the financial industry compared to what credit is offering. Credit offers a blockchain with up to 1million transactions per second with an average processing time of 3 second.
Also, For more emphasis,
Bitcoin — payment system and currency units, Tasks can only be passed from one user to another, Slow block chain. similar point: public block chain / ledger, internal encryption currency
CREDITS: Fast block chain / ledger, available intelligence contracts, financial wizards, support different currencies
Ethereum — Emphasizes the creation of smart contracts and records them in the block chain, All the other through the use of third-party services to solve, For all industries, Slow block chain. similar point: intelligent contracts, internal encryption currency differences.
CREDITS: Another quick block chain / ledger, different computing systems to support the currency, internal use, focusing on the financial sector
Ripple — only for billing systems and currency exchange, Developers and companies close. similarities: Fast block chain / ledger, billing systems of different currencies, specializes in the financial differences
CREDITS: available intelligence contract, an open developer platform, any company can be connected to the platform
This is super-fast and will in turn offer a new technical solution and a new conceptual model of networking participant interaction for the development of modern decentralized financial services. For more information, see the whitepaper. Links below.
LISTING OUT ITS FEATURES
The system is a distributed database with the principle of a block chain / ledger — the decentralized management and transaction of digital assets, the invariance of records. The following are the features and also contains benefits.
- Distributed, decentralized storage and open source.
- Support public and private networks.
- By dealing with consensus transactions, each entry is entered into a database of blocks / ledgers that do not have Merkle trees and side chains.
- The use of object — oriented principles based on the C / C ++ language — the ability to build other compilers.
- Permissions are set at the transaction level.
- The system is extensible (as the number of nodes increases, the number of transactions processed per unit time increases).
- The transaction is added to the block to reach a consensus later.
- Consensus model: The joint mechanism makes most nodes the right to make a decision.
- Proof of work PoW (Proof-of-capacity) + ability to prove PoC (Proof-of-Capacity). Coins are issued in advance by a certain amount.
STILL WONDERING WHAT CREDIT HAS TO OFFER?
In case you’re still wondering what credit has to offer, i’ll simplify from the afforementioned. Asides the listed features, CREDITS platform offers a solution to low speeds and high transaction costs. It expands the the potential blockchain technology has for the financial industry and the Internet of Things.
- Blockchain-: Distributed, decentralized storage and open source code. Support for public and private networks.
- Transactions-: Each record is entered into the blockchain of the block-less database without Merkle trees and sidechains by processing consensual transactions.
- Formation of blocks-: Permissions are set at transaction level. Transactions are added to the block for the subsequent finding of a consensus by the algorithm for finding the solution of finite state machine.
- Consensus model: Consensus model: federal with a mechanism for resolving most nodes with permission to make a decision.
- System:- The system is scalable (as the number of nodes increases, the number of transactions processed per unit of time increases). There is an absence of mining so all coins are issued in advance in a certain amount.
ABOUT TOKEN SALE AND DISTRIBUTION
PreICO will start on October 25
We are offering our participants a total allocation of 2% from our overall token supply.
The total number of tokens in circulation may vary, depending on the actual amount raised during Token Sale;
Soft cap for the 1st round of ICO is 80 000 ETH,
Hard cap for the 1st round of ICO is 120 000 ETH,
But in any case 2% of tokens will still be designated to the bounty campaign
1 600–2400 ETH
1 ETH = 2 000 CREDITS (CS)
Total number 100%
2% for bounty
15% post prize for founders and
Operating team 5%
1% for advisors
75% for Pre-ICO and ICO
Bonus campaigns for PRA-SALE purchase
Bonus for PRA sale — 30%
For More information on Credits, see:
Facebook: https: //www.facebook .com / creditscom /
My Bitcointalk Profile link: https://bitcointalk.org/index.php?action=profile;u=1048662
My Youtube channel: https://www.youtube.com/channel/UCoKb8l6T6TN3dk9_9CvTnvw