Credits, found online at Credits.com, is a blockchain platform for the creation and management of financial services. Find out how it works today in our Credits.com review.
What Is Credits?
Credits is a blockchain protocol that uses its own internal cryptocurrency called CREDITS (CS). It promises to implement a new and unique technical implementation of blockchain technology. Advantages include better technical network capabilities, cheaper transaction costs, and a greater number of operations per second.
Credits is also an open platform where users and companies can create online services that implement the blockchain protocol.
As the official website explains,
“The CREDITS platform offers a solution to the problems of low speeds and high transaction costs. It expands the potential blockchain has for the financial industry and the internet of things.”
Overall, Credits aims to create a decentralized financial system based around cryptocurrency tokens called CREDITS. It aims to provide cheaper transactions, faster transactions, and greater scalability than today’s popular blockchains, making it the ideal choice for financial products.
Here are some of the core features of the Credits platform, including how its blockchain technologies work – and what makes Credits different from other leading platforms:
Built On Blockchain:
Credits is built on a distributed, decentralized storages system and open source code. The blockchain can be implemented in public and private networks.
Each record is entered into the blockchain of the block-less database without Merkle trees and sidechains by processing consensual transactions.
Formation Of Blocks:
Credits sets permissions at the transaction level, with transactions added to the block for the subsequent finding of a consensus by the algorithm.
The Credits consensus model is described as “federal with a mechanism for resolving most nodes with permissions to make a decision.”
Credits is designed to be scalable. When a blockchain says it’s scalable, it means that the number of transactions increases as the number of nodes increases. Credits has no mining system, so all coins are issued in advance in a certain amount.
Right now, Credits has a minimum viable product (MVP) with many of the above features in place. that MVP is viewable online today.. The MVP features a decentralized network where each node (peer) is both a client and performs server functions. The MVP also has a wallet, transaction saving to the blockchain, and the consensus algorithm in place.
Credits Tech Specs
Up above, we mentioned the broad features of the Credits blockchain and how it works. Here are some of its’ more technical features and specifications:
- Transaction Speed: Up to 1,000,000 transactions per second.
- Block Interval: 3 seconds (on average)
- Block Size: Dynamic
- Consensus Algorithm: Delegated Proof of Stake (DPoS) and mBFT
- Coins: CREDITS
- Smart Contracts: Yes
- Decision Making Process: Democratic Congress (every node gets one vote)
- Speed of Executing Contracts: Up to 100,000 transactions per second
- Crypto Algorithm: Symmetric key algorithm + asymmetric key algorithm
- Third Party Systems: Yes
- Allowed to Create Own Applications: Yes
- API: Yes
Ultimately, Credits is designed to be a superior blockchain for financial applications. Obviously, blockchains like bitcoin have faced criticism for their scaling problems, slow transaction times, and high costs. With that in mind, Credits wants to create a new platform for the launching and management of financial products through smart contracts on a distributed ledger.
The Credits Token Sale
The Credits token sale will sell ERC20 tokens (CREDITS) at a rate of 1 ETH = 2,000 CREDITS (CS). There’s a minimum purchase amount of 0.01 ETH.
The pre-ICO is scheduled for November 10 to December 15, 2017, with a general ICO from January 15, 2018 to February 15, 2018.
Credits has set a soft cap of $15 million USD, a hard cap of $20 million, and a minimum cap of $1.5 million.
Of the total supply of tokens, 60% is going to the ICO, 20% is going towards operations, 15% to the founders, 2% to bug bounties, 2% for bounties, and 1% for advisors. The tokens reserved for operation will be frozen for a year, including 10% frozen up to January 1, 2019 and the other 20% frozen up to January 1, 2020.
Who’s Behind Credits?
Credits is led by Igor Chugunov (CEO and Founder), a Singapore-based entrepreneur specializing in fintech startups. Other key members of the team include Evgeniy Butyaev (CTO), Valentin Antonov (Team Lead), and Aleksandr Krasnov (Senior Software Developer).
Credits is headquartered in Singapore. The company was founded in 2016.
Credits claims to be a new generation of blockchain with high speeds, low transaction costs, and fast processing time. Because of these three advantages, Credits claims to be the ideal blockchain for financial services.
To learn more about Credits and their ongoing token sale, visit online today at Credits.com.