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Nov 16, 2017
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The Credits platform, or the blockchain of day-to-day transactions
The hype around digital assets led to a stereotyped association of blockchain technology with cryptocurrencies. The media is only discussing the leaps of bitcoin rates and the problems of regulatory legislation. They undeservedly forget about the limitless opportunities of blockchain as such and the prospects for its development as a platform for innovative projects, both in connection with complexity of understanding processes by the people and in connection with the detachment of concepts from practice. The CREDITS startup is one of the promising projects intended to maximise the use of distributed ledger and smart contracts in financial transactions.
Principal differences between CREDITS and analogues
The closest example is Ethereum if we compare CREDITS with already operating platforms. As in its case, developers offer not just a digital asset, like a decentralised analogue to the fiat currencies, but a fully-fledged system with the possibility to implement applications and smart contracts. Internal cryptocurrency, although planned, will only be a “secondary” product —a means for internal settlements between the service users and payment for services. But this ends up with a similarity to the Etherium ecosystem: technologically, the CREDITS platform is a product of a completely different generation:
- A combined (symmetric + asymmetric) encryption method aggregating secure open and fast private code is applied. This, in conjunction with the modified FA (federative consensus) model, based on the absence of failures from most nodes, allows a developing speed of up to 1,000,000 transactions per second. Bitcoin, by comparison, “lags behind” 100,000 times.
- The dynamic block size is chosen with an interval of 0.5 seconds and the principle of recording the transaction for subsequent detection on the principle of the finite state machines. Such a flexible configuration many times reduces the cost of transactions and their confirmation.
- A limited release of the internal CREDITS (CS) currency is planned.
- The isolated environment principle for creating and executing smart contracts is used. The relevance of the latter is due to the ability to work on the most popular Java programming language.
Future platform users, including project management, sees developers and businessmen, who will be able to use it as a platform for creating services on the platform. The entire system will allow working with micro-amounts, which is impossible in the Etherium ecosystem, and will provide instant transfer speed against the background of high data security.
Terms of implementation and prospects of the project:
The project roadmap is scheduled until June 2018 on the official CREDITS website. During this time, it is planned to undergo the ICO procedure, improve and test the Alpha-version of the service in March 2018, bring the project to the exchange and begin active work with users. According to experts, who evaluated the project and the first (albeit limited) version, found no problems with the concept implementation:
- the technical features of the platform are functional, while being advanced – leaping a step ahead;
- the chosen field of the blockchain application is the most in demand — micro-payments, bank transfers, payment for services and crediting;
- when preparing for a release, the management pays attention to both the technical features and popularisation of projects for the Internet of things, which increases the probability of obtaining a good investment flow during the ICO in January 2018.
However, you can check functionality and prospects of the project yourself now. The official website https://credits.com/ launched a test mode for MVP.
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