Credits (CS): The revolutionary blockchain technology
In what seems like the blink of an eye, blockchain has become one of the most talked about technologies in the IT world. From a mere concept just a few years ago, blockchain technology is already being used by companies in large-scale industrial implementations. Although the technology itself is revolutionary, there are certain blockchain limitations that have cropped up. These blockchain limitations don’t make the technology less revolutionary, but they have raised questions about its efficiency and reliability.
The majority of prior-generation blockchain frameworks have serious limitations:
- Scalability issues;
- Systems heavily reliant on servers;
- Limited functionality, and etc.
The well-known and prominent smart contract-powered Ethereum continues to face major obstacles in scalability, security and network congestion. Moreover, Ethereum are not ready for financial transactions due to a slow rate of 0.5-15 minutes and a price of about 0.02-0.5 dollars per transaction. This is unacceptable for the financial industry.
Credits creates an internal cryptocurrency and smart contract platform with a new proof-of-agreement (PoA) consensus model: a scalable blockchain framework for DApp development that would allow building smart contracts in the blockchain environment.
The goals were to bring smart contracts to everyone as well as offer such major benefits to:
Financial and Banking Systems
Financial institutions will be able to significantly reduce their transaction
costs, exclude intermediaries while simulataneously securely protecting their
data.
Internet of Things (IoT)
The CREDITS platform and smart contracts will allow for the connection of
various IoT devices into a single network and effectively manage them: smart cities, smart
homes, smart cars, smart businesses etc.
Crediting
Credit robots will be able to issue loans with the most optimal terms,
regardless of countries and continents. Globally, with any person in any
country through the CREDITS platform.
To put it simply, Credits wanted to make it easy, simple, fast and convenient for developers to create apps using the Credits network and help them make a profit off of it.
What is Credits?
Credits is an open-source blockchain application platform. Credits' core technology combines the unique new consensus algorithm - PoA (Proof of Agreement) based on BFT conception, new high-speed data transmission protocol. Credits' Proof-of-Agreement (PoA) consensus mechanism enables true decentralization, while also increasing stability, security and efficiency of the blockchain platform.
Proof of Agreement (PoA)
Unique consensus and decision-making algorithm based on multiple validation and data processing with a secure implementation solution based on BFT.
Credits Data Transmission Protocol (CDTP)
A new high-speed protocol within a decentralized network with collective Validation capable of processing transactions from 0.1 seconds per transaction. Up to million transactions per second possibilities.
Validation & Verification of Data
New blocks generation and transaction validation algorithms based on highly secure cryptography algorithms. New Multithreaded database, parallelized process validation and verification signatures, fast data synchronization algorithm.
Credits Verdict
Credits boasts transaction speeds of “Around 0.1 seconds”, fees of “around 0.001 USD” and “millions of transactions per second”. These numbers kick the behind of current leaders such as Ethereum and NEO. Credits aims to be an all-in-one solution for a lot of sectors. Decentralized Data, Smart Contracts, Issuance of Financial Assets and Crypto Payments are all listed as solutions on Credits Website.
For more information about Credits, you can visit these following links:
Website: https://credits.com/
Whitepaper: https://credits.com/Content/Docs/TechnicalWhitePaperCREDITSEng.pdf
Bitcointalk: https://bitcointalk.org/index.php?topic=2401248.0
Twitter: https://twitter.com/creditscom
Facebook: https://www.facebook.com/creditscom/
Telegram: https://t.me/creditscom
Author's Bitcointalk username: binar234
Profile Link: https://bitcointalk.org/index.php?action=profile;u=2053245