Credits: An open-source and decentralized blockchain for cryptocurrency payment and DApp development

Credits is an infinitely scalable cryptocurrency payment system and smart contract platform based on blockchain. Credits is designed from the ground up to be futureproof with secure, high speed, and low fee transactions, and to enable decentralized and democratic applications.

Credits is an open blockchain. The platform is designed to create services for blockchain systems using self-executing smart contracts with a public data registry. A unique technological platform for the development and execution of decentralized applications based on the blockchain technology and smart contracts.

TECHNICAL DETAIL

High Speed and Low Transaction Fee

Credits is a unique blockchain platform with new technical capabilities of: response time; transaction cost and number of operations per second.

The platform is characterized by the following features:
High transaction processing speed - more than 1 million transactions per second;
The minimum transaction processing time is from 0.01 seconds per transaction;
Very low price - a differentiated rate from about 0.001 USD;

Transaction fees are necessary to help fund rewards for nodes who are required to maintain the Credits network. Without transaction fees, rewards would have to come entirely from newly minted coins which would lead to an increased rate of inflation and devalue the coin. Transaction fees are also necessary to stop a penny-spend attack where users send a very large number of small transactions to overload the network. That said, the Credits protocol will have many orders of magnitude lower fees as compared to traditional blockchain projects for the following reasons:

High transaction fees on the traditional blockchain occur because there is a limited number of transactions that can fit into each block. The transactions with highest fees are added before others which causes users to pay higher fees to make sure their transactions are added to a block as quickly as possible. This results in competition amongst users which drives transaction fees upwards. The high transaction throughput of the Credits protocol, and its ability to process transactions concurrently, completely eliminates this competition.

Thanks to Credits unique new consensus algorithm, Proof-of-Agreement (PoA), which allows nodes to run on inexpensive and energy efficient. This dramatically reduces the upfront and continuing costs to run a node.

Smart Contract and DApp Platform

The Credits platform will be capable of executing smart contracts and DApps programmed in Solidity. This will allow for accelerated adoption of the Credits platform by existing developers.

The platform technology implemented a unique consensus algorithm that provides high speed and stability. Also, the advanced data encryption algorithm, Blake2b, is used, which is not sensitive to the size of the hashed data and is protected from attacks associated with the occurrence of collisions in the process of hashing and is implemented on the platform of the signature system Ed25519, providing a high level of security and performance.

Combined, security technologies allow the platform to achieve excellent network performance with the highest security requirements.

Fully Decentralized

Blockchain technology was originally developed with a guiding principle of decentralization. Decentralization is in the blood of any true blockchain project. The Credits is determined to preserve this principle and provide a truly decentralized blockchain.

The Credits achieves a high level of decentralization by allowing their network operators to earn passive income without sacrificing high energy costs associated with coin mining.

The Credits Consensus Algorithm is Proof-of-Agreement (PoA). It incorporates features that are characteristic of DPoS (Delegated Proof-of-Stake) and BFT (Byzantine Fault Tolerance) and has 3 stages:
Selection of nodes for decision-making. A necessary amount of nodes — a minimum of 4 nodes and a maximum of 201 nodes with currently valid states selected for consensus via the algorithm of a random selection of nodes from the received hashes of all network nodes at current states after the elimination of nodes with insufficient staking amounts.
Voting on the current pool of transactions and making a decision about transactions to be added in the block for subsequent addition to the storage.
Adding the block to the storage of trusted nodes and its subsequent distribution throughout the network.

Within a network, every node has the same chance to become a validator and to get rewards for processed operations.

VERDICT

Credits is unique and beneficial to cryptocurrency payment system and DApp developers. The platform allows digital asset transaction to take place in an easy, fast, compliant and secure way. For more information about Credits, you can visit online today on their Website, Whitepaper, Bitcointalk ANN, or gain information on their social media accounts: Twitter, Facebook, and Telegram Group.

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