Credits – New Ethereum Сompetitor

Nov 14, 2017 at 14:25 // News
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Guest Author
Credits

The crypto-industry development has reached an unprecedented scale, and even the latest Ethereum platform-based blockchain development (Ether) sometimes takes quite a long time to cope with processing such a large influx of transactions in a few minutes.

The main performance problems with existing blockchains

The steady increase in the number of transactions in the network leads to block overflow and to a delay in the confirmation of transactions for an indefinite time. As a result, participants do not always manage to use payments in everyday life, for example, they have to wait for the payment in a restaurant due to a number of inconveniences because of the constantly arising problems of working with the system: 

·         Low transaction processing speed;
·         Low traffic (the number of transactions per second);
·         High transaction commission; 

The Credits platform is an original development for a new generation; based on blockchain technology, which is ready to solve the problems of speed and transaction costs which will expand the potential for the use of blockchain in both the financial industry and the Internet of things.

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Competitive advantages of the Credits platform

The introduction of a progressive technology for the functioning of the entire system on the principle of decentralisation served to create a completely new Credits blockchain platform with the advantages predicting its relevance: 

·         Promises up to 1 million transactions per second;
·         Block interval of 3 seconds;
·         Capability to write smart contracts;
·         Use of the platform for the Internet of things with low cost and high speed. 

Such indicators are due to: 

·         An original modified FA consensus algorithm (Federated Agreement + PoW + PoC) – it combines the availability of the ledger (free ledger data node recording and reading them at any time), modifiability and full consistency of all network nodes with the split feature (failure of one node does not reduce the system performance). All this guarantees secure, uninterrupted and instantaneous performance of any number of blockchain transactions for a short period of time;
·         Combined encryption algorithm – it includes the advantages of high security provided by asymmetric public-key crypto-systems, with the advantages of high speed operations inherent in symmetric crypto-systems with a secret key. It assumes the use of cryptographic keys of symmetric and asymmetric crypto-systems, providing authentication, and thus maximum protection of the information transmitted. 

The Credits platform demonstrates new technical capabilities of network, speed, transaction costs and the total number of transactions per second. The main blockchain advantage is the possibility of free access and creation of online services for users and companies.

Blockchain promotion and development prospects 

To assess the original Credits platform capabilities, a trial, reduced blockchain version is offered, which will help in recognising the most important competitive features in the systems operation and preparing for ICO. 

Since the release, the MVP (minimum viable product) has already interested thousands of users, while:

·         Pre-ICO (sale of tokens before the ICO) was launched on November 10, 2017;
·         ICO will be conducted on January 15, 2018 – February 15, 2018;

The Credits platform is designed for the financial industry, and, of course, it will interest every blockchain technology consumer who will appreciate a long-awaited product that can meet all the needs of business and users’ tasks.

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