DownloadWHY CAN'T THIS BE DONE NOW?
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Popular platforms like 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 a new platform for the operation of financial products on a unique scheme of building a blockchain/ledger with smart contracts, which achieves:
• A speed of processing transactions up to 1 million transactions per second
• An average processing time of 3 seconds per transaction
• Very inexpensive processing cost
BITCOIN / ETHEREUM
• Approximately 100 operations per second
• Average processing time of 0.5-15 min
• Cost up to 0.02-0.5 dollars per transaction
CREDITS aims to achieve a performance of 1 million transactions per second, an average processing time of 3 seconds and a mean peak value of 10 seconds.
The system is a distributed database with the principles of a blockchain/ledger - decentralized management and transfer of digital assets, invariability of records.
1. Distributed, decentralized storage and open source.
2. Support for public and private networks
3. Each entry is entered into the database of the blockchain/ledger without Merkle trees and sidechains by the processing of consensual transactions.
4. Coded in C/C++ with OOP principals - has the ability to build other compilers
5. Permissions set at the transaction level
6. The system is scalable (as the number of nodes increases, the number of transactions
processed per unit of time increases)
7. Transactions are added to the block for later consensus
8. Consensus model: federal with a mechanism for resolving most nodes with the permission to make a decision.
9. Virtual machine (VM) is used for executing smart contracts. Each contract executes in a separate isolated environment for increased security in VM, development is allowed in script languages (for example, JavaScript), extended work with the calendar and scheduler
10. PoW (Proof-of-work) + PoC (Proof-of-Capacity). Coins are issued in advance for a certain amount.
Bitcoin - payment system and money unit. The task is only to pass from one user to another. Slow blockchain
Similar: public blockchain/ledger, the internal cryptocurrency
Differences CREDITS: fast blockchain/ledger, the availability of smart contracts, orientation on the financial sector, supports different currencies
Ethereum - emphasis on the creation of smart contracts and recording them in the blockchain. All else is solved through the use of third-party services. Oriented for all industries. Slow blockchain
Similar: smart contracts, internal cryptocurrency
Differences CREDITS: another quick blockchain/ledger, supports different currencies, uses an internal system of calculations, focused on the financial sector
Ripple - only used as a settlement system and currency exchange. Closed for developers and companies
Similar: fast blockchain/ledger, a system settlement for different currencies, focused on the financial sector
Differences CREDITS: the availability of smart contracts, an open developers platform, any company can connect to the platform
What is CREDITS?
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New open platform CREDITS for creation and management of financial services on the basis of the blockchain/ledger
The unique system of building a blockchain allows you to build financial services with high speed transaction processing up to 1 million per second and average speed transaction processing in 3 seconds. CREDITS truly opens up new opportunities to use the blockchain technology in the financial sector.
