CREDITS is developing a new type of blockchain, which is much more efficient than the ones we know today. The main features are very cheap transactions with costs not exceeding a few cents and speed, as such transactions can be delivered within a few seconds.
The main target of the project is the general financial and banking industry. They want to provide a service that can offer fast, cheap and large transactions. Banks and financial organizations or online services based on blockchain transactions can find use in such projects, especially the ones that require high-speed transactions.
CREDITS itself won’t create any particular services. The main task of the team is to create a platform for use as a standard and base of blocking for the others to build their own services upon this project.
Comparison to other blockchains
Surprisingly, when we take a look at the bare numbers and specifications of the new blockchain proposed by CREDITS, it looks rather superior when compared to the other two biggest blockchains of Bitcoin and Ethereum.
Firstly, it can store an enormous amount of information and process numerous transactions. The volume in the network per second can exceed even 1 000 000, while the transaction can be processed within a few seconds. Moreover, looking at the prices it is significantly cheaper than these two popular blockchains and cryptocurrencies.
Second of all, it offers smart contracts which Bitcoin cannot offer. CREDITS smart contracts have also an external API and can offer cycles and schedules which Ethereum doesn’t offer. In CREDITS it is possible to create absolutely independent fintech services without any additional systems.
Nodes and mining
One of the things they want to achieve is easy to use and most importantly cheap coins. The interesting part of CREDITS is that they are coins on separate and their own blockchain, yet there is no mining required.
The network is decentralized, with each node being both a client and a server. CREDITS wants to develop “A new consensus”, which is based on the DPoS and BFT. This solution encourages node owners to maintain the network by providing high-quality and fast responses.
Java and API
CREDITS uses a very popular programming language, which is often used in business and financial fields – Java. This will probably encourage a lot of developers to build their Apps and smart contracts upon Credits.
A dedicated SDK and advanced API will be provided to make sure developers have everything they need to make the most out of this new type of blockchain. API will enable additional connectivity from smart contracts to another outside system.
To assure the quality and validity of the project, when it comes to its technical part, Entersoft has made a technical audit, that is available to read on the CREDITS website. Entersoft is an award-winning application security provider trusted by over 300 global brands. Through their bespoke products and services, they help build robust, secure applications.
The first coins will be issued only for the initial release of coins for the sale during the ICO phase. In the future, these ERC-20 tokens will be exchanged for CREDITS coins as an official cryptocurrency on its separate blockchain.
Pre-ICO phase takes place from the 10th of November to the 15th of December. A month after this phase, there will be the main token sale and ICO offering. It will last a month starting on the 15th of January, 2018. They estimate that the minimal required cap that would benefit the project is $1.5mln USD.
CREDITS team consists of 10 developers which acts as a great advantage, especially as the project focuses on providing new technology. There are specialists that have 10 years of programming experience.
Apart from the programmers and developers, there are also people responsible for advertisement and marketing, as well as general development and investment relations experts that will make sure the ICO phase is successful and raises all the necessary funds.
If the numbers could speak for themselves, the project would look very solid. They claim that they can offer a much better type of blockchain with cheaper and faster transactions than the cryptocurrencies we know now.
The question is whether or not they will be able to deliver the promises and how it will work. There is a high potential in such a project and the if the technology turns out to be working as they advertise it to do, it has a chance of becoming widely used in new future projects.