Description: What is Credits Platform? Why Credits (CS) Can be the Best Blockchain in the near Future.
Hello friends, welcome again to this blog. This blog has added a new category called CryptoCurrency, and as an editor, now I have an opportunity to share our experience of CryptoCurrencies with all of you. If we talk about CryptoCurrencies then the first name that triggered in the mind is Bitcoin. Bitcoin is a cryptocurrency, a form of electronic cash. It is a decentralized digital currency without a central bank or single administrator. If you want to know more about Bitcoin, I suggest you to read the previous post, the basic things to know about Bitcoin. In short, Bitcoin price was $2 in 2011, and now it is currently trading over $7000 after making a high of $20000 in Dec, 2017. I am sharing this statistics because you must know the potential of the cryptocurrencies in the future despite the media and government interference.
Bitcoin is based on the blockchain technology. It was very smooth when the blockchain had the low traffic and low transactions, but recently the cryptocurrency market has boomed and it has been reached up to $800 Billion market cap in December, 2017. Due to the high volatility, most of the transactions are pending or take more time to complete the transactions. The issue is not only for the transactions while the transaction fees will also be a big problem which is increasing. According to the big players of cryptocurrency market and I also agree that the cryptocurrency market cap might be crossed trillion dollars in the near future. It will definitely affect the transactions speed and the transactions cost in the future. This problem is biggest for every cryptocurrency holders. Is there any solution for it? Yes, definitely. Introducing Credits with faster blockchain with smart contract and data protocol. To know more about Credits please read the following post.
* Transactions are transferred centralized for processing to the main node, where they are processed and written to the registry. It reduces transaction processing time. The node owner receives 50% of commissions.
Bitcoin is based on the blockchain technology. It was very smooth when the blockchain had the low traffic and low transactions, but recently the cryptocurrency market has boomed and it has been reached up to $800 Billion market cap in December, 2017. Due to the high volatility, most of the transactions are pending or take more time to complete the transactions. The issue is not only for the transactions while the transaction fees will also be a big problem which is increasing. According to the big players of cryptocurrency market and I also agree that the cryptocurrency market cap might be crossed trillion dollars in the near future. It will definitely affect the transactions speed and the transactions cost in the future. This problem is biggest for every cryptocurrency holders. Is there any solution for it? Yes, definitely. Introducing Credits with faster blockchain with smart contract and data protocol. To know more about Credits please read the following post.
What is Credits?
Credits is a new CryptoCurrency like Bitcoin but it has many features that Bitcoin doesn't support. Credits is an open blockchain platform with internal cryptocurrency and self executing smart contracts. Credits has optimized the transaction speed and cost. Transactions per second speed in bitcoin are 7 while in the Ethereum are 15, Credits claims more than 100K transactions per second which makes huge difference. Also, the transaction speed for bitcoin is up to 10 minutes while in Ethereum is 1-5 minutes, Credits claims a transaction can be done within .01 Seconds. The transaction fees of Bitcoin is greater than Ethereum while the transaction fees for Credits will be lower, .001$ USD, than the Bitcoin and Ethereum.What Problems Credits is Going to Solve?
- Low Network Capacity: Bitcoin is slow and expensive with low network capacity. Therefore, we need to have a cryptocurrency with faster transactions and lowest transaction cost and that can easily scale. Credits has implemented all these things in itself.
- Time of Payments: Due to the high number of transactions in the cryptocurrency around the World, your transactions can be placed in the queue. You must wait from minutes to hours to receive the payments. Bitcoin can handle only 7 transactions per second while Ethereum can handle 15 transactions per second. Thanks to Credits that can handle more than 1 million transactions per second. If you are using Credits as a digital currency your payment will be done in .01 second.
- High Transaction Cost: If you are sending Ethereum or any ERC20 compatible tokens to someone else ETH address or exchange address, you must define the gas price. The more gas price you used, the more transaction cost. If there are so many transactions are pending, and you selected lower gas price then it will surely placed your orders in the queue. If you want your transaction faster, you must use higher gas price, and it will cost you more. Thanks to Credits that has very cheap operation cost of about 0.001 USD.
- Volume of the Saved Data: If the server space has large data, it will surely reduce it's capability. Credits using data compression technology. It can compress the information and reduces the weight up to 90%. It will significantly reduce the time to load and save space for servers.
- New Smart Contract: You can create a smart contract under Credits autonomously while in the Ethereum it is not possible. You can use external API in the Credits platform while Ethereum using only internal API.
Credits Comparison with Bitcoin and Ethereum:
| Credits | Ethereum | Bitcoin | |
|---|---|---|---|
| TPS (Transaction Per Second) | More than 1,000,000 | 15 | 7 |
| Transaction Speed, up to | .01 Sec | 1-5 Minute | 10 Minute |
| Transaction Cost | Very Low | Higher | Highest |
| Type of Blockchain | Blockachain + DLT | Classic Blockchain | Classic Blockchain |
| Mining | Not* | Yes | Yes |
* Transactions are transferred centralized for processing to the main node, where they are processed and written to the registry. It reduces transaction processing time. The node owner receives 50% of commissions.
Credit Platform Comparison with Other Platforms
Credits Speed Test:
Credits has already tested their network speed. Firstly, Credits developers developed the multi-threaded applications and send simultaneously transactions to the network and launched them on the various computers. Now, 100 virtual applications sending around 500-10000 transactions per second or you can say that the average of 300K transactions per second. Let us view on the results.
The Credits platform performed well with 200-500 thousand operations per second. During the peak level the platform was capable to performed 500 thousand operations per second.
Credits has already announce its internal load test on 31 August, 2018 (Today). I was also excited to view the test via their live stream. They have tested their internal load test in the morning and for proof they have scheduled a live stream in the evening but due to the DDos attack of their internet service providers they can't be able to manage the live streaming with the users. A new date of a live stream and testing will be announce soon by the Credits team. You can join their Telegram group channel to know when the live stream will be scheduled. According to the pinned message of their official telegram group:
We are delighted to present you a video of the recent tests below, they were conducted this morning. We can assure you this passed our internal expectations & a TPS of approximately 200K was achieved. The Proofs are on the way, which will be released shortly.
I will update this post once they show the proof via their live stream or you can simply join their telegram group.
Know How Does Smart Contract Work by Playing Tetris Game, Coded by Credits
If we talk about coding, the developers of Credits team are very talented they are working very hard to full fill their promises as per the roadmap. To know deeply about how smart contract works, Credits developers has written a code for tetris game and a code of a smart contract, and joined them each other so that anyone can understand how the smart contract works by playing a game. I am really impressed it with this work. Let's begin how will it work?
- You need to create an account in the test network to start the Tetris game. To create an account, click here and click on "Create an account".
- Each rotation in the Tetris game is recorded in the block and then return to the game interface by the Smart Contract.
- All the winnings will be recorded in the Smart Contract Link.
- The changes of the figure or an account will be recorded as a transaction in the blockchain.
Credits Partnerships:
Credits teams had done here a very hard work and make it possible to partnered with more than 100 other companies including University of Nicosia, Advihe, Pillar, VinChain, Entry, Orbis and Human Coin. To know about more partnerships visit Credits Partnerships.
Updates: 04/09/2018
I am a regular reader of official Credits Telegram group. Few days back an admin have sent a message in the telegram group that guess a next partnership of Credits, Hint: Forbes 2000 Top list in Fintech. Many of the users guess but not correctly. Credits has been partnered with Lenovo New Vision (LNV) which is affiliated to Lenovo. LNC focused on the field of AI/AR, professional industry solutions for partners, hardware wallet and system integration. Here is an official tweet to announce the Credits partnership with Lenovo New Vision:
Here is the official announcement of Credits:
Updates: 04/09/2018
I am a regular reader of official Credits Telegram group. Few days back an admin have sent a message in the telegram group that guess a next partnership of Credits, Hint: Forbes 2000 Top list in Fintech. Many of the users guess but not correctly. Credits has been partnered with Lenovo New Vision (LNV) which is affiliated to Lenovo. LNC focused on the field of AI/AR, professional industry solutions for partners, hardware wallet and system integration. Here is an official tweet to announce the Credits partnership with Lenovo New Vision:
A major step forward.— CREDITS "Not giving away ETH" (@creditscom) September 4, 2018
Credits and Lenovo join efforts in development of cutting-edge technologies.▪️https://t.co/sqwHHhq6Mf@creditscom @lenovo @LenovoNews pic.twitter.com/IBANjPx2FD
Here is the official announcement of Credits:
Credits have been chosen by Lenovo New Vision Technology thanks to its distinctive technical solutions such as unique consensus algorithm which consists of dPoS (Delegated-Proof-of-Stake) and BFT (Byzantine Fault Tolerance) features, flexible customisable smart contracts and effective security based on elliptic curve encryption. Blockchain platform capable of performing up to 1 million transactions per second, Credits offers the processing speed of 0.01 of a second combined with the commission rates of as low as $0.001.
Credits ICO:
Credits ICO has been ended on February, 2018. It was listed on the exchanges in accordance with the road map in March 2018, The ICO price for Credits token was 0.18$. Just after the ICO, the price hit a maximum of nearly $1 per token. Credits token is currently trading at 0.20$ as on 31 August, 2018. Credits tokens are listed on major exchanges like LBank, CoinBene and Kucoin. There are many other exchanges where Credits tokens currently traded, and there are many exchanges to come according to their roadmap. Currently most of other tokens in the cryptocurrency trading market traded below its ICO price. My verdict for Credits is that Credits has a potential to become the next fast cryptocurrency, as the Credits grows up the token value will increase in value. If you want to deep research in Credits, you can read their official WhitePaper.
Here is an announce thread of Credits on bitcointalk. I am also on bitcointalk you may connect with us.
Here is an announce thread of Credits on bitcointalk. I am also on bitcointalk you may connect with us.
