I am glad to live in this era and I really appreciate the efforts of people who have already done so much into contributing to improvements in technology; the benefits of which we are utilizing now and appreciate the technology itself, which allow us to present our ideas, and their transformation into a working products, to you cryptocurrency, is a revolutionary idea taking birth in the form of Bitcoin. It has now expanded to various genius ideas, providing opportunities to people improving the business ethicality, making the concept of the world as a global economy a truth and much more.
From a research carry out the world at large have be going through some stresses and struggles in the hands of the financial institutions in sending or remitting money from one country to another or within a particular country, people will have to face some stresses and struggles like rejection and high transaction fees in sending or remitting money around the world, also receiving of money from one country to another usually take days if someone is sending money to relatives from another country.
For instance, what happened to my very self at Access bank, money institution transaction in Nigeria, I wanted to send 1500 USD from Nigeria to another country, the sum of 31 USD was taken from me as the transaction fee which is very high transaction fee and it took up to two days before my transaction arrived to the receiver.
For all these stresses and struggles that people in the world are really facing in the hands of the financial institution, Credits has taken a bold steps with an innovative ideas which is a peer to peer transaction, that we help in solving this problem of sending or remitting of money in the hands of financial institution.
Credits token has developed a platform under blockchain and technology which is able to accept thousands of transaction within a seconds, in order to reduce the stress and struggle people faced in remittance of money around the world, with Credits token everyone can send or remit money with a very low fees around the world and sending of money with Credits token your receiver can receive the money within a seconds. The Credits ecosystem is transparent, secure, trustworthy, and fast in making transactions at cheaper fees.
WHAT IS THE PROBLEM?
The world is faced with delay and high transaction fees in sending or remitting of money in the hands of financial institutions.
THE SOLUTION
The solution to this current problem is Credits token and Credits ecosystem. Credits token we use to send or remit money which we give people low transaction fees.
WHAT IS CREDITS?
CREDITS platform is a decentralized financial system for the direct interaction between participants on peer-to-peer (P2P) principles. The platform expands the potential of using financial services on the basis of a distributed ledger, self-executing smart contracts, and CREDITS cryptocurrency. The system is aimed to unite all participants on one side, providing them with a platform for creating and using financial services; where everyone can both offer service and use it. Thanks to a well-defined and balanced technological system, the CREDITS platform offers a new technical solution and a new conceptual model of networking participants' interaction for the development of modern decentralized financial services; everyone gets cheaper, faster and better services.
Credits is an open, lightning-fast infrastructure blockchain protocol built on the principles of full decentralization. The protocol does not have any central authority. All the information is stored in blocks and cryptographically secured.
Credits is the basic software that allows its users to apply blockchain in business and IT solutions through the use of autonomous smart contracts for creating and storing data about transactions and operations throughout the network.
The platform also allows issuing financial assets like stablecoins, digital assets, tokens, loyalty points, etc., and build services based on Credits technological solutions.
TRANSACTION PROCESSING
Transactions
A transaction is the minimum unit of the system informing the platform of the execution of contract methods or direct transfers between accounts without creating a smart contract, followed by placement of the result in the peer-to-peer network. Consensus Building The system uses a safe derative model to build consensus–voting of trusted validator nodes, and also the consensus-building algorithm–an algorithm for passage of a finite-state automaton. Consensus works by cycles (time steps), per time step, transactions are extracted and placed in a poom (one-dimensional array). After being placed in the pool, all transactions are sent to trusted nodes in order to receive a response. If the response is received, then the transaction for which the request to add was sent, can be added to the ledger of this validator. After that, it is sent to the next validator in the network. When consensus is built – at the end of the chain where the transfer legality is fully confirmed, the transaction is sent to validation with a mark for writing and saving to the ledger.
Transaction Processing
To achieve the decentralized nature of the system, each server must have both ledger storage and also be a fully-fledged handler of all transactions.
The system uses the concept of system kernels. By kernels, we mean a data handler that performs a specific production task, regardless of the availability and operability of the remaining system components. Each kernel, at the input, at the time the task is executed, receives a list of variables for processing. And always gets a result at the output – positive, any other or an error. As a result, the system kernel always contains the response code, in addition to the main data set. This structure is required for the highest possible speed of each process, which must work independently of each other.
Cost of Transactions The system uses the CREDITS currency, which serves:
● As an internal means of payment for the system usage;
● To exchange different currencies within the system;
● To exchange various values within the system;
● To create and process operations under smart contracts;
● To purchase information from third-party sources for services within the system.
The cost of a transaction can vary depending on the network load, on a particular user of the system, which can theoretically direct a huge flow of transactions at a certain peak time. We suggest using the material method and the impact on the system users to control the network load. The cost of performing transactions in the first three years of the system operation will be set individually for different types of transactions and operations. In the future, an algorithm for the automatic generation of the transaction cost will be developed.
INNOVATIVE LIGHTNING-FAST BLOCKCHAIN FOR DAPPS
An open-source, fully decentralized blockchain software protocol with smart contracts aimed at the creation of high-performance applications.
Unique new consensus algorithm - PoA (Proof of Agreement) based on BFT conception, new data transmission protocol and many more.
Best for microtransactions, mass financial payments, tokens issuing and storing data on the blockchain.
BLOCKCHAIN PLATFORM ARCHITECTURE
Unique technologies developed from scratch are the foundation of our software
Proof of Agreement (PoA)
Unique consensus and decision-making algorithm based on multiple validation and data processing with a secure implementation solution based on BFT. Read more
Credits Data Transmission Protocol (CDTP)
A new high-speed protocol within a decentralized network with collective Validation capable of processing transactions from 0.1 seconds per transaction. Up to million transactions per second possibility.
Validation & Verification of Data
New blocks generation and transaction validation algorithms based on highly secure cryptography algorithms. New Multithreaded database, parallelized process validation, and verification signatures, fast data synchronization algorithm.
WHY CREDITS PLATFORM?
Platform Technical Features
Absolutely unique technical characteristics, which allow the platform to be adopted in a wide range of industries.
Lightning-fast transaction processing time
From 0.1 seconds to confirm a transaction. Up to 5 blocks are generated per second.
High decentralization level
Anyone is able to run a node and maintain the network. Equitable rewards distribution.
Advanced level of security
Highest security based on Byzantine Fault Tolerance algorithm
Nearly free cost. Inexpensive fees.
From 0.00014 CS (around 0.00001$) fees per transaction
High network capacity
The platform can process up to 1 million transactions per second.
CREDITS LEDGER STRUCTURE
We offer to abandon Merkle trees and use the transaction ledger in the CREDITS system; with each entry consisting of a hash code of the transaction block to add to the list of candidates in addition to the ledger. Also, the entry has the node identifier and the timestamp when it was generated. The ledger entry contains the transaction direction, its initial and final accounts, the type of write-off, the number of write-off units, the type of depositing, and the number of depositing units. This principle increases the speed of transaction processing, increases the complexity of illegitimate ledger change and excludes possible changes in the ledger entry with hindsight.
For more information please follow Credits on the following social media channels
https://credits.com/
https://www.facebook.com/creditscom/
https://twitter.com/creditscom
https://developers.credits.com/
https://github.com/CREDITSCOM
https://creditsenterprise.com/
Author: vin22
Bitcointalk Profile Link: https://bitcointalk.org/index.php?action=profile;u=1751889
Credits Public Key: EizW4mztAbbk2YPcMJFikZeYvSy4R6YSzWiCk3VjBi7c
Congratulations @vine22! You have completed the following achievement on the Steem blockchain and have been rewarded with new badge(s) :
You can view your badges on your Steem Board and compare to others on the Steem Ranking
If you no longer want to receive notifications, reply to this comment with the word
STOPTo support your work, I also upvoted your post!
Vote for @Steemitboard as a witness to get one more award and increased upvotes!