Seeking to overcome the scalability issues plaguing current blockchains such as bitcoin and Ethereum, Credits was developed to accommodate the needs of data-intensive industries such as finance and emerging technologies such as the Internet of Things (IoT).
As blockchains have become more widely adopted due to their decentralized and trustless nature, they have become congested, giving miners extra leverage in deciding which transactions to validate, thus raising the costs. The rising costs of transactions has hindered their rate of adoption in the business world, preventing industries from being as efficient as they potentially can. Additionally, the mining power required to validate these networks has become substantial an increasing concern among environmentalists and regulators. By contrast, the Credits blockchain is designed with no mining required, with the coins of the blockchain created during and at the end of the ICO. Commissions for validating transactions on the Credits blockchain are exchanged between the main and trusted nodes.
The technical advantages of the Credits blockchain over competitors are notable. Whereas bitcoin can only process seven transactions and Ethereum just 300 per second, Credits can process more than one million with an aim of 10 million with future upgrades. Moreover, whereas bitcoin transactions can take as long as 10 minutes or more and Ethereum 30 seconds to five minutes, Credits transactions take as little as 0.01 seconds. For businesses that require very fast and numerous transactions, particularly in finance, the Credits blockchain is more practical to use and will save them large sums of money in the long run.
Like Ethereum, the Credits blockchain can execute smart contracts, which are self-executing contracts that execute when two parties have met the conditions set by the counterparty. Smart contracts can save businesses from the costs of using intermediaries such as bankers, brokers, and notaries. They also resolve the issue of mistrust due to the possibility of fraud, since the transactions can only take place when both parties are satisfied.
Like bitcoin and Ethereum, the Credits blockchain is decentralized, distributed, and open-source. As an open-source project, its code can be verified to ensure its security and the absense of malware. Moreover, Credits has already developed a minimally viable product (MVP), and plans to release its Alpha version in the first quarter of 2018.
A noteworthy advantage of the Credits blockchain over competing blockchains is in the cost of transactions. Whereas bitcoin transactions can cost $10 or more and Ethereum transactions $0.10 or more, depending on network activity, Credits transactions can cost as low as $0.001. Combined with its speed, low transaction fees make it ideal for finance and IoT.
The Credits ICO begins February 15, 2018 and ends February 28, 2018. The soft cap for the ICO is $15,000,000 and the hard cap is $20,000,000. During the ICO, one ETH can buy 5,000 CS tokens. The funds raised during the ICO will be used for marketing and software development. The Credits team reached the $3 million hard cap during the presale, showing just how eager the ICO market is to embrace blockchains that offer innovative new features. Investors who are interested in a next-generation blockchain with capabilities beyond the current blockchains should thus seriously consider this promising project.
*I am receiving Credits tokens for the growth of the community.
Disclaimer: Investing in cryptocurrencies carries significant risk. None of the material on this website should be construed as investment advice. While bitcoin is a cryptocurrency that has proven itself as useful over time, Credits has a lot to prove to the industry as a nascent project.
To learn more about Credits:
Credits ANN thread: https://bitcointalk.org/index.php?topic=2401248
Credits Twitter: https://twitter.com/CreditsCom
Credits Facebook: https://www.facebook.com/creditscom/
Credits Telegram: https://t.me/creditscom