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| comment | | "parent_author":"",<br>"parent_permlink":"blockchain",<br>"author":"magpielover",<br>"permlink":"credits-a-new-blockchain-for-financial-systems",<br>"title":"CREDITS - A New Blockchain for Financial Systems",<br>"body":"The pressing issue with existing popular public blokchains is Scaling. Without scaling,<br> one cannot hope for an era in which enterprise adoption of blockchains will be a reality. Therefore,<br> there is a greater need to build or update scalable and fast solutions. **CREDITS** is a new blockchain which proposes to solve this problem especially in applications that require high execution speed and throughput. CREDITS network's primary focus is the Financial segment,<br> i.e to deliver of financial services via a distributed ledger making use of self-executing smart contracts and the native CREDITS cryptocurrency. Think Exchanges,<br> Banking and other systems that require high execution speed.\n\n<center> ![1_3A8qI0jLrgjsLpkI1wr_hg.png (https:\/\/steemitimages.com\/DQmUKe6S2kzgFx7LcbFGuL7CmESDtQGLJd2g5kqwK69H3MZ\/1_3A8qI0jLrgjsLpkI1wr_hg.png) <\/center>\n\nCREDITS platform is therefore a decentralized financial system enabling a peer-to-peer (P2P) interaction between the network actors. CREDITS will make use of Delegated Proof-of-Stake (DPoS) for consensus. There will be no mining involved. Homomorphic encryption will be used to ensure security without compromising the speed. \n\n The CREDITS system will have 3 types of nodes ;\n\n\n- **Common node** - Nodes with minimum trust factor but will still participate in the transaction verification process and is a candidate for role of trusted node in the subsequent cycles of node role selection.\n\n- **Trusted Node** - Nodes with maximum trust factor and that participate in the transaction verification. Trusted nodes are selected dynamically.\n\n- **Main node** - The primary node takes that is resposible for analyzing and confirming transactions on the network,<br> as well as adding them to the registry.\n\nInstead of Merkle Tree (A tree constructed by hashing paired data) used by other popular public blockchains such as Ethereum,<br> CREDITS will make use of a Registry which will create records consisting of information such as Node identity,<br> Time of transaction,<br> Sender & Recipient \u200a,<br> Type of Transaction (Debit and Credit),<br> Transaction Quantity etc.\n\nA distributed hash table (DHT) is used for a permanent and stable connection between nodes. The consensus protocol will involve the creation of a list of trusted sites,<br> getting complete list of transactions,<br> analysis and processing of candidate lists,<br> voting by all nodes,<br> The creation a list of all confirmed transactions and add them to the register with the time stamp and hash code of the block that contains the transaction and finally sending a new transaction block to all nodes. The consensus process is asynchronous or involves parallel execution which is the primary driver for speed. The proposed transaction finality is a time interval of 0.01 to 0.5 seconds which is very fast.\n\nLike Ethereum CREDITS will support smart contracts execution. The contracts will be executed in the virtual environment of the system - Credits Virtual Machine (CVM). \n\n\n#### Currency,<br> Team & ICO\n\nThe native currency of the network is CREDITS cryptocurrency which will be available after mainnet release. There will be a total of 1,<br>000,<br>000,<br>000 CREDITS. During the ICO ERC tokens will be issue to the participants. The ERC-20 tokens will be swapped 1:1 to native currency once the mainnet is released. The team is based in Singapore and the company name CREDITS.COM PTE. LTD. [Full team ()\n\n- Supply: 1,<br>000,<br>000,<br>000 CREDITS\n- ICO Hard cap -$20 M USD\n- ICO Minimum cap - $1.5 M USD\n- ICO Date - 15th Feb 2018 - 28th Feb 2018\n\n<center>![6CO9Y8yy_400x400.jpg (https:\/\/steemitimages.com\/DQmR67VwofayBTfXWAwMhMT2RDG7p2zqFjLkTY674qEaTdQ\/6CO9Y8yy_400x400.jpg)<\/center>\n\n\n\n### More\n##### To learn more about the project & to get involved in the ICO visit the [CREDITS website (https:\/\/credits.com\/en\/home\/)\n\n##### BitcoinTalk ANN - https:\/\/bitcointalk.org\/index.php?topic=2401248.0\n##### Twitter\u200a\u2014https:\/\/twitter.com\/creditscom\n##### White Paper\u200a\u2014\u200ahttps:\/\/credits.com\/Content\/Docs\/TechnicalWhitePaperCREDITSEng.pdf\n##### Telegram\u200a\u2014https:\/\/t.me\/creditscom\n\n<center>![DQmdFJRx4XH3zNGySfPDHXWxRghNnbsEdov2Luh8f9o8bdb_1680x8400.png (https:\/\/steemitimages.com\/DQmRbpkzwq7wyijR3fD9bYKimv5iRvnLEM8jmkJkwdoE2oM\/DQmdFJRx4XH3zNGySfPDHXWxRghNnbsEdov2Luh8f9o8bdb_1680x8400.png)<\/center>",<br>"json_metadata":" \"tags\":[\"blockchain\",<br>\"ico\",<br>\"tokensale\",<br>\"banking\",<br>\"cryptocurrency\" ,<br>\"image\":[\"https:\/\/steemitimages.com\/DQmUKe6S2kzgFx7LcbFGuL7CmESDtQGLJd2g5kqwK69H3MZ\/1_3A8qI0jLrgjsLpkI1wr_hg.png\",<br>\"https:\/\/steemitimages.com\/DQmR67VwofayBTfXWAwMhMT2RDG7p2zqFjLkTY674qEaTdQ\/6CO9Y8yy_400x400.jpg\",<br>\"https:\/\/steemitimages.com\/DQmRbpkzwq7wyijR3fD9bYKimv5iRvnLEM8jmkJkwdoE2oM\/DQmdFJRx4XH3zNGySfPDHXWxRghNnbsEdov2Luh8f9o8bdb_1680x8400.png\" ,<br>\"links\":[\"https:\/\/credits.com\/en\/home\/\",<br>\"https:\/\/bitcointalk.org\/index.php?topic=2401248.0\",<br>\"https:\/\/twitter.com\/creditscom\",<br>\"https:\/\/credits.com\/Content\/Docs\/TechnicalWhitePaperCREDITSEng.pdf\",<br>\"https:\/\/t.me\/creditscom\" ,<br>\"app\":\"steemit\/0.1\",<br>\"format\":\"markdown\" " | | vote | "voter":"magpielover",
"author":"magpielover",
"permlink":"credits-a-new-blockchain-for-financial-systems",
"weight":10000 |
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