Credits.com describes itself as an open-source, decentralized blockchain platform that utilizes smart contracts allowing users to create high-performance applications.
The platform uses a unique consensus algorithm known as Proof of Agreement (PoA), which is based on a new data transmission protocol, the BFT conception.
The protocol is lauded for being the best in microtransactions, supporting token issuing, mass financial payments, and storing data on the blockchain.
Features of Credits
On the technical side of things, the Credits platform features some unique characteristics that allow it to be adopted in various industries including a high decentralization level that allows anyone from anywhere to able to run a node and maintain the network thereby ensuring they receive a share of the rewards which are distributed equitably.
The platform also features unrivaled transaction processing time, which is lightning fast. On average, it takes 0.1 seconds to confirm a single transaction, and up to 5 blocks can be generated every second.
The platform supports high network capacity, and this explains why Credits claims to process up to a million transactions per second. And the incredible thing is these transactions are almost free or very cheap, costing around $0.00001 (0.00014 CS) per transaction.
Another incredible feature of the Credits platform is its advanced level of security, which they claim is the highest, which is based on the Byzantine Fault Tolerance algorithm.
The Token
Credits has its own token that is currently listed on coinmarketcap.com under the CS tinker. Its #173 on the charts trading at $0.071645 with a market cap of just over $13 million.
At the time of writing this review, the token has a 24-hour volume of $479,484 with a circulating supply of 185,982,174 CS and a total supply of 249,471,071 CS.
Use Cases
The list of potential use cases and solutions offered by the Credits is incredible since the platform believes that the blockchain can be integrated with almost every aspect of our lives.
There is a blockchain solution for the lending industry that is hampered by intermediaries, the cost of operations, and the complexity of infrastructure.
Here, Credits offers a new lending model where the blockchain processes applications through smart contracts that evaluate the applicant's credit history and scoring. Also, loans are provided in cryptocurrencies instead of fiat currency.
Some other solutions on offer on the platform include those for the insurance, gambling, logistics medicine, and consumer and industrial goods industries.
Concerns
Some experts that have taken time to review the project’s white paper have raised some concerns about how Credits plans to achieve some of its many promises since the platform seems to be one solution for all.
The first red flag is how the platform plans to achieve a million transactions per second, given that the platform is decentralized. If you check their white paper, there is no clear answer to this question.
There are also concerns about some of the code used on the network, including the use of MD5, hashing function that has been abandoned by many years ago, which exposes the network to potential vulnerability.
Conclusion
Despite the concerns, Credits has been embraced by many top brands who believe in its potential. So far, the platform has partnered with top global brands, including the likes of Lenovo, IBM, Pillar, IBM Watson, and many more.
Also, several DApps and services have been built on its blockchain. Now, with more software integrators taking the solution offered by Credits to their clients, the future seems bright for the platform.