Background
Blockchain technology, more and more days are interested to learn and know how to work and to know what benefits can be accompanied by it. While the Indonesian government itself also does not want to miss, and for that in this case Bank Indonesia has plans to apply this technology to know what benefits can be added to the banking world in Indonesia. As we know some developed countries such as Japan have already legalized Bitcoin in their country, so this will not directly have a positive impact on blockchain technology. And do you already know the meaning of the blockchain? Blockchain is a peer to peer technology behind Bitcoin. Blockchain is a network of blocks that store transaction data that has been encrypted in a distributed network. This technology allows users to store digital data safely and fully without being able to change by others.
Introduction
Blockchain originally appeared in conjunction with Bitcoin, but later found many uses of this technology beyond the digital currency itself. Blockchain began to apply its use by world-class companies such as Microsoft, Citibank, Visa and Walt Disney. And over time, many blockchains are made in accordance with their respective functions, in addition to blockchainnya Bitcoin, another popular blockchain is blockchain from Ethereum, a decentralized platform that can run smart contract, which is an application that can run itself according to programming without the existence of downtime, censorship, fraud and interference from other parties. The most important difference between Bitcoin and Ethereum is its purpose and function. Bitcoin offers a peer-to-peer electronic money system for Bitcoin payments or transfers. While Ethereum focuses its blockchain to run decentralized programs, including one of Ether payments or transfers, and thanks to the Ethereum blockchain as well as many ideas that have emerged for the advancement of fintech and start ups, this can be seen from many ICOs that use the Ethereum platform and ride in his blockchain.
Problems in blockchain and cryptocurrency communities:
But although these two blockchains are owned by Bitcoin and Ethereum this is the most popular and very influential on the world blockchain and cryptocurrency community, often its blockchain technology still has deficiencies that lead to inefficiency especially when conducting daily transactions for transactions financial services.
Do you ever feel annoyed when making transactions with Bitcoin or Ethereum because of the confirmation of the transaction for hours, and also because of the cost of sending the expensive? When the price of Bitcoin is still Rp 2 million, the cost of delivery is small but as the price of Bitcoin rises sharply and strong up trend to 100 million, and the cost of sending also go up especially when do Bitcoin delivery from exchange and personal wallet.
And in the event of a very large transaction at the same time that often Bitcoin and Ethereum experience overload transactions, so the transaction confirmation for hours, because the ability of their blockchain can only handle transactions about 100 transactions per second, and now the greater blockchain community so that transactions can occur more than 100 transactions per second, and occur about two hundred thousand more Bitcoin transactions per day in this world today. And when Bitcoin / Ethereum outstrips its blockchain technology capabilities in handling the number of transactions, it will cause transaction confirmation to be long and ultimately inefficient especially when it is in use in business transactions and financial services.
So it can be said that blockchain in bitcoin is a slow blockchain. And other things that are often complained by the cryptocurrency community is the cost of sending from Bitcoin and Ethereum are high, and this is sometimes not in accordance with the slogan Bitcoin first peer to peer with transaction costs are very cheap. And because of the growing community of cryptocurrencies of the world, which will also directly increase the number of digital currency transactions, it is therefore an innovation needed, how the above problems can be handled. And looking at these issues, an idea arises how to create a blockchain protocol that can cope with this problem and get better with creating a Credits platform.
What is Credits?
Credits is a blockchain protocol that uses its own cripto called CREDITS (CS). This protocol aims to create a more unique and better blockchain technology impletation. The advantages of the Credits include better technical networking capabilities, lower transaction costs, and processing time of much larger transactions up to 1 million transaction processing / sec, while Bitcoin and Ethereum can handle only 100 transactions per second. And of course this will be very useful and helpful for the world's crypocurrency community, especially in terms of financial product activities, the financial industry, and helping the IOT (Internet of Things) industry and will also greatly assist transactions in financial services and buying and selling day-to- day. Credits is also an open platform where users and companies can create online services that implement the blockchain protocol.
Vision and mission
Credits aims to create a decentralized financial system based on a digital token called CREDITS. It aims to provide cheaper transaction costs, faster transactions, and greater scalability than the current popular blockchain (Bitcoin / Ethereum), making it an ideal choice for financial and business products.
Here are some core features of the Credits platform, including how blockchain technology works-and who make Credits different from other leading platforms:
- Built in Blockchain, Credits builds on distributed and decentralized storage systems open source code. Blockchain can be implemented in public and private networks.
- Transactions Each record is entered into a blockchain database without Merkle trees and sidechains with consensual transaction processing.
- Block formation, Credits assign permissions at the transaction level, with transactions added to the block to find the next consensus with the algorithm.
- Consensus Model, Consensus Model Credits are described as being federal with mechanisms to resolve most nodes with permission to make decisions.
- Smart Contracts, Credits supports the capabilities of smart contracts, and each smart contract is performed in a separate isolated virtual machine environment. This allows development in scripting languages (such as JavaScript) as well as extended work with scheduled calendars.
- System, CreditS is designed to be scalable. When its blockchain says it's scalable, it means that the number of transactions increases as the number of nodes increases. Credits do not have a mining / mining system, so all coins are issued in a certain amount.
Credits has a decentralized network where each node (peer) is a client and performs a server function. Credits also have wallets, store transactions to blockchain, and on-site consensus algorithms.
Above, I mentioned and explained the vast features of the blockchain Credits and how they work. Here are some of the other features and more technical specifications compared to Bitcoin and Ethereum:
So the most striking difference between the blockchain protocol Credits with Bitcoin / Ethereum is:
- Credis has a transaction processing speed of up to 1 million transactions per second, while Bitcoin / Etthereum is only up to 100 transactions per second, a very far difference.
- Transaction processing time averages 3 seconds of transactions, while Bitcoin / Ethereum averages 0.5-15 minutes / transaction.
- The transaction processing cost is very cheap while the transaction fee is Bitcoin / Ethereum 0.02-0.5 dollar transactions.
Who are the Credits?
Credits led by Igor Chugunov (CEO and Founder), a Singapore-based entrepreneur specializing in the fintech industry. Other key team members include Evgeniy Butyaev (CTO), Valentin Antonov (Team Leader), and Aleksandr Krasnov (Senior Software Developer). And all the team foundernya can be viewed on their website.
Credit is headquartered in Singapore. The company was established in 2016.
ICO Credits Details
Because the credits already qualify as a Minimum Viable Product (MVP), then they are conducting ICO to undergo the next stage.
Token Credits belong to the token ERC20 and from the total inventory of 1,000,000,000 tokens, 60% will be sold on ICO, 20% for operations, 15% for the founders, 2% for bounty bugs, 2% for bounty and 1% for advisor.
- Symbol: CS
- Price: 1 ETH = 5,000 CS Token
- Purchase: ETH
- Total Supply: 1,000,000,000 Tokens
- Type Token: ERC20
- Mulai ICO: Pre-ICO 10 Nov 2017 - December 15, 2017, Primary ICO Jan 15, 2018 - Feb 15, 2018 (visit his website further https://credits.com/en/home/ico)
- Minimum Purchase: 0.01 ETH
- Soft Cap: $ 15 million
- Hardcap: $ 20 million
- Minimum Cap: $ 1.5 million
- Bonus: Available up to 40%, bonus depends on the number of tokens to be purchased and depends on the day of purchase. For more details please visit the website.
If there is a token that is not sold during ICO, it will be burned and destroyed.
Steps in purchasing a CS token over ICO:
- To get started in buying a token Credits is very easy, first go to webistenya, enter email and Ethereum address from MyEtherWallet and do not use Ethereum address from exchange.
- Make sure you already have a personal wallet Ethereum like MyEtherWallet to send ETH and receive a token Credits.
- Send Ethereum from MyEtherWallet and then the CS token will automatically go into MyEtherWallet wallet.
- For further information, please join and inquire at official telegraph chat https://t.me/creditscom
Road Map
Team
Official Website:
Website: https://credits.com/en
Whitepaper: https://credits.com/Content/Docs/TechnicalWhitePaperCREDITSEng.pdf
Twitter: https://twitter.com/CreditsCom
Facebook: https://www.facebook.com/creditscom/
Telegram: https://t.me/creditscom
Medium: https://medium.com/@credits
Author ( Muhammad omy )
Profile Bitcointalk Link: https://bitcointalk.org/index.php?action=profile;u=1128332
Ethereum Wallet Address: 0x2D920BaC80d4A4341CceAbC0179726ebe6922116