CREDITS - A New Blockchain for Financial Systems

magpielover (51)in #blockchain • 7 years ago (edited)

The pressing issue with existing popular public blokchains is Scaling. Without scaling, one cannot hope for an era in which enterprise adoption of blockchains will be a reality. Therefore, 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, i.e to deliver financial services via a distributed ledger making use of self-executing smart contracts and the native CREDITS cryptocurrency. Think Exchanges, Banking and other systems that require high execution speed.

CREDITS 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.

The CREDITS system will have 3 types of nodes ;

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.
Trusted Node - Nodes with maximum trust factor and that participate in the transaction verification. Trusted nodes are selected dynamically.
Main node - The primary node takes that is resposible for analyzing and confirming transactions on the network, as well as adding them to the registry.

Instead of Merkle Tree (A tree constructed by hashing paired data) used by other popular public blockchains such as Ethereum, CREDITS will make use of a Registry which will create records consisting of information such as Node identity, Time of transaction, Sender & Recipient , Type of Transaction (Debit and Credit), Transaction Quantity etc.

A 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, getting complete list of transactions, analysis and processing of candidate lists, voting by all nodes, 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.

Like Ethereum CREDITS will support smart contracts execution. The contracts will be executed in the virtual environment of the system - Credits Virtual Machine (CVM).

Currency, Team & ICO

The native currency of the network is CREDITS cryptocurrency which will be available after mainnet release. There will be a total of 1,000,000,000 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 is CREDITS.COM PTE. LTD. Full team