CREDITS – THE FUTURE OF BLOCKCHAIN
3 weeks ago kakp2 Comments Off on CREDITS – THE FUTURE OF BLOCKCHAIN
Have you ever noticed how fast the world is developing? Each discovery speeds up the progress and pushes bright minds to find out something new. The gaps between the inventions of breakthrough solutions are less and less visible. Cost of using new technologies keeps getting lower. A smartphone for 100 dollars can do more than a 15-year-old computer, 4G is faster than expensive network connections a few years ago, and comparing time-consuming paper reports with modern accounting systems is a silly idea.
Banks and various financial institutions are profiting simply by transferring money from your account to the seller’s account. For each transaction, they charge their own commission promising in their turn to work properly and honestly. In fact, we’re being imposed an interest rate, insurance, and unnecessary services, which increase the total service cost taking the advantage of the situation that looks like a monopoly. There are lots of banks, but they all work in the same manner and with the same efficiency.
And then comes Bitcoin and other cryptocurrencies that offer the same services, but cheaper and more transparent. A 200-year-old banking system with its ideal working mechanisms is successfully confronting blockchain and cryptocurrencies that are under 10 years of age. However, unlike conservative banks and states, developers of cryptocurrency don’t like the principle of ‘we are not changing anything while it is working’ and regularly improve their products.
CREDITS blockchain proposes a new system: a good competitor to bank accounts and printing machines. It employs decentralized blockchain which makes it the fastest and most convenient one in the marketplace. But most importantly, CREDITS is designed to create services for blockchain systems using self-executing smart contracts.
The main problem of Bitcoin, Ethereum, and other cryptocurrencies is the low speed and capacity. There is no mining in CREDITS, so the speed of blocks is limited only by the power of the servers in the network. A number of random nodes form a ‘white list’ of transactions upon validating a new ‘Registry’ blockchain, and master nodes include them in the new blocks. You can carry out hundreds of thousands of transactions per second with the average speed from about 0.01 seconds depending on the condition of a communications network, and this is thanks to the division of labor between the nodes.
The second problem of cryptocurrency is the unstable exchange rate. For example, Bitcoin grows because people see the growth and invest money, thus pushing the further growth. And top businesses rightly believe that the only way to get benefits from mining is to produce the appropriate equipment.
The third problem is the lack of clarity. Most people who have heard about cryptocurrency do not understand how and why they should use it knowing that there are bank transfers well-tested over the years.
CREDITS blockchain platform solves both problems: it is not created to earn on mining or for rapid speculations. It is a new technology, that can change the world of finance and our lives. Why would people want to buy CREDITS cryptocurrency? Because they can use it to purchase smart contract services for a low transaction fee.
The implementation of CREDITS blockchain platform can reduce the impact of the human factor and the cost of many services: сheap international transfers, instant transaction execution, and full security of your money. Checking revenue, documents, and certificates with automatic algorithms without disrupting privacy and disclosing personal information, simplifying and cheapening any monetary transactions, smart-contract based investment insurance, and crowdfunding instead of borrowing loans at huge interest rates: this is the future with CREDITS blockchain platform.
From Darya Merkusheva