The price and value of cryptocurrencies are growing in unison. But not everyone knows that even the blockchain technology has its own huge drawbacks which can be easily seen by the example of Bitcoin.
What are the drawbacks of classic blockchain?
Bitcoin is far from true perfection. Each day its transactions become slower, and the blockchain size is already over 165 GB. The owner of a full-fledged wallet is forced not just to download a large amount of information, but also to wait a long time to restore functioning after shutdown. The second reason for the hatred of Bitcoin users is POW (Proof of Work) – a kind of issue in the network to allow miners get their small piece of cake for the capacities used. The transaction payment is already too high today.
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The only way to fight shortcomings is to create a new level project. The project which will be able to combine all the achievements of the revolutionary cryptocurrencies and eliminate drawbacks:
– slow transaction processing;
– too low bandwidth;
– quite high commission;
– the need to store the blockchain data on a full node.
The CREDITS platform is designed to synthesize all recognized achievements of the well-known cryptocurrencies – POW (Proof of Work) from Bitcoin, POS (Proof of Stake) from Ethereum and the Federated Agreement algorithm.
CREDITS offers an increase in the speed of transactions and a reduction in their price for users.
The platform will allow users performing many micropayments in the shortest possible time. The main feature of the platform being developed is the direct consideration of the consumer interests in the system design. Companies can transfer part of their transactions to CREDITS blockchain, and financial services can use blockchain and self-processing smart contracts to build service operation algorithms.
The platform offers:
1. Revolutionary speed – up to 1,000,000 transactions per second! A block interval is 3 seconds. No Merkle trees in blockchain blocks.
2. Improved network security provided by homomorphic encryption. This type of encryption allows making arbitrary calculations on the encrypted data without decrypting them.
3. A unique model of consensus based on the principle of federal node voting as a way of verifying transaction validity and minimizing the probability of illegitimate transactions.
4. Information compression up to 90% to reduce time for data loading and save server space used for storage in network nodes.
5. Capability of using “smart contracts” well proven in the Ethereum blockchain system. With their help, companies get a tool that can significantly reduce business costs.
6. The scope of application is limited only by the developers’ imagination: from the financial sector to the Internet of Things (IoT).
7. Use both as a public or private network. Businesses can use the platform to develop their own applications based on their own needs.
8. Complete lack of mining due to constant coin value. Holders of full nodes receive half of the remuneration in the Credits currency from the transaction commission amount of this processed ledger.
CREDITS will achieve fantastic performance due to its own developments in the blockchain technology. Those who want to buy coins at ICO, can do it in January 2017. Credits.com promises to change the attitude towards the blockchain all over the world very soon.
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