Credits launched with the bold claim of supporting up to 1 million transactions per second, illustrating the ambitious nature of this project to compete with Ethereum. In this article, we explore what Credits is, its features, what the Cs token is, and the basic information about the CS token.
What is Credits?
Credits is the name of an open blockchain platform (integrating smart contracts) with its own digital currency called Credits coin (CS). Credits boasts impressive capabilities, such as processing transactions at a speed of 1 million transactions/sec, with each transaction taking an average of only 3 seconds, along with low transaction fees, which are arguably low.
Features of Credits
Here are the outstanding features of Credits, focusing on its Blockchain characteristics and what makes it different from other platforms.
- Built on blockchain principles: Credits operates on a decentralized distributed ledger system using open source code.
- Fast transaction speed: Transaction speed is a strong point for credit platforms compared to other cryptocurrencies. A transaction on a credit platform takes just 3 seconds.
- Block formation: Credits assigns permissions to transactions which are added into blocks until consensus is reached according to the blockchain rules.
- Consensus mechanism: Credits’ consensus mechanism can be described as: “Linked to the majority of nodes with sufficient authority to make final decisions”
- Smart Contract: Credits also supports smart contract functionality. Each smart contract is set up and executed on a separate, distinct server. This supports the development of different scripting languages and further extends the blockchain’s capabilities. Using smart contracts can eliminate the need for intermediaries in many financial transactions.
- Decentralization system: The blockchain platform has agreements with security agencies in its operating countries, ensuring continuous operation without legal disruptions.
- Operational scalability: Credits is designed to be open and capable of expanding its operational scope when needed. Unlike blockchain, which scales by increasing nodes to handle more transactions, Credits does not depend on mining, and its tokens are pre-issued.
Currently, Credits has a very feasible representative product (MVP) with the above superior features. The MVP can be accessed online today. It has a decentralized system with each node comprising a client and functioning as a server. The MVP also has its own wallet, saving on the blockchain and the consensus algorithm it uses.
What is the CS token?
CS is known as the official and exclusive token of the Credits platform.
Originally, it operated on the Ethereum platform using the ERC-20 standard. After the Mainnet launch on March 31, 2019, Credits began transitioning from an ERC token to the Credits token.
Through an ICO fundraising, the CS token was officially launched to the market in early 2017.
Basic information about the Credits (CS) coin
- Unit: CS
- Blockchain platform: Credits
- Minimum transaction time: 3 seconds
- Transaction capacity: 1,000,000 transactions/sec (projected goal, currently not achieved)
- Token type: Native Token
- Token standard: ERC-20 (since the project has not fully transitioned to Credits)
- Consensus mechanism: Proof of Agreement (PoA)
- Total tokens issued: 249,471,071 CS
- Total tokens in circulation: 168,185,800 CS
Project development team
- Chugunov Igor (CEO & Founder): Has 12 years of experience in banking, participated in IT projects, banking, and internet credit services, engaged in marketing for banks and PDL companies. Has 2 years of experience with Blockchain, working on Credits since 2016.
- Evgeniy Butyaev (CTO): Brings 10 years of software development experience and 3 years with Blockchain projects, working on investment solutions for clients like State Street and agencies in Russia. Joined Credits in 2016.
- Valentin Antonov (Team Leader): Has 10 years of programming experience and 2 years in Blockchain.
- Merejkin Michael (Web Developer): Responsible for web application development, with Credits since 2016, focused on developing the web interface.
- Matushkina Elena (Marketing Director): With 7 years in PR, she helps spread product information to customers via media and internet.
- Bruce Sadia (Development Manager): Holds a master’s degree in international communication and advertising, with 3 years of IT experience, managing internal and external relations.
The future of CS token
Upon launching the CS token, the project team made the following statement:
The project aims to be a reliable platform for projects and applications to build, operate, and develop Dapps on. Credits offers ultra-low transaction fees and superior throughput, achieving 1 million transactions per second.
Today, 21 Dapps are developed on Credits, a modest number compared to what a blockchain platform project can produce in nearly 2 years. Future observations are needed to evaluate the project’s progress.
This is a high-risk, large-scale project competing directly with Ethereum, which is very dominant. Some points to note:
- Marketing: The project needs an effective marketing strategy to encourage developers to switch from older platforms, especially since Ethereum has many years of experience and a large user base.
- Transaction volume: The goal of 1,000,000 transactions/sec reflects the project’s ambition. Although not yet achieved, it shows the team’s dedication.
Conclusion
This article has outlined the fundamental issues about Credits and essential knowledge about Credits, such as: What is Credits and its features, what is the CS token, basic info about the CS coin, and predictions about its future. Hope you find this article informative and useful.
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