Credits ICO has been getting a lot of hype recently, so we decided to check it out. Credits, a little known but highly motivated Blockchain launched publicly on the February 17th. Just 17 hours after the launch, Credits had already hit the $20 million hard cap. This project is built atop the Ethereum Blockchain and wants to create a payment processing and transaction platform for businesses in the financial industry.
Credits has in internal Cryptocurrency and autonomous smart contract system that allows the platform to execute transactions in lightning speed. Ripple, another fast-growing blockchain platform, is trying to do the same thing. However, Credits is using a completely different approach from the rest of the blockchain projects in the financial industry. Despite being an Ethereum based project, Credits is positioning itself as a far more advanced version of the platform. Whether that’s true or not, only time can tell.
Presale Date: 10th November – 15th December 2017
Total CS on Sale: 1,000,000,000
Accepts: ETH, BTC
Hard Cap: $20,000,000
Credits’ Main Aim
Bitcoin and Ethereum are the most popular Blockchain platforms at the moment. These Blockchain networks, though popular, have massive scalability problems that increase both the cost and time taken to complete a transaction. Ethereum can only process about 15-20 transactions per second; Bitcoin can only manage seven. Credits founders wanted to create a platform that can process transactions faster and at the same time, reduce the cost of transacting.
Simply put, Credits goal is to eliminate all the current problems associated with transacting with Cryptocurrency. Credits promises to reduce transaction costs to as low as $0.001, which compared to Ethereum and Bitcoin, is quite low. At an average of 0.005 dollars per transaction, Ripple is the only blockchain network that can compete with Credit’s rates. Credits also wants to lower the confirmation time to the tune of 0.01–3.0 seconds, much shorter than Ethereum and Bitcoin. Credits is targeting 1,000,000 transactions per second, powered by its superior network capacity.
Credits has so many different use cases. Note the Credits platform has a cryptocurrency of its own, known as CS. It shares a lot of similarities to projects such as Ripple and Ethereum, and as stated earlier, Credits sees itself as the better, more advanced version of the Ethereum Blockchain. It allows businesses to process, send, and receive payments faster and in a more secure way. The project was created to specifically tackle the problems faced by legacy systems. Credits can be used in trading; it allows people to carry out all their transactions in a single registry.
Credits has a smart contract feature that facilitates the sharing and storage of information. A trustless systems that can bring a lot of advantages for a lot of businesses in the financial industry. Credits also provide fast, low-cost international payment solutions, which has always been an issue on other platforms. In future, the Credits team believes that the platform will have many other applications including Internet of Things (IoT), exchanges, identification, and other innovations, some that are yet to be imagined.
Credits Blockchain uses a combination of public data registry, as well as its autonomous smart contracts system to create services for Blockchain systems. With an execution speed of 0.01 seconds, Credits system can execute more than one million transactions in one second. Additionally, these transactions are done at a minimal cost owing to the super-fast execution times, no other blockchain can do it quite like Credits.