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.
The only way to fight against deficiencies is to create a new level project. The project that will be able to combine all the achievements of the revolutionary cryptocurrencies and eliminate inconveniences:
– 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:
- Revolutionary speed – up to 1,000,000 transactions per second! A block interval is 3 seconds. No Merkle trees in blockchain blocks.
- Improved network security provided by homomorphic encryption. This type of encryption allows making arbitrary calculations on the encrypted data without decrypting them.
- 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.
- Information compression up to 90% to reduce time for data loading and save server space used for storage in network nodes.
- 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.
- The scope of application is limited only by the developers’ imagination: from the financial sector to the Internet of Things (IoT).
CREDITS will achieve fantastic performance due to its own developments in blockchain technology. Those who want to buy coins in ICO, can do so in January 2017. Credits.com promises to change the attitude towards the blockchain around the world very soon.
More information in: https://credits.com/
Bitcoin Talk: https://bitcointalk.org/index.php?topic=2190887
The publisher of bitcoiner.today is not responsible for the opinions or recommendations expressed by its publishers. Investments in ICO's are high-risk investments, you may lose all or part of your investment. Consult with an investment specialist before you act.
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