CREDITS is one of the platforms that was developed to provide a decentralized digital financial service and enable interaction between each member and peer-to-peer (P2P) concept. CREDITS allows for an agreement in a user-defined smart contract. The ledger is also deployed in a distributed form so that the potential of this platform is great for becoming a significant financial platform. All members will be unified on a single site that allows each participant to use and offer financial services. The adoption of an innovative concept will enable each participant to interact with the network to implement a decentralized economic function.
The p2p rules in financial services are entirely used to provide services such as credit granting, funding, currency exchange, money transfers, and all other services that can be done directly. The p2p concept has eliminated intermediaries so that transactions will happen faster, cheaper, and better. The direct interaction that occurs in p2p is a revolution in the banking world. It is also the same with the revolution of information from newspapers, magazines, and television into bloggers, websites, youtube and social networking. All information has been stored in a decentralized cloud system with investment in crowdfunding. Magazines and newspapers are increasingly abandoned as well as traditional banks in the future.
Now is the time for financial platforms to keep pace with technological developments by implementing a decentralized system. Implementation of p2p direct interaction is also worth trying because if viewed technically it will be easier in its application. By applying them to appropriate technological environments, the role of decentralized systems for financial services products can be done using distributed ledgers with execution time in just seconds. With the application of distributed ledgers, it can also provide the platform with the ability to handle large amounts of transactions simultaneously at low cost for each non-cash and microtransactions.
The best service can be provided with the development of a system that enables all participants to improve the quality of decentralized financial services. The system should enable services that include user personnel, credit history bureaus, KYC, withdrawals, fiat money settlement centers, and crypto. All basic services in the banking world must be done by the digital banking platform so that its use can be a revolution that replaces the role of traditional banks. Every piece of financial services should be unified and implemented by offering cheaper fees and faster transactions. The p2p concept must be able to prove the digital financial system more desirable to users.
As a decentralized platform, CREDIT will combine every member of digital financial services so that every transaction can be done quickly and can. Ledgers will also be applied to distributed systems. The project is created with the service concept of blockchain technology so that it will implement smart contracts to reach an agreement. The interaction will be generated from any financial service participant by the principle of federal voting. CREDITS economic platform has a high potential in providing services at high speed regardless of transaction cost limitations. CREDITS will be the solution of any problems that occur in the use of conventional banks to transact in the digital age. You can get the complete information using these links:
- Ann Thread: https://bitcointalk.org/index.php?topic=2401248
- Website: https://credits.com/
- Whitepaper: https://credits.com/Content/Docs/TechnicalWhitePaperCREDITSEng.pdf
The Use Of Ledger Network In Decentralized Digital Financial Services
In the decentralized platform, the ledger network acts as a network node capable of storing transaction data that has been confirmed by the system and then stored on all existing network nodes. The network node has the task of being the computer where all clients can connect to the system and then verify all the transactions and write transactions to the ledger. Any operation that occurs in the system will be followed up by smart contract methods and the results obtained will be stored in the blockchain system. Smart contracts are intended to facilitate the process of data verification and ensure agreement to occur by the provisions. The method is used to calculate the work as a form of responsibility and store data into the system.
The decentralized network built will use some goal-dependent node. The node will participate in the transaction verification process. That aims for validity can be achieved by having common belief factor in processing data on the next cycle in the network. Knots that have the maximum trust will be called as a trusted symbol. This node serves as a candidate of the current processing node and the common node. The network which participates in verifying and adding transactions to the ledger block is the main node. Further calculations are done depending on the number of nodes and the complexity of the network. The prevailing system uses trust factors in the form of absolute numerical values from 0 to 1.
The application of a network ledger cannot be separated from a condition called an ordinary block book. The condition occurs when all the first large blocks are synchronized across all system nodes. The contents of the ledger are a single unit of information in the form of block hash codes. Block number will be the thing checked during the synchronization process. Each node will be linked to another node to generate relevant information. The level of knowledge will be improved through information processing. Any existing information management process will be handled simultaneously. The parameters of the input will provide transaction details that will drive an operation to obtain the numerical code.
The final solution of group decision making within network nodes is by consensus. In a decentralized system, the availability of ledger will ensure that each node can write data to the ledger. Modifiability can also be done by all participating nodes in the network. All nodes will view the same version as a consistency form of all system nodes. The node will see an identical version of any ledger that has changed. The applied system also has resistance to a separation that occurs when the node cannot be operated so that it will not affect the general ledger operation.
Priority will be omitted in a decentralized network to provide identification to network nodes that perform transaction queuing processes stored on different network nodes. The transaction block will be entered upon completion of the queue process. The protocol used in CREDITS is a combined protocol that can increase transaction speed, high security, data storage, and transaction transfer processing. All protocols are based on mathematical calculations of all transactions that occur within the ledger.
The ICO of CREDITS to Gain The Contributors
ICO is an activity that is commonly done by the startup platform to get a contribution. The results of contributions gained during ICO will be used for platform development. The terms of the given input will usually vary from each platform. The success of ICO will determine the platform development process. The developer team has traditionally defined how much contribution can make a platform able to continue. The distribution of funds has also been planned by the developer team so that the allocation of funds can be done appropriately. CREDITS has resolved pre-ICO on December 26, 2017. The results obtained are worth 3,002,165 USD or 4,029.12 ETH. That is a great enough result for pre-ICO events. Total contributor to pre-ICO is 700 users with 1100 payment.
Each participating contributor is required to register on the official website page of the Credits platform. The provisions imposed are to execute the first contributor who has a small payment amount. Before deciding to join, you may need to know that Credits is a utility token based on the legal opinion from the United States and Singapore. Credits have also received approval to sell token to all citizens of the world including USA, Singapore, and China so it is expected that the amount of contribution collected can be fulfilled soon. KYC will be applied to contributors who provide funds with ETH amount or more. So contributors to that amount will provide complete information such as names, addresses, and some official documents to identify contributors. If your contribution is less than 10 ETH, then you do not need to provide detailed information. You have to set up your Ethereal account. The availability of the Ehterum address is essential to join in smart contracts and participate in ICO. If you don’t have an Etherum address, then you cannot participate in ICO and will be blocked by a smart contract.
Alpha version launch schedule is expected to be faster in January 2018 before the ICO begins. It will make you faster to know how CREDITS platform in providing its services as banking in the digital age. The full release will be done within the next four months. The use of Escrow for ICO funds will be available gradually following the full version of Alpha. Founder tokens will not be available within a year. The fair amount is also applied in determining the Cap that is amount 15 M USD.
The new generation of blockchains with extraordinary capabilities will be launched to give people the benefit. CREDIT has been built to replace old technology with several new approaches offered such as registry development, consensus, processing, data transmission, and preservation. The latest technology will implement low transaction costs for platform expansion. The whole world will know CREDITS crypto technology by realizing a decentralized system. The development of MVP and Alpha will be resolved and have received positive feedback. Besides, the demand from the users comes more significant as well as from the experts who will implement the CREDITS platform. Therefore, your contribution is crucial to realize a platform that can be the latest solution and innovation of decentralized systems. To know about the development, you may join the social media of CREDITS platform below: