Jan 7 2018
The use of blockchain to build a decentralized system is the latest innovation to simplify digital transactions. CREDITS is one of the blockchain platforms that use smart contracts. The crypto concept is also applied in the platform to create a better blocking system than existing systems. Better use of blockchain technology will enable CREDITS to handle faster transactions of one million operations in one second. Using a decentralized financial system as a direct interaction between participants within the platform will make the transaction ease and cheap to happen. The potential use of financial services will use a distributed ledger.
The use of peer-to-peer aims to create services that can provide financial services such as money transfers, lending, currency exchange, funding, and other transactions conducted directly by each participant. All transactions that occur can be done without an intermediary, and the cost incurred more affordable. The quality of service received will also be better with faster transaction time. The peer-to-peer concept is tantamount to a revolution in financial services where the money will be invested in ICO and crowdfunding. All information obtained will be stored in a decentralized cloud.
The introduction of decentralization with direct interaction has been applied to different types of platforms. It’s just for the financial services until now still not using the system. That’s because the digital system is considered less secure to store essential transaction data. However, technically the creation of a decentralized system with blockchain technology has a high level of security. The use of ledgers distributed in digital financial services will speed up transactions and the costs incurred will be lower for each payment transaction that occurs.
Financial services using distributed ledgers can assist in the development of systems with better-decentralized service quality. Quality improvements are made with user personal information services, fiat money settlement centers, crypto liquefaction, withdrawals, and KYC. As a solution to the essential tasks that must exist within the financial services platform, CREDITS uses decentralized technology. The platform can provide secure and fast financial transaction services. Limits that apply within the system will be created based on original contracts that each participant can agree upon on the platform.
A decentralized system also allows participants to have interactions that can provide services for financial products. New markets may be open in blockchain financial services. The use of the system to perform digital financial transactions has become an option because it offers convenience and affordable costs. The need for digital payment transactions is increasing rapidly every year. The use of traditional banks is still considered less efficient to make payment transactions in the digital era. The development of existing technology continues to encourage the digitization of every aspect of life.
CREDITS is present as one of the revolutions of the world of sacrifice that has a lot of support and renewable technology to create a secure transaction at an affordable cost. The integration of blockchain technology and distributed ledgers is an excellent idea to improve the quality of financial services. CREDITS also implements smart contracts to forge an agreement with each participant incorporated in the platform. With support from the digital community, CREDITS will bring banking services faster and easier to meet digital payment needs. For more information, you can visit the Ann Thread at https://bitcointalk.org/index.php?topic=2401248.
The Implementation of Smart Contracts within CREDITS
Implementation of smart contracts within the platform is essential to support a decentralized system. The intelligent deal will present an automatic algorithm in the form of an overview of sets of conditions that indicate the conditions of an action taking place in the digital world. Smart contracts within CREDITS can be controlled by every participant in the ecosystem. Centralized authority is still required to realize an independent cryptocurrency to use the cost of smart contract transfers. This is because a fully decentralized environment does not include the human factor needed in it. The concept of smart contract is expected to facilitate the implementation of a system that provides financial services in peer-to-peer. Transactions under smart contracts will allow each participant to get the appropriate deal with the needs.
In a smart contract will consist of several entities consisting of properties and methods. The property has a function to store a public data required in a smart contract that is implemented within CREDITS. Then in a smart contract will also require a method to be responsible for logical observation and sequencing of actions on transactions conducted under the contract. Each participant can use the call method to modify the contract properties to launch a verification process. Smart contracts will apply after each party’s signature is signed. An extension environment will be required to ensure compliance with the obligations under the automation of contract implementation. The requirements of the smart contract will have a clear mathematical and logical description of the execution.
The smart contract will be automated to meet the completeness and reliability of the contractual relationship between the parties involved. System entities contained in the smart contract method implemented within CREDITS will be responsible for the sequence of actions and logic as long as the transaction can be made under the contract. Modules run in action will explain following execution commands that allow obtaining results from the wishes. Each code in a smart contract can handle assignment commands, user commands that have separate functions, contract properties that contain static and dynamic variables that have initialization within the contract method, and methods of any other available every contract.
Scripting languages are also provided for the development of a more famous smart contract system. The program code allows for the use of all scripting operators. The method used in the contract will be run with a virtual system environment and is called a VM. The allocation of the memory area and the bytecode load of the contract will contain methods and variables that are redefined when the other contract codes are called. At runtime, VM will start the procedure for bytecode method.
Variables and codes will be loaded into memory areas that are executed with commands that will be executed in a row. Then each result will be transferred into the peer-to-peer network to be placed in the ledger. The user of the system will be the initiator of the execution method that can behave on behalf of the method launcher. CREDITS will be one of the incubators of the value of the contract unit to be able to compare two chaotic units and build consensus to run the contract. CREDITS cryptocurrency will serve as a platform that can affect the transfer value.
The overall concept built in the CREDITS platform development has the goal of getting each participant to enjoy transaction convenience. Each service requested by the participants can be done quickly and efficiently but at a low cost. To ensure the speed CREDITS chooses blockchain technology. The use of blockchain will also make every transaction more secure. With the support of the smart contract that will provide comfort for each participant to reach an agreement. The platform will be developed to successfully deliver the best digital financial services to every participant incorporated into the ecosystem. For a conceptual overview of CREDITS, you can see it in the white paper at https://credits.com/Content/Docs/TechnicalWhitePaperCREDITSEng.pdf.
The Token Sales Of CREDITS
CREDITS token sales are one of the most critical events to realize a digital financial services platform. Token sales will be held at the ICO event. To participate, you must register first at https://credits.com website. Pre-ICO has reached 3,002,135 USD or 4,029.12 ETH. Token sales on Pre-ICO has managed to get 700 contributors from 1100 payments. The soft cap has been set at 1.5 mln USD, and hard cap is at 3.0 mln USD. You can see smart contract for ERC20 in Etherscan. You can perform a request procedure for a whitelist in advance to get the participation inside ICO.
Registration for all contributors is done on the website page to enter the list to the whitelist. Then the contributor will make a payment first for any contributor who has a small payment will be executed first. In ICO implementation, CREDITS team has conducted legal opinion in Singapore and USA. The result of a legal advice states that CREDITS is a technical token or utility. CREDITS has also been approved to be sold to all citizens of the world. America, Singapore, and China are also included in countries where citizens can contribute to ICO operations.
The success of ICO will be influenced by how the concept of the project is offered. The whole idea has usually been described in the whitepaper. To get many contributors, the deployment of information about the platform is also critical to enable anyone worldwide to join in token sales events. Each person can contribute with a different value even if it has been specified minimum amount for the token purchase. The information provided by contributors to the platform may also be varied for a specific payment amount.
For contributors who have a purchase value of 10 ETH or more, will pass the KYC process or know your customer through a separate identification. Contributors with that amount will fill in some data such as name, address, and some official documents needed for transaction security and convenience. While for contributors under 10 ETH does not require detailed verification. Each contributor must have an Eheleal address that will be used for payment. Ethereal address ownership is the main thing because it will determine your participation in ICO. If you do not have an Ethereal account, you will be automatically blocked by Smart Contract.
Credit can make transaction settlement quickly. The required execution time is only 0.01 seconds to complete one million transactions. By using blockchain technology and smart contracting systems, CREDITS will improve performance with API programming. CREDITS is a very reasonable range when compared to other platforms. As a new project that provides many services for consumers, Credits have shown rapid progress so that the number of funds received will be more useful to complete the project development process. To be able to support the completion of the platform development you can contribute to ICO as the pre-ICO has closed on December 26, 2017. ICO will start on 1 February 2018. Make sure you keep abreast of platforms to make token purchases at the predefined time. Tokens may not be available after the ICO event ends. For more information, you can visit the following link: