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New open platform CREDITS for creation and management of financial services on the basis of the blockchain/ledger


The unique system of building a blockchain allows you to build financial services with high speed transaction processing up to 1 million per second and average speed transaction processing in 3 seconds. CREDITS truly opens up new opportunities to use the blockchain technology in the financial sector.






What is CREDITS?

It is a platform based on its own blockchain technology registry executable with built-in smart contracts for the performance of high-speed financial transaction operations. These features are achieved by the combined use of the concept of “smart contracts” and the search algorithm of the consensus-based algorithm for solving finite state machines using the model of the federal voting nodes. This algorithm will quickly find valid relationships between nodes, and the federated decision-making model to avoid compromised transactions, and making the most informed legal decisions possible existence above found relationships.

Blockchain

Distributed, decentralized storage and open source code. Support for public and private networks.

Transactions

Each record is entered into the blockchain of the block-less database without Merkle trees and sidechaines by processing consensual transactions.

Forming of blocks

Set permissions at the transaction level. Transactions are added to the block for the subsequent finding of a consensus on the algorithm for finding the solution of the finite state machine


Consensus model

Consensus model: federal with a mechanism for resolving most nodes with permission to make a decision.

Smart contracts

Each smart contract is performed in a separate isolated virtual machine environment, allowing development in script languages ​​(JavaScript), extended work with the calendar, scheduled

System

The system is scalable (as the number of nodes increases, the number of transactions processed per unit of time increases). The lack of PoW protocol (Proof-of-work). Coins are issued in advance in a certain amount

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Road map

S1 S2 S3 S4 S5
Pre-Alpha Alpha Beta Release candidate Release
Storage, Consensus mFA Consensus FA : Key Design Implementation mFA : Key Design Implementation, PoW + PoC mFA Optimization optimisation
Data Store Decentralization Ledger, NoSQL Store implementation MessagePack History Blockchain backup
CVM (Credits virtual machine) Design and Implementation Integration with ecosystem Optimization check errors
Third-party system Design and Implementation integrate to full system optimisation
Inference Engine Formal Specification and Key Design Elements Reasoner Integration with Blockchain Reasoner Optimization -
User interface Implementation Web UX design -
Wallet Wallet Formal specification UX design Application Test Android, iOS, Desktop Wallets
RPC & REST API Formal specification Blockchain Explorer Third-party explorer

Technical features

Features CREDITS Bitcoin Ethereum
Blockchain & Smart Contracts
Transaction Speed 1 000 000 transaction per second (up to) 10 transaction per second 500 transaction per second (up to)
Block Interval 3 seconds (average) 10 minutes 15 secondss
Block Size Dynamic 1 Mb Dynamic
Consensus Algorithm modified FA(Federated Agreement + PoW + PoC) Proof of Work Proof of Work
Flexible configured blockchain Yes No No
Coins CREDITS Bitcoin Ether
Coin issuance Only for ICO Mining Mining
Blockchain type public, private public public
Turing-complete code for developing smart contracts JS equal language Non-systematic Solidity, Serpent,etc
Decision Making Process Democratic Congress (One node=One vote) Non-systematic Non-systematic
Speed executing contracts 100 000 transaction per second (up to) Non-systematic 100 transaction per second (up to)
User technical features
Crypto algorithm Symmetric-key algorithm + Asymmetric-key algorithm Asymmetric-key algorithm
asymmetric-key algorithm
Using third-party systems Yes No No
Allow create own application Yes No (very hard) Yes
API Yes No Yes
User accounts Secure key, mail, sms Secure key Secure key

User cases of CREDITS

The platform is designed to create third-party users of financial decentralized products using CREDITS technology. Including integration into other platforms and third-party services.


Transfers and Currency Exchange

The platform aims to provide the safest and cheapest global financial transactions

Regular payments

Ready and easy solution based on the smart contract and payment solutions

Third-party loan services

Banks and financial organizations can create credit products in CREDITS platform by using smart contracts

Loans inside CREDITS Platform

CREDITS will create products for P2P, crediting participants based on each participant's credit rating protocol.


Deposits / Funds

The ability to create deposit products on CREDITS platform and from third-party partners

E-Commerce

Merchants of online stores can create payment solutions, as well as make payments and transfers in crypto currency and fiat money.

Mutual settlements

Banks and financial organizations can represent shared prerequisites in global settlements

Payments in real time

Instant payments regardless of place and time



Project Team

CEO & Founder
Chugunov Igor.


Education: Banking. Experience: 12 years, including IT projects during the last 7 years (2010-2017), bank and credit internet services. Marketing services for clients from financial industries: financial services, internet advertising, affiliate marketing company for banks and PDL companies (now working with international affiliate marketing company in financial industry www.kredov.com). Experience with blockchain business: 2 years.

CTO
Eugene Butyaev.


Education: Engineer (software development). Software development experience: more than 10 years. Experience with blockchain: 2 years, incl. 2014-2016 SRI Infotech (Poland) – leading the development of various solutions based on blockchain for different customers; 2015-2016 SRI Infotech (Poland) - leading the development of the blockchain platform for US investment corporation StateStreet (one of the leading world depositary bank); 2016 - development of various solutions based on blockchain for customers in Russia; 2016 - working at the CREDITS platform

Team Lead
Valentin Antonov.


Education: Programmer. Experience: more than 10 years as a programmer and architect building complex and high-loaded systems for the financial and banking sectors. In the blockchain industry for about 2 years. Qualified in platform Ethereum.

Web Developer
Merejkin Michael.


Education: Programmer. Joined the team in 2016. Specialist in developing web applications. In this project he is responsible for custom web application. Experience with MS SQL, understands the functioning of a relational DBMS. Web-based applications on ASP.NET


PR manager
Matushkina Elena


Experience in PR for over 7 years. Promotes brands and products in media and over the Internet. Participated in development of a strategy of presence in social networks, and continues working to improve the concept. Content creation (text, photo, video), the reason for social networks.

Development manager
Bruce Sadia


Education: Master’s in Communications and International PR. Working experience over 3 years in IT sphere with foreign people. She is responsible for communicating with foreign partners and organizations.