Keeping an Eye on Credits (CS)

The cryptocurrency, Credits (CS) has been faring well enough since its inception into the market on 3^rd March 2018. Even when the cryptocurrency market had shown a massive drop in the first quarter of 2018, Credits (CS) had started with a ‘steady’ growth trend. At the time of writing, according to coinmarketcap.com, the market price of CS coin shows $0.51 USD (5.03%) approximately and the market cap was nearly $70,877,495 USD. (As of 20^th April 2018)

How fast is the Credits blockchain?

When it comes to the time consumed to confirm one transaction many crypto coins are trying to outdo Bitcoin and Ethereum. By now, it has been popularized that the Bitcoin blockchain takes up to 10 minutes to confirm one transaction. Also, the block size of Bitcoin is only 1 MB. This is a major reason for hard forks like Bitcoin Cash to come up. Ethereum also has its weak points even though it conducts 10 to 30 transactions per second, much faster compared to Bitcoin. Now, the competition among many new cryptocurrencies is to have the fastest transaction speed.

The Credits platform is based on peer to peer network and requires TCP/IP network model to operate. The Credits blockchain has been designed to be the comprehensive platform of various financial services (money transfers, crediting, funding, currency and value exchanges etc.).

Currently, the platform of Credits completes over 1,000,000 transactions per second and the speed of execution is approximately 0.01 seconds. As can be clearly seen from this data, it is way ahead of Bitcoin and Ethereum in this case. The major reason behind this is unbelievably low transaction fees, a feat other cryptocurrencies have yet to match (as boasted by the official website of Credits (CS)). The users will be able to communicate with each other based on the peer to peer models. The data transfers utilize the network model’s UDP transport layer protocol while the NoSQL system is a part of the storage concept. There are many more reasons for Credits to confirm transactions so fast.

1. Optimisation of the platform: Credits optimizes the platform to specifically increase the processing and data transfer speed. The workings of direct device processor make this possible. Furthermore, to obtain the higher operational efficiency of the platform, low-level programming languages are required and assembler language is used to write memory-critical program sections. These consequently collaborate with the code that is written in a high-level programming language. The speed of transactions can thus be increased due the process of optimization of a computing algorithm.
2. Decreasing data packet size: The weight of a transaction depends on factors like address size, transaction currency, comments and the use of digital signature. The smaller the transaction size, the greater the speed of processing will be. Credits most probably plan to break down the transmission packet (in case of a large data volume of transactions) into much smaller datagrams. This also reduces the risk of data leaks and profitably increases the intra peer to peer speed of transferring data.
3. Dispensing transaction pooling: Going by the overall transaction speed of Credits (CS) it takes approximately 5 milliseconds to create a new round. As the nodes involved are listed they are given a number randomly. Then this list is arranged in the descending order, based on these values. The one that tops the list is given the status of the master node and the subsequent nodes are named as trusted nodes. It is the final list of nodes that determine the number of the transaction pool. However, the nodes participating in the pool processing cannot take part in the formation of a new round.
4. The technique of increasing transaction pool access and optimization of storage space: At present, the chain of pools is utilized to store data. Till date, it is considered as the most secure method of data storage. To complete the process of a transaction as with most crypto platforms it requires verification of the entire chain. From the whitepaper of Credits (CS), “To ensure network security, all data between the validator nodes is transmitted in an encrypted form, and each connection between nodes is low-level based on the network library. If the data transfer occurs with an error, the thread is automatically interrupted, the corresponding entry is placed for writing to the logging system, and then into the log file. Data is transmitted through typified variables. Transmitted data are encrypted using the symmetric RC4 algorithm. Since this algorithm works under a common secret key, this key is transferred when a connection is created between nodes and is transmitted in an encrypted form in accordance with the Diffie-Hellman algorithm.”

Security System of Credits Platform

As Credits focuses on a peer to peer system for delivery of financial services, the development team pays special attention to the security system. The platform utilizes BLAKE2s algorithm to entrench a BFT consensus. It is an upgraded version of the BLAKE2 algorithm that can be incorporated into the 8 to 32-bit platforms. The algorithm has been shaped on the basis of the HAIFA design and was created by a group of Swiss cryptographers. The use of BLAKE2s algorithm has several benefits. It also means that the speed of data transmission will increase while the number of rounds decreases from 14 to 10 in comparison to BLAKE-256. Thus, the transfer speed of lightweight data is also boosted.

With the help of Credits platform, a company will be able to develop its own smart contract and even time its cycles. IT will also be able to organize schedules. The catch is that the payments inside this developed smart contract must be done in CS. The investing companies will benefit greatly as the transaction speed is nearly 1,000,000 per second. Overall, the whitepaper of Credits (CS) shows that it is a crypto coin worth keeping an eye on and the platform can also be utilized in IOT, logistics, banking, insurance, casino and many other sectors.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

Image courtesy of Dennis Jarvis via Flickr