Credits platform.

Credits platform

Credits is an open, lightning-fast infrastructure blockchain protocol built on the principles of full decentralization. The protocol does not have any central authority. All the information is stored in blocks and cryptographically secured.Credits is the basic software that allows its users to apply blockchain in business and IT solutions through the use of autonomous smart contracts for creating and storing data about transactions and operations throughout the network.

The Concept of the Main Network Node

All network nodes are decentralized and none of them have priority. It is required to define a network node that will process the queue of transactions stored at different network nodes. After that, it must enter a newly generated transaction block into the ledger. The CREDITS platform uses its own combined protocol to increase the speed of transaction processing, to provide complete security of data storage, processing and transfer of transactions.

The protocol is based on the calculation of the hash of the last receive block. It accurately determines the storage of the latest up-to-date copy of the ledger and software at this node (Proof of Capacity), by calculating the checksum of the values of the entire contents – the hash code. The size of files is determined as well, as the proof that this is the latest, up-to-date copy and a hash code of the latest transaction recorded in the system

Equipment of Network Nodes

We are striving to build a platform with the fastest possible transaction processing characteristics, so we propose using a material incentive to maintain network nodes in the best condition: high-performance server equipment and high internet bandwidth.

As a material compensation, the owner of the main network node will receive remuneration in CREDITS currency from a number of commissions per transactions of this processed ledger. The rest (½) is intended for the trusted nodes, which take part in BFT consensus.

The percentage can be changed, as well as separated to the rate formation system through federative voting by the network nodes, after the initial coin offering for at least three years. As a result, we encourage server owners to keep this server on hardware of the highest performance and to maintain a high-quality, high-speed communication channel.

CREDITS ledger Structure

We offer to abandon Merkle trees and use the transaction ledger in the CREDITS system; with each entry consisting of a hash code of the transaction block to add to the list of candidates in addition to the ledger. Also, the entry has the node identifier and the timestamp when it was generated. The ledger entry contains the transaction direction, its initial and final accounts, the type of write-off, the number of write-off units, the type of depositing, and the number of depositing units. This principle increases the speed of transaction processing, increases the complexity of illegitimate ledger change and excludes possible changes in the ledger entry with hindsight.

Action in the System

An action in the system is a transaction that characterizes the simplest transfer of the value from account to account or the transfer of the result of the contract method to the validator, for the subsequent search for a solution in the consensus search subsystem. In order to prevent duplication of the transaction in the same block with the same identifier, the system accepts an agreement that the only true and correct transaction is that which came first to the validator subsystem for processing.

Since it is already recorded in the validator system that a transaction has already been made from the current account and there are no values left in the account to conduct the transaction, a consensus cannot be found. Thus, the problem of double waste is solved. When the transaction is executed, information is received to the validator and confirmed, the information about the ledger status change is automatically distributed to all nodes from the trusted list, after which the ledger is synchronized.

Cost of Transactions

The system uses the CREDITS currency, which serves:

● As an internal means of payment for the system usage;

● To exchange different currencies within the system;

● To exchange various values within the system;

● To create and process operations under smart contracts;

● To purchase information from third-party sources for services within the system.

Smart Contracts

A smart contract in the CREDITS system is an electronic algorithm that describes a set of conditions by which actions and events in the real world or digital systems can be associated. To implement self-controlled smart contracts, a decentralized environment that completely excludes the human factor is required, and to use the transfer of the cost of a smart contract, a cryptocurrency independent of the central authority is required.

Performing the Smart Contract Terms

The contract term in the CREDITS system is the values of the trigger (checked) fields required to close (complete) the contract. Fulfillment of the smart contract terms is a procedure when the trigger (desired) fields are checked for an equivalent desired value.

There are three possible ways to find a solution to fulfill the contract terms:

1. The contract is concluded between two or more parties for the transfer of value. In this case, the contract fulfillment is the provision of the cost equivalent of the value to the transferring party from the receiving party.

2. The contract is concluded between the parties for the transfer of value, but payment must be made upon fulfilling a certain number of conditions (for example, delivery of value to the receiving party).

3. A contract for conversion of one value to another with a cost equivalent in the form of CREDITS is placed in the system. In this case, the platform starts looking for the shortest possible path of exchanging one value for another through conversion in other contracts. Any fulfillment of the contract can be provided per one transaction, or per several transactions, which will provide an opportunity to collect the required quantity of units of value to complete the contract.

Implementation Plan

CREDITS cryptocurrency

After launching the release version of the system, a fixed amount of 1,000,000,000 CREDITS will be issued. They will be exchanged for ERC20 standard tokens, issued at the initial token sale. They will be exchanged at a fixed exchange rate: 1 ERC20 standard token = 1 CREDITS monetary units.