The CREDITS platform offers a solution to low speeds and high transaction costs. It expands the the potential blockchain technology has for the financial industry and the Internet of Things.
|Description||The CREDITS platform offers a solution to low speeds and high transaction costs. It expands the the potential blockchain technology has for the financial industry and the Internet of Things.|
|White Paper URL||https://credits.com/Content/Docs/TechnicalWhitePaperCREDITSEng.pdf|
|ICO Launch||2018-02-18 12:24:00|
|ICO Closing||2018-02-18 12:24:00|
|Coin Price||1 ETH = 5,000 Credits CS|
|Coins Offered||Credits CS|
Credits is perhaps the most ambitious blockchain project in the cryptocurrency ecosystem. They successfully completed their modest ICO last month, and since then have been ramping up social media, Telegram, and news/hype spread through different channels. The headline for Credits is that they’re promising a Mainnet that can handle more than 1,000,000 transactions per second. That’s a remarkable claim, and way beyond anything that’s currently possible. But if Credits can pull it off, they could be the biggest coin in crypto!
Credits has numerous other promised features, some of which could be real game-changers. These include confirmation times of only 0.01 seconds, fees of just 1/10 of a cent (locked for 3 years), and a lightning-fast smart contract system. This has made Credits CS quite the discussion piece in the cryptocurrency industry, but does Credits have what it takes to make their vision a reality? There are different perspectives on this, which we’ll discuss below. But even if Credits is marginally successful, this coin could be an investors’ dream.
What is the Credits Network?
As already stated, Credits promises to be the fastest and cheapest blockchain platform in the industry. They promise 1 million tx/s with only 0.01 sec confirmation times. Fees will be limited to a tenth of a cent. These are described in both versions of the Credits whitepaper, and you’ll see these figures repeated all over the internet, anywhere cryptocurrency is discussed.
So why isn’t Credits CS the hottest crypto investment in the world? Well so far, the project is only in alpha. Beta could drop in the next few weeks, and the final Mainnet is set for release in June. That might seem like a long time in crypto-years, but compared to other recent ICOs, a few months isn’t that long to wait.
As a smart contract platform, the fully formed Credits would directly compete with established smart contract platforms like Ethereum and NEO (and EOS when they finally release their mainnet). Currently, we don’t have a lot of technology to look at in order to evaluate the project in detail (though Columbia Blockchain Lab audited them and declared the project viable), but we do have some specific technical declarations from the whitepaper.
- Credits will be fully open source when the final product finally arrives. Anyone will then be free to study the base code for themselves, and possibly adapt it according to the needs of the network.
- The Credits blockchain will make use of parallel processing and data compression in order to get to top speed. This will keep the network from getting congested like Ethereum or Bitcoin.
- The Mainnet will feature public and private networks.
- The system isn’t meant to function as a traditional currency so much as a “distributed database”, to be used for the finance industry and the Internet of Things, though its utility as a basic currency may prove to be valuable with such high network throughput.
- The system will use a Federated Consensus model, unlike more familiar consensus forms like Proof of Work of Proof of Stake.
- Credits promises 500+ partnerships in the works, with about 10 already announced and operational.
- Credits has been in production since 2016, with the first whitepaper published way back in January of 2017.
- The Beta version of the software is set to drop in March (this month, at the time of this writing). The full platform should be released in June 2018.
- The Testnet is already out, and you can use it by creating a Credits wallet where Credits CS can already be stored.
That’s a lot of good news for Credits. So let’s take a look at the Credits token: Credits CS.
What is Credits CS/Credits Coin?
Credits completed its ICO in February 2018. They reached their funding goal hard cap of 23923.45 ETH ($20 million at the time, and about $15 million at the time of this writing). There are definitely bigger ICOs, but this should give the Credits team more than enough to develop their vision.
Credits CS has a 1 Billion total supply (though it’s only listed as 249,471,071 on CoinMarketCap). Today, each token in the current circulating supply (about 125,000,000) is worth about $0.45, giving Credits CS a low but respectable $60 million total market cap. If Credits proves to be successful, this market cap is very low indeed, and could one day be looked at with amazement if the Credits price rises as many think it will.
The Credits token (Credits CS) will be necessary for the creation and maintenance of smart contracts. It will also be the settlement fee for actions taken on the network (this fee is less than half a cent and will remain at this level for 3 years). Even after this recent market crash, Credits is trading at almost double what it traded for at the Credits ICO, down from an All-Time-High of $1.17.
All of these signs indicate that if Credits has success with its Mainnet release in June, the Credits CS price is liable to skyrocket.
All this sounds great, but we’d be remiss if we didn’t mention a couple of controversies that have been discussed throughout the industry. These have even been addressed by the Credits team themselves, so we’re not talking about anything Credits isn’t aware of. The main points are as follows:
- Credits has no Github. Github is where technical changes are committed to technological systems, especially blockchain. Without a working Github (unusual), there’s no way for programmers or the general public to evaluate the technology that will back up Credits’ big ambitions and claims.
- The Credits whitepapers aren’t terribly specific about how their big goals will be accomplished. The technical whitepaper, where you’d expect to find the answers, usually just discusses general problems and technologies already existing in the blockchain industry. When you try to learn how this will work, you tend to come up short.
- The Credits wallet uses an antiquated and insecure way to generate Public and Private keys. Users could potentially have their funds stolen by a hacker with enough skill.
So what does Credits have to say about this? In all three cases, they say that they’re going to fix the issues and that the problems exist in their present form because Credits needed to get to market in this crowded ecosystem. So are these issues red flags or the growing pains of an ambitious technology?
You, the investor, have to make that decision for yourself. Do your own due diligence, and if you wish to buy Credits CS, just follow the guide below.
How to Buy Credits CS – Two Methods
There are two great ways to buy Credits CS, both of which we’ll describe here. But first, we’ll need to have you make a Credits wallet so that you can store your new Credits CS coins.
Start by going to the Credits.com homepage and clicking on “Wallet”. This will take you to the page you see below. Click “New Account”.
On the next page, create your account by entering a unique password.
Credits will then generate a unique Public and Private key for your account. These will be used to sign in, so it’s very important that you write these down. For best security, write them down twice and store each copy in a different secure location. Storing one in a safety deposit box and the other in a hidden place in your home would be a good way to do it.
Hope you recorded this public and private keys, because on the next screen (above) you have to input them. Do so and click “continue”.
Here we are finally in the Credits wallet. You can see your address in the upper left hand corner. We had that already, but you can use this to send Credits CS to this wallet after we buy them using the following two methods.
2) How to Buy Credits CS on Kucoin
Kucoin is an excellent up and coming cryptocurrency exchange from Hong Kong. Create an account if you wish to buy your Credits CS here, and send Bitcoin to your Kucoin Bitcoin wallet to fund your Credits order. You can find your Bitcoin wallet under “Assets”, then click “Deposit” on the Bitcoin wallet to find your address. Use this address to send your Bitcoin to Kucoin from wherever they are currently stored.
Now that your Bitcoin has arrived, go to “Markets” and search for “Credits”.
Click on the only market trading pair left on the screen (as pictured above). This will take you to the trading screen you see below.
On this screen, all you have to do is go to the bottom above the green “Buy” button, specify how much you want to pay for 1 Credits coin, specify how many Credits coins you wish to purchase at that price, then click “Buy”. Kucoin will do the rest and your Credits CS should be available in your Kucoin Credits wallet in just a minute, under “Assets” again. Click “Withdraw” beside the funded Credits wallet and paste your external Credits Wallet address (remember the one we made at the beginning of this buy guide?). Specify how many coins you want to send (likely all), and send away. They should arrive in a few minutes. You’re done. Congrats! You’re a Credits CS investor. [/su_note]
Final Thoughts on Credits
Credits is an interesting project. There is no more ambitious blockchain protocol in crypto right now, and this has drawn all kinds of attention for Credits. Ambition doesn’t mean that a project will necessarily be successful, but it is worth something for certain. Only time will tell if Credits makes good on its big plans, but early investors may just be handsomely rewarded for putting their faith in Credits right about now. We’ll definitely be watching this crypto project with interest as it develops. You should too.