CREDITS (CS) Review – CREDITS ICO Rating and Details.

Cryptocurrency and Blockchain for the financial industry with more than 1 mln tx/sec and 0.01 sec for a transaction. CREDITS is a new, unique blockchain platform with absolutely new technical capabilities of the network, response time, transaction cost and the number of operations per second.

Ticker:
CS

Token type:
ERC20

ICO Token Price:
1 CS = 0.19 USD (0.00020 ETH)

Fundraising Goal:
20,000,000 USD

Sold on pre-sale:
3,000,000 USD

Total Tokens:
1,000,000,000

Available for Token Sale:
60%

What is Credits?

Credits is a platform that aims to create an improved form of cryptocurrency that is supported by a network that can process up to one million transactions per second and can process any given transaction in just three seconds.

In their eyes the most popular cryptocurrencies that are currently available have some significant limitations. For example, Bitcoin can only make one transaction. Ethereum is another popular choice, but it is hampered by slower transaction speeds and high processing fees as it has continued to grow. Credits seeks to utilize similar blockchain technology but be able to keep transaction speeds maintained and fees low, which will ideally open up the availability of cryptocurrency.

According to the roadmap provided on the Credits website, the project inception came on October of 2017. A pre-sale for tokens was conducted during December 2017, and the public token sale is set to start soon. The official release is set for June 2018 along with a platform extension.

How Does Credits Work?

A prototype of the platform is already available, which helps to explain how the project has been coming along so quickly. Through the website Credits describes itself as the most technological and scalable platform because of its use of “revolutionary” blockchain technology and consensus-based algorithm. The algorithm will combine multiple different coding solutions that will lead to a faster and more stable platform.

Furthermore, the platform will make use of security measures such as encryption and algorithms designed to prevent fraud. The data transferred by the platform will be compressed in order to increase available bandwidth and take up less disk space.

Some potential areas of use for Credits will be within financial and banking systems as it can potentially reduce transaction costs and make data more secure. The platform will be able to connect all sort of IoT devices onto one network. Also, crediting options will increase as users will have access to the best available loans globally.

Features and Benefits of Credits

Starting a new cryptocurrency and making it stand out from the competition is no small task, so here are some things that help make Credit differentiate itself from the other cryptocurrencies. It claims to have a unique architecture which includes ledgers, more advanced smart contracts, and consensus protocol. The smart contracts will include features such as a software development kit, an advanced application programming interface, and Java virtual machine language. The contracts are also completely autonomous, unlike other leading cryptocurrencies.

The platform also compares itself to other leading cryptocurrencies like Bitcoin and Ethereum to showcase the advantages it provides. While BTC can only process seven transactions per second, and ETH roughly 300 per second, CREDITS claims to be able to process more than 1,000,000 per second. In terms of transaction costs, CREDITS can vary but potentially be as cheap as $0.001 per transaction, while BTC is as much as $10 per, and ETH is between $0.01 to $1.00.

The Credits Token Sale

The Credits token sale was recently postponed and is set to begin on February 17th, 2018. That date represents the first round of the sale in which funds will be collected from strategic partners. On February 18th through February 20th funds will be collected from all registered wallets that are approved through the whitelist. Finally, on February 20th, the public ICO will begin. The tokens will be referred to as CS and distributed as ERC20. In total, 1,000,000,000 tokens will be created.

The fundraising goal for the sale is set at $20 million and they state that they raised $3 million during the pre-sale period. 1 CS is equal to about $0.18 or 0.00020 ETH. The minimum contribution for the token sale is set at 0.01 ETH and starting on February 20th there will be an individual cap of 1 ETH. ETH and BTC will both be accepted as part of the sale.

A breakdown of how the tokens are going to be distributed and utilized is offered by the ICO. Once again, the total amount of tokens that will be created is 1,000,000,000 and 55% of those will be made available for the token sale. 15% will go to the founders and team but will remain locked for one year. 10% will go to operations and remain locked for a year, while another 10% to operations will be locked for two years. The remaining 10% will be split among marketing, advisors, and bounties.

Who’s Behind Credits?

The key members of the Credits team are identified and detailed through the company website. The founder and CEO is Igor Chugunov who received a PhD in Strategic Planning from the Russian State University of Oil and Gas. He also has 12 years working IT and e-services with two years working with blockchain businesses. The co-founder and CTO is Eugeniy Butyaev who has a background in engineering and software development, as well as over three years of experience with blockchain.

Other key positions that are identified are the COO, which is David Kolmakhidze who is described as having six years of experience in cryptocurrency investment. He has also worked as an ICO consultant and digital marketing manager. The team leader is Valentin Antonov, who has over a decade of experience in programming and has built systems for financial and banking institutions in the past. In total there are 38 team members that are identified on the site with descriptions of their backgrounds provided.

The advisory board is comprised of nine people from diverse backgrounds and area of experience. They include the Director of IBM Blockchain Labs, a senior consultant at IBM, entrepreneurs, blockchain architects, and investors.

Conclusion

If Credits can actually deliver on its promises of processing a million transactions per second and keep transaction speeds under three seconds in general, then it can surely be successful in establishing itself as a leader in cryptocurrencies. Because of the increasing move towards cryptocurrency utilization, a more practical platform will certainly have some appeal because it can open up possibilities for several new markets.

The fundraising period is just set to begin for CREDITS and they are seeking a reasonable $20 million, having already raised $3 million. The roadmap provided by the ICO shows the platform coming along quickly, but it is important for potential investors to realize that projects such as this can take a long time to develop.

The team behind CREDITS appears to have a significant amount of experience, and we like that they provide detail for so many different positions through their website, as doing so can provide more insight into how the company operates. As we mentioned, the market for cryptocurrencies is hard to penetrate, and what CREDITS is proposing would be a significant development in that market. The platform is worth keeping an eye on just to see if it can deliver on its promises.

Peter Lehmann

Peter is a blockchain investor and cryptocurrency writer at Vkool.com. Since 2014 Peter has advised blockchain startups and ICOs on content marketing, strategy and business development.

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