Cryptoworld: Credits-A NEW GENERATION OF BLOCKCHAIN

CREDITS is a blockchain platform (protocol) with its own internal cryptocurrency CREDITS (CS). It is a new and unique technical implementation of blockchain technology, smart contracts, and data protocol.

It is a platform with completely new technical network capabilities, speed, cost of transactions, and total number of operations per second. It is an open platform which means that users and companies can create online services that implement the blockchain protocol.

We offer a new product for users. We designed new features by creating a new algorithm to search for a consensus; a new scheme registry; an algorithm for processing and maintaining transactions — based solutions for finite state machines based on the model of Federal voting nodes.

The CREDITS platform offers a solution to the problems of low speeds and high transaction costs. It expands potential blockchain technology has for the financial industry and the Internet of Things.

ADVANCED, FULL SMART CONTRACTS

CREDITS — is a first absolutely autonomous blockchain platform. In CREDITS will be possible to create really independent decentralised and separate services inside blockchain and smart contracts due to new new advanced features. Smart contracts of CREDITS platform really

Cycles and schedules
Smart contracts’ really new features for independent services

Advanced API
Additional connectivity from smart contract to another system

SDK
Software development kit. Advanced tools for developers and users

Java language JVM
More stable, more useful in high load and financial services

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.

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.

The cost of a transaction can vary depending on the network load, on a particular user of the system, which can theoretically direct a huge flow of transactions at a certain peak time. We suggest using the material method and the impact on the system users to control the network load.

The cost of performing transactions in the first three years of the system operation will be set individually for different types of transactions and operations. In the future, an algorithm for the automatic generation of the transaction cost will be developed.

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.

Entities

A smart contract in CREDITS consists of the following entities:

1. Property (public variables) — the system entity storing public data necessary for work of the contract in the CREDITS system.

2. Method is the CREDITS system entity responsible for observing the logic and sequence of actions when conducting the transaction (actions under the contract).

Participants in the CREDITS system sign the smart contracts using the method call that modifies the contract properties, by launching the processes for verifying compliance with conditions and coordination.

A smart contract comes into force after signing by the parties. To ensure automated fulfillment of obligations, an environment of existence is required fully automating the execution of contract terms. This means that smart contracts can exist only within an environment that has unimpeded access to the executable code to the smart contract items.

All contract terms must have a mathematical description and clear logic of execution. Thus, the main principle of a smart contract is complete automation and reliability of contractual relations between the parties.

Value Term

CREDITS cryptocurrency is also an indicator of the value term of a contract unit to compare two completely different units and build a consensus when executing or accepting the contract by the parties.

Instead of registering each separate value/gateway combination, CREDITS cryptocurrency serves as a bunch for effecting value transfers. This is possible because any value is liquid with respect to CREDITS currency, which means that any value can be liquid with respect to any other value.

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 contracs. 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.

Data Sources

For correct and fully-featured work, checking and providing additional information, to make a more balanced and optimal solution, CREDITS uses third-party data providers. The need to introduce additional data sources into the system is due to the inadequacy of public information about one or several contract parties (for example, obtaining the borrower’s credit status for making a decision to issue a credit).

To work with third-party information systems, the platform can call an integration bus, which by remote access generates a request to a third-party system (site) in a format for data presentation on a paid basis for the system participants with payment in CREDITS.

The request is sent in an encrypted form to ports and addresses provided by information systems other than the standard ones. The result of the request can be any response to the service containing the necessary information to make a decision, or an error code characterizing impossibility of receiving the required response and possible steps to eliminate the error.

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.

TIM PROYEK