Credits Launches 'High-Speed' Blockchain Network

The Singapore-based Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term company Credits announced that it has launched its Mainnet Mainnet A mainnnet is a term to describe the primary blockchain network that a cryptocurrency project will operate. The mainnet reflects the final product or stage of a cryptocurrency project that can be accessed and used by the general public. This means that cryptocurrency transactions are being broadcasted, verified, and recorded on blockchain.In contrast to mainnet networks exists testnets, which describe the state during which a blockchain protocol or network is not yet up and running on its full c A mainnnet is a term to describe the primary blockchain network that a cryptocurrency project will operate. The mainnet reflects the final product or stage of a cryptocurrency project that can be accessed and used by the general public. This means that cryptocurrency transactions are being broadcasted, verified, and recorded on blockchain.In contrast to mainnet networks exists testnets, which describe the state during which a blockchain protocol or network is not yet up and running on its full c Read this Term on March 31.

Credits, with its solution, addresses the issues of existing blockchains. The company has developed an open blockchain platform with standalone smart contracts and has its own internal currency.

On its website, the company explains that “the platform is designed to create services for the blockchain system using self-executing smart contracts and a public data registry.” It also says that its network allows high-speed transfer of digital assets.

According to the press release shared with Finance Magnates, Credits’ blockchain can handle more than 50,000 transactions per second with a minimum processing time of 0.1 seconds. In addition, the network will keep the transaction fee fairly low at around $0.001.

Commenting on the deployment of the network, Igor Chugunov, founder and CEO of the company, said: “It’s been a year-long journey to get this technical masterpiece. From the beginning, we were intended to bring absolutely new solution that could find its application in a wide range of industries.”

As a part of the blockchain, Credits’ network will offer four main components to its clients - Credits node, Credits monitor, desktop wallet, and web wallet.

The company also had a successful token sale round in early 2018 through which it raised $20 million.

With its “high-speed” blockchain platform, Credits targets the lucrative Indian market, especially the banking industry in the country. The company earlier revealed that it is in talks with multiple major Indian banks for deployment of blockchain in the current banking infrastructure.

Banks on Blockchain

Though still working with the traditional centralized networks, banks around the world are investing heavily in the blockchain. Many companies like Ripple and R3 are developing bank-specific blockchain solutions to capture the lucrative sector. Ripple recently announced that it has added more than 200 banks on RippleNet.