The Singapore-based blockchain company Credits announced that it has launched its mainnet 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.
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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.