What is CREDITS?
Credits (CS) is a blockchain-based decentralized finance (DeFi) platform that enables direct interaction between participants on a peer-to-peer basis. The platform employs a decentralized network of nodes and smart contracts for the development and execution of decentralized applications (dApps). Its whitepaper highlights that Credits is a distributed ledger technology that expands the potential for using financial services based on self-executing smart contracts.
The financial industry has been resistant to the introduction of decentralization and direct interaction between participants. The Credits platform addresses this by focusing on two main tasks: developing high execution speed with the capability to execute a vast number of transactions, and creating a system where all participants and items for decentralized financial services are combined.
Credits unites all participants on one website, providing them with a platform to create and use financial services. Both service providers and takers can reap the benefits of the platform. The Credit platform offers technical solutions and a conceptual model of networking participants, where they can interact to develop DeFi services.
The platform's native blockchain is known as the Credit blockchain, which works on the proof of agreement consensus mechanism. The token native to the platform is CS, which is based on the ERC-20 token standard and is fully decentralized. CS supports fast transactions with an average speed of 0.5 seconds and is also staked to provide liquidity. The platform also provides a stablecoin for its platform known as Credit USD, which offers a stable price equal to the US dollar, making it suitable for global payments.
The Credits platform claims to be a fast and low-cost way to send and receive money and crypto worldwide. It is user-friendly, prioritizes privacy, and offers cashback over transfer and spending. The platform offers a wallet available on both web and mobile screens, making it accessible to a wider audience.
Credits was founded on September 12, 2017, and its whitepaper was released on October 29, 2018. Igor Chugunov founded the platform with other team members, including David Kolmakhidze and Dmitry Chernishev. The total supply of CS tokens is one billion coins.
In conclusion, Credits (CS) is a decentralized finance platform that aims to unite all participants on one website, providing them with a platform to create and use financial services. The platform employs a decentralized network of nodes and smart contracts for the development and execution of decentralized applications (dApps) and supports fast and low-cost transactions worldwide. With a stablecoin and a proof of agreement consensus mechanism, Credits is positioned to meet the needs of the growing DeFi industry.
The investment information, comments, and recommendations provided here do not fall under the scope of investment consulting. Therefore, making an investment decision based solely on the information and comments provided here may not yield results that meet your expectations.
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