Trusted by thousands of traders around the world
Instantly exchange 300+ cryptocurrencies
Transact with ease across all major exchanges
Manage and track transactions with ease

Login to your account

Already have an account?
Back to login

You will receive password reset email on this address.

You will receive an OTP on this number

Edit Phone

Enter the OTP you have received

Resend OTP

What is Credits (CS)?
Future of CS Cryptocurrency and know how to buy CS

What is Credits?

#1 - What is Credits token?

Credits aims to be a cryptocurrency platform that can support real-world transactions and offer a digital platform for financial services. It aims to help change the way our economies function, by presenting a decentralised, blockchain-based platform to financial institutions, and people.

Credits: The Basics

  1. Credits is a decentralized blockchain which has paved its way into the financial market. It is a cryptocurrency alongside being a blockchain technology.
  2. Credits is a young coin in the market. There are major developments yet to take place. The coin was launched in March 2018 by a Singapore-based company.
  3. The coin uses a simple blockchain technology at the core of its technological setup. The transactions made are recorded on this blockchain without any central authority. This makes the transactions completely anonymous. It can also be used to create smart contracts and other financial protocols.

 

#2 - What are the Benefits of Credits?

Credits Development

  1. The coin was launched in March 2018with numerous flaws in its blockchain technology. There were multiple flaws in the system, such as the bandwidth on offer being low, and transactions taking a lot of time to process.
  2. A whitepaper was released by the team in a short time after the launch of the coin. Investors were assured that the shortcomings will be eliminated. The developers’ team then launched a new version which could complete transactions in seconds and also had a very stable network.
  3. The biggest advantage of the team is its diversity. There are 34 members, expert in their fields, who come from different countries. There is an advisory board of the consultants with members like Christophe Ozcan and Nitin Gaur who have made a tremendous contribution to the field of cryptocurrency.

Credits Technology

  1. Credits technology is very interesting to understand. It uses a very basic yet secure encryption algorithm. Credits’ blockchain technology uses a Symmetric and Asymmetric algorithm. ASymmetric algorithm has keys for encryption and decryption that are same. Whereas an asymmetric algorithm involves separate, distinct keys for encryption and decryption.
  2. Its unique Proof-of-Capacity algorithm allows CS to have a very fast and scalable transaction system. The primary node for the network, responsible for adding the verified transaction to the blockchain, is chosen via this mechanism. It uses a mathematical function to arrive on a node that has the last up-to-date copy of the blockchain, and is running the latest version of the software, via the hash-code of the entire blockchain.
  3. Multiple candidates are sifted via general Proof-of-Stake principles. The network is secured via miners using the common Proof-of-Work mechanism.
  4. CS expands on the concept of nodes in a blockchain to deliver a decentralized platform. A node is essentially any active machine on the blockchain, that is either mining coins, or securing the network. Credits achieves a fair and distributed network by cycling through nodes while verifying transactions, based on an arbitrary, absolute factor called the trust factor.
  5. Common nodes are the ones used to authenticate a transaction, but with little ‘trust’ value. Once a common node successfully authenticates a transaction which is then verified by other trusted nodes, it becomes a trusted node itself, for a mathematically calculated period of time.
  6. The main node is the node which actually adds the transaction to the blockchain, and has the highest ‘trust’ factor. It is chosen via the PoC mechanism. This cycle continues automatically, protecting against 51% hash attacks as well.
  7. Credits uses Java for its smart contracts. Being a popular, web-friendly language, this makes it easy for developers of varying skill-sets to use the Credits platform for their applications. Smart contracts are executed in an isolated manner on a virtual machine, increasing the robustness and security of the blockchain.

Smart Contracts

  1. A CREDITS smart contract works on two broad datasets:
    - Property (public variables) – A system entity that stores the public data required for the contract to execute on the CREDITS system.
    - Method, as described in its whitepaper, is “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 which modifies the contract properties, by launching the processes for verifying compliance with conditions and coordination.”
  2. The smart contract is executed in a Virtual Machine, using contract terms whose execution can be fully automated. Therefore, they must have a clear mathematical description.
  3. This execution is complete once certain conditions (or triggers) have been met, and a transfer of value is performed as per the terms of the smart contract, using the Method data.

Features:

  1. Dynamic Block Size: Adynamic block size is another unique feature that Credits brings. Other coins support a limited amount of transactions whereas, Credits can store unlimited transactions in a block. Moreover, the block interval is as low as 3 seconds.
  2. Decentralized System: The blockchain technology has a federated agreement with the authorities of the respective states. This means that the blockchain technology can work without any interruptions and objections of not having a host.
  3. Smart Contracts: By using the concept of Smart Contracts, Credits will eliminate the need for middlemen for a wide variety of financial transactions.
  4. Faster Transactions: Credits seems to have won the race against other crypto coins such as Bitcoin and Ethereum when it comes to transaction speeds. It completes its transaction within a time period of about 3 seconds, unlike many others.

 

#3 - How to Buy and Store Credits?

How to buy Credits / How to buy CS?

  1. When you wish to buy Credits or any other cryptocurrency, for instance, you need to take help of third-party platforms which aid the exchange process. Accordingly, if you are willing to buy Credits, you have to take help from Kucoin, IDEX or Tidex.
  2. The prerequisite to buying a cryptocurrency such as Credits is to own something like Bitcoin or Ethereum. Only then you can use that coin to exchange it with CS.
  3. After you have purchased some BTC or ETH, you can head over to CoinSwitch. CoinSwitch is fairly popular for the huge number of pairings that are available on this platform. Credits can be bought as an exchange for other cryptos from CoinSwitch.
  4. There are 45,000 pairings available on the platform for you to exchange the coin you own for Credits from this largest cryptocurrency exchange platform. There are 300+ tokens on CoinSwitch, for users looking to exchange their existing coin for Credits.

Credits Storage

A feature that comes in very handy while you want to store the coin is a cryptocurrency wallet. There are a few wallets which support the storage of Credits. These wallets are MetaMask, MyEtherWallet, and Ledger Nano S. These wallets can be downloaded on the systems working on various platforms.

  • Windows
  • MacOS
  • Linux
  • Android

 

#4 - What is the future of Credits?

  1. Credits’ market capitalization is about $23 millionas of August 2018. While fluctuations in its price have been in line with the broader cryptocurrency market, a general fall in the valuation has very prominent.
  2. As of August 2018, its price hovers around $0.2095. However, there isn’t a lot of optimism in its value since its purpose hasn’t been stellar in the cryptocurrency market.

Also Read: Complete Analysis of Credits | Live Credits (CS) Price Charts And Predictions

Price History

Date

Open

High

Low

Close

Volume

Market Cap

July 01, 2018

0.280888

0.282581

0.273131

0.281460

1,453,010

38,828,200

June 01, 2018

0.521368

0.541969

0.502151

0.526788

2,507,720

71,808,600

May 01, 2018

064132

1.11

0.604462

0.641712

1,881,220

88,202,900

Apr 01, 2018

0.591118

0.613799

0.487705

0.542367

2,255,540

80,709,000

 

#5 - How is Credits different from other cryptocurrencies?

  1. Credits seems to offer a solution for multiple problems in the financial industry. There are many processes which can be completely eliminated by the implementation of Credits. This will not only make the functioning easier but it will also boost the profits.
  2. Its transaction speeds are faster than many cryptocurrencies on the market. Credits can process a transaction in just 3 seconds, compared to the multiple minutes legacy cryptocurrencies like Bitcoin take.
  3. It provides a stable network and a considerably good bandwidth to its users. This is a feature generally lacking in other cryptocurrency blockchains.
  4. A dynamic block size also adds its to its scalability, something lacking in the biggest cryptocurrency of them all - Bitcoin.

 

#6 - Should you Invest in Credits?

  1. Since its inception in 2018, the developers’ team has made some progress on its roadmap.
  2. With the aim of appealing to real-world financial institutions, CS has developed a robust API and development environment, with easy-to-grasp concepts and tools. This makes it easier for regular organizations to digitise their economies, and utilise blockchain technology, leading to a possible rise in future prices.
  3. The expert analysts have however, predict a downfall in the price of the currency. It’d be prudent to analyse the coin’s recent trades before taking a decision on trading it.

Related Searches