CREDITS Coin Guide
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CREDITS is a new cryptocurrency protocol that made headlines in February 2018 for its seemingly unbelievable whitepaper promises. While announcing it would hold an ICO between 15th and 28th February, the CREDITS whitepaper contained promises to solve most of the problems associated with regular blockchain payment protocols.
Existing blockchain networks face technical problems such as low bandwidth, prolonged response times and slow transaction speeds which have slowed down the widespread adoption of blockchain technology in financial operations. The Credits platform presents a solution to these issues and has a mission of opening up the market and potential for blockchain technology in various industries. It offers a consolidated approach to these issues and challenges by doing the following. Achieving new network parameters, increasing speeds up to 100,000 times faster and lowering operations costs to as low as 0.001 USD.
One of the promises made by CREDITS was that it would increase the number of transactions validated per second to a million instead of the 7 transactions per second processed by bitcoin. The promise was one of a kind as it would make it the fastest payment protocol in the world, beating ethereum’s 30 transactions per second by a mile. A week after the ICO, CREDITS has already doubled in value on exchanges.
What is Credits?
Credits is a new decentralized platform and cryptocurrency that uses blockchain technology, implements smart contracts and data protocols for various financial operations. Existing blockchain networks look wobbly due to technical problems such as bandwidth, response time and transaction speeds which have slowed down the widespread adoption of blockchain technology in financial operations.
The Credits platform presents a solution to these issues and aims to open up the market and potential for blockchain in a variety of industries. It offers a consolidated approach that aims to achieve new network parameters and increase speeds up to 100,000 times faster and 10,000 times cheaper and lower operations cost to as low as 0.001 USD.
This platform will generate income by hosting companies and third-party users, enabling them to create products and services for their clients. These services can range from financial services and smart contract services. Payments and transactions on the platform will be done using the Credits coin which if successful can be used as a stand-alone currency in other blockchain platforms.
- Credits have a blockchain based platform which uses an ultra-new and unique blockchain technology and smart contracts with its own cryptocurrency (CS) integrated inside.
- Credits coin has technical capabilities especially suited for the financial industry with the network leveraging transaction times and costs while also increasing the total number of processed transactions per second.
- Credits coin is a balanced system that integrates security, encryption, and network capabilities and matches them with the results of their deep user needs analysis to provide a coherent platform.
- The Credits platform is intended to serve industries such as the insurance, financial industry, and Internet of things which includes software developers who can develop applications which rely on the blockchain protocol to provide various internet services.
Main Services CREDITS coin offers
- Micropayments– by increasing transaction speeds and lowering transaction fees, CREDITS planned to enable micropayments better than any other payment protocol.
- Smart Contracts– the platform was to offer automated smart contracts for a trustless payment service. Credits’ smart contract capabilities enable it to build private and public solutions for industries.
- Regular trading– CREDITs was to become a fully-fledged payment platform, just like bitcoin or ethereum.
- International Payments– CREDITs planned to increase transaction speeds to an average of 3 seconds instead of 15 seconds like ethereum or 10 minutes in the case of bitcoin.
CREDITS Team and Partners
CREDITS has a dynamic team of 34 members and 8 advisors. Most of the management team comes from Singapore where the network is registered. However, the majority of members come from different countries around the world. The team’s diversity is CREDITS’ biggest asset. Igor Chugunov is the CEO of the platform while Valentin Antonov acts as the leader of the diverse team.
The company’s advisory board consists of mainly US-based entrepreneurs and blockchain related founders. Christophe Ozcan, Nitin Gaur, and Michael Kapilkov are all founders or co-founders of blockchain related companies and lead advisors at CREDITS.
The CREDITS Coin
The CREDITS crypto network has a cryptocurrency named ‘credits’. Coin owners can use it to purchase goods and services just like any other currency. However, the coin is only 4 days old at the time of writing. While it has not yet become popular enough to get acceptance in any major retail store, it’s giving back value to investors. From an initial price of $0.38 on March 3rd, it’s now trading at $0.76.
The CREDITS are all pre-mined. There will be a maximum of 1 billion tokens issued in different phases.
- ICO-60% of tokens distributed.
- Founders-15% of the tokens.
- Bounty and bug bounty-2% each.
The network’s ICO was scheduled for 2 weeks in February 2018. From 15th February to 28th, the network was able to raise its target of $20 million in hard capitalization. Prior to the ICO, the company announced that only half of the received funds would be used to deliver an alpha version of the CREDITS platform. The Alpha platform was delivered on 17th February, much earlier than expected. Still, the ICO went ahead and the team was able to raise 23923.45 ether coins valued at approximately $20 million.
CREDITS coin price growth
The CREDITS payment protocol was already listed on several exchanges by the time the ICO was closed. Popular exchange, Kucoin was among the first exchanges to accept CS coins. It paired the coins with both ethereum and bitcoin. IDEX, Tidex, and DDEX are other exchanges trading the coins albeit with low daily trading volumes.
During the first 4 days CREDITS appeared on an exchange, it has had a stable growth curve. Being a new cryptocurrency, the coin will likely fluctuate a lot. The price might go down to $0.5 before rising to above $1 in a few days. In the long term, the crypto will seemingly stabilize and have a more predictable growth curve.
How to buy CREDITS
Anyone can buy CREDITS from any of the 6 exchanges that list the crypto. Like most altcoins, CREDITS is paired with bitcoin or ethereum. To own the CREDITS cryptocurrency, you have to first purchase bitcoins or ethereum with real money before using the coins to purchase CREDITS. The tokens are based on ERC-20 systems and can be stored in any ERC-20 compatible wallet.
Top 3 Compatible CREDITS Wallets
MetaMask is one of the most popular wallets for ERC-20 tokens. It’s also freely available, making it a perfect match for beginners. In addition to being an offline desktop wallet, it can work online as a plugin for Firefox, Google Chrome or Brave browsers.
Myetherwallet works both as a CREDITS wallet and a backup platform for users who own hardware wallets like the Ledger Nano S. Freely available online; this is a great starter wallet for any ERC-20 token.
The Ledger Nano S is a hardware wallet best suited for professional cryptocurrency investors. In addition to supporting ERC20 tokens, the Ledger Nano S can hold more than 20 cryptocurrencies. It has advanced security features and a backup system.
Top 3 Exchanges to buy CREDITS
Kucoin exchange ranks 18th among the largest cryptocurrency exchanges based on daily trading volumes. Based in Hong Kong, the platform lists a wide variety of coins, CREDITS being the latest among them. Kucoin owns a cryptocurrency under their name. Anyone who owns the Kucoin is entitled to a share of the company’s daily trading volume. Overall, the platform is user-friendly, available in over 10 languages and has low transaction fees.
IDEX is a Panama based exchange launched in 2017. Based on ethereum, the platform employs smart contracts to allow users to trade and secure their coins. IDEX accepts a wide list of erc20 tokens including CREDITS.
Tidex is a cryptocurrency exchange registered in both the US and Russia. It follows strict anti-money laundering rules which it enforces on all members. Tidex lists numerous cryptocurrencies on its platform. Additionally, anyone can list their own token after passing their KYC rules.
How to buy CREDITS
Step 1#: Buy bitcoins or ether coins
Since CREDITS coins are not sold on any platform that accepts real cash, you will need to buy pair coins like ethereum or bitcoins. Both bitcoins and ether coins are available in all major exchanges that accept real cash. CEX.IO is the best exchange to purchase ether and bitcoin.
Step 2#: Buy CREDITS
Register an account on any of the exchanges where CREDITS are sold. Kucoin is extremely user-friendly and the recommended exchange of choice by CREDITS’ founders. To buy credits, transfer your bitcoins or ethereum to Kucoin’s wallet. Search ‘Credits’ on Kucoin and click ‘buy.’ Select the amount of coins you want to purchase and confirm the payment.
Step 3: Transfer Coins to a personal wallet
Immediately after receiving CREDITS in your Kucoin wallet, transfer them to your personal wallet. A personal wallet is better off at keeping your coins safe, free from any risks associated with the exchange. You can launch the process on your personal wallet such as Myetherwallet or from the Kucoin platform. On your personal wallet, click ‘receive’ coins and copy the address generated. Visit your account’s section on Kucoin and click ‘transfer’ coins. Paste the address you copied and confirm the process. You should receive the coins immediately.
CREDITS promised a faster, more efficient and universally accepted payment protocol within a short period of time and they delivered. The network’s developers have proven their critiques wrong. However, the biggest challenge regards to whether this platform will attract mass adoption and begin to compete with the large networks like bitcoin and ethereum.
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