Credits is looking to solve a major problem that became an issue last year. Not only was it a case that Bitcoin (BTC) managed to pretty much max its capacity and slow down to a grinding halt as well as finding fees as high as over $200 to move $1000. We also seen the rise of Crypto Kitties that created a problem for Ethereum (ETH) in a similar way of showing the limits of the two Crypto’s that sit in dominant positions on the Crypto markets.
The fundamental problems right now has become scalability, speed and cost of transactions. The reality being that in the beginning of 2017 the Crypto markets were still a slow moving entity but by the end of 2017 markets were closing to allow for upgrades along with problems with several Crypto currencies.
Credits is looking to not only fill that gap but many others due to its speed of transaction and costs. Although they are initially looking at 1m transactions pers second this will be scaled up to as much as 10m as more nodes come online. With an initial fee estimated to be around one tenth of a cent, compare that this week to me moving $1000 worth of BTC that took over 30 minutes to arrive compared to 0.01 seconds that Credits are aiming to do along with nearly $5 in fees. You can see why there is huge potential for Credits if it can deliver the technology, the reality of “buying a coffee” becomes realistic as currently it is too expensive to do with BTC as it will cost more in fees than the coffee is worth.
The timeline of Credits is also relevant as the Alpha has been brought forward due to them reaching $3m hard cap of their Pre-ICO which looks like they are likely to have a fully operational product within 3-4 months. This is extremely important as many ICO’s out there are simply works in progress that may still be on the drawing board and no end date in sight. Credits already has its Alpha and aim to get the Beta version out very soon which may even exist before the ICO completes.
They are aiming to reach $20m hard cap which will propel this venture at the same time it is important to recognise that its already looking at being a working model and going onto exchanges very soon. Along with more than 100 projects are ready to implement Credits platform for developing their Dapp services on the blockchain.
The reality with blockchain technology is that speed and cost are becoming a large problem to the point other blockchain’s have recently begun to be developed to move some projects developed on Bitcoin to their own blockchain due to transaction costs involved with trading the Crypto that is built on the BTC blockchain. I suspect when Credits rolls out fully we will see an adoption of projects moving onto Credits to launch ICO’s (Initial Coin Offerings) in a similar way to Ethereum currently has many on it. Yet with the transaction speed and quantity Credits is going to be able to sustain itself for a long period of time even before it adds more nodes to increase the speed and reliability of its service.
Website – http://credits.com