High-Speed Blockchain Network Launched by Credits
On March 31st 2019, Credits, a Singapore-based blockchain company announced its new high-speed blockchain network. Credits are addressing issues for existing blockchains by developing an open blockchain platform that has its own internal currency and smart contacts.
On the Credits website, the company stated, “The platform is designed to create services for the blockchain system using self-executing smart contracts and a public data registry.” Credits are claiming that their network will allow for high-speed transfers of digital assets.
This announcement was first released by the press where it noted that this high-speed blockchain network will be able to handle fifty thousand transactions every second, with a processing time of one millisecond. The transaction fee to use this service will only be $0.01.
Igor Chugunov, the CEO and Founder of Credits commented on the announcement. “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.”
The Credits Network will be offering four main services to its users. These services include the web wallet, desktop wallet, Credits monitor and Credits Note.
In the beginning of 2018, Credits
This blockchain network’s creation is due to the success of a token sale from Credits in early 2018 where it raised $20 million. This allowed this to create the blockchain platform and target the Indian market. Credits revealed earlier that it had entered into tales with several major banks in India for the deployment of blockchains in the Indian banking infrastructure.
Banks on Blockchain
Blockchains are still traditionally used on centralized networks, but banks from dozens of different countries are investing largely on blockchains. Companies like R3 or Ripple have begun to develop blockchain solutions that are bank-specific, with Ripple recently announcing that it’s added 200 hundred banks to its network.