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The greatness of the service delivery system to facilitate the transfer of money, crediting and financing through peer-to-peer arrangements without the presence of additional intermediaries is truly revolutionary. Almost every industry is joining in decentralization and direct interaction. However, the financial services industry is an exception. A fundamental prerequisite is a distributed ledger. That being said, there are two tough tasks to overcome:
Handling a large number of transactions where the execution speed per transaction of less than one micro second is easier said than done.
For ports, decentralized platforms, qualitative parameters such as user personalization, KYC, withdrawal and crypto currency redemption and credit history should be considered.
CREDIT.
CREDIT is a decentralized financial system that allows the financial services industry to join in demonstrations of decentralization and direct interaction through the basic principles of peer-to-peer arrangements and distributed ledgers. For all intents and purposes, this platform utilizes smart contracts and crypto currency to combine all participants. This overcomes these limitations.
CREDIT Platform Component.
Here is a very short run-down on the various components of the CREDIT platform:
Network Systems - A network system is a collection of decentralized nodes that perform actions such as processing, storing, executing and confirming transactions. Regardless of this action, the network system is capable of processing requests from third-party systems.
Network Node - More often than not, the network node is the computer on which the network client is installed. The network node verifies the transaction and writes it to the general ledger. The different types of nodes used in building decentralized networks are: - Common Node Common nodes are entrusted with transaction verification responsibilities. The trust factor is minimum.
Trusted Node.
Just like ordinary nodes, trusted nodes are also entrusted with transaction verification responsibilities. However, his belief factor is maximized.
Main Node Similar to common and trusted nodes, the main node is also entrusted with transaction verification responsibilities. In addition, it is also responsible for adding transactions to the general ledger block of transactions.
Ledger - Ledger is basically a record of all transactions that are confirmed by the system. Records are stored on network nodes.
Network Consensus - For all intents and purposes, network consensus is a group decision-making method. Network Consequences depend on the following basic parameters:
Availability of ledger.
Modifiability by all participating nodes
As far as the system knot is concerned, consistency is a prerequisite
Resistance to separation
Structure of Ledger Entries By
Traditionally, the structure of a ledger entry is about building a Merkle tree. To check data integrity, the Merkle tree is used. CREDIT platform does not use Merkle tree because Merkle tree inhibits transaction processing speed. Instead, it uses a general ledger database of the previous block hash code.
CREDIT Currency
Here's a quick look at the benefits of using CREDIT currency:
This is used to exchange different values and different currencies in the system. It is used to not only create but also process operations with smart contracts.
Hopefully it gets your attention completely and do not forget for more information please visit the following official website:
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