Since we recently reached 50% (25 our of 50) capacity on the Witness program, we are happy to share a little more about our new technology.
It’s worth mentioning that our primary goal to solve the GAS problem, is still, our most primary focus. It is now the time to provide some crucial technical information that will reveal the true power of what we are developing.
So let’s take a look at the ecosystem we have developed, it is comprised of 3 major parts. The blockchain a.k.a Credit smartchain , the Oracle layers and the consensus mechanism.
We will be using DPOS for our entire ecosystem. Delegated Proof of Stake (DPoS) allows the token holders to vote and elect the validator set. This increases the decentralization and favours community governance. Unlike Proof-of-Work (POW) and Proof-of-Stake (POS)consensus, that are poorly protected from malicious intentions of stakeholders. We not only want to be cheap but also as safe as possible, we achieve this with highly effective decentralization. (Witness program is the basis of this.)
Our new technology will continue to focus on the environment, utilizing the same basic concept of POS, so supporting the new chain will not use any additional power. As every block is validated without the need to use a lot of energy, all transactions can be performed extremely fast at every stage of network’s function.
Our Oracle Relayers will play a crucial role in the way our nodes communicate. Each of the validators (witness nodes) must/will use this layer. Each Oracle Relayer watches the primary blockchain (ETH, BSC, BTC etc) state for change. Once it catches any Cross-Chain Communication Packages, it will submit to vote for the requests. After 66% or more of the current set of validators, using the oracle layer, confirm their support the changes, then the cross-chain actions will be performed. This allows anyone to effortlessly Convert their assets on more expensive primary chains, to new ones tokenised versions on Credit Smartchain, which has almost no fee at all.
Governance Parameters are system parameters that control the behaviour of the Credit SmartChain Network (CSC) blockchain, for example slash amount, cross-chain transfer fees. All these parameters will be determined by the Validator Set together through a proposal-vote process based on their staking. The process will be
carried on the blockchain and the new parameter values will be picked up by corresponding system contracts via a cross-chain communication. So the active set of validators will be able to determine through delegation the fee’s they earn in terms of cross chain swaps. And these changes are mirrored onto the primary chains.
Staking and Governance will use Proof of Staked Authority, this is how we bring in decentralization and community involvement. At it’s core the logic can be summarized as the following:
Token holders, including the validators, can put their tokens “locked” into a stake. Token holders can delegate their tokens onto any validator or validator candidate, to either support its current role as validator or they can delegate to a candidate node in the hope it will become an actual validator, and later they can choose a different validator or candidate to re-delegate their tokens too.
All validator candidates will be ranked by the number of locked tokens in their stake, and the top 50 will become the real validators. There will always be candidates, who wait in a ready state for their node to be accepted into the top 50, based on balance.
Note: This process will ensure a minimum of 50% of supply is always and cannot be unlocked from the network. Unlike like other chains that use different technology, our extensive use of multiple POS based systems drive an immense demand for the new native token by removing half or more from circulation.
In a bid to stay competitive, Validators can share a portion of their block reward with their delegators, they can set this to attract delegators. This allows them to grow their balance far beyond their individual means. This will create a good environment for delegators that is more likely to give them better and better deals from validators.
Safety of the network is paramount and despite the power of a stake (number of coins), a node can can suffer from “Slashing”, this is a punishment for their bad behaviour, such as double signing transactions and/or instability.
There is an “unlocking period” for validators (Nodes) and delegators(Users) so that the system makes sure the tokens remain bonded when bad behaviour are caught, the responsible node/s and balance/s will get slashed during this period.
The new Credit Smartchain Network (CSC) will deliver 2000 transactions per seconds (TPS) effortlessly whilst still keeping fee’s well under $0.0001 for the foreseeable future (100 years of more). So no, not just cheap, we added a little speed in there for good measure.
In closing these are the new roles that will exist in our new ecosystem:
Delegator – An ordinary holder with x amount of coins.
Candidate – A holder with 20M or more that operates a node, which is online and ready to support the network.
Validator/ Witness – A node operator with 20M (Must be among the top 50 of all candidates) or more who is not slashed, has a valid Oracle layer and is validating blocks and watching for cross chain activity.
If you identified with any of the roles above, and you want to be included in the genesis launch and or testnet, then you are welcome to join our Witness program.
Currently at 50% it is filling up fast, so join us on twitter or discord for more info on how to get onboard.