CREDIT is a Proof of Work (PoW) and Proof of Stake (PoS) hybrid blockchain and since block height 10 000, it has become strictly PoS. Our blockchain network selects block producers based on coinage and balance, in comparison to PoW blockchains where computational power determines success in block production. PoS is the next step in cryptocurrency evolution which promotes true decentralization by improving accessibility.
ABOUT PROOF OF STAKE (POS)
The end goal of Proof of Stake (PoS) is identical to that of Proof of Work (PoW), they both seek to validate transactions and achieve network consensus. It’s just their processes that are different. The biggest advantage that POS has over POW is that it is much less energy-intensive because hash power plays no role in success as a producer. This solidifies the decentralization of the Credit blockchain by removing equipment cost and expertise barriers which allows us to welcome thousands of non-technical block producers.
We have removed the technical and expensive POW environment to allow anyone with a modern computer to earn from supporting the blockchain. We believe that Credit’s use of POS incentives for block producers are much more aligned with our community.
The benefits of POS:
Lower Transaction Fees
Lower Cost of Production
Safe from 51% Attacks
Impervious to typical attacks, the Credit blockchain completely ignores hash power and selects producers based on their balance. The absence of master nodes improves security by eliminating other forms of attack that are used in networks with fewer producers.
The CREDIT wallet is simple to install and produces blocks automatically, anyone with a modern computer or mobile device can be set up in minutes. This increases the decentralization within the node community by making it simple and accessible with no coding or advanced skills required.
Fast and Free
Sending CREDIT takes seconds and is virtually free. Any user can group unlimited unique transactions into a batch and send all the payments at once for the low fee of 0.00001 CREDIT. Transactions are confirmed quickly by the network of nodes that are rewarded with new coins rather than transaction fees.
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