Hi ! I had a look to the Credits blockchain (https://www.credits.com/en/#a).
First I was attracted by the statement "processing up to 1 million transactions per second" with a block time of 3 seconds. I was thinking how do they manage to do that technically, so I started to dig a bit in the provided documents:
- White Paper: https://www.credits.com/Content/Docs/TechnicalWhitePaperCREDITSEng.pdf
- Long Presentation: https://www.credits.com/Content/Docs/CREDITSdeckENG.pdf
- Technical Paper: https://www.credits.com/Content/Docs/TechnicalPaperENG.pdf
From the WP, there are different kind of nodes with different trust level:
- Common Node, Trusted Node that can verify a transaction, common node is not trusted.
- Main Node responsible for adding transactions to the ledger.
Consensus: it is a kind of hybrid between DPoS and a little bit of PoW. A leader election is performed using PoW and the Main Node generates the block that is spread out to the network.
It handles Smart Contracts coded in Java.
Interesting:
- Homomorphic Encryption: I would like to have a lot of details on this part, because it is really important. Check out this link :https://en.wikipedia.org/wiki/Homomorphic_encryption
- Merkle tree changed with Tiger Tree Hashing: each block is hashed using Leaf Tiger Hash then each pair of hash is hashed with the Internal Tiger Hash.
- The Block size is dynamic, but we are missing the details.
- Blockchain backup storage: it should be further explained how they implement such compressed storage.
Problems:
- Parallel Processing of Transactions: where it is detailed ?
- They say the new consensus principle has a 0.1 to 0.5 second, when we look to just latencies on the Internet, I am very skeptic.
- They say there is no mining but "The one who calculated the function faster, who has a higher performance server and better network quality - wins in a competition for the right to be the main network node ... and the user get its 50% commission". So there is a mining on the fees.
- Centralization: The processing of the transaction is performed by only one main node that write it to the registry.
- Network/Storage: Such wished high transaction throughput is not achievable on a single node at large scale even when using compression techniques and state of the art storage and network.
- Java for SmartContracts is not so trivial from security point of view, details are needed.
- Open Source Software, where is the code ?
We can't solve problems by using the same kind of thinking we used when we created them.
- Albert Einstein
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So, what is your take on this ICO?
Personally I will pass. It seems there is some activities due to the ICO for February, but I did not dig further. I want to have a look to the source code that is not yet available publicly, while they announced that it will be available for the Alpha.
I'm also not comfortable to invest. I haven't seen anything concrete from the team yet.