Credits is a decentralized finance (Defi) system that facilitates direct interaction between participants on the peer-to-peer principle. According to its platform documents, Credits is a blockchain technology that uses decentralized network nodes and smart contracts for the development and execution of decentralized applications(dApps). According to the platform’s whitepaper, the Credits platform expands its potential of using financial services based on the distributive ledger and self-execution of smart contracts.

Also, as per its whitepaper, the financial industry is one of those few industries that lag and resist the introduction of decentralization and direct interaction between participants. The two tasks that currently hamper the development of peer-to-peer financial products are to develop high execution speed with the capability to execute a vast number of transactions and further to develop a system where all participants and items for decentralized financial services are combined. The Credits’ financial system claims to be implemented for achieving such tasks.

The system aims to unite all participants on one website, providing them with a platform to create and use financial services. In such a way, both the service providers and takers can reap the benefit of the platform. The Credit platform seeks to offer technical solutions and a conceptual model of networking participants where they can interact to develop DeFi services.

The Credits platform claims that it is a fast and low-cost way to send and receive money and crypto worldwide. The platform further claims that it is user-friendly, that gives utmost importance to privacy, and users are provided with cashback over transfer and spending. The platform works on its native blockchain, known as the Credit blockchain. The platform also provides a wallet available on both web and mobile screens. The Credit platform works on the proof of agreement consensus mechanism. It is a consensus mechanism where nodes above a certain amount of native token stack are selected to operate on the network.

CS is the native cryptocurrency of the Credit blockchain and financial system. The token is based on the ERC-20 token standard, which is tradable on exchanges and is a fully decentralized token. The token supports fast transactions with an average speed of 0.5 seconds. The token is also staked to provide liquidity. The platform further provides a stablecoin for its platform known as Credit USD. This coin offers a stable price equal to the US dollar, which has a stable value and is used for global payments.

The platform was founded on September 12, 2017. The whitepaper was released on October 29, 2018. Igor Chugunov founded the platform. The other team members include David Kolmakhidze and Dmitry Chernishev. The total supply of CS tokens is one billion coins.