Creditcoin (protocol)
| Creditcoin | |
|---|---|
| Ticker symbol | CTC |
| Development | |
| Original author(s) | Tae Oh |
| White paper | https://whitepaper.io/coin/creditcoin |
| Initial release | April 4, 2019 |
| Code repository | https://github.com/gluwa/Creditcoin |
| Development status | Active |
| Written in | Rust |
| Developer(s) | Gluwa, Inc. & Creditcoin Foundation |
| Source model | Public |
| Website | https://creditcoin.org/ |
| Ledger | |
| Block time | 400ms |
| Block explorer | https://explorer.creditcoin.org/ |
| Circulating supply | 564,970,555.21 CTC (as 27st Nov 2021) |
| Valuation | |
| Exchange rate | US$2 (November 2021) |
| Market cap | $5B (November 2021) |
Search Creditcoin (protocol) on Amazon.Creditcoin is a public blockchain-agnostic lending protocol, and is built on top of the Hyperledger Sawtooth Project. The Creditcoin blockchain employs a Proof of Work consensus algorithm. It was designed jointly by two companies, Gluwa[1] and Aella.[2] Around the Creditcoin protocol there is the Creditcoin Foundation, which dedicates to build a sustainable ecosystem to accelerate technology development and commercial adoption.[3][4] In 2019, protocol was licensed under the GNU Lesser General Public License software license.[5]
The protocol has four basic interrelated mechanisms that compose structural support of the consensus tool. These four mechanisms are Sawtooth PoW consensus engine, Gateway, Processor, and Sawtooth REST API Hotfixes. By using randomized sampling and metastability to ascertain and persist transactions, It represents a new protocol family.[6][7][8][9]
Scientific background[edit]
Consensus protocols are the basis for the state machine replication problem, which aims to enable a set of machines to achieve agreement over a network even when a subset of the machines are corrupted. There are two major families of consensus protocols to date - classical consensus and Nakomoto consensus protocols. The first achieves consensus through quorums, thus requires voting. Famous instantiations of this are Paxos (in the crash-fault-tolerant environment) and PBFT[10] in the Byzantine-fault tolerant case. These protocols achieve agreement in a similar operation to a parliament: a proposal (transaction) is proposed and voted on to be accepted or rejected. If sufficient votes cast by the various replicas are accumulated (typically collected through elected leader replica), then a quorum is achieved, and thus agreement. The second family, pioneered by Satoshi Nakamoto and Bitcoin is that of Nakamoto consensus. Unlike quorum-based protocols, machines operating an instance of Nakamoto consensus achieve agreement on transactions by downloading the longest chain (typically called a fork). In Bitcoin, the longest chain is verified by ensuring that it is the one with the highest degree of work (or proof of work). Creditcoin loosens this requirement, thus enabling quorum-based protocols to estimate global network state *with errors*.[8][11][12]
Design[edit]
Creditcoin is a public blockchain that creates a credit lending infrastructure allowing fintech lenders and microfinance providers greater access to capital while borrowers secure transactions, loans and their objective credit history on a groundbreaking immutable ledger with the Creditcoin token.[citation needed]
The Creditcoin blockchain is based on the Hyperledger Sawtooth architecture, and is designed to match and record loan transactions, creating an auditable and reliable source of credit information verification. By reducing informational a-symmetries, Creditcoin facilitates trust within its lending ecosystem. Creditcoin (CTC) is a utility token that is used as a transaction fee in the Creditcoin ecosystem. Whether you are a crypto investor, a fintech lender/developer, or a borrower in the developing world, the Creditcoin Ecosystem connects blockchain assets with a straightforward protocol creating trust and opportunity among an inter-blockchain lending market. In April, 2019, the CTC codebase for the Creditcoin consensus protocol became open-source and available to public.[citation needed]
See also[edit]
- Fault-tolerant computer system
- DREAM (protocol)
- Avalanche (protocol)
- Replication (computing)
- Paxos
- C-Bus (protocol)
- Virtual synchrony
- Raft
- Chandra–Toueg consensus algorithm
References[edit]
- ↑ "Gluwa". gluwa.com. Retrieved 2021-11-27.
- ↑ admin (2020-04-15). "Creditcoin's next step to providing financial services to the world's unbanked!". Ed Cal Media Agency. Retrieved 2021-11-27.
- ↑ Oh, Tae (2019-03-27). "Designing Creditcoin". Creditcoin. Retrieved 2021-11-27.
- ↑ Gupta, Nishu; Prakash, Arun; Tripathi, Rajeev (2020-09-18). Internet of Vehicles and its Applications in Autonomous Driving. Springer Nature. ISBN 978-3-030-46335-9. Search this book on
- ↑ Gluwa Creditcoin, Gluwa, 2021-10-18, retrieved 2021-11-27
- ↑ Yin (June 2019). "Scalable and Probabilistic Leaderless BFT Consensus through Metastability". arXiv:1906.08936 [cs.DC].
- ↑ Catalini, Christian; Gans, Joshua S. (December 2016). "Some Simple Economics of the Blockchain".
- ↑ 8.0 8.1 "CreditCoin: A Privacy-Preserving BlockchainBased Incentive Announcement Network for Communications of Smart Vehicles". King Abdullah University of Science and Technology: 17. 27 November 2021.
|Authors list=missing|1=(help) - ↑ Xuan, Shichang; Zheng, Li; Chung, Ilyong; Wang, Wei; Man, Dapeng; Du, Xiaojiang; Yang, Wu; Guizani, Mohsen (2020-05-01). "An incentive mechanism for data sharing based on blockchain with smart contracts". Computers & Electrical Engineering. 83: 106587. doi:10.1016/j.compeleceng.2020.106587. ISSN 0045-7906. Unknown parameter
|s2cid=ignored (help) - ↑ Castro, Miguel (February 1999). "Practical Byzantine Fault Tolerance" (PDF). Unknown parameter
|url-status=ignored (help) - ↑ Tanana, Dmitry (2019). "Avalanche blockchain protocol for distributed computing security". 2019 IEEE International Black Sea Conference on Communications and Networking (BlackSea Com). Institute of Electrical and Electronics Engineers. pp. 1–3. doi:10.1109/BlackSeaCom.2019.8812863. ISBN 978-1-7281-3234-1. Unknown parameter
|s2cid=ignored (help) Search this book on
- ↑ Liu, Jiqiang (January 2018). "CreditCoin: A Privacy-Preserving Blockchain-Based Incentive Announcement Network for Communications of Smart Vehicles". Beijing Jiaotong University: 17 – via IEEE Transactions on Intelligent Transportation Systems.
External links[edit]
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