Everyone now knows cryptocurrencies and their use. The main advantages are faster and secure payments. Still, these cryptocurrencies are not reached to many people and thus have limited access. Thus it needs global attention and wide reach so that most people can use it and avail advantages of it.
So how this can be achieved? When we see, people who make payments in any form have access to cryptocurrencies and able to use it, we can say the cryptocurrencies have become a global payment system.
The current payment systems are centralized and need intermediaries to perform complete transactions. The decentralized payment systems remove the barrier of intermediaries using blockchain technology. But it is just one part of the solution. The current blockchain system's consensus mechanism has its own disadvantages. With PoW i.e proof of work concept, an enormous amount of computational power is required. Nowadays it is not that cost-effective due to it. On the other side, PoS i.e. proof of stake is a very good alternative that does not decide the chain based on computational power but on the number of nodes.
Here comes Terra Credit. This project has defined CREDIT token and makes available fast blockchain-based payments. Terra Credit applies to proof of stake consensus mechanism to decide the completeness of a block. As mentioned earlier proof of stake is a very good alternative that does not decide the chain based on computational power but on the number of nodes. Here for Terra Credit, each Terra wallet represents a node. And another feature of this wallet is, it supports automatic staking. That means you don't need to manually stake your coins, once you have 10000 coins balance, staking starts working automatically. Isn't it interesting?
With the other projects which use blockchain technology, they can only utilize only a few advantages of blockchain technology. But with Terra Credit, it allows the ecosystem to utilize all the advantages which are Transparency, Decentralization, Sustainability, Security, Feasibility, User-friendliness, Integration, and most important is Scalability.
CREDIT is a utility token within the Credit ecosystem.
Within the Credit's digital payment platform which is a decentralized solution to cash or another payment system, Credit token's main utility is to facilitate digital transactions. So all the transactions within Credit's ecosystem will be made via CREDIT token. Another function is to provide staking rewards. Credit wallets provide automatic staking as soon as you reach 10,000 CREDIT balance. The credit ecosystem offers almost free transactions or with very minimal fees. With proof of stake consensus mechanism, Credit it offers a very simple block production i. e the mining process. Since as with proof of work, there is no need for high computational powers, mining or block production is very profitable. The main advantage of the Credit ecosystem is that it allows users to use CREDIT across multiple platforms and even users can create their own framework for different purposes.
So the conclusion is that Credit's highly decentralized ecosystem or an alternative to the cash payment system, allows users to have rewards based on automatic staking mechanisms based on proof of stake concept. Thus it is a long term investment proposal.
BTT Username: Forexandcryptoauditor
BTT Profile: https://bitcointalk.org/index.php?action=profile;u=2438580
Brought to you by http://forexauditor.com