Credits Summary of 2021

Dear Credits Community, first of all thanks for your continuous support!

Here we present the overview of results we have reached in 2021!

Blockchain 

Primary goals for the Credits blockchain development in 2021 were outlined in Strategy 2021 and contained several important enhancements for the protocol and updates of the MainNet. Here is how we have done it!

This past year we were concentrating on improving the overall performance of blockchain by introducing new advancements to the node and mechanisms of blockchain work.

One of the most critical and complex tasks was dedicated to improving node behavior and its stability and introducing the quick-start node functionality allowing users to save time at the launch of the application. As a result, the quick-start node feature is now working on all blockchain nodes. 

The other significant enhancement team accomplished last year was a successful implementation of multithreaded transaction verification. This updated mechanism significantly increases validation speed, improving the protocol's TPS. 

The team developed a new version of synchronization and refined the mechanism for distributed transactions. In addition, we have extended the API mechanism, which is currently getting tested. All these works were aimed for a smoother work of protocol. 

We also experienced some bumps on the road in 2021, including the fork discovery in our network, which was researched and fixed. We improved the block-saving operation and removed problems causing incorrect blockchain loading. 

With the community's help at the end of the year, we identified a critical bug in the executor. The team has already issued a fixing solution to it, and in parallel, is working on a universal decision for this problem. 

In the autumn of 2021, we have started the next phase of the update, containing a new executor launch. As stated earlier, this task is long-term and may take up to six months for the realization so that it will be reflected in the Strategy for 2022. At the end of 2021, we analyzed, researched, and started developing EVM (Ethereum Virtual Machine) on the Credits node. The team continues to work on these two tasks, and they will be carried on in 2022.

We should also mention the Public Speed Test of the Credits Blockchain we held in spring 2021. The Test was made to measure and publicly demonstrate the capabilities of Credits Blockchain TPS (transaction per second). Please refer to the Test's Results here. As feedback towards the Test from the Credits team, we can state that we were satisfied with the numbers reached, and we acknowledge that the higher TPS is possible on better hardware. 

Please note that in 2022 we may collaborate with third-party testers on such a test again to prove the progress made. 

The FinTech and Credits Wallet

The wallet development team had a very ambitious agenda for the year 2021! We had some obstacles to overcome in the spring when we realized that we would like to slightly change the product itself, requiring us to rewrite the back architecture accordingly. This part of the job was completed, allowing us to firmly say that today the Credit Wallet is built in such a way that provides us with almost unlimited possibilities of adding new extra financial programs and services into it. We think global and aim for this. 

The functionality of the Beta Credits wallet includes:

• fiat accounts in EURO with the option of top-up transfers from banking accounts or banking card;

• crypto accounts in ETH, BTC, and CS with options of purchase, exchange, and sell;

• transfer of cash from fiat accounts to banking accounts.

As of now, Credits Wallet is going through the last round of polishing, and Beta version public tests are preliminary set for the end of January - beginning of February 2022 and moving Beta to Public environment as soon as the public test is successfully passed and all required analytical results on stable performance received and any fixes if needed arranged.  

Talking about the operational basis for the Credits wallet, we can confirm that the Credits team reached numerous agreements and obtained licenses needed for our operation in the UK and Europe. The rest of the world is in the plans, and we are currently negotiating with some regions. 

Conclusion 

The Credits team grew in numbers in 2021, with developers employed by the project full-time, equaling 35. We also had great professionals joining the team for the analyst and product owners positions. We plan to expand the team further this year, as new positions will be open after the wallet comes into the operational phase.

Traditionally we are preparing roadmaps for 2022 for Blockchain and FinTech, which will be revealed this month. Please stay tuned for further news and announcements.