Transaction speed: transfer within CREDITS


Time necessary for data transfer within CREDITS considerably outruns familiar methods such as a bank transfer. That is why we decided to tell the difference between “old” and “new” transactions.

The thing is that information provided by hash is transferred in an unchanged form. Moreover, the system operates typical data which also speeds up transfer. Speed directly depends on the number of blocks in the chain or registers in the hash table, as in CREDITS.

A distributed hash table (DHT) is used for a permanent and stable connection between nodes. As structured data, a hash table can represent an associative massive which contains pairs (key-value). DHT term is also related to a range of principles and algorithms which allow to record data by distributing information of various node-keepers’ set. The principle of algorithm can also restore data by means of a key distributed search.

The peculiarity of a distributed table is an opportunity to distribute information among a certain set of node-keepers in the way that each participating node could find a value associated with this key.

Let’s understand how a hash table works which is in fact a blockchain but without blocks.

DHT is characterized by the following features:

  • Decentralization
  • Scalability
  • Fault tolerance

A hash table keeps information in special values, and each of them is linked to the key – that forms pairs. Each step of an algorithm gets closer to an initial node until a complete value is found or defines an absence of such nodes.

It is worth considering how a common transaction is performed using a bank card which we face with regularly, for example, in the store. When a card got through the terminal, two main participants get into the deal: an issuing bank (the party which issued the card) and an acquiring bank (the one that provided a selling point with POS terminal).

Then an acquiring bank requests to get permission from an issuing bank to perform a transaction. Even at this stage the system loses to cryptocurrency because interaction is not direct which means fee and no anonimity. Then the request is transferred to the processing center, it reconciles data about the amount of payment and balance on the account.

All these happen turn by turn, sometimes “dead” requests brake the line which is the reason for system errors. As in the case with cryptocurrency, data is transferred from one node into another, without turn, and does not leave an information trace.

Only after that, permission for performing a transaction is sent as an authorized code, and after its confirmation an acquiring bank makes a transfer.

And now let’s imagine the same situation, but with blockchain. The transfer would be 100% realized whereas the transaction using a bank card was at the stage of getting to the processing center.

If talking about what CREDITS is based on, then it is worth paying attention that the register used BLAKE2b algorithm. The hash function BLAKE contains 3 earlier studied components:

  • regime of HAIFA introduction provides sustainability to attacks of second kind;
  • an internal structure of a local wide-pipe guarantees protection from collision;
  • the process of compression for BLAKE is an upgraded version of a well-parallelized stream cipher ChaCha which safety is well-studied.

This mechanism works much faster than traditional SHA256 which were met in Bitcoin. The algorithm does not cede in the degree of data protection and supercedes many others in the volume of calculated hashes.