Published 15 August 2018

Overview of the technologies used on the blockchain platform

Overview of the technologies used on the blockchain platform

Blockchain is formed as a constantly growing chain of blocks with records of all transactions. The system consists of special network nodes that provide reliable storage and processing of transactions. Each node is connected to all other nodes and constantly exchanges new blocks with transactions with them, thus, the current information is stored everywhere. To encourage the owners of nodes involved in the processing of transactions, material compensation is provided in the form of a commission. The value of the commission, as a rule, depends on the current load on the network. In Credits, as well as in other blockchain systems, a commission is charged for each transaction in the local currency of the platform - CS.

The commission is distributed between the main and trusted nodes of the network. Each trusted node is connected to the neighbour, for joint verification of transactions. Thus, trusted nodes make a decision about the validity of these transactions. After that, transactions are sent back to the main node for writing to the pool. At the end, or when typing a certain number of transactions, the pool is closed. After that, it is sent to all nodes of the network for further recording onto the chain.

The choice of the main and trusted nodes is as follows: On the node that recorded the last block, a list of length n is formed from the nodes with the current registry. In each round, there may be m nodes participating in the voting procedure for transactions (trusted nodes and main node). The number m is such that 3m = n / 4, while the value of m cannot exceed 101. Among the n nodes, 3m nodes are randomly selected. Then m nodes are randomly selected from these 3m nodes, the first of them is assigned as the main node for the next round, and the rest become trusted nodes for the next round.

The Credits platform is a peer-to-peer, decentralized, computer network or, so-called peer-to-peer network. The participants of the network interact with each other on the principle of peer-to-peer - equal to equal. That is, the nodes of the network have equal privileges.

In addition, the platform implemented a unique consensus algorithm that provides high speed and stability. Also, the advanced data encryption algorithm, Blake2b, is used, which is not sensitive to the size of the hashed data and is protected from attacks associated with the occurrence of collisions in the process of hashing and is implemented on the platform of the signature system Ed25519, providing a high level of security and performance.

Combined, security technologies allow the platform to achieve excellent network performance with the highest security requirements.

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