Topic: Genesis Builds A Brand New Credit System (Read 28 times)

Blockchain is seen as a "trust machine", and blockchain technology has overturned the past model of establishing credit between people.
Credit is the foundation of trust.
Trust is the result of subjective judgment on the trustworthiness of a person or a thing, and the basis of judgment is the objective credit situation in the past. Simply put, when A has strong credit (trustworthiness), B can easily have trust in A.
Credit is important in the market economy. As the division of labor deepens and the market expands, credit appears in lending activities and all other market economy activities. Credit is the basic premise that sustains the exchange of goods and is the basis for a well and efficiently functioning market economy. Therefore, the modern market economy is fundamentally considered to be a credit economy.

In the past, credit was the result of behavioral strategies.
In an economic sense, credit generally means that some groups place themselves at risk due to the uncertain behavior of other groups.
Thus, when there are different options, credit is seen as a behavioral strategy, i.e. the result of a choice that results from comparing the pros and cons.

The computability of credit behavior
Although new institutions have been developed throughout history to regulate people's trustworthy behavior, they have not been able to eliminate the occurrence of credit violations. In the past, many scholars held the view that "credit is calculable" as a basis for studying the tendency of people in society to choose between trustworthiness and breach of trust, but even under the verification of the ideal calculation formula, it is difficult to ensure that the result of choosing credit is indestructible, and it will also be influenced by the "bounded rationality".

Bounded Rationality Theory
The concept of bounded rationality was originally proposed by Herbert A. Simon. Human behavior "is consciously rational, but this rationality is limited".
In the form of impersonal exchange, people are faced with a complex, uncertain world, and the more transactions, the greater the uncertainty, the more incomplete information; moreover, the human computational and cognitive ability of the environment is limited, people cannot be omniscient.
This also means that the credit behavior between people cannot be measured or speculated simply by a certain formula, and it can be broken by "irrational" decisions.

From trusting system to trusting code    
As we can see, systems and human rational decisions are not completely reliable. So, is there other way to ensure credit outcomes?
Blockchain makes all solvable. It allows trust to be agreed upon by mathematical algorithms that also operate autonomously without being manipulated by human consciousness and centralized institutions.
The foundation of trust created by blockchain stems from multiple aspects of credit assurance：
1. Confirmation of rights and the authenticity of the source of information
Since every transaction is authentically recorded and publicly available and traceable, blockchain technology guarantees that everyone has the right to belong to and control their own assets.
2、True and trustworthy records
Blockchain adopts a tamper-evident database technology, which makes the recorded actions irreversible. This also means that all the recorded states of the longest chain are real and untampered with. Even if the receiving parties do not know each other and have no trust basis, they can realize "trust without trust".
3、Information synchronization and high fault tolerance
Due to the P2P network and distributed transmission method adopted by blockchain, it means that it is free from the control of the center, and even if the local nodes are attacked or tampered with, it will not change the final result of data and the smooth operation of the whole system.
4. Automatic execution of results
On a calculator system, a contract can be automatically executed when certain conditions are met. According to the programmable scripting language of blockchain, the automatic execution when the conditions are met makes the execution action definite, eliminating unnecessary costs for both parties to the contract in the process of gaming.
Overall, blockchain technology is a distributed network platform that breaks the traditional centralized feature, it is more like a public ledger that can be recorded, viewed and maintained by everyone, any record is permanently time-stamped and cannot be tampered with, so that the trust mechanism is rebuilt. The blockchain-based technology mechanism ensures the honest behavior of each participant and allows trust to be well maintained in the blockchain.

The outstanding representative of blockchain 3.0 - Genesis builds a brand new credit system
Genesis, as an outstanding representative of blockchain 3.0 era, inherits the reliable characteristics of blockchain and builds DPoC (Delegated Proof of Consumption) consensus mechanism to create a truly equal and trustworthy environment for everyone.
Genesis incorporates Blockchain 1.0 portfolio applications, including distributed ledgers, cross-chain data, Merkle trees, and proof of work, while emphasizing smart contracts, virtual machines, and decentralized applications in Blockchain 2.0; further more, it innovates multi-chain systems, consensus algorithms, privacy protection, physical world mapping and more.
Genesis is compatible with multi-participation, while the innovative DPoC essentially determines the processing performance of the whole system; physical time mapping, which outlines of the relationship between the on-chain world and the off-chain world.  
Meanwhile, Genesis network supports fast and agile dApp design and programmable scripting language, which will enable more dApps and smart contracts to be implemented on the ground and make the trusted blockchain technology serve people's daily life in all aspects.