Recap of AMA Session
Credits team is glad to publish the recap of AMA session with Igor Chugunov, Founder & CEO of Credits, which took place on the 25th of February. Follow the answers of our visionary to be aware about the next milestones and steps regarding the development of the project.
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Hi, Credits community,
Many thanks to every member of this chat for support and contribution.
I will be glad to answer all questions and share hints regarding the next steps of project development.
Let’s start the AMA session!
Thanks for your time!
Hope every community member will find this session informative and constructive and know more about our next steps and milestones!
The first question from Twitter is
“Looking at Credits market position, what would be the main reason to buy into the CS coin at this time, and what are the top 3 priorities for the team to increase CMC position?”
First of all, I would like to admit that we are going to release a new version of website, where you will see the detailed information about our top priorities. It is not a new direction, we just change our focus with an aim to attract new large audience of crypto and non-crypto users.
The thing that will lead us to the top is our mobile wallet service. Which will have an additional functionality. It is an analogue of Bitcoin.com, Revolute, PayPal or Crypto.com. People will be able to issue debit cards, buy CS coins and store other currencies like BTC or ETH within this wallet.
Other priorities that will get us to the top, are
- Staking program,
- Stablecoin based on Credits chain
- Bonoox Loyalty platform
- Affiliate programs
Wait for our new website, where you will find detailed information about all these products.
The second question from Twitter is
“With Сredits latest BIG success with chemical company JSC IVHIMPROM and real use - Are there any creative solutions to expand the development in this field and/or other countries/industries? Where does Credits expect to be within 5 years?”
Yes, of course. Blockchain technology is applicable in many industries, we have decided to start our expansion from the supply chain use case for JSC IVHIMPROM. We have already launched a pilot project. I think that this development will open doors to numerous bigger enterprises further.
The third question from Twitter is
“What is Credits targeted customer?”
We have several main segments of the target audience which need to be reached through different channels, also different key messages are suitable for each segment.
- Investors (people who will buy CS from exchange or fiat gateway)
- Business (companies willing to implement solutions based on Credits chain)
- Developers (people who will build on top of Credits public platform)
- Customers (people who will use our services)
The next question from Twitter is
“We heard about all good news over the years...such as collaboration with Lenovo, IBM...and so on. But we NEVER heard any real update from those big collaborations... Could you please update for each of them?”
We are working in this direction, however, any ideas and solutions in such large companies should pass many approvals before proceeding to the next stage of negotiations.
It could take 1 to 2 years or even more before the launch of joint solutions. It’s better not to expect fast results from such partnerships.
The last question from Twitter
“We all know $CS is the most scalable and the fastest blockchain on this planet, my question is how are we going to get 1mil users onboard what is the strategy to achieve that target?”
For myself I divide them into several main segments:
- Around 50-100 projects to be integrated with Credits protocol
- The final number of businesses (like token issuers, etc) - 500 - 1 000
- Final individuals (CS holders, wallet users, loyalty points users, etc) - 200K - 1M
Thanks for your answers @igorchug. I guess everybody here understands the potential of Credits new direction and products you have mentioned.
Now we will open the chat for several minutes for people to ask their questions. Let's go, guys!
On your website, You mention that Credits Can generates 5 Blocks per second! That's really Impressive !! Can you explain which consensus and technology is used by Credits for such a great Lightning fast transactions ?
The current amount of blocks which are generated per second are 1-3. In my opinion, it is more than enough for the current situation on the market. We use Proof of Agreement consensus protocol built from scratch and based on BFT model.
Hi @igorchug Congrats for the Great work so far! Long time investor here :)
Can you please elaborate a little more on the plans to implement delegation and staking pools, so holders with less than 50k $cs can also participate in the consensus mechanism and also have a chance of being rewarded for participating. This is VERY important for the large majority of the users / investors / token holders given that staking is currently one of the hottest attracting things in crypto projects and people currently tend to give preference to holding those assets.
You are completely right. We have already tested the Delegation mechanism and it will be implemented in Mainnet with next node release.
I understand the importance of Staking and giving the benefits to users for holding of CS coin and our team will spend more resources further to this direction.
Adoption is one of the important factor that all sustainable blockchain projects should focus to be more attractive in the investors’ eyes.
So anything are the benefits that $CS For CREDITS will provide in the future in the world of blockchain
First of all, Credits (CS) is the internal currency of our platform. The CS coin acts as the payment for all operation inside the blockchain network. Also, we are planning to launch Staking program and Stablecoin. This will heavily increase the benefit of CS
What does the Credits ecosystem include? What is the role of CS token in the entire Credits ecosystem?
We have launched many products which are the foundation of our platform - Web, Mobile, Browser Wallets and Blockchain Explorer, around 20 dApps.
Further we plan to optimize those products and make them more applicable for a non-blockchain audience.
What is your business model? Who are your potential customers and which markets are you targeting?
Good question 👍
The main goal of our business model to increase the number of users to several million users. Like PayPal or Revolut. Increase CS holders or Subscribers.
Our potential customers are crypto and not crypto users. Remittances.
We are mostly targeted on Europe and Asia markets, at first.
Others a bit later
Can you tell us what do you think about the current performance of the public mainnet, and what is your target performance to meet the needs of fast applications, and open back the access of dapps to the public? How confident are you about this subject.
I am more than just confident in Credits blockchain. We have built the superior platform with outstanding technical capabilities from scratch and continue the work of optimization of our protocol.
ETA on new website?
We plan to finish an update within 1-1.5 months.
News of credit card and fiat gateway seems promising for the wallet. But as you stated there are already several options, how will Credits differentiate itself? and are there any partners in this field to solidify this approach?
In comparison with other companies, Credits has several advantages:
- An internal currency (which has value and helps to attract users)
- Ready user database which might be increased easily
- New products based on stable coins. This is what is really quite new and our competitors don’t have.
We are working hard in terms of agreements with banks and other institutions which may help us on this field.
With the successful launch of Pilot Project what are Credits aims and goals want to achieve regarding with this projects?
The main aim which we plan to achieve is testing of our technology in real-world use cases and proving of its efficiency. As I said the successful use case will open numerous doors of larger enterprises.
When will the nodes stop working at a loss for their holders?
We plan to launch a Staking Program with additional benefits for CS coin holders. Technically it's ready.
Are we able to see the promised releases done before the end of March:
- Mobile wallet release (Android+iphon)
- Ledger & Trezor integration
- Auto swap (Gate.io+Bitfinex)
Yes. We are planning to release a Mobile Wallet by the end of March.
Regarding the exchanges, our team is working on integration with Bitfinex and Gate. We are always in contact with their technical team and are planning to finish the integration during the March, as well.
We are going to finish the integration with Ledger from ourside in Q1 as it was promised in roadmap. After that, Ledger team need to make a review, accept and integrate it in their devices. The final date of integration depends on the time period of code review and Ledger team.
Why aren't community members allowed to speak in public about the CS movements from Credits wallet 0x75433a0Bd720f639d38BBEA08F4632da831a1DaE to KuCoin? What is so secretive about it? Can you finally clarify this matter in public?
Everybody is able to speak publicly about it. I don't see the CS token movements from this wallet during the last 6 months though.
Previously the funds were used for regional representatives, advisers and ambassadors rewards. Our token metric has information that these tokens are operational from ICO and we have the full right to use funds according to our needs.
Thanks for your answers @igorchug! They were very clear and straightforward in my opinion.
Let's continue with the next part of community questions, guys!👍
We would like to know if team has plans to directly benefit the public chain from its private blockchain profit.
After a couple of years, we realized that some things are not relevant at this time or have limited use. Enterprise solutions, unfortunately, are one of those. Now the team is focusing more on developing products based on public blockchain to attract new users, non-cryptocurrency users, in particular.
The public blockchain was and continue to be the main focus of our project.
Can you, or can you order your admins to, publish the native company wallet addresses? If not then why?
Sure, it is not a problem we will share this information with community shortly after an AMA session
Going through your Twitter, I saw about a "Delegation" mechanism. Can you kindly explain more about it and it's usefulness to the CREDITS ecosystem @igorchug
«Delegation» gives an opportunity to move the CS between two wallets without giving the ownership other users. And users have the ability to return their funds at any time.
From the information I have gathered in working with a project which is working with the US government, I found out that public sector is moving faster towards adoption than private sector. Do you have any ability or connections which can help you to hack the sales cycles within the Russian government and try to gain adoption within their federal governments or military?
As you can see according to my previous answers we are more focused on B2C market at the moment.
The B2C markets are the biggest in terms of volume and I think that new products which are launching at the moment will gain huge attention from people.
Hi igor, thanks for the AMA. In several times holders asked about the transactions happened at the team CS account (ERC20). We never got a clear answer. Now, the big amount of tokens was already swapped. SO, Did the time CS tokens account already swap? Which Credits Blockchain account has the locked team tokens? Could you provide to us how many tokens unlocked CS team has? 37.5 million CS tokens was unlocked on March 2019, Where is this tokens? How much remains with the time? Please, bring transparency.
The total supply of CS coins was issued on Mainnet with its launch in genesis block. There is no sense to swap team tokens according to regular procedure. We plan to burn CS ERC20 team tokens shortly. The special report will be published accordingly.
At this time Credits company has around 30% of total supply.
Does the new algorithm affect the patents CS has requested?
The patents are still pending. It takes more time that we have considered initially
A group of long term CS investors and CS holders have put forward the request to peg CS to private chain sales through a buy-back-burn policy. There’s a written open letter about it on Medium, shared with you through Twitter (perhaps you found the time to read it). The admins announced that the proposal is in consideration. What are your thoughts about this proposal and when may we expect a decision about this matter? What other ideas do you have about relating CS value to private chain sales?
The revenue of private blockchain direction won't have major impact on CS price in case that the same amount of funds will be bought back.
We are supporting the CS price anyway and plan to greatly increase this activity further. Especially after the launching of new products in quite soon.
Previously the response from Admins were spontaneous and was clarifying any questions. Even we used to get videos and more news from team members. But since start of 2020, there is sudden silence. This makes many of us uncomfortable. We want to understand what is actually going on? why Jennifer left? Why no more Dapps are being developed? why the announced marketing push with 5 times budget is not implemented? Why team is not focussing on market making activities? why suddenly less focused on public chain and exchanges?
I know, our team was a bit silent during the last months. It was related due to my tight scheduler and the integration processes in which all team members were invlolved. We discussed with other team members and decided to make regular AMAs. Also, as a Project CEO I also try to communicate with the press & media which is a communication with the community of sorts.
Jennifer is no longer a full-time employee of the company. Due to the fact that in 2020 we will focus mainly on the Public blockchain and its users, we mutually decided that it is better to take a pause. She is still supporting us, but her vast professional experience will not be fully utilized in this area of development of blockchain solutions and their integration into traditional business models.
As I said, some things are not relevant at this time and dApps will not bring us to the Top. The team’s main focus now is on the development of products to attract new users, non-cryptocurrency users, in particular. Such products are Bonoox, which combines merchants and their consumers in one interface, and Mobile Wallet service, in which we plan to implement a large number of functional features along with banking products with the possibility of using this product as a payment tool for everyday life purchases for goods and services. Reaching the consumer audience involved in the financial environment and loyalty programs will allow us to demonstrate the advantages of our blockchain technology in action and enter new markets.
We are interested in listing on top exchanges as well, but the listing conditions play a crucial role for us when making the final decision. We are in conversation almost with every major exchange and I promise that work on this subject will continue until results will be reached.
Thanks for taking time to talk with us, Igor!
Community appreciate your hard work and input. Let's make Credits great together.
The AMA is over, guys. Thanks everybody😊
Thanks for your time, guys! Hope my answers have gave you a clear vision of Credits next steps and way how we will achieve adoption and gain users interest.
I think that next AMA will be done after milestones shared today will be released/launched. I guess it will be a video one.
Be with us, Credits community! 👍👍👍