On the 18th of June, Arjan Eikelenboom represented the Credits team on the SatoshiClub telegram channel. The "Ask Me Anything" session consisted of 3 parts. The members of SatoshiClub's community were highly involved in the discussion of Credits technology and asked a lot of interesting questions.
Part 1 — introduction and questions from SatoshiClub members
Serg: Hello everyone! Today, Credits will join us for our AMA series. Arjan Eikelenboom will be our guest. Welcome!
Arjan Eikelenboom: Hello all, Arjan here. Thanks
Serg: Please tell us a bit about yourself and an introduction of Credits
Arjan Eikelenboom: I am a former banker; investment banking, private banking etc.
4 years ago I entered the crypto industry to educate people on crypto and its dangers next to oppurtunities
Seminars and later on went on tour with Credits for promotional activities which led to our ICO in 2018
Now Head of Investment Relations and partnerships
I know, hence my take on education. Teaching people and show them the other side is what I have been doing in finance all my life. Keeping it real so the speak
Serg: tell us a bit about Credits. How would you summarize an explanation about the project?
Arjan Eikelenboom: When I joined back in 2017 me myself got triggered by the message of high volumes and superfast low-cost transactions. During my seminars, I noticed that there was a growing demand for this, especially in finance. Many of my ex banking colleagues confirmed this. Then I met Igor, CEO and got inspired by his dream and vision; to build the fastest blockchain in the world capable of serving the financial markets. So now the blockchain is finished we have started to build products to work on the blockchain. Our newest proud product is the neo bank mobile wallet
Serg: how did Igor convince you? that you will be able to build this
Arjan Eikelenboom: First of all I read the whitepaper, then he gave a presentation but was less convincing tbh, this was my q to ask him more. We chatted for a long time and the dedication and passion was enough for me to be triggered
Then, during our USA roadshow we bonded, of course, we hung out day and night and I got even more excited. I realised he had a golden baby. Now it was up to us to help it grow
After 2 years the blockchain has been built
Q1 from Telegram user @reisbayram
From the beginning, Credits was regarded with skepticism, because of the 1 Mil tps statement and we went through a lot of Fud. Today there is a lot of skepticism, also reflected in the price and lack of volume. Are you going to run those capacity tests and wave off the skepticism?
Arjan Eikelenboom: Of course we will run cap tests. We have done this before and reached 1,3 million txs p.s. we will continue to test publicly soon to show the world what we are capable off. The fud I am very aware of. This is collateral in crypto and I also know that this comes from people who do not even know what they are talking about, ( most of the time). In regards to the price, it is very interesting. In crypto, actions do not necessarily pay out in price increase. Yet we are focussing on delivering the utter best products. In time this will reflect on the price.
Q2 from Telegram user @MsHuong206
Security, scalability, and data privacy are three aspects that are very important at the enterprise level, how Credits foundation handle these issues?
Arjan Eikelenboom: Security is a major one indeed. With our signature technology, one would need a majority of the nodes to be able to even try to hack ( in short) To become a major node runner one needs to bring big money. I do not see the added value of spending millions in order to get less to nothing. So yes, we have security high up there
Scalability as well. The Credits blockchain has been designed and built to scale to demand. We can scale up to let’s say 50K txs if we get a client who needs that.
Data privacy as well. Credits is an open-source protocol where one can design private protocols themselves for securing data.
Q3 from Telegram user @MsKiwi206
Credits looks good but it confuses me that there are so many other Blockchain projects. What should I pay attention in Credits to give it the importance it deserves? What are you planning to achieve with your project?
Arjan Eikelenboom: Building a blockchain back in 2018 was a big step and people expected these companies to grow big immediately. Yet, many of them did not even have a finiproduct. On top of that, we ourselves found out that the world, in general, is not ready for integrating blockchain large scale. So, in order to not sink in your own bathwater you needed to re0invent yourself and stand out, be an entrepreneur and visionary. Which is what we did months ago.
Instead of waiting for the masses to integrate blockchain we decided to show them. With our neobank Mobile Wallet. Available on app store and google play. Both consumers and businesses can learn to play and experience the benefits of superfast txs, low cost, cross border payments that happen in less than 1 second. For instance. In time we’ll add many more features but the base of this story is Credits blockchain. So, a neobank wallet that opens the doors to our blockchain services.
Q4 from Telegram user @gigi2195
As of now, there have been many blockchain-related projects come and gone, what are the special and unique characteristics of #CREDITS that make it different from the others, that make investors and users decide to invest into it?
Arjan Eikelenboom: Many projects have raised many millions yet cannot deliver. We only raised a few millions compared to them and are delivering as we speak. We are a highly dedicated team that is ready to make credits and its neobank the best in the world. The unique characteristics of Credits are the amazingly high volumes per second plus the speed. On top of this, we have the lowest fee’s
Real investors can come on board now, not for instant profit but for the longer-term. We are here for a long time and to dominate, not to fly high for a bit and crash. Credits is going to change your life for the better.
Watch the video I would say, its a good introduction. Then pm me
Q5 from Telegram user @luckydraw66
There are 4 core issues prevalent in crypto and blockchain: Excessive Volatility, Security, Scalability and Interoperability. How do Credits plan to overcome these issues?
Arjan Eikelenboom: Volatility in crypto is a thing indeed. When you look at the list of coins on coinmarketcap then its interesting to see that most coins follow btc, even ETH. Even though eth has real value and btc not. So, for us, it is clear to do everything in our power to escape from the volatility dangers and show the real investors and traders we add value and not just another empty coin
Interoperability has been at the core of credits blockchain from the start. Easy to integrate and easy to use and compatible with pretty much any procedure or protocol.
I invite 3rd party devs to try it themselves.
Security and scalability I have addressed to a little earlier.
Part 2 — live questions from the Telegram community
Q1 from Telegram user Ridu123
You must agree that Blockchain stands on Decentralization. There we see many projects that claim they are fully Decentralized. But they done their work in a Centralized way. How can we sure that Credits is fully Decentralized? Can you please tell us what’s Credits working method?
Arjan Eikelenboom: Credits blockchain is fully decentralized. The road to a decentralized world is a bit more challenging though. This is because of regulations by law in every part of the world. For instance our neo bank wallet; we need to oblige to laws and regulations in order to get licensed and regulated and therefore centralized features are inevitably at this point. The good thing is we get the opportunity to build bridges between blockchain/crypto and traditional tech and fiat. An achievement in itself and only step 1
Q2 from Telegram user Max
Do credits want to be a leader in the mass distribution of fintech?
Arjan Eikelenboom: We want to pave the road and be indeed at the forefront of payments (fintech). There is a lot open to explore as this segment may looks saturated but still ‘new’. We have made agreements with suppliers already, have our first license and kore coming. The neobank wallet will be a great tool to prove our tech and our ability to shift fast and initiate. Next to this, we are accumulating new partnerships in payments and overlapping industries.
Q3 from Telegram user Rimjhim
How do you see South Asian Countries to expand like Vietnam, China & India?
How has COVID Affected Your Development?
Arjan Eikelenboom: Miss Corona was a big surprise for us. No more traveling and exploring. But in return, she gave us the opportunity to focus and build. In Asia, we have good things coming, btw. We have a partner in the Philippines that has built on credits blockchain already (opphir) and is building more. It will be a great way for us to open the doors to more partners in finance all over Asia.
Q4 from Telegram user Radmaxco
Can A non-crypto person generate profits on their projects using credits, is there a plan to attract these users?
Arjan Eikelenboom: Oh absolutely. That is exactly why we have created the Neobank wallet. With this, we build the first solid bridge between crypto and fiat
Q5 from Telegram user Bolodmia
Why do you believe your mobile wallet service would lead you to the top? What steps have you taken to get wallet users onboard?
Arjan Eikelenboom: We have an internal roadmap in place. Next to that, we have created a tier 1 board of advisers from the payment and cards industry. They know that playing field, we know ours. This golden combo icw our existing partnerships will help us get there
We look at the first range of 30K new users by the end of this year, 1 million in 2021
Credits is an open-source and decentralized blockchain platform for the development and execution of smart contracts and decentralized applications. The project offers public and private solutions suitable for B2C and B2B markets eliminating the problems of trust and uncertainty. The peculiarity of Credits is a high-speed decentralized blockchain platform. The platform is intended to develop standalone smart contracts and decentralized applications.