Credits’ as blockchain with great potential. Current market obstacles.
Problems of the market
The Crypto industry is on a rise with hundreds of new projects and pivot cases appearing on the market every day. But it seems that technology moves forward so quickly that other parts necessary for the successful conquest of the market are left behind.
We find that major things having an impact on progress are the absence of a unified legal basis for industry, the usability and scalability, data rights, and security.
Legal framework and understanding of the technology
In 2017 ICO boom took place with no real framework to protect investor rights, and exploded after leaving the whole industry to bear a tag of a bad reputation. Today the most popular DEFI niche is also seen by many as a potential repeat of ICO 2017 story. Despite the lessons of the past, crypto investors are often not investigating properly the products and projects but only follow the hype and fast profits promises when making decisions.
We as a company and one of the crypto players share this responsibility for the whole industry. We see educating the community about technology and products as a powerful tool to diminish this negativity. By doing this we hope to also reduce the risk of immature investors heading into unknown projects. So we start writing on what is the blockchain, how it works, what is a smart contract and how you can build your own protocol etc, and introducing simple step-by-step manuals explaining work on Credits’ blockchain.
Scalability and interoperability
Blockchain technology is an emerging one and is still immature in a business model where other options are widely spread and accepted. So it takes time to adapt the traditional system for its ability to utilize and exchange information via Blockchain protocols.
For us, as a business, it means sometimes that new interesting collaborations are taking longer than expected, as we have to pioneer and implement innovations in places for the first time. However, we see that recognition and adoption of blockchain are expanding which indicates that processes taking a long time now, will be completed quickly in the future.
The usability of blockchain products is one of the main targets for all of us building them.
We are almost in the last quarter of the year 2020, and it is still difficult to access the crypto world. Validation containing several steps makes it unappealing for general people. The security procedures are so complex that they have become hurdles in crypto adoption.
And it is still a significant challenge for the industry to design user-friendly processes for buying, selling, storing, and using cryptocurrency securely without being called out for it.
Credits’ team takes all these points into account when creating new products and updates, and we are happy to present wallets we have done in the best way to address these issues. We want them to be user-friendly, secure, easy to use, with fast transactions, and a variety of operations.
Data Rights & Security
Data has become a digital asset by itself at this point. It is collected and sold for commercial purposes on the market. There is growing negativity from society towards this approach and some laws, aimed to capture and control your data, are to be set.
For any cryptocurrency company planning to stay on the market for long the data rights and privacy are always the top priority.
In all our products we emphasize this point and follow all the regulations to ensure that your data is safe and secure when using our products and services. KYC procedures are implemented when they are required, the level of technical security is kept constantly up-to-date.
A recent article on KYC explains it in more detail for the security in our wallets.
So why Credits?
Credits’, have made a successful ICO in 2017 and succeeded with the community and own target to create a blockchain of our own.
Our protocol is based on Proof of Agreement, it differs from other protocols by its complexity, high network capacity, and speed for the transaction and building blocks. More details on our blockchain specifics can be found here
We also developed ecosystem tools (including smart contracts with advanced features), allowing you to use the protocol simply.
In our strategy for development, we consider all the market trends and circumstances, and we are focused on refining our blockchain rather than pivoting into the booming niche.
We are certain that this ongoing work will bring its results and the loyal user for the real products.
Our position is to stay stable and grow gradually instead of fast fly and sharp fall. We think that product development takes time to reach excellency, and we are on a way to it. Stay with us on this journey.