Q&A Session with Credits’ CEO Igor Chugunov
Dear Credits Community. Thank you for your questions sent to us via our social media and TG chats. We were overwhelmed with them last week. Please find below the answers from Credits CEO, Igor Chugunov.
Thank you for your engagement!
Q: “Which products and internal services are you developing?”
A: Please see below the table demonstrating all of our products and services at a glance.Please see below all of our products and services at a glance.
1. The main product
Blockchain node - the node needs to be collected by the owner independently from the open-source GitHub code. Without using pre-assembled components and programs (without additional products).
2. Additional products
These are optional, but they are necessary for the usage of the Main blockchain. They make it easier to use the blockchain and help users.
Q “How long will it take to finish your product?”
A: If we are talking about the blockchain, it has been completed and successfully operating for quite a long time now. But as the software can not be perfect, we are in a constant process of further developments and optimization. When we are talking about Credits by-products, please find the answer below.
Q: “Blockchain performance?”
A: Hypothetically, according to our estimates, the network (software) is able to execute up to one million transactions, but this is limited by the actual nodes in the network. To process hundreds of thousands of signatures per second, the equipment must be very powerful, furthermore, all consensus participants have to possess compatible equipment.
As the network is decentralized, anyone can become a node, which will reduce the bandwidth accordingly.
In the next three months, we plan by applying the Mainnet copy, to provide this opportunity to the user to switch to another network and join the test to measure how much the network can pull out.
At this very moment with weak nodes the network can demonstrate up to 10K TPS, sometimes performing with slight delays.
Q: “Blockchain development plans until the end of the year?”
A: Please find below the Blockchain development monthly schedule until the end of the year.
Synchronization: multithreading processing
Thrift documentation, Smart Token Methods
Internal testing for obtaining 100K-1M TPS requirements
Web wallet update: sending transactions in the background and parallelization
Updating The Monitor and Node
Consensus: Restriction on the staking cap to 500K
The Monitor update.
Quick start of a node in 10 minutes
Protection against database locks
Protection against Executor locks
Select trusted nodes for N (100) rounds
Q: “Why don't you want to create some new Defi project?”
A: Usually users see only the final result of projects. And to many, it seems that to launch a new product and make it shoot immediately is possible. In reality, it is not possible at all.
For example, Uniswap began its story back in 2017. It takes at least six months for execution. And bear in mind that there is no guarantee for success. At present, the Credits team is fully occupied with the support of blockchain and services. We are not planning other projects except those that are in place already.
Q: “When will the full-fledged wallet be launched?”
A: The wallet is at the pre-finish stage. We are in two parallel processes right now: integrating with several acquiring providers and getting approval from the card issuers. So it is scheduled for Q1 2021. With roadmap divided into three steps:
adding function to buy/sell with fiat,
adding Visa card into the wallet,
adding new geographical regions for the wallet’s availability.
Q: “In which regions it is planned that the wallet will work?”
A: As of now we are licensed to operate in the EU and the European Economic Union. We are currently adding new regions (the USA and some Asian countries). Please note, that this is a slow process as each country has got its own licensing requirements and AML policies.
We expect to make further announcements for new countries of coverage soon.
Q: “DEX, If Credits is doing DEX and when will it be?”
A: We stopped working on DEX due to other products being a priority. We do not want to be sprayed over several directions as we do not believe that such an approach will lead Credits to success. As well we understand that apart from DEX development itself, we will need to spend more resources and time on promoting it.
Q: “Stablecoin, when will it be, in what status?”
A: We are currently in negotiations with partners who plan to launch a stable coin on our platform. We cannot reveal details yet, but we plan to launch at the end of 2020.
Q: “How are things going with investors?”
A: If we are talking about venture financing, then it is difficult to attract investment for the blockchain since this is an open-source community project that inherently does not generate revenue. Therefore, we are also working on a wallet so that there is a clear monetization of the project.
Q: “What is the Credits revenue now?”
A: At the moment, we do not produce any revenue. We are working on a wallet development that should bring us users and revenue in the future.
Q: “How much time do you spend on a Wallet?”
A: About 20 percent of our team's time and effort is spent on the wallet.
Q: “Why is a wallet needed?”
A: The wallet is a fintech service allowing us to attract new users, to increase the popularization of the blockchain and CS, and to bring revenue.
Q: “Do you plan buyback?”
A: No buyback is planned. The company does not have that amount of funds to arrange a buyback. We believe that it is more rational to invest money in product development, which in the future will give an influx of users and revenue.
Q: “How much money is left in the project?”
A: Around 3000 ETH (equivalent).
Q: “Is the team considering blocking their coins?”
A: Yes, we are considering this opportunity in order to demonstrate to the holders our confidence in long-term development. We will keep you informed.
Also, we can state that the team is not planning to sell and at this moment is not selling any coins.
Q: “ Are there any plans to launch a DAO or to involve the community more?”
A: Just as the other mature projects, we are considering involving the active part of our community in the project. But this process is quite a long one and requires first careful study and discussions with the community. We will be happy to bring this up in the near future.
A: We have composed a Staking Program, we will be sharing it with the community shortly, with a proposal to vote. Be with us, it will be published in our news section very soon.
A: We are conducting internal tests at present. We will do the public ones after we understand how to properly organize this process, and what resources this will involve ( from us and the community).
Q: “One-click node activator?”
A: We are working on the technical option of being able to launch only the block hashes and not the entire blockchain. It would allow activating the node much quicker. This function release is planned for 4Q 2020.
Q: “Security of private key?”
A: The difference between a seed phrase and a private key is only in the way it is recorded on a piece of paper. If a person loses or someone gains access, it is the same as a private key. These are absolutely identical things. The security of keys is ensured by encryption of key pairs, and it is highly recommended to keep private keys offline.
A: We are marketing our blockchain products as per the roadmap for each of them.
We plan to attract more traffic and users to the wallet in October-November 2020. As soon as we integrate internal exchange between currencies and purchase with a Visa and Mastercard.
At present, it is our internal team that works on marketing. However, we will bring in external help whenever we feel we need it. In addition to product marketing, we are working on brand recognition, but this is more PR work.
CEO of CREDITS.