Q&A Session with Credits CEO, Igor Chugunov, February 23rd.
Please find below our Tuesday Q&A Session. I have covered here questions related to the company strategy, vision, and business received from our community recently.
Q: “Igor said that the staking mechanism would be implemented soon on his Banking app. As the mining idea has been rejected by the community and the nodes organic rewards are currently low, how are you going to provide and guarantee any APY/incomes to people who will stake their CS through the app ?”
A: The mining idea was rejected because it would cause the emission. Staking in the fintech line of our products (meaning that we will be rewarding the users/clients,) will involve no emission. The exact procedure for staking to be implemented is yet to be decided, we are analyzing different practices here, and finding the best solution for us.
Q: “Why Igor isn't active on social media and channels of his own project? Why does he think it's a good idea to be inactive in public? Also if an answer will be "because he is too busy" then why doesn’t he hires someone who would manage his personal social media accounts?”
A: Hi there and thanks for asking. Well, as you have seen on Twitter yesterday I am back to social media and plan to stay more active there, to support Credits, and bring more attention to the project.
Q: “How many developers are currently working on credits?”
Q: “What is the tasks repartition of the +30 employees at Credits? I mean, among these +30 employees, how many devs are working on the banking app, how many devs are working on the public Blockchain development, how many guys are working on the ecosystem (documentation, UX, apps and web design, new products like NFT, stable coin or DEX), and last how many people are working at the Marketing/PR department (if existing) ?”
A: The team split as follows:
Blockchain developers - 4
Developers of Credits services - 18. This includes building all products in Digital Bank: crypto accounts, current bank accounts, debit cards, acquiring etc.
PR and communications - 2.
The rest are involved in business development, product management, and finance administration.
Q: “I have a question about further development in regards to the Banking App and the stable Coins there. Other Blockchains are developing "bridges" to swap native Coins or Tokens to other Blockchain´s native Coins or Token. For example, if I wish to swap ERC-20 USDT to CS-USDT or vise versa you gonna need a bridge. Is the Team aware of this and is planning to integrate such a bridge function? Binance made a great example here: https://www.binance.org/en/bridge
A: Thank you for bringing this in. Yes, we know that this functionality is important. We are currently discussing this matter internally. We have to identify which assets will be exchanged and which method to use for it. As soon as we make up the final plan, it will be added to the roadmap.
Q: "Which of the credits wallets in the Apple App Store is best?"
A: There are two wallets available now in the App Store:
1. CS Crypto Wallet https://credits.com/cs-crypto.html
Centralized wallet, available for anyone around the globe. This app doesn’t require KYC pass. App supports work only within the Credits ecosystem.
It is made to support a variety of coins and tokens, it requires you to pass KYC, available for EU and UK citizens right now.
Just for holding CS on the mobile device, it might be easier for you to use CS Crypto Wallet, as it doesn’t require a KYC pass. Depending on the service you are looking for, you can choose the product most suitable for it. Of course, Credits Wallet has got more services to offer, but it is yet not available everywhere.
Q: “Is it possible to see a project of credits next to these projects like, TRC20, EOS, algorand on exchanges that are used by many traders to make transfers? In other words, does the team have a plan for that”
A: Yes, we do have a plan for getting Credits on more exchanges. We know that it is crucial for the holders/potential holders to easily access exchange to buy or sell CS. To reach this higher level of CS exposure among the trading community we have it in our strategy to list CS on more trading platforms. Announcements on new listings to follow. Please stay tuned.
Q: “When speed test?”
Q: “Test next week?”
Q: “When the speed test any schedule? Internal or external anything?”
Q: “When public test?”
A: Team has made changes in code last Friday and since the past weekend, several internal tests have been done. The very latest from our development team is that they would like to take extra time for these testings to ensure all works fine with the changes made. As soon as they are ready to move to the next level: internal test with external developers, this test will be set. Announcement on internal test with external testers will follow.
Q: “Will the Neo bank wallet is similar to Coinbase wallet? Where you can buy other coins too?”
A: In some ways we are similar. We both provide services of exchange, withdrawal, secure holding, sending, and receiving crypto. However, they market themselves as a wallet, when we are aiming for neo banking. Our strategy is to keep improving and adding new services allowing you to manage your finances most beneficially. For example, in many EU countries, rewards on the deposit accounts are negative, so for such customers staking option could become one of the great services. Gradually we will be increasing the functionality of Credits Bank as per the market demands. Our final destination is Bank with all classic and new financial products and services, allowing you to gain your time and save money. Besides, the technology used for building these apps is different. Credits Bank is based on Credits Blockchain, which gives us some competitive advantages, namely the speed and cost of the transaction.
I hope I have provided here full answers and thank you all for sending us questions!
Please remember we collect them in our social media and TG chats during the week, and answer them each Tuesday. Anything else you wanted to ask us, you are very welcome to do so on our channels!