Q&A Session with Credits CEO
I have covered here questions received from our community last week concerning the company strategy, vision, and business development.
Q: “I just find the repartition between devs and Credits services a bit unbalanced at a time where Credits Blockchain needs to first fix its major issues like gaps before releasing its main products (but it’s just my opinion).”
A: As of now, we believe that number of blockchain developers is sufficient for the MainNet support and improvements.
With regards to the gaps mentioned. Downtime less than one minute is generally a regular case, and downtime of over one minute requires investigation. In short, I can say that most of the downtime cases for longer than one-minute are due to an insufficient number of nodes or a problem with communication.
We are continuously working to reduce downtime due to the human factor, but we cannot prevent gaps caused by disruptions in communication channels. Just consider this. Approximately it takes one to five seconds to load a web page. In Credits protocol a block is formed in one second, often its size is larger than a page size. Within this one second information about the block should be sent to all network participants, as well as get synchronized, agreed, and approved. So the so-called gaps are a technological necessity for synchronizing the currently leading nodes. Better communication channels and an increased number of nodes in the future should minimize the gaps.
Q: “Is it planned to hire a product designer soon? Many think the wallets design and User Experience need to be improved, and I am still convinced that the 2 apps need to be rebranded as well, as it’s quite confusing at the moment.”
A: User-friendly application is one of the major qualities for the Bank, we are aiming to reach. We will come to this task after all functionality is built within the app. We will see then if we need to hire a Product Designer from the market, or if we can involve someone from the existing Credits team.
Q: “As far as I know, the foundation of this project is the blockchain. Why focusing only on Neo-Bank? Isn't that political?”
A: We have launched the project intending to build the fastest and most decentralized blockchain. MainNet is on and running since 2019. We continue improving blockchain and building an ecosystem around it. So this is the wrong perception that Credits focuses only on Neo-Bank.
Neo-Bank is our fintech product we have built using Credits blockchain. We started to develop fintech products for several reasons:
1) Blockchain adoption is moving forward very slowly. We continue working in partnerships for adoption but we know that this is a long-time process.
2) Fintech is something we can build on our blockchain. Neo-banking is in an uptrend and will continue gaining financial payment/banking market for the nearest future.
We use our technology in Neo-Banking as well as CS coin, therefore we are supporting the blockchain and promoting our technology by developing this product.
Q: “Hello, may I ask, what is launching in march? As the app seems to be available already?”
A: Credits wallet is available in Apple Store and Google Play, you are right. The new version of this app will come out in March.
Q: “Hello, I can’t find credits on GitHub anymore. Does anybody know why?”
A: Hi, we are still there. Here is a link: https://github.com/CREDITSCOM
Q: “Today we’ve launched a new trial in the TestNet, results will be available on Monday", allowing us to decide if we can set the internal test with an external group of testers on Tuesday or Wednesday. what time result will be posted?”
Q: “Hi! Is there a date for the speed test?”
Q: “News about The test?”
Q: “Any testnet trial results info?”
A: Thanks for asking. Here is the detailed update. Upon finishing testing on weekend, the team prepared a special code for the node which will be conducting research on the node’s operation during the test, particularly at high speeds. This code is needed only for research purposes and is not subject to implementation and further use. Application of the code will allow us to make a more comprehensive study of the node operation during the test and to improve the node performance afterward.
Today team started integrating this component to the node and will finish the task tomorrow morning.
This week, we plan to conduct at least one test involving external testers. Following this test, we will be able to decide when we can set a Public Speed/Load Test and announce the date.
Q: “How’s the pilot program with ivhimprom doing? Been a long time now they have been using the blockchain. Can we get some info on this? What went well? What didn’t go so well, what are they using the blockchain for? Do they plan to use the project full time?”
A: Unfortunately, this program is under NDA, and we cannot open any details yet on this partnership.
Q: “As far as I know the mind behind 1m TPS was Evgeny. Is he still advisor?”
A: Yes, Evgeny is the brain behind the code of Credits blockchain. He continues to work with the project as an advisor now.
I hope I have provided here full answers and thank you all for sending us your questions!
Please remember we collect them in our social media and TG chats during the week. Anything else you wanted to ask us, you are very welcome to do so on our channels!