Q&A Session with Credits CEO, Igor Chugunov.
I have covered here questions received from our community last week on the company strategy, vision, and business development.
Q: “More nodes = more speed?”
A: Blockchain will work faster with more stable nodes. This is a general rule. The stability of the node depends on the internet, hardware specs, location of the node, etc. So the speed of the blockchain depends on many factors, and the number of nodes is not the major one.
Q: “We can use a digital bank like a traditional bank in payments, I want to know how they gonna take taxes?”
A: Taxes are not linked to the Digital Wallet, so you will need to manage the tax part by yourself.
Q: “We have seen that MainNet has been launched a year ago and up to date there is no project on the blockchain aside upcoming digital bank. I will like to know aside from the team doing by themselves, what is the team doing to attract third-party developers on build on the project?”
Q: “As a result of the high gas fee on Ethereum, There are hundreds of Ethereum based projects shopping for alternative blockchain to move their projects to. What is Credit doing to win some of these projects on the Credits blockchain?”
A: First of all, we are doing a Public Speed/Load Test to demonstrate the speed of the blockchain. This is a very important event for the community and us. We also keep updating documentation for developers allowing the external projects to come and work with blockchain easily.
The next step after the Public Speed/Load Test will be to spread the message about us globally. We will cover it on different media channels.
All technical questions we are receiving regarding the work on our blockchain are answered by the support team and we do our best to encourage developers to build products and services on our protocol. Evgeny Butyaev who is currently acting as an independent advisor for Credits is also doing a big part in Credits blockchain PR and presenting protocol to big corporations.
Q: "How is the team planning to fund the reserves Regarding stablecoins you plan on using on the platform. to back the coins?"
A: Stablecoins are backed by the same amount of fiat with a ratio one to one.
Q: "It is the digital bank suppose to release in Q1 or Q2?"
A: We have a slight delay with development and the new release will be already in Q2. We have got several services/functions in the pull to be added to the wallet and we will be installing them as per the roadmap and priority for the user. So there will be several releases of Digital Wallet in 2021.
Q: "Why should I as a normal person invest in Credits and not in any other crypto project?"
A: Well, it is a good question. It depends on your goals and what you like. Some people are interested in green tech, and so they are investing in projects working in that direction. Credits is the fastest blockchain with fintech products built on it. We are changing the financial services, bringing to the scene crypto and fiat application in one app, lowering the costs, establishing full transparency, and making fast transactions. Our goal is to deliver easy financial management to your assets wherever you are. It is long-term. So if your interest is in blockchain technology and the fintech sector going through a huge transformation towards crypto and fiat service now, this will be an interesting product for you.
Q: "Can somebody explain to me the purpose of Credits building another stable coin instead of just listing the ones out there?"
A: We are adding existing already on a market stable coins to the wallet. At the same time, we are developing our stable tokens, as we believe stable tokens are one of the most interesting crypto products and we want to have Credits Stable Coins in our ecosystem.
I hope I have provided here full answers and thank you all for sending us questions!
Please remember we collect them on our social media and in 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!