News Apr 27 ,2021

Q&A Session with Credits CEO, Igor Chugunov


I have just finished up another Q&A session and am pleased to share it with you. Today we have some questions concerning the company’s funding situation, product development priorities, vision, and company line in general.

Q1: What’s the reason for seeking VC funding instead of using the company’s own CS?
A: The consistently fast business growth is an important benchmark for Credits. In this connection, funding has all the horsepower we need to get it up to even faster growth and create new products. We do not want to be funded only from CS. This approach will negatively affect the market situation. However, we still have funds, and we are ready to make a good product. 

Q2: What can we give to venture capitals in return for funding?
A: Even though every professional investor has a slightly different perspective on what's important, we focus on the real economy while paying attention to alternative payment solutions. As a result, it is vital to show good metrics. So we are focused on launching Сredits Wallet, attracting users, and creating traction. When it comes to VC, many of them are active and interested in this particular space. And speaking of giving something in return, usually, the equity is given, but we are also ready to give a part of the team tokens.

Q3: Shouldn’t MainNet be finished already after 4 years of development?
A: As we know, MainNet is the final product in blockchain projects that allows one to send and receive digital currencies. Credits MainNet was ready at the time of release. However, the launch itself is not the final point. MainNet undergoes certain changes whenever our team finds an opportunity to improve or revise something to make the network work even better. There is always room for improvement and optimization in this area. We can find the same situation with Bitcoin and Ethereum blockchains, where one can see them continuously being updated. This only indicates constant strengthening and keeps the technology afloat.

Q4: CS is an old project and supposed to be finishing most of the essential steps like marketing and promotion brokers and so on. One of those is a marketing campaign, where were you, guys, since 2018? I wanted to ask why slow steps and limited actions?
A: We are waiting for the launch of the Сredits Wallet, and marketing activity will be aimed at it to attract users to the Credits ecosystem. For us, the Digital Wallet provides a reliable and effective way of gauging success within current market conditions. The developer’s team is working on making it efficient and better. Even though someone may find this process to be a time-consuming one, we are at the doorstep of our product release, which is absolutely essential. 

Q5: Will credits partner up with other projects for staking purposes?
A: We understand how an attractive feature of staking might be, the ability to profit from CS cryptocurrency. However, at the moment, we have only the delegation mechanism implemented. We've also been working on the ability to run staking, but we'll likely come back to that after more MainNet updates.

Q6: Since communication has stopped, i.e. since Aleksandra has left, Credits' price has been decreasing. Why hasn't Igor seen this? Why isn't he urgently doing something to get this communication back up?
A: Yes, Alexandra's leaving was very painful, but we are trying to continue communication, maybe not to the same extent as it was before. We need some time to rearrange things. The price can go down for several reasons because this is the market. It's not that simple. But I agree that communication needs to be improved and we are working on it.

Thank you so much for the words of encouragement and the questions you’ve sent my way! It is always a great pleasure to get your opinion and discuss our current policies and milestones. I hope my answers help. If you have anything else you'd like to ask me, please, send your questions. I'll answer as much as I can!

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