News May 04 ,2021

Q&A Session with Credits CEO, Igor Chugunov


We have received lots of questions from our community due to the ongoing developments and upcoming releases. Today I would like to cover some of them. 

Q1: Q1-Q2 - Issuing stable tokens for the main products ( Digital Wallet ) - did this happen?
What's the point of these roadmaps if they are never respected?
A: As you know, many projects have completely abandoned road maps, but that is not our case. Despite all the difficulties that may arise when predicting the road, we are trying to implement the planned actions. This is a kind of development base that keeps the community track of our ongoing research and technical work. Yes, we do have some delays on the roadmap. As we mentioned earlier, we have a well-developed technical and legal part for stablecoins with third-party partners. However, we do not launch this product as it only makes sense once the Digital Wallet is released.

Q2: When the project appeared, there were many partners, now there is not a single piece of news. We all understand that it is very difficult to build a digital bank without partnerships, investments are needed. At least capitalization is now not enough for a stable coin. What will the marketing department say? When will there be any information other than wait?
A: We understand how many people are concerned about the proper exchange of information. At the same time, it is critical for the Сredits' partners to prevent the leakage of important information that could undermine profitability or lead to premature expectations. Regarding the Digital Wallet, we have many partnerships with third parties for acquiring, issuing cards, etc. However, we can not disclose information because of the non-disclosure agreement. After the launch, we will be able to provide more information.

Q3: My question is regarding the speed test. You have said that few more tests will be done in May. When will be the last test in the ongoing series? Will we have any concluding test or it will go on indefinitely?
A: We have not yet established the details of the scheduling of the speed test, as there is a need to complete the MainNet update first. We will keep you informed on this matter.

Q4: So, what is the node, and how I'm getting rewards from it?
A: A node is an interactive multitasking server application that communicates with other network nodes. To put it simply, it performs processing tasks, stores transactions, executes and confirms the terms of smart contracts, processes requests from third-party systems, and provides data upon request. Click here to read more.
Credits has its own Node Reward Program, which contributes to the decentralized development of the ecosystem. To find out more information, please see the following link.

Q5: I am trying to move my credits from ledger to Kucoin exchange but it only allows me to send to Ethereum address and then it fails. Credits has its own wallet address on Kucoin but it is not allowing us to enter the CS address in the ledger wallet. Does anyone know what is going on and how to transfer CS from the ledger wallet?
A: You are most likely transferring ERC20 tokens that are no longer available. For almost all of 2020, Сredits conducted a swap of ERC-20 CS token to CS native coin. You have probably missed it out. Non-swapped tokens have been removed from circulation and burned. You can check the official announcement here.

Q6: Has the MainNet update completed?
A: According to the schedule, we don't have such an early date of completing the MainNet update. At the moment, it is a Mainnet Update Part 1 phase. We have tested a new assembly of a node in the MainNet and faced the difficulty of executing individual smart contracts and forming their final state in the MainNet. As further analysis and tests are conducted, the team will refine and update all the activities in subsequent progress reports.

Thank you to everyone who wishes to learn more about our developments! It is always a great pleasure to connect with you and better understand and appreciate your interests and needs. 

You can join our active discussions in our TG chats! 

Please send us more questions you would like to be covered here.

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