News Jun 29 ,2021

Q&A Session with Credits CEO, Igor Chugunov


We are glad to see you at our Questions and Answers Session! Thank you for being eager to keep up to date with everything happening at Credits. Here are the latest questions from our community:

Q1: Last week I already highlighted the systemic risk that Credits CS is facing on KuCoin in regards to possible delisting. Today KuCoin has placed the ST remark behind the Credits CS coins. Can you please again outline the near-immediate action plans, strategies, and mechanisms that Credits as a company has to prevent de-listing from the only solid exchange Credits has managed to obtain in the last 3 years?

A: We understand your concerns. However, we hasten to inform you that, at the moment, we are negotiating with the managers of Kucoin. The ST label was made only because of quite small trading volumes at a certain moment there were. As you can see, the trading volume has now normalized and should be enough to remove the label. According to information from the Kucoin managers, they are reviewing project volumes in the middle of each month, so we expect the ST label to be removed soon.

Q2: Can you address the situation with the negative balance readings on the monitor, please? The situation with the nodes being down repeatedly this month and what will happen with rewards as a result?  Are there any plans to have official announcements come out when highly noticeable situations occur like this?

A: This situation exists indeed, and the issue is linked to technical nature. Our developers are carefully working on it. In the previous week, we have mentioned that a temporary Monitor to explore all transactions will be added. Later on, we will restore a fully-fledged version. Considering node rewards, we would assess it in detail later on.

As for fixes for the nodes, we are testing them in the MainNet on some of our nodes. A proper report will be given when the fixing procedure will be finally done.

Q3: What is the current policy on Credits employees freely trading (spot) CS crypto? Is it considered a conflict of interest?

A: Yes, it is considered a conflict of interest. Employees, who have access to critical information of a certain aspect of CS price activity, are not allowed to trade freely.

Q4: I believe there are 30 technical people in credits. It would be useful to know the makeup of how the team is split e.g. number of devs on the public chain, Ndevs on private chain contracts, Ndevs on neobank? Also don't need details but would be interesting to get some insight into how many commercial projects you may be working on at the moment and if they aren't under NDA some information on what they may be?

A: At the moment, our tech team is made up of twenty-five professional developers. Half of them perform the cross-functional processes, while six developers are directly engaged in the blockchain. On top of this, with product releases approaching, Credits seeks to hire several professional product managers and product analysts.

Regarding commercial projects, we are mainly focused on developing the Credits Wallet. The project includes a fair pool of products. Here we can highlight virtual cards, acquiring, bank accounts, etc. However, we also support several partners, but I cannot disclose information about this because of the NDA.

Q5: How much cash is left with the team?  A while ago, you mentioned that you have approximately 3000 Ethereum, how much of it is left now?

A: Right now the company has around $ 3 million. These funds are enough for us to launch the product and reach confident revenue. 

Good day, thank you for your questions and participation! We do appreciate your drive for Credits development!

Users have one week to submit their questions. Please do not hesitate to send us more questions you would like to be covered here!

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