News Aug 24 ,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: How many nodes does the team own? Will these nodes be enough for the main network to function if the owners of the nodes simply shut them down?

A: The team owns about 40 different Credits nodes (on testnets and mainnet), some of them participate only to support the monitor and API, some are full-fledged participants in the network. Yes, we have enough nodes to support the network only on our own.

Q2: Are there any plans to develope an Ethereum or BSC bridge to allow liquidity to easily come onto the network when Dapps start to go into production phase?

A: In the near future this is not in the plans. We are currently focused on blockchain updates and wallet development.

Q3: Why does cointiger exchange still have CS trading there ?

A: Honestly, I don't know, they probably haven't been removed from the interface. I would recommend using other exchanges to save your funds.

Q4: Any new updates for new exchanges or partnership? What about gaimin?

A: We do some partnerships regarding the wallet's financial products, but they are mostly non-public. About Gaimin , as I know, there are no movements.

Q5: When will be Credits exchanged with fiat? Like CS/USDT? Will this ever happen?

A: It will be available with the release of our wallet. You will be able to make purchases with fiat (EUR in the first stage), in addition, trading with stable tokens is planned in the future

Q6: With Blockchain Renewal are you planning for a upgrade with new features? or simply fixing bugs?

A: The update will take place in several parts.

Mainnet Update Part 1 will feature:

  • The new version of synchronization;

  • The refinement of the mechanism for distributing transactions;

  • Multithreaded transaction verification;

  • Quick start of nodes.

The Update Part 2 will also focus on network stability. It will feature:
  • Restoration of generation from the last blocks;

  • Choosing trusted nodes for certain rounds.

The Update Part 3 will improve the network usability and will feature:
  • API update;

  • Minor improvements.

However, some updates may change or be postponed, this is a rough plan.

Q7: The company structure has changed quite a bit with various companies (i think Igor Chugunov is director of about 2 in the UK, then there is the Lithuanian company, and im sure there is more singapore?) Could you give an overview of the different companies and their purpose

A: In fact, this corporate structure is needed to build the legal work of the wallet. Since almost every country/region has its own requirements for companies engaged in financial activities, and separate requirements for companies engaged in cryptocurrency activities

Q8: So does that(previous answer here) mean the team have no idea yet how to monetize it or how the fee structure will look like? The answer is super vague. A bit weird considering the app should release in a few days or? 

A:  Fees for crypto exchange and acquiring (buying cryptocurrency) transactions will become the main source of income. After the release of cards/accounts, we will also charge a fee for fiat transactions.

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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