News Sep 03 ,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:  I'm really interested into Credits and the possibility of running a node. Is the project still alive? Are the devs active? Any milestone to be reached soon?

A:  Sure! To start a node, you can use the instructions, or join a technical chat where you get answers to all your questions. Our developers are very active, now they are engaged in updates for the quick launch of the node and improving the anti-fork mechanism. We will be glad to see you with us!

Q2:  How long would it take to get into the market with working product? We are investors here since ICO and we want a real deadline of the project.  1 month / 1 year /5 years?

A: In regards to blockchain development, it has been launched for a long time and updates are coming out regularly. Wallets and monitor are also launched. In regards to Credits Wallet, we have some delays, but we plan to launch it before the end of the year.

Q3: What is done from this roadmap 2021 link that you shared so far?

A:  Blockchain:

Lots of work has been done to optimize the blockchain, a multithreaded validation mechanism was developed and already tested. Several loading tests were running on the mainnet and testnet. There were big fixes for corrupted blocks in the database. Updates for a quick start of the node, an improvement in the anti-fork mechanism, as well as a new mechanism for network synchronization are on the way to release.

Credits wallet:

A back-office has been developed, which is responsible for both cryptocurrency transactions and fiat transactions. We switched to multi-service architecture for more stable operation. We are on the way to release the functionality of deposit/withdrawal/exchange/purchases cryptocurrency with card payment option. Many partnerships have been established, as a result it allows us to provide our services legally. AML, anti-fraud and other policies developed and implemented into business processes. The process of integrating cards into the app and with the back-office is in progress. Added new cryptocurrencies and tokens. We are also working on developing a web version of the Credits Wallet.

Q4: Does this (previous answer) means that with an account at Credits bank you will be able to buy other crypto? Or just CS? I don’t understand how this will work. Can someone summarize very simple?

A: Yes, users will be able to buy not only CS, but other coins / tokens as well. You can also sell them or exchange them for other currencies, and withdraw funds to bank account or card.

Q5   Sorry but I still don’t understand the business model, are we aiming to have Ico using cs like etherum does or we are more into bank app ?

A: CS Coins are the internal currency of the Credits blockchain, which is used to pay network fees and is also used by node holders to participate in consensus. The Credits wallet is a product we develop to go to market and push other Credits products. The profits from the wallet business operation will go towards the development and maintenance of the Credits brand.

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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