News Sep 30 ,2021

Credits September Q&A Session


Welcome to September Q&A 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: “Kaspersky is a great example of a Russian company that has launched a top product globally. They are very much involved in getting into security for Blockchain. Does Kaspersky and Credits engage with each other?”

A: Kaspersky is not the only example of a successful Russian tech company in the world. Many of the IT and tech companies operating today globally have been founded by Russians or do have Russian teams. Among them are Revolut, Ethereum, and many more. This phenomenon is well known and is due to the strong math and IT Russian school. Still, your question does not correspond to the business practice. Credits follows the goals set; we did not have any task/product requiring Kaspersky security. So as of the moment, we have not been in contact with them. In business reality,  we are getting engaged with those companies that present direct interest for us, and it doesn’t matter if they are Russian. The market is global. 

Q2: “What will the project look like if in the next 3 years nothing changes to the same questions and answers over and over again.  as well as products that do not know when they will be perfected.  Is there any resistance trying to prolong the time here?”

A: Well, let’s start with the questions. We answer the same questions because they are identical questions we keep on receiving from the community, for instance, questions on listings.

To make the company strategy clearer to the community and audience, we will be issuing more publications telling the story of our products, explaining the pain we want to ease with the service we build. 

As for the products, they do not stay the same. Credits blockchain today differs from the blockchain of 2020. The same applies to Credits wallet. These products will continue being upgraded and improved. We are not thinking of prolonging any time here. We are building the services. 

Q3: “Who decided and why to release a fix of a fix with the same version number? And what will you guys be doing to prevent something like this in the future?”

A: Well, each node version has its unique number. For instance, node version 525, when there is a fix, we are changing it to 525.1, etc. For the new node release, we are changing the version number, but not necessarily by 1. It depends on the functionality of testing versions. All nodes of the same version are compatible with each other, but versions of the very last fix are more stable as a rule. 

Q4: “Has Credits got a plan to compete with XRP and Polkadot?” 

A: Our services overlap, but the market is still not big and not that much saturated. Therefore, the best strategy is to focus on developing the product, and the client can always decide what he likes more. However, these particular companies are not identical to us.

Q5: “Could you please introduce such a key team member as the technical leader Dmitriy Chernyshev to the community? We are curious about his main interests in the development of blockchain systems, previous work experience, how long he has held this position in the company, and what goals he sets for himself in relation to the project.”

A: Great question! We plan to start the rubric: meet the team. We will introduce Dmitry Chernyshev first and then other essential team players!

Q6: “Is Credits a profitable company? If so, what are the sources of income? If not - what is your Monthly Burn Rate and current Cash Runway?”

A: At this moment, we are not profitable yet. The product which will bring monetization is the wallet. Monthly cash spendings vary from month to month. 

Q7: “Can the team please apply to have Credits added to browser-based wallet such as Math Wallet. It would really help dapp development?”

A:  There is a list of different wallets similar to the Math wallet. They usually include blockchains already well-known on the market. We have added the suggested wallet to our list and will apply in the future. Thank you for bringing this up!

Q8: “After looking at the recent weekly digest, it says that the team are busy developing an accounting system? Wouldn't it be wise to use an API to integrate with an existing one, and use the saved resources on the blockchain?”

A:  The old accounting system is not suitable here. Instead, we are building the core for any financial services. Such a basic system will allow us to react to the market requests, adding insurances, lending, or other financial services. The old accounting was made to cover only a few services focusing on crypto, but we have changed the approach to cover all the potential markets. 

Q9: “What advances has Credits made in the field of the Internet of Things(IOT) so far?” 

A: We do not have any particular service made specifically for the Internet of Things(IOT) as yet. 

Q10: “What is the strategy for Credits in/for Russia?”

A: Blockchain is a global product. It is not focused on any geographical location. As for the wallet, there is no strategy to enter the Russian market.  

Thank you all for your questions and participation! We do appreciate your drive for Credits development!

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

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