Welcome to October 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: I've heard that Russia ban cryptocurrency way back before China did. Does that affect Credits in some way?
A: This is true that RF has banned all operations with crypto, and it happened before China decided to go this way. These resolutions do not affect Credits roadmap, as both regions have never been in our roadmap. We aim primarily for users in the EU and the UK; other geolocations will follow after the first pool of loyal clients is already there. As a blockchain and fintech project, we are looking to deliver our services in those countries with a positive attitude towards crypto, which keeps changing in time. You may see that governments continue amending their approach to digital finance. Blockchain solutions though available to anyone.
Q2: Who is the backer of this project? After 2 years since mainnet launch, are there any dapps running yet?
A: Earlier dapps were launched by external users and us on TestNet and MainNet, though they were not very successful. Currently, the team is working on improving the blockchain system and some of its metrics; we are focusing on increasing efficiency. In parallel, we know that some community members are actively developing a few exciting projects built on Credits blockchain.
Q3: When can we keep CS on a ledger?
A: Presently, integration with the ledger is not initiated either by them or us. We will probably come back to this point of promoting CS in the future after launching publically Credits wallet and CS reaching a new level of popularity among the users. However, soon, integration with the ledger is not planned.
Q4: Why not update the CS wallet? Why make something and not take care of it.
A: A new beta version of Credits wallet is going through internal testing right now; please find the detailed report on what and why we are changing and improving in the wallet. Credits wallet currently available publicly is a prototype. The new wallet will be released in the official google and apple stores as soon as all stages of testing are completed.
However, you can use a web wallet and CS crypto ( fully decentralized app) meanwhile.
Q5: I notice non-Eth compatible networks such as Solana are coming out with their own EVMs to allow solidity contracts to be deployed on their network to scale. This will allow them to rapidly absorb some of Ethereum's market share with their faster next-gen tech. What sort of plans does Credits have in the works for this vital area of development?
A: We do have in our plans creating additional virtual machines for launching smart contracts. But those plans are very much long-term, as the development will require deep integration. We are now at the RnD stage and initial study of the structure. So we can not provide exact dates for this feature realization.
Q6: We were all very excited when Credits targeted itself as being the fastest blockchain with 1 Mn TPS potential and Igor mentioned the goal to be in the top 5. Of course, in the real-world scenario, we did achieve more than 50k TPS I believe, which is huge. Also, we have used JAVA for our smart contracts, which has its own advantage to attract more developers to the ecosystem. All was going well for the blockchain development. Suddenly the focus was shifted to develop Credits wallet/neo banking and fintech products/licensing, whereas the development of blockchain was still underway. I am sure the team must be facing challenges when approaching for new partnerships and licenses because the Credits blockchain is still to be adopted and still unknown to many people. On the contrary, our competitor Solana who started after us and purely focused on their blockchain and developing the ecosystem. They got huge success even though their throughput is much less than Credits. Now since Solana has been well adopted and they have a huge market cap, they can easily develop other products like neo bank if they wish and they will find many partners easily.
Don’t you guys think that, if we could have focused solely on the blockchain first and once it starts getting adopted and has the sizable market cap, it would have been easy to get more partnership and licensing approval for our neo banking products? You would have been in a better position to negotiate and could have more funds and resources for such other fintech products development?
The point is that, once we purely dedicate the resources and focus on one task (i.e., high-speed blockchain with JAVA-based smart contracts), the network effect would have followed to leverage on other products developments like neo banking.
What is the view of the Team on this? And since the mainnet is now stable, what is the roadmap for promoting the public blockchain and attracting more developers to build upon it?
A: Solana undoubtedly has reached great success, but today, their position on the market is not all due to their technology. Moreover, most publicity for the project was brought by the big names in the investment. New capital flow allowed for massive further development and strong marketing. From this point of view, we agree that focus and company network helped them reach this level of popularity they have now.
Even though it seemed easy to compare two blockchain projects externally, this comparison is missing many internal decision-making steps.
Apart from the Solana project, we know other successful growth strategies. These examples include developing a user base first and then creating new projects. One of the well-known fintechs that followed this way is Binance, which has two blockchain protocols now!
With a successful business application of such services, we aim to get attention to the product and blockchain itself. One of the most important in blockchain popularization is the demonstration of actual business applications, and we are building it.
Credits has chosen an approach based on the market conditions we found ourselves in.
With a successful business application of fintech and crypto services, we aim to get attention to the product and blockchain itself. One of the most important in blockchain popularization is the demonstration of actual business applications, and we are building it.
Obtaining licensing for neo banking is a procedure equal for any company; the popularity of your project will not help you get those licenses faster. Moreover, we fully comply with regulatory requirements, and this process is going forward smoothly for us.
Q7: Does CS has a plan to expand their products?
A: We are planning to improve and enrich our products. This includes issuing Credits cards, gaining first users for the Credits wallet in the EU and UK, and creating a strong Credits brand via this product, with further expansion to other geo-locations and more emphasis on marketing and popularization of the whole Credits ecosystem.
Q8: What sort of change management documentation does Credits currently have in place for all bugs it's been finding and fixing? Considering this document exists, does it also include other changes such as blockchain improvements and if not available is there an equivalent document available for public consumption? bar the outdated road map.
A: First, we have set the goals for blockchain improvement in 2021 in our roadmap so that you can find the plans in this document. Please note that most of these changes are already implemented.
As for the document listing all of the bugs and fixes, we have such a document for internal use only. The majority of the bugs and fixes are not intended for the external public; those released for public access relate to the users.
All our users are welcome to report any bugs or mistakes found or forward their suggestions for improvement in our GitHub.
Q9: Why is there a csbtc pair instead of csusdt pair in Kucoin? The usdt pairs are way more in favor (volume)nowadays.
A: Unfortunately, this pair is not available for us at Kucoin. However, please note that with a public release of Credits wallet, you will be able to buy and sell CS using fiat (first, this function will be available for the EU users only), new tokens and coins will continue to be added to the wallet so that you will have a good choice of trading pairs.
Q10: We know the team is working very hard refining the blockchain and wallet. Have we made any significant progress on the regulatory side of the company? For example, have we been approved to operate as a crypto business in the UK/Ireland, Lithuania, Singapore ETC
A: The license which allows us to provide services for crypto operations is already obtained. Therefore, we are now eligible to deliver these services in the UK, EU, and non-restricted for crypto regions worldwide. Please find more details on the Credits wallet development stage and its legal status here.
Q11: Can the team update the node owners on the reward scheme (plans). It has been several months without any kind of compensation. This doesn't really sit well with the community support, to be honest.
A: The reward program is getting back in November, please expect details in November.
Q12: When will the product that your team is working on be done? Got the audience and so Cooking up the same story? When the entire market is outperforming with development and marketing happening in parallel, the credits team has their own logic of explanation.
A: The best marketing for any blockchain is a practical implementation of the protocol, so Credits is in the process of issuing a working fintech app allowing you to work with crypto and fiat assets. So this is our marketing. As for the Credits wallet and other fintech products currently in development, their promotion will start when they become available for public use.
Based on the market analysis, we think that working fintech solutions are in the demand now, and this demand will continue to rise. So by launching the wallet and other fintech products, we aim to gain a loyal pool of clients and strengthen the Credits brand, making CS become a coin everybody knows about. This development strategy will also bring tech and crypto community attention to our blockchain.
Q13: Is the blockchain complete?
A: Blockchain is working and public. You can use it for creating new applications and launching the node. More information here. With more users and running nodes, the blockchain as an ecosystem continues to grow, and our team continues working on improving its efficiency and adding new features to it. Please check our latest updates on the development in this publication.
Q14: Is Arjan still working for Credits? If he is still how come he hasn't mentioned or appeared in the Credits group again?
A: At this moment, Arjan is not a full-time employee of Credits.
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!