Credits Q&A Session

Greetings!

Welcome to Credits Q&A Session! Thank you for being eager to keep up to date with everything happening at the Credits project. Here are the latest questions from our community.

Q1. Will there be any staking programs for credits on credits wallet and staking rewards?

A In the future, we plan to implement the functionality of delegating CS in the Credits wallet, as well as the option to stack other coins (perhaps this will be a launch through third-party partners who will provide users with these products) 

However, at the moment, this functionality for CS is available only in the web wallet.

Regarding the other currency, we cannot state any exact dates as of now.

We will let you know when it gets into our next development plan and working sprint.

In addition, we plan to introduce a new node reward mechanism.

That will increase CS staking (delegation) earnings soon. 

Q2. Regarding the cashback of the credits's crypto card , do you plan to create ranks like Binance card ? The more CREDITS you have in your wallet the More CASHBACK you will get by using your card, it could create utility for the token. does anybody could forward it to admin please?

A Yes, we had such plans from the very beginning, but so far this is not a priority, so it's too early to talk about it.

Q3. My question for the team what is this story of minnig? A new attempt to increase total supply?

If you want to increase the value of CS, you have to dry up the market, By increasing uses and buying back into the market to burn not flood it and keep saling.

A We agree that we need to attract users and reduce the number of coins in circulation.

However, it can not be evident for some, but mining solves these issues

Thanks to the new nodeholder reward mechanism, we predict a significant increase in the number of people who hold nodes

We can use examples of other projects that succeed with such an approach. Node rewards Program run by Credits is also demonstrated building a good pool of loyal node holders, so we continue improving trying to increase the reward amount, which in turn should increase the number of node holders.

Regarding getting coins out of circulation, we all know about "staking," where people can stake their coins and be rewarded by miners.Of course, there is a very thin line between supply and demand for new coins. Therefore, we are not in a hurry and weigh everything very delicately.

Q4. We would love to see the actual developers as member of the Technical Chat. Currently Vladimir @botstorm supporting the chat by collecting the concerns and forwarding those to the devs. However lately it is observed that some concerns raised by the node operators regarding the smooth block production of the mainnet are not getting the required satisfactory response from the devs, the communication is indirect which does not help. If you see other blockchain, they have dedicated technical discord channel where actual devs are connected to address any concern or observations raised by the validators and they address those very quickly. Hence if devs are part of the technical chat, it would instil more confidence and transparent communication.

A The team is busy developing and implementing improvements to the blockchain. Maybe we will implement the idea with discord or other chat in the future. However, chat admins always send us direct questions, and we will provide straightforward, transparent answers. We are currently running a Q&A session for this purpose. Including we disclose and answer here deeply technical answers. Therefore, we suggest sending technical questions here as well.

You should also keep in mind that this is very illogical for the developers to stay in the chat and answer your questions instead of being busy with development. 

Q5. For mining, is it possible to introduce a second layer? Similar to NEO and it's coin GAS. This would love the need for inflation in the main blockchain coin.

А We can say that we considered this system. However, it will require a lot more technical changes, which can take years, as well as changes in the economy of CS, since the 2nd level was not planned, and there was no provided value of the second tier coin.

Q6. My feedback for the team. Usually staking rewards are distributed from transaction fees returned to the network. With not many dapps running on the network I can image mining to be difficult?

A You described our current state initially. The economics of commissions was designed for a more significant number of transactions.In the new node reward model (what we recently call mining), we just tried to minimize those consequences. Nodes and "delegates" will receive rewards from the commissions paid on the network and a small compensation for processing one block.

Q7. As others have stated, the most important question isn't answered in this article. Will the total supply be increased with this mining Idea ? We need a clear answer. Yes or No. Pass it to the team please.

A That is correct; mining implies an increase in the total supply. However, we understand how delicate this is, and as we wrote in the last article, there is no final decision on the issue yet.

We will keep you informed and will take into account your opinion.