Today we conducted the last Q&A session of the year with our CEO. Thanks to each of you who took part in this activity! We’ve summarized most of the questions and answers, so if you’ve missed the session, please, check it out:
Q1: What are the cases for using the CS Coin in the Credits App environment?
A: Before, we were focusing on the creation of services, to which we will attach cashback and incentive programs with CS.
Next year, we are planning to use CS Coin as a currency for transactions within the wallet (for example, the payment of commissions or rewards for participation in the project’s activities).
Q2: Why should users choose Credits instead of any other wallet on the market?
A: Because we have several competitive advantages when compared to other wallets. First, this is precisely the combination of payment with crypto. Revolut, for example, is a banking project. Or Cryptocom is more of a crypto project. Another advantage is that we are at the beginning of our journey, and our project currently has enormous growth potential. According to our estimates, in two years time, the number of users can exceed 1 million, and the assets and value of the company will be able to grow significantly.
Q3: Do you want to dilute earlier token holders holdings by staking?
A: Definitely not. We are not going to increase the supply of CS coins. As for staking - our team believes that their introduction will bring new mechanics and incentives to the development of the blockchain ecosystem as well as CS coins. Given the principles of DAO and decentralization, these issues should be solved jointly by the participants of DAO.
Q4: One of the announcements shows USD on the picture of the wallet, are they now available?
A: USD is already available in Credits’ app. You can buy and sell USD, as well as exchange it for cryptocurrency. Adding and withdrawing USD will also be available in the near future. We are working on card's acquiring things with USD and withdrawals also in USD. But this functionality is currently in development. For now, the main currency is EURO. This is mainly due to our company which is both located and licensed in Europe.
Q5: If USD is going to be available, does that mean that users in the United States will be able to use the app?
A: The USA is a completely separate market with the regulation and reporting to local regulatory authorities. We can start working through a local partner called ZeroHash. They provide the legal framework. It's a question of price and investment in that market. Depending on the investment, we can start working on this in 2023.
Q6: How do you plan to reach the target of over 1M in 2024? Do you have a roadmap?
A: We plan to have about 250,000 total users and 80,000 active monthly users by the end of 2023. It's a question of investment. If there will be more investment, the project will develop quicker and we will be able to attract more users sooner. Note: The figures are based on management's estimates and forecasts. Forecasts assume the closing date of the investment transaction in Q1 2023 and the corresponding financing for the implementation of the growth strategy.
Q7: How about "TPS"?
A: It’s still 1,000,000. Our blockchain is functioning as well as usual! We have already proven and conducted a lot of tests to achieve great speed. In the near future, we are focussing on getting real users, not just transactions.
Q8: Do you have any plans to list CS on Binance or other Exchanges?
A: At the moment, our team is focused on the launch of the wallet. In our app there is the possibility to trade CS coins and convert them to other coins. Therefore, we will return to the issue of listing our token on other platforms later.
Q9: Does the Credits' Payment app story have a conflict of interest with ICO investors?
A: The wallet is just a part of the ecosystem in which CS and other products are involved. The same part of the ecosystem can also be DEX or games. These are all products and services which strengthen the position of CS. With the example of Binance, we are also able to see a strong product - the exchange creates strong involvement with the coin and other products of Binance itself. Moreover, we believe that the Credits' app will help the development of our blockchain in the future.
Q10: When will you enable the blockchain to actually be used? Is there any plans to market it and motivate start-ups to build their Dapps on top of it?
A: I think it is a complex issue. Increasing stability requires resources. And resources need to be spent when there are a lot of users. This is a chicken and egg problem. It's mostly a question of investing in the enticement of new users.
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