Ask Me Anything credits team theblockcircle
AMA

Credits AMA Transcript

AMA (Ask Me Anything ) was conducted with Credits on 22 January 2020 at 2:00 PM UTC live on our telegram group .

Participating team members from Credits and their introduction :

Andrew A

My name is Andrew and I am the head of PR & Communications at Credits. I am responsible for the public image of the Credits company and the distribution of content.

Max Diffenbakh

My name is Max Diffenbakh. I am the Head of Content at CREDITS. My responsibilities cover content creating which includes producing marketing copy to advertise Credits.com products, writing blog posts about industry-related topics and promoting our content via social media.

Arseny M


Hello! My name is Arseny. I am Head of Marketing at Credits. I am involved in Credits project since an ICO and fully believe that we are able to solve the main problems of crypto sphere and really disrupt it. We are preparing large marketing campaign at the moment though and soon you will see CS everywhere.

About Credits:

Andrew A

Credits is a platform based on blockchain technology and smart contracts for the development and execution of decentralized applications. It serves as a mediator between the technology and the business. High speed of transactions, decentralization, scalability and low fees provided by the Credits blockchain allows the transforming of traditional business models eliminating the problems of security, transparency and trust.

Community Questions:

Q. Last year December, you announced a partnership with ShareRingGlobal. How will CREDIT and it community benefit from this partnership?

The partnership will allow to use the CS coins to pay for flights, hotel accommodations, car rentals, tours, eVOA applications, insurance, and more.

Q. As Investor and Trader, Whats the main work and utilities of Credits Token in entire Credits ecosystem ? Why should we purchase / Buyt and Hodl Credits Tokens in my portfolio ? Whats you Roadmap and Future events that attracts me to invest in Credits ?

Credits Roadmap is shared by Arseny in the previous message. 👆

Examples of CS coin usage:

  1. Payment for the smart contract creation
  2. Performing operations on smart contracts
  3. Adding information on the operation to blockchain
  4. Payment for the transfer of CREDITS cryptocurrency between the platform participants
  5. Purchase of information from third-party sources for services within the system (the use of oracles)
  6. For operations on the exchange of different currencies within the system
  7. Fee for the transfer of tokens created on the CREDITS platform
  8. Staking for participation in Consensus mechanism.


Q. In which countries does Credits plan to open offices outside the US, Singapore and Russia markets? Are there any other country markets you want to enter?

Q. How does Credits see the development of decentralized applications? How do you evaluate the contribution of decentralized applications to Blockhain technology?

At the current stage of project development it is quite important to get the shares of local markets, we are going to bring our products and services into several markets as Netherlands, China and Vietnam, all this will take place this year.

Q. Your metamorphosis is a laudable one, How have you been able to survive this longest bear market and continue building and developing the credits ecosystem

Q. What’s your greatest threats going forward and what plans are in place to overcome them?

Right funds management is a key, developing in such market conditions is a tough way, but we overcome difficulties and were able to take an advantage on this market, right now there is a road to products monetization

Q. I have followed your project for a while but some concerns about it: Your project gonna build your own main net, so that do you have any more more prominent than Ethereum and NEO. They are projects that were born before and also have a very large community. And what makes you sure your project will ensure the features you’ve set out?

We already released our Mainnet and started the Swap procedure on 20th of December. Credits has a lot of advantages in comparison with other blockchain protocols, like high speed of transactions, decentralization, scalability, low fees and advanced smart contracts.

We have already laucnhed a Mainnet in March, 2019. Blockchain Explorer is available here – https://monitor.credits.com/

We have several competetive advantages in comparison with projects you have mentioned.

Check them below:
-High network capacity – more than 50 000 transactions per second;
-Minimum time to process a transaction is around 0.1 seconds;
-Low fees ranging from $0.001;
-Smart Contracts with advanced features and tools

Q. Now DAPPS are projected to buzz up in 2020, and as a developer I Know SOLIDITY, Java,, c+, can I build dApps on CREDITS and what are the modalities involved

Q. How do you plan to convince Other developers, projects and solutions to SWITCH to CREDITS for their building DAPPS?

Yes, you can start building dapps on Credits blockchain. We are ready to provide you with full technical assistance, financial and marketing support.

  1. Ready-made platform with opportunities to develop products and services using an extensive number of programming languages will be the perfect solution to fit the present developers requirements.
  2. We plan to organize developers meetups all over the world after Public Swap and launch an Accelerator Program with prize pool of 2M USD to grant people who will build on top of our platform.
  3. Marketing and right motivation approaches.

Q. What’s the purpose behind 50000 tps, is it to just boast a greater figure than other blockchains or it really has an advantage. If it does, what’s the advantages?

Q. You will agree with me that ADOPTION and UTILITY is very key to project survival, what’s being done to drive global adoption of CREDITS AMIDST CRYPTO REGULATIONS AND LEGISLATION.

We think globally, when we start the development way, there were several main issues as low processing speed and high commissions per transaction, we have solved it, this is an advantage that can be visible in several years as you can see extremely developing financial markets and its user databases growth everyday.

Q. What are the highlights of Credits ecosystem? How many product have build on your platform? Can you tell some lights from them?

Credits Products

👉Network Node
👉Blockchain Explorer
👉Web Wallet
👉Decentralized Exchange
👉Browser Wallet Extension

👉Mobile Wallet

Q. Which types of DApps we can create on Credits Network & Which programming languages are supported by Credits network for Creating DApps?
Also, Can you tell some reasons that Why any Developers should create Dapp on Credits Network instead of any other Blockchain? Give some competetive advantages of Credits Network?

1. In order to provide high transaction capacity, Credits implemented its unique Consensus Protocol – PoA which is a decision-making algorithm based on multiple validation and data processing with secure implementation solution. The algorithm based on dPoS (Delegated-Proof-of-Stake) and BFT (Byzantine Fault Tolerance) protocol

Another component that causes high transaction capacity is the optimization of transaction sizes. Any transaction has a dynamically varying size depending on balance, address size, transaction currency, the use of digital signature, and other factors . If a transaction or a pool of transactions has large data volumes, a transmission packet is broken down into smaller (65,535 bytes) datagrams used by the UDP protocol subject to the upper limit size, which allows reaching high transaction capacity.

Our platform has come up with its unique solutions by introducing its own CREDITS consensus mechanism, that not only increases transaction processing speed but also transaction processing time. Also, the single technological decentralized platform is capable of safe and quick executions of all transactions using the principles of a distributed ledger and UDP protocol. Thus, the CREDITS blockchain platform with a throughput of 50k+ transactions per second, has the title of the fastest blockchain platform on the market.

2) Thanks to the speed of credits blockchain and programming language for smart contracts (Java) , you can easily create any type of decentralized applications and services which can be impleneted in IoT, Financial, Gaming, Logistics, Gambling and many other industries.

Q. Can you share the whats the Minimum System & Cost Requirements for running a Node of Credits Network? Is Running Node of Credits network is simple & Friendly for thos users who Don’t know about Codings / programmings?
Also, What returns we can expect from running complete Node of Credits Network?

Firstly you need to have 50K CS – This is the required amount of Stake.

Staking, in terms of Credits protocol, means setting the minimum amount of coins, required for a node to participate in consensus mechanism and get rewards. Users will need to store Credits internal currency (CS) on their wallets. The amount of stake won’t affect the frequency of node participation in consensus protocol. More information is available here.

Q. According to the CEO of coinbase, DEFI is projected to buzz up in 2020, can you explain CREDIT roles in the innovativeness of DeFi and how does it spearhead adoption of DeFi using blockchain solution?

We have a number of products developed on Credits blockchain – Webwallet, Mobile Wallet, Browser extension, several dapps and planning to release our own DEX in Q3 2020. Also, we are planning to integrate CS coin in various DeFi applications.

We were spending budget raised during ICO with patience and understanding. So the right management helped us to survey during the bear market.

Q. How do you evaluate the support from community ? What is your stragety to marketing and for Mass Adoption ? What message do you want to send to community through AMA to day ?

It is a pleasure to see the support of what are you doing within a set timeframe, community is one of project components that cannot be underestimated, we think about the balance, increasing community allows us to increase the demand of products, we start working on the infrastructure of products that will allow the users to use crypto-friendly apps in everyday life, mass adoption is our focus, we have to make the interaction of processes more easy-to-use, that’s why we improve the current state of products and its common functionality, working with lawyers on several markets to make the process of adoption more smooth, we are still on the beginning of development way, so let’s see the prospects for the future and make our common dreams a reality.

Q. Generally, a person or a firm focuses on 1 subject and tries to do it best. Credits platform has too many uses cases such as Gambling, Logistic, Medicine, Banking etc. How do you achieve success in so many sectors?

Credits is focused on development of blockchain protocol which can be used like a foundation for further product development in industries you have mentioned.

Currently, the Credits team has launched a Bonoox (platform for loyalty management) which was built internally. Check information here – https://bonoox.com/

Q. You guys managed to pull off some remarkable partnership last year (LENOVO , IBM, ALIBABA , GLOBALTECHEXPORT ,etc) Could, you elaborate on progress with those companies, how has been going and what we can expect from these partnerships in 2020?

Most of this information is under NDA at the moment, but we will keep community updated and share information about progress further.

Q. What is CS economic business model? And
What about community governance?

We have a flexible system of rewards for node holders which is going to be improved with time together with connected to the network enterprises, in addition we considering to launch staking opportunities for holders to get a fair motivation for every side, bounty campaigns, airdrops, cashback in Credits, that’s all included in our plans to realise this year.

Q. As we know, every successful project has a few stories behind the scenes, what’s the story behind Credits success? What was that vision when it first emerged as an idea? Are there any special prototypes or upcoming Credits updates that you want to show/share with us?

Credits project history starts in 2017 when based on in-depth analysis of the industry problems of that time Credits CEO, Igor Chugunov, and CTO, Eugeny Butyaev, took the path of solving those problems. That long-standing work resulted in an innovative Credits platform built on blockchain technology principles.

Credits, due to its unique features (high network capacity, instant transactions, low fees), is capable of erasing established boundaries between technology and business by opening the door to the actual usage of the unique features of the blockchain and to its mass adoption.

Consequently, a new direction of the company, Credits Enterprise, was established whose main focus is development and customization of solutions for business based on public and private protocols of Credits. A unified system of decision-making with complete transparent mechanisms along with its unique platform features is exactly what enterprises and public need today. Almost 120 people contributed to the development of the platform.

Q. Why you decided to choose POA consensus and how it is better than other consensus?

We have created PoA (Proof-of-Agrement) from scrarch with an aim to make Credits platform decentralized, scalable and secure. In our opinion old consensus protocols like pow or pos has lot of flaws and always one of main features mentioned above are compromised.

Q. How do you overcome the threat of centralization in your project ? What is the difference between CS token and other similar tokens ?

We are not token, but Mainnet coin.

Everybody is able to run a node on any PC which meets minimal system requirements. Information is available here – https://developers.credits.com/en/Articles/Development

Choice of nodes which will participate in consensus protocol of next round (trusted nodes) is done on a random basis.

You are able to check fees and amount of node being trusted to prove that level of decentralization is high here – https://monitor.credits.com/CreditsNetwork/tools/nodes

The Credits Consensus Algorithm is Proof-of-Agreement (PoA). It incorporates features that are characteristic of DPoS (Delegated Proof-of-Stake) and BFT (Byzantine Fault Tolerance) and has 3 stages:

Selection of nodes for decision-making. A necessary amount of nodes of a minimum of 4 nodes and maximum of 201 nodes with currently valid states is selected for consensus via the algorithm of random selection of nodes from the received hashes of all network nodes at current states after the elimination of nodes with insufficient staking amounts. This limitation is due to the operation of the BFT algorithm, as for high speed and stable performance, fast decision-making should be secured. The main principle of the BFT algorithm is a common system of decision-making, where each node makes a decision about the same pool of transactions and selection of a Writing Node. Voting on the current pool of transactions and making a decision about transactions to be added in the block for subsequent addition to the storage. Adding the block to the storage of trusted nodes and its subsequent distribution throughout the network.

Described process proves the following of the standards of decentralization within Credits Network.

The definition of decentralization can be divided into several segments like decentralization of rewards, coin holders, exchange where coin is tradable, developers who took main decision regarding the development of platform, etc.

In my opinion, one of the most important aspects of decentralization is “mining” or the distribution of rewards which get people who are generating new blocks.

In our case, everybody is able to setup node, maintain network and get rewards. They just need to have 50K CS on their wallet (required amount for Staking). The node participated in consensus are called trusted. The node can’t be a trusted more than 1 time in a rough. This helps us to make distribution more equal. Also, there are from 7 to 20 nodes in every consensus round (all of them get rewards for participation in consensus).

Q.

Which types of DApps we can create on Credits Network & Which programming languages are supported by Credits network for Creating DApps?
Also, Can you tell some reasons that Why any Developers should create Dapp on Credits Network instead of any other Blockchain? Give some competetive advantages of Credits Network?

You can create any type of dapp or service on Credits blockchain.
You need to know Java to create smart contracts.
The main advantages as I said are that are our team is always open to communications and provides full technical, marketing and financial support
The advantages of using Credits blockchain have been already listed above.

Q. I see CREDITSCOM just partnered with SHARE-RING-GLOBAL.

What is this partnership for and what are the benefits for both parties?

As part of the partnership, the CS Coin will be integrated into the ShareRing application, which will be available to users by February 2020. The partnership will allow users of Credits to use their CS coins to pay for flights, hotel accommodations, car rentals, tours, eVOA applications, insurance, and more.

Q. When will corporations stop being afraid of using blockchain ? And will Credits lead to mass adoption ?

Exactly. The main focus of Credits project is a development of ecosystem which will help to make blockchain technology adopted in business and society

Our project offers public and private solutions suitable for B2C and B2B markets eliminating the problems of trust and uncertainty.

The key advantages of Credits technology are high network capacity – up to 1mln TPS, transaction’s processing time around 0.1 seconds and low fees from 0.001 USD.

These features allow project to serve like a mediator between users & business and initiate the adoption of blockchain technology by implementing different solutions by means of Credits protocol.

Q. When is Ledger support coming? Also when is it going to be easier to purchase Credits (not having to go through 2 different website aka Direct to consumer purchase).

We are working on the integraton of Credits protocol with hardware wallets. According to recently published roadmap the integration is scheduled for Q1 2020.

Q. AS here we know that credit is best for microtransaction , mass financial payments, tokens issuing and storing data on blockchain so i just want to ask – That How is its transaction speed and quantity of transaction?
As we look many projects have transaction issues like speed and scalability so how does credit look over that issues?

P2P connections make it possible to achieve high connection speeds and avoid multilayer processing and storage of data on various transmitting nodes. The UDP protocol is used to increase the speed of data transmission within the network. For this reason, Credits provides for confirmations for the UDP protocol that allowed increasing the volume and speed of data transmission due to parallel processes of sending and receiving confirmations, as well as achieving low CPU usage and reducing response times between the network nodes.

Q. Why you decided to choose POA consensus and how it is better than other consensus?

We have created PoA (Proof-of-Agrement) from scrarch with an aim to make Credits platform decentralized, scalable and secure. In our opinion old consensus protocols like pow or pos has lot of flaws and always one of main features mentioned above are compromised.

Q. How will you climb the rankings of Credits with so much competition of another project ? What is the most competitive advantage that you feel most confident about ?

Actually, there is a list of the main advantages that can be taken to develop the most perspective dapps on the market where is Credits is the most comfortable option for payments –

High network capacity – more than 50 000 transactions per second;

Minimum time to process a transaction is around 0.1 seconds;

Low fees ranging from $0.001;

Smart Contracts with advanced features and tools.

Q. I just Visiting Credits website and i got that Credits have Their unique Consensus algorithm Which is ” Proof of Agreement ” !! Can you explain about PoA Consensus algorithm of Credits network ?

You can find the detailed explanation of Credits consensus algorithm here – https://credits.com/Content/Docs/CPOA.pdf

Q. Credit Browser Wallet Extension How did the creation of CESER come about?

With which programming language did you prepare this application?
How many people are on your team for your dApp Portfolio and Credits blockchain platform?

Currently Ceser Wallet is under the code review. Java language was used for its development. The full release is coming during the Q1.

Q. Adoption is one of the important factor that all sustainable blockchain projects should focus to be more attractive in the invertors’ eyes. Can you tell me what $CS has done and plan to do to achieve Adoption in the reality, real use cases, our real society?

Credits software is applicable in many sectors of business environment. but we have a priority of industries which are required an application and adoption of the blockchain in order to solve the problems, improve business processes and bring value to the world. The supply chain industry, loyalty is by far the biggest and most promising sectors of deployment of blockchain together with the banking industry which is not backing away from using blockchain in the emission of stablecoins. We have all required tools that fit their present requirements, so that’s why it is the focus.

Q. Recently Credit swapped from CS ERC20 to CS native coins. Why this token swap? and how significant will this swap be for Credit?

It is the crucial subject for Credits ecosystem development which means the migration of holders funds to our own blockchain.

Q. Credits platform has many uses cases such as Gambling, Logistic, Medicine, Banking etc.
What other use cases do you plan to address? Are you going to expand your use cases continuously or not?

We are also working with companies and projects from Financial, Insurance and IoT industries except spheres you have mentioned.

Q. AS here we know that credit is best for microtransaction , mass financial payments, tokens issuing and storing data on blockchain so i just want to ask – That How is its transaction speed and quantity of transaction?
As we look many projects have transaction issues like speed and scalability so how does credit lok over that issues?

The technology used for the operation of the Credits platform was designed to provide high-speed transfers of digital assets and commands in a decentralized and distributed environment, as well as high-speed reading and writing operations with consequent storage.

Credits employs a traditional concept of data storage and block structure data provision. Fully validated chains of blocks with stored transaction exploring and provided as well.

The Credits platform consists of 5 interconnected modules:
1) Network module. The module responsible for data transmission within a p2p environment;
2) Storage module. The high-speed and high-load solution created using NoSQL technology;
3) Solver module. The module responsible for decision-making and consensus;
4) API module. The module responsible for allowing third-party systems to send the data to the network and receive it;
5) Smart Contract module. JVM that allows the execution of user’s classes in a closed environment of the Virtual Machine.

P2P connections allow high connection speeds as the system bypasses multilayer processing and data storage via multiple nodes. The UDP protocol assists in data transmission across the network. Confirmations for the UDP protocol in Credits augment the volume and speed of data transmission. Parallel confirmation sending and receiving processes are used for this purpose. Low CPU power consumption and low response times among nodes of the network are provided.

Q. When is token swap going to be fully completed?

It will be finished in March.

Q. What are the highlights of Credits ecosystem? How many product have build on your platform? Can you tell some lights from them?

You are able to check the list of services and decentralized application built on Credits protocol here – http://creditsapps.com/

Currently, we are working on integration of Credits native coin (CS) with exchanges, third-party wallets, custody services, marketplaces, etc.

Follow the social networks to be aware of actual information on this field – https://twitter.com/creditscom .

Q. I just Visiting Cretis website and i got that Credits have Their unique Consensus algorithm Which is ” Proof of Agreement ” !! Can you explain about PoA Consensus algorithm of Credits network ?

The PoA consensus algorithm of Credits.com incorporates features that are characteristic of DPoS (Delegated Proof-of-Stake) and BFT (Byzantine Fault Tolerance) and has 3 stages:
Selection of nodes for decision-making. A necessary amount of nodes of a minimum of 4 nodes and maximum of 201 nodes with currently valid states is selected for consensus via the algorithm of random selection of nodes from the received hashes of all network nodes at current states after the elimination of nodes with insufficient staking amounts. This limitation is due to the operation of the BFT algorithm, as for high speed and stable performance, fast decision-making should be secured. The main principle of the BFT algorithm is a common system of decision-making, where each node makes a decision about the same pool of transactions and selection of a Writing Node.
Voting on the current pool of transactions and making a decision about transactions to be added in the block for subsequent addition to the storage.
Adding the block to the storage of trusted nodes and its subsequent distribution throughout the network.
There are several types of nodes in the network:
Trusted Node. This is a node chosen by the results of the voting between Trusted Nodes of the previous round in order to validate the current pool of transactions, to form a new block from processed and validated transactions and to select the nodes to be included in the list of Trusted Nodes of the next round. Any block or roundtable sent to the network for validation must be signed by Trusted Nodes. After the block is formed, it should be validated by all Trusted Nodes and sent to the Writing Node for addition to the storage. For synchronization of a transaction pool being validated by Trusted Nodes, the nodes sort all transactions in the same order by synchronizing their metadata.
Common Node. This is a node that has just joined the network or a node that does not participate in the consensus. Its main role is synchronization and storage of the up-to-date storage, or the blockchain. It can send blocks to other nodes upon receiving a request for synchronization and send the hash of the current storage version on the node for participation in the selection of the Trusted Nodes.
All network nodes are assigned a role only for the current round, and it will likely be changed in the next one.

Credits Team Feedback on our community and AMA :

Telegram Ids of AMA winners are mentioned below ,they need to send their wallet address to @a_andrey1 (Credits ,Head of PR) .

@Bitcoin_warrior

@radmaxco

@celllife

@Boylut

@Onyenkuzi1

230 cr
230 Cr has been interested in the cryptocurrency since 2017 when his friend introduced him to bitcoin .Interested by the bitcoin technology and suffering from centralised banking system he then decided to pursue his career in this space .

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