Thanks a lot for actively participating in the Credits AMA held on 23rd October 2019 at the Game of Bitcoins Channel. We really appreciate all your support. This post is a recap of the entire session held with Credits
Before we start off with the AMA - Please introduce yourselves
- 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 Nice to meet all 🤜
- My name is Andrew and I am the head of PR & Communications Department. I am responsible for the public image of the Credits company and the distribution of content.
- 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
Q1. Comparatively, how do you differ from the many payment solutions existing today what's being done to drive global adoption of CREDITS amidst regulations and compliance
We are not a payment solution. Credits is a smart contract and DAPP blockchain platform. Our competitors are EOS, Tron, Ontology, Loom, etc.
The platform has the following features:
-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
Q2. At present, what are risks affecting the Credits project? How do you deal with them to develop project in long term and attract investors?
Credits team believes that blockchain is a extraordinary technology that can radically change the way people interact with each other thanks to the new trusted business and social models. But of course as any new tech blockchain should prove a lot before to be adopted by the masses.
Despite of the fact that blockchain technology can disrupt a lot of industries, there is an extensive list of obstacles that should be overcome. Among them are government vision, conservative thinking of industry leaders, laws, global reputation, bureaucracy. The use of the right approaches is the key in the present business space if you are looking for an opportunities to apply blockchain technology. Me and Credits team are focused on the building an absolutely new business models for many types of companies. We identify vulnerabilities and inefficiencies in the present and then make a stress on the benefits that Credits technology can bring according to its initial technical features. It is quite important to have the right technology in place and not trying to bring it everywhere. Ensuring the governance structure, expanding the network of partners and customizing the process of technology integration help us a lot to speed up the business development progress of Credits company and allow us to communicate and working on the new solutions with a big bargain companies.
Q3. Scalability is one area for Credits but there is so much saturation in the market in order to fight the issue. What do you think is that makes Credits competent and better against those old big guns such as eth or metahash looking to fight the same issue?
In my opinion, ETH and Metahash are not solving the scalability issues. High transaction speed and network capacity is reached on Credits platform with the help of two unique developments created from scratch:
1) Consensus Protocol – PoA (Proof-of-Agreement) based on BFT and DPoS. You are able to check more detailed information regarding this subject here – https://credits.com/Content/Docs/CPOA.pdf
2) Transport Protocol – CDTP (Credits Data Transfer Protocol) based on UDP and responsible for sending data over the network.
Scalability is the biggest problem of the blockchain. It is a technical issue inherent to the nature of the blockchain. Every transaction adds another block to the history of all transactions and every block carries the full history of all transactions with it, thus increasing the data size. With more users joining the network and more transactions being carried out, the result is a snowball effect of histories that threatens to one day simply buckle the whole system under its own weight.
But the history of Credits began from the search and complex analysis of the market which allow us to find our weak zones of the blockchain tech and develop a certain list of solutions from scratch. The Credits system is a classic blockchain with the traditional concept of data storage and provision of data via a block structure and subsequent building of a fully validated chain of blocks with the ability to explore stored transactions. 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.
Q4. What are the pros of using Proof of Agreement as the consensus algorithm? And why did you choose it over other algorithms, like proof of stake?
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.
Q5. Credits claims "decentralization" but that word can be relative (e.g. an entity can split into nodes they still control & claim that). Can you offer a provably verifiable proof that Credits is decentralised, trustless & with no dominant party in control?
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.
That's a good question. 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).
Q6. Why you have chosen to develop your own blockchain and launch mainnet? As Ethereum will be fixed all its issue soon?
Each of the products on the market has a similar architecture inherent to the blockchain technology itself, however, many of these developments, due to their technical features, have shown an inability to move further towards the real application of technology within the business.
When developing a product on the basis of someone’s technology, you enclose yourself in a certain framework of this technology and become less flexible. The development of own protocol allows a simplified way of its customization in the present and in the future, the implementation of the Credits products are based on the current needs of the market.
The introduction of new product standards is an integral part of the company’s business orientation. Credits is focused on solving the basic blockchain problems like scalability, speed, and decentralization which will allow users and developers to use blockchain in a variety of industries without any limitations.
I am not sure that ETH 2.0 will go live in 1-2 years. Building a new protocol from ground is easier that re-building an existent one.
Q7. As you have detailed in your website that you provide services of lending, bonds issuance on blockchain, stablecoin unit of account but what if you have an opportunity to make banking sector fully decentralized then how will you transform? because it's a most expected innovation.
Hey! The financial and banking sector are not the only industries which we are focused. We also are intersted in IOT, Logistic, Supply Chain, Tokenization, Insuranse and other spheres. The best approach to make your platform adopted is to create MVP products to showcase its real capabilities. Currently, we are working on several products and the first one should be available for testing next week.
Q8. What is your progressive plan to ensure that project Network remains relevant & valuable in the next 5 years, in terms of adoption and use-cases ?
The first step to identify the right field for application of your technology. You should be confident that you are doing the correct technology that fits the present business requirements. Wrong vision is a mistake of many companies that cannot allow themselves the right on these mistakes, because it can negatively affect the whole system of company’s time and funds management. So, the first step is to identify the right use case which in case of real demand allow you to adopt your tech in business.
The next important action that should be applied within your approaches to adopt blockchain technology is the ability to define the right patterns that will help you to interact with the companies and find out inefficiencies of the current business models in order to develop new models. It is important because the work products generated at this stage will lead to the blockchain solution design.
The governance of blockchain network should include various incentive economic models that will allow to reduce the costs of business by means of the project infrastructure and its participants. This kind of system will attract a numerous supporters of the network which will lead to the growth of company’s community worldwide, it will create a solid brand image and will simplify the process of communication with well-known companies, medium and small business. Uniting business and people in one system with an abilities to bring the benefits for each other will speed up an adoption of blockchain technology accordingly.
Role of regulators in enabling blockchain adoption is important as well.
Q9. Recently, Jennifer Trelewicz Former CTO at Google Russia joined the team. After analyzing her LinkedIn, I realized that she is a very experienced specialist, with a huge background. Tell us what her responsibilities are at Credits and do you hope that her connections at previous jobs will help establish new partnerships?
Yes, her expierence and connections will help us for sure. It is true. Currently, he is managing all process of business development and are responsible for communication with major companies. For those who haven't seen this news. Check it out: https://cointelegraph.com/news/former-ibm-google-russia-exec-joins-blockchain-firm-credits-as-cbo
Q10. Why CREDITS faster than other blockchains ? Which type of dApps we can make on CREDITS Blockchain?
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
Q11. How the Platform Configuration to Process and Store IoT Data works?
Actually, the most suitable decision when we are talking about integration of IOT and blockchain is storing the hashes of data in blockchain. In such case, no much space is requiered and the main problem of IOT sphere is solving - opporunity to compromise or change the data.
We have already created an MVP with IBM about this subject. Check more detailed information here - https://developers.credits.com/en/NewsPage/IoT_Data_Validation_Through_Credits_Blockchain_Platform
Q12. Adoption is crucial element of all exchanges/companies/projects, how does CS ensures adoption to its exchange? Revenue is another crucial element in order for a project/company to survive for long term, how does $CS ensures revenue flow into the company?
1. We are not an exchange, we are the protocol that serves as mediator between business and customers. Credits blockchain will improve many existing business models and create new models. To make sure that we have a clear path to blockchain adoption, we must focus on both business and technology models. We can take a single use case, which affects the industry and business, and apply business and technology cost analysis, which leads to a business architecture and technology plan, as well as requirements for compliance, audit and company integration. The above artifacts define an adoption model that includes and overcomes obstacles and problems, as well as cost and economic viability factors for blockchain solutions.
2. Credits opens up new opportunities for new business models, new ecosystems and economic environments with secure distributed business transactions. These new opportunities will stimulate new revenue streams for many companies and allow them to beat competitors by adopting transformational technologies and potentially destroying some competitors from the value chain. That's a way that we see to make revenues for business and ourselves as well.
Q13. Could you please describe the changes your project would brought to the traditional Internet world or the blockchain world?
Trust and transparency between parties, this is what blockchain exists for
Q14. As i know, some blockchain projects use zero-knowledge proofs for data sharing while preserving the consumer’s privacy to response the requirements of government about financial/data transparency on business. I saw that Credits has private solution for business too, has your team considered about this?
Hello! It is good question. Actually, we can divide the blockchain based application into two segments - B2B and B2C. Companies operating in B2B sector won't store they are data publicly and they need to develop private blockchain networks. For those aims we have a different direction of company - https://creditsenterprise.com/.
Companies operating in B2C is OK to store their data publicly and will be able to use Public Network where all information are transparent.
Q15. How do you plan to get developers involved to build their solutions on top of Credits?
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
Q16. As Credits network provides Lightning Fast Blockchain for Dapps ! But, which types of Dapps are supported by Credits Network ? as well as on which Dapps you'r primarily Focusing on ? Credits has their unique Consensus algorithms called Proof of Agreement ( PoA ) .. Explain some details about your unique Proof of Agreement ! Whats the work and benefits of this PoA algorithms?
Hello! Currently, we are working on updating of documentation on Credits Developer Portal (https://developers.credits.com) and development of SDKs and Frameworks to make it easy for guys to create decenteralized applications on our protocol.
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 grante people who will build on top of our platform. Also we plan to organize hackathons, meetups and webinars for developers to learn more about Credits protocol.
Credits consensus Protocol is called PoA (Proof-of-Agreement). It is based on BFT and DPoS. You are able to check more detailed information regarding this subject here – https://credits.com/Content/Docs/CPOA.pdf
Q17. What makes Credits different from Aion and Tron in Building dApps? Why did you choose Proof of Agreement over Pow? How is Credits smart contracts better option than others especially Ethereum? How to setup a node? What "Change " did credits bring to crypto world with its Technology so far? What are Key /Strong /Core strengths of Credits that will attract new investors and people to use its platform?
1) Due to fast processing time of transactions our smartcontacts can be deployed in a second. Moreover, we use Java, the most distributed language, for the creation of smart contracts.
2) We have created our own consensus algorithm - PoA (Proof-of-Agrement) from scrarch using some dPoS and BFT features. The main aim was to make Credits platform decentralized, scalable and secure.
3) 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
Recommended system requirements:
Operating system: Windows® 7 / Windows® 8 / Windows® 10 64-bit (with the last update package)
Processor (CPU): Intel® Core ™ i5 or AMD Ryzen 5 1600X
Memory (RAM): 6–10 Gb
SSD
Internet connection: 7-10 Mbit/s.
We have a detailed instruction about how to setup Credits node, join our technical channel and our tech support will help you.
4) Credits aims to provide an extensive infrastructure for businesses and act as a universal tool for any niche in any market for solving the age-old issues. There are dozens of use cases, where Credits can act as the ideal solution. Be it financial services, bonds issuance, lending, insurance, logistics, IoT, copyright protection, oracles, data storage and or any other sector, Credits can act as the most versatile and scalable platform for businesses to spread their wings and take flight into the free world of a new economy without boundaries.
It is the disruption of the modern economic system through the application of innovative technologies by blasting through ossified financial barriers that will allow the global economy to break out into a new age of growth and development.
Q18. What efforts are in place to ensure that the forces or demand and supply doesn't cripple the project. Would there be a holder reward mechanism for holding Credits token?
The first opportunity for CS coin holders to get a revenue is to run a node which will participate in consensus and get rewards. The only subject which is requiered is to have 50K CS on wallet.
We also plan to create some kind of staking system on exchanges for coin holder, but it is under consideration at the moment. Follow our news on Twitter to get updates - https://twitter.com/creditscom
Q19. "Lighting fast" what's the maximum TPS that can currently happen in Credits, abd what's the TPS you aim to be able to get? How difficult was it to be attractive to huge corporations like IBM and lenovo, and what do you think that made them choose credits over any other similar platform?
1. The milestone is 50k transactions within internal load tests. The goal is still 1 million tps despite the fact that we are working much on the stability of the whole list of components at the moment.
2. If we were to consider the main benefits that blockchain can yield to corporations, there are 3 main factors that will be propelling their growth and development.
The first factor of blockchain’s added benefits is that it increases trust between parties. Given the immense amount of fraud and ensuing litigation costs, the presence of an immutable and fully transparent system for conducting any manner of transactions or concluding contracts would save significant funds for corporations. Blockchain can offer such advantages and is therefore a cost-saving alternative to current systems of negotiations and contract terms.
The second benefit is that blockchain excludes middlemen and allows parties to a transaction to conduct it directly without incurring any extra costs or referring to third parties for a variety of services.
The third benefit is that the use of blockchain simply reduces financial costs on maintenance of large support staff and allows for optimization of a variety of budgets. The main advantage that blockchain offers always resides in the reduction of the financial burden on corporations, which lose up to 30% of their advertising budgets alone on intermediaries.
Credits is conducting active sales of its business solutions. It helps us to bring and share our technical advantage in which most of the big companies see a big potential.
Q20. In the current cryptocurrency ecosystem with all the advances made in the field, why do you think Credits stands out from the rest of the pack?
We are more aimed on real use application which can solve problems of people and companies. Also, we are trying to predict the situation on the market within 3-5-10 years and work on subjects which will be actual further. Vision and understanding of market/sphere are crucial subject in the development of blockchain project.
Q21. What are the network nodes in credits and as a miner how can i run that?
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.
Instructions to set up node for Windows with an access to node software - https://developers.credits.com/en/Articles/Windows
Instructions to set up node for Linux with an access to node software - https://developers.credits.com/en/Articles/NodeInstallation
Compile node through Github & Instructions - https://github.com/CREDITSCOM/node/
Q22. Currently, many project have policies for their ambassadors to create a contribution and attract recognition for the project! So the CREDITS team plans to implement policies and incentives for CREDITS ambassadors? Do you plan to work on hardware development to allow you to expand your technology?
We already have team of around 20 Ambassador all over the world. Check it out here - https://credits.com/en/Home/Team
Have a look at the motivation system of incentives of Credits Ambassadors and join the team if you are interested to contribute 🤜
https://docs.google.com/document/d/1_GPE-pGUj0FL0WMUEpSLrrDn6w8kG1VEiQRpkEtHGak/edit#heading=h.q8wt6y45osfs
Q23. What is accelerator programme and in future what we can develop on credits blockchain platform?
Credits Accelerator program is a global campaign to support and encourage individuals/teams around the world to start developing tools, Dapps and services for the Credits platform. In the ever-expanding universe of blockchain technology, nurturing decentralized application development and the services they can provide is what really matters.
High speed of transactions, decentralization, scalability, security, low fees provided by Credits blockchain allows developing high-tech products and services without any limitations for any industry, be it financial, insurance, logistics, IoT any other
Q24. What are the key features of the token on which base you attract new users to the project?
The Credits Coin (CS) is the internal currency of the Credits platform. The CS coin acts as the means of settlements inside the platform between participants and can be traded on exchanges.
Examples of CS coin usage:
1. Payment for smart contract creation;
2. Performing operations with smart contracts;
3. Adding information to the blockchain;
4. Payment for the transfer of the CREDITS cryptocurrency between platform participants;
5. Purchase of information from third-party sources for services within the system (the services of oracles);
6. Operations with the exchange of different currencies within the system;
7. Fees for the transfer of tokens created on the CREDITS platform.
Q25. A: 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?
B: Many dapps are being developed on many blockchain platforms. However, the usage rate or the popularity of these dapps is very low. Some may even be called trash. What about the dapps developed on your platform?
C: Considering project goals and actions, at what stage do you see yourself now ?
Currently we are working on development of real MVP products which can be ready for usage for external audience in spheres of Logistic, Insurance, IOT and financial industry. The current stage = preparation for Public Swap. We are working on integration with exchanges and hardware wallets. Our wallets (browser, mobile and web) are going to have final launch as well. The next milestone is launch of decentralized exchange.
Q26. What criteria do you build on the Credits Home network? In case of a security problem, would you consider to make a new update in the future? Does the Network have sufficient defence against possible attacks from outside?
We have regular updates of our Main network. We are using agile development system with 2-3 weeks scrums. You are able to follow and paritcipate in our development process here - https://github.com/CREDITSCOM
Q27. Credits was born after Ripple, Stellar, Tron. Compared to Ripple, Stellar and Tron, what are advantages and dis advantages of Credits? What is the outstanding difference of Credits to attract users?
Credits platform with the help of two unique developments created from scratch:
1) Consensus Protocol – PoA (Proof-of-Agreement) based on BFT and DPoS. You are able to check more detailed information regarding this subject here – https://credits.com/Content/Docs/CPOA.pdf
Q28. What is accelerator programme and in future what we can develop on credits blockchain platform?
Credits Accelerator Program is a global campaign to support and encourage individuals/teams around the world to start developing tools, dapps and services on the base of Credits protocol. In the ever-expanding universe of blockchain technology, nurturing decentralized application development and the services they can provide is what really matters. Credits welcome developers who want to provide their solutions to industries worldwide via the fastest and most scalable blockchain platform.
1) Decentralized applications and services. Grant amounts will be determined on a case-by-case basis. Examples include:
DEXs;
Gambling and gaming applications;
Marketplaces;
Escrows;
Mobile, Web and Browser wallets;
Blockchain explorers;
Stable coins;
Applications for financial, insurance, logistic, medicine, industrial & consumer goods and other spheres.
2) Software Development Kits, Libraries and Tools. Grant amounts will be determined on a case-by-case basis. Examples include:
Development frameworks;
Libraries for C#, Python and Ruby;
Support for conversion languages like Solidity and C++ to Java;
Other useful developments
Q29. According to you what exactly is the Problem in Blockchain industry that CREDITS is solving?
Scalability, security and decentralization issues are solving by Credits platform without compromising any of these points.
Q30. A) Credits is Top 200 Cryptocurrency by marketcap , what are your future plans to become top 50 Cryptocurrency first ? B) What makes credits faster , secure , reliable? C) What are the main problem Blockchain technology currently facing, how credits solving these problems.
Adoption of technology, increasing of transactions in network, real users and developers which will build on top of Credits platform.
Q31. Why you choose to solve speed, decentralization and scalability issues in an industry & why it is important to solve? How did you guys survive such as long bear market and what are difficulties have you overcome during this period ? What you guys learned from would you like to share us.
We are spending budget raised during ICO with patience and understanding. We didn't do any marketing after an ICO untill these times cause we have an idea that real marketing should start only after product will be ready.
Now we are preparing huge advertising/marketing campaign. We are planning to increase the communities of developers, traders and investors through the local markets, bug bounty campaign, hackathons, trading competitions, listings on exchanges, cooperations with developers labs, universities, attraction of new partners, active dapps developmentand proper marketing. This will allow us to bring our technology to the market and make it main stream.
Q32. How is blockchain distributed database different from traditional databases?
The Credits Blockchain DataBase model is very simple. It is a structured data with a pronounced structure of key and data (the key can be a composite or perform some characterizing function, the result of which is a unique representation of the data set in the Value field). The system has no SQL language, which affects the need to use third-party search and data retrieval techniques. The database is a NoSQL solution, which allows to abandon the relational interactions between the stored data and achieve the speed comparable with the speed of work with the file system.
There are several criteria that differ Credits database from MongoDB, MySQL and Oracle DB -
More info is available here - https://credits.com/en/Home/New_Ins/4206
Q33. What are the different computational tools that Credits is about to launch with what are the differences from previous technologies and what are the highlights of Credits compared to previous projects? What are the upcoming milestones that require Credits to achieve that?
Next milestones to reach:
-Public Swap which is coming shortly
-Integration of Credits protocol with hardware wallets (Trezor, Leder)
-Integration of Credits protocol with exchanges to make native coin tradable
-Decentralized Exchange development and launch
-First adoption use cases and MPV for major companies in sphere is logistic, IOT, finance, insurance
Q34.
A. What progress from platform launched ? how many user increase daily use?
B.What type algorithm you used for platform and how work this? In credits community what reason to submitting activities and where giving task to fulfil?
We have working Mainnet at the moment.You are able to check the amount of accounts, transactions, smart contracts, etc using our explorer - https://monitor.credits.com/
Q35. Is the CREDITS token useful? How does the project plan to grow?
The Credits Coin (CS) is the internal currency of the Credits platform. The CS coin acts as the means of settlements inside the platform between participants and can be traded on exchanges.
Examples of CS coin usage:
1. Payment for smart contract creation;
2. Performing operations with smart contracts;
3. Adding information to the blockchain;
4. Payment for the transfer of the CREDITS cryptocurrency between platform participants;
5. Purchase of information from third-party sources for services within the system (the services of oracles);
6. Operations with the exchange of different currencies within the system;
7. Fees for the transfer of tokens created on the CREDITS platform.
8. Part of dApp tokenomics
CS Native Coin is an important part of Credits infrastructure which supports its operating, motivating its participants and creating new opportunities for application in financial models of a variety of businesses. Moreover, the ability to issue digital assets on Credits chain creates a demand for a Credits native token which serves as intermediary currency for an access to the purchase of tokens issued on the chain. It performed by means of simplified way to purchase Credits for fiat. Further, Credits team is planning to present DEX developed on Credits chain in order to support the tokenomics of the project and to allow its users to generate value of tokens which will be traded in the pair with CS native coin.
Q36. Normally, in a smart credit contract, the programming code written in JAVA is run in a decentralized blockchain credit network and makes a sequence of calls of the functions and methods of the program code in or out. network. So, why does Credit choose Java over other programming languages? Does it have anything special or of great help to you?
We have chosen Java because it is one of the most spread programming languages in the world. We are able to attract many non-blockchain developers to our platform for creation of applications due to this feature.
Q37. What data is stored on-chain? What data is stored off-chain? Has your technology been audited by a third party or vetted by external security testing team? Could you share how you survive in this longest bear market and what are difficulties have you overcome during those period? Security, scalability, and data privacy are three aspects that are very important at crypto, how did Credits handle these issues?
1) Credits consensus and transport protocols code has been completed by Red4Sec and many other companies which are under NDA. Consensus and transport protocols of Credits Platform are unique developments undergoing patenting at the moment. Therefore it is not possible to publish full security report at the moment. In the future, we are planning to publish more details regading this subject. Btw, we are conducting a Bug Bounty campaign with the prize pool of $500,000. So, if anyone is interested in getting reward and find on our platform any vulnerabilities, you are welcome!
2) Right management. We are not the project that spent money on marketing and exchanges listing without working product. Moreover, the Top management of Credits predicted bear market and decided to develop platfrom in silence. At the moment our platform is almost finished and this is the excellent time to begin marketing campaign and spread the word about credits all over the world.
3) Was previously answered
Q38. How do you see the project develop in 3-5 years from now, both business wise & company wise? What are the plans to expand in different regions? Will you outsource the team/skills or keep it centralized and set up offices?
Why your project name is CREDITS?
We are expanding the network ambassadors which bring Credits products to the local markets. In 2020 we are planning to open several news offices across the world as in China and Netherlands which will help Credits brand to become more well-know among local business.
Q39.
1. In your website you do mention about the use of PoA (Proof of Agreement). The question is : considering that the Poa is based on BFT conception, How do you manage the BFT weaknesses? Like the scaling and the Sybil attacks
2. I read about your TPS speed, can you tell me which tools you use to reach more than 50.000 TPS? To your platform is enough or you do need more?
3. Your unique features are the possibility to interact with a full-scale extended smart contracts and an autonomous system. So you have in mind add something else to this features?
4. The platform is compatible with other kinds of Virtual machines? That will help to the adoption!
Sybil attack can be done only in case that node know the IP addresses of all over nodes in network. In our platform, each node has limited amount of neighbors and don't know the whole topology of network.
Credits platform with the help of two unique developments created from scratch which allow us to talk about the scalability form 50K TPS. It is an intiail goal to be reached during the capacity testing after the public swap. Long term goal is 1M TPS.
1) Consensus Protocol – PoA (Proof-of-Agreement) based on BFT and DPoS. You are able to check more detailed information regarding this subject here – https://credits.com/Content/Docs/CPOA.pdf
2) Transport Protocol – CDTP (Credits Data Transfer Protocol) based on UDP and responsible for sending data over the network.
Our smart contract use Java virtual machine.
Q40.
a.What role does the CS token play in your ecosystem? How can owners and investors earn rewards using the Credits platform?
b.Tell us what success your company has achieved this year and what do you plan in the future?
1) Examples of CS coin usage:
1. Payment for smart contract creation;
2. Performing operations with smart contracts;
3. Adding information to the blockchain;
4. Payment for the transfer of the CREDITS cryptocurrency between platform participants;
5. Purchase of information from third-party sources for services within the system (the services of oracles);
6. Operations with the exchange of different currencies within the system;
7. Fees for the transfer of tokens created on the CREDITS platform.
2) Run the node, participate in consensus, maintain the network and get rewards from the transactions fees.
Q41. In September, Credits has marked its strong comeback by completing Public Swap, partnering with several companies, making a significant development to its Mainnet and much more.. Is there any specific behind this explosion of Credits team in last month? Can you disclose some updates which may happen soon?
Yes. We have regular updates about achievements which were done in an exact month.
You are able to check detailed report about September here - https://credits.com/en/Home/New_Ins/4303
Q42. How do you assess the blockchain market in Asia? Where is your target market? What is your opinion on the amount of contribution Indian community can make to #Credit ? What influence do we have in the crypto industry?
At the present time, the main focus is English-speaking and Russian market.
India is quite promising market but a bit unstable due to regulations. We have a lot of connections with Indian banks and universities in the past. Recently, Credits team fall in partnership agreement with Zeeve, enterprise-grade deployment and management platform for Blockchain networks and applications that allows businesses to set-up their own Blockchain ecosystem. The agreement implies the provision of information support for the popularization of blockchain technology, in particular, the application of the Credits platform in modern industries.
Zeeve is a group of Blockchain, DLT & IoT developers and deployment enthusiast that focuses on powering up development and production environments. The company supports multiple public and permissioned Blockchain frameworks and facilitates deployment on a multi-cloud environment enabling to make suitable deployment choices, on one hand authorizing existing cloud account to deploy the networks and on other allowing deployment as a managed service with a choice of cloud platforms to choose from.
As a part of the agreement, Zeeve will provide the option to launch Credits MainNet Node through a cloud account, which will allow the creation of more nodes in different cloud data centers. The company finds Credits platform an innovative technology for application in various areas of vital activities due to its competitive technological advantages. In this connection, it plans to offer its customers the platform as an effective solution to expand their capabilities. Both companies agree to share best practices, continue further negotiations and are considering substantive work for the future blockchain implementation.
Q43. How is blockchain distributed database different from traditional databases?
Blockchain database is immutable, the same data is stored on all nodes of network, it is transparent (for public platforms).
Q44. What incentives have partners and dApp developers to build on Credits blockchain?
From 1000 up to 20000 dollars per product, quite good motivation system but the sum depends on the idea of any specific product
Q45. Decentralized data is always a sensitive story. What will you do if the cost to attack your project is less than the worth of data you store?
I mean if a party can buy more than 51% of your dataset token and start to attack your database to steal much more worthy information than they spent to buy your tokens, then what is your solution for that case?
A "51% Attack" occurs when the attacking side, that can be represented by a comparatively small number of miners, has a "controlling stake" of the total hash rate, that is, computing capacity. As a result of the attack, the miners gain control over the entire network and can create blocks at their discretion.
Due to peculiarities of Credits Decision Consensus Algorithm all efforts to take a control over the most packet of nodes are reduced to 0. Let’s take a closer look how the transactions in Credits network are whitelisted and common consensus is being reached. On the Credits platform, the choice of nodes is based on the DPoS algorithm. The basic principle of the DPoS is the separation of participants for voting and validation. Before each round DPOS selects the random list of nodes which is already prevents attack 51%. It is impossible to predict in advance which of the nodes will be selected for participation in consensus. During each round the list of nodes changes, the frequency of the rounds is five rounds per second. Asynchronous rounds are supported, the new one starts to run before the previous one is completed. The asynchronous process of rounds generation allows to avoid possible 51% threat as well. Trusted nodes communicate with each other using the BFT algorithm, which allows them to monitor the status of the network and exchange messages, thereby ensuring fair decisions about transactions, it is based on the mathematical formula according to which attack 51% impossible at all and threat is possible only in case of ⅔ of the network nodes are under control in hands of intruders, but this case is prevented by the principles of DPOS algorithm described above.
Q46. What is the advantage for a token holder in the short and long term and will it have any reward structure for active members ?What plans do you have to help drive demand and scarcity for the token?
Profit/Revenue sharing - All business operations within platform generate fees which distributed to network participants who take part in consensus, validate transactions and record data into the blockchain.
Staking rewards - 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. Rewards are formed on the base of fees, collected in the result of the following operations:
Airdrop rewards - Credits team supports initiatives of the community and rewards its effort by airdrops in native CS coin on the constant basis.
Q47. Why credits better than Matic or QKC?
We can't be compared with this projects. Matic is an Ethereum sidechain which is closed in ETH ecosystem. QKC is a sharding and more focused on storing of data first of all.
Credits is an open source and decentralized blockchain platform for development and execution of smart contracts and decentralized applications. 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.
Q48. How Credits managed to charge around 0.00001$ fees per transaction? How will it help to share in revenue growth if you are charging so less?In looking at the current position of blockchain technology, what would be the reason for mass adoption of Credits in the future?
Real use cases able to solve problems of people and companies is the main point which will help us with adoption of technology.
Q49. It is known that currently you only support 21 Dapps, so in the future, which more Dapps will support? What criteria of a Dapp are supported by Credits?
We are open sourced platform and developers are able to use our protocol for creating of their own applications. We welcome any kind of application which will expand Credits ecosystem and the amount of users.
As a company we are focused on IOT, Financial sphere, Logistic, Insurance, Tokenization, Supply Management and other spheres.
Q50. If external hack attacks come to your chain system, can it damage your system? Or can it change your data? How often are security audits checked Credits Team?
We have already done several security audits to check the entire level of security. We plan to take some additional measures regarding this subject before Public Swap as well.
Q51. What incentives have partners and dApp developers to build on Credits blockchain?
We plan to launch an Accelertor Program for developers willing to build on top of Credits protocol with a prize pool of 2M USD.
Credits Accelerator program is a global campaign to support and encourage individuals/teams around the world to start developing tools, DApps and services for the Credits platform. In the ever-expanding universe of blockchain technology, nurturing decentralized application development and the services they can provide is what really matters.
Q52.
Imagine the situation.
You are at an important meeting with a potential partner in DHL, you want to offer to use the Credits platform. Before starting the presentation, the head of the DHL blockchain department says that they already want to cooperate with another company and asks you to surprise him and make him change his mind.
You are a little confused, because you did not expect to hear this.
What do you tell him? Maybe you have something to show him? How do you generally prepare for meetings with major companies?
The modern logistics industry is no so much about moving goods around the world as it is about the supporting actions, such as filling out paperwork and verifying documentation. The supporting actions result in time delays and costs associated with vast amounts of wasted paper and other resources needed to make the workflow process running. The ones most affected by the delays and costs involved in the delivery process are the buyers, who are forced to wait longer for their goods and pay for the intermediaries involved in the process.
The automation of the delivery process is the only logical solution to increasing the efficiency of the logistics sector. Blockchain technologies are an important ingredient in the mix that has risen as a possible solution to the problems that have been plaguing the industry. The Credits blockchain platform, with its low transaction costs and network throughput capacities starting at 50,000 transactions per second with 0.1 second processing times, is a suitable, reliable and secure infrastructure for supporting applications like the Smart Payment Service which will be suitable solution for DHL company. Proof-of-Concept next week. You will be pleasantly surprised.
Q53. Will there be any transparency to whom received these top payouts and what were the biggest influence ? Holding amount + time ? Amount of activities? Amount of votes ?
Internet connection and the duration of ping time are two factors which can influence the amount of reward mostly.
Q54. How did #Credit achieve so much success in such a short time ? Who do you want to give credit to. Is it to amazing team / Community/Innovation/Marketing? Please shed your light on it?
Credits achieved so much success in such a short time due to the right management and the professionalism of all team members. Our CEO, Igor Chugunov, has more than 10 years in business, including IT fintech projects, bank and credit e-services, affiliate marketing company for banks and PDL companies. He also has 5 years experience with blockchain business. He have been working on Credits blockchain platform since 2016.
Q55. What is your marketing strategies and development protocols?
Marketing plans for the future
1) AMA Telegram sessions
2) Telegram advertising channels
3) Twitter Trading Bloggers
4) Youtube Trading Bloggers
5) Publication of Tier 2 resources
6) CPM (Banners)
7) Chinese community development
8) Publishing Tier 1 resources
9) Promotion through Facebook
Mass awarenes to help the company to become recognised on the markets.
Business development
The company offers a broad range of services to its clients, and all of these services are firmly based on the professionalism of its employees. The discussion of the legal conditions for the implementation of blockchain technology and close interaction with state and administrative authorities is the first step Credits takes when considering the provision of its services.
Full support of the client in the processes of technology integration and the involvement of integrator companies delivering company products in various regions along with wide coverage of local markets has allowed Credits to facilitate operations for a number of companies. About 40 integrator companies are currently selling the company’s solutions around the world and the list includes such names as Usat, Webcom Systems, Iteora, CBE, Canopus Infosystems, MixBytes and many others. These companies help Credits to offer technical solutions to new clients and to expand its impact on the local markets.
Aim is to attract as much customers as possible. Approaches differ.
Technology development
- Debugging platform functional components
- "HACK CREDITS" Security Program for Developers and Hackers
- Development of commercial solutions (PoC) for an extensive list of Credits partners like IVHIMPROM (supply chain system), TransRossica (file storage system), LLC Globaltechexport (supply chain system)
- Integration of Credits protocol into exchanges
- Beginning of Credits protocol integration into hardware wallets
- Public Token Swap,
- Ledger Nano and Trezor Integration Completion,
- IOS/Android Mobile Wallet Release,
- Fiat Gateway
- Update and Optimization of Network Module
- Launch of the Supply Chain system in a number of enterprises in Russia and world companies
- 50 products and services based on Credits protocol
- Integration with Crypto Asset Cutody Services
- SDKs release
- DEX Launch
- Development of the additional layers of the protocol to fit the requirements of the business
GOAL - 1 million active users
Thank you guys for the questions. It was a great pleasure to see such big interest in Credits technology. If your questions were not answered, join Credits telegram channel - https://t.me/creditscom. You are always welcome!
