Credits AMA Recap

Credits AMA Recap

CryptoDiffer team

Hello everyone!

We are glad to meet here:

Arseny Myakotnikov (@arsenm1) Head of Marketing

Andrew Arkhipov (@a_andrey1) Head of PR

Max Diffenbakh (@Diffenbakh) Head of Content

Let’s CryptoDiffer x Credits AMA get started!

Can you introduce yourself to the community? 

Max Diffenbakh
Head of Content

Hello everyone. 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.

Andrew Arkhipov
Head of PR

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.

Arseny Myakotnikov
Head of Marketing

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

CryptoDiffer team

Can you briefly describe what is Credits in 3-5 sentences?

 

Andrew Arkhipov
Head of PR

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.

 

CryptoDiffer team

What are the main advantages of your technology?

Max Diffenbakh
Head of Content

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.

 

CryptoDiffer team

What is the current stage of project development?

Arseny Myakotnikov
Head of Marketing

We are 2 years since an ICO stage which was conducted in February 2018. We have sucessfully raised 20M USD in 17th hours. 

Currently, we have released Mainnet version of platform, our code is available for every developer to review on GitHub, we have 5 working products on our protocol – Web Wallet, Mobile Wallet, Browser Wallet, Blockchain Explorer, Network Node. We have around 20 working dapps based on our protocol as well. 

The next milestones for us is Public Swap which dates should be announced shortly and building a DEX to increase liquidity of tokens based on Credits protocol.

 

Cryptodiffer Community

Q1: Why are you confident creating your own blockchain instead of leveraging a existing and proven base layer protocol? by twitter.com/ImRiskyWhisky

 

Max Diffenbakh
Head of Content

In today’s fast-paced and competing blockchain product development environment, it is important to bring a unique advantage that may be in demand on the market. 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.

 

Cryptodiffer Community

Q2: None of all similiar project did well so far; most of them are way below ICO price and other aspects, What makes you think Credits is better and will it sustain in this market? by twitter.com/ImRiskyWhisky

Andrew Arkhipov
Head of PR

From the very beginning, we determined the right market demand. We are aimed at solving really serious problems that hinder the integration of blockchain products into established business models. We are not creating one protocol, we are creating an entire infrastructure of products that can provide the business with all the necessary tools for the optimal application of technology in business. We do a lot of work with a huge number of companies around the world. The list of business partners of the company is one of the most extensive in the market. 

This approach and constant communication with company executives allow us to establish the right development vector so that the product is relevant and really gives the right answers to the questions that are now in the air. We pay great attention to management, proper management is the key to success in the market, which allows us to constantly progress and generate interest in the company.

Cryptodiffer Community

Q3: As of now there have been many blockchain related projects come and gone, what are the special and unique characteristics of #CREDITS that make it different from the others, that make investors and users decide to invest into it? by twitter.com/shivam39389462

Arseny Myakotnikov
Head of Marketing

The technology behind Credits is what allows the platform to vie for the title of a potential global leader. With businesses tied down by intermediaries and governments striving evermore to adopt the E-government approach, the need for a reliable and cost-efficient infrastructure combining the advanced properties of blockchain is paramount for improving the financial and document workflow operations of the modern world. 

The unique technical characteristics and features of the Credits platform can make it all happen. The high network capacity from 50K TPS is sufficient to act as a direct competitor to even the global giants of transaction processing like Visa and MasterCard. The time required for processing a single transaction on the Credits blockchain hovers around 0.1 seconds, a feat that can turn waiting queues for banking services into a phantom, a memory of a technologically inferior past. The low fees involved for conducting transactions on the Credits platform range from $0.001, which in itself is sufficient to reduce intermediary costs incurred by businesses and lower end prices of goods and services for customers worldwide. Last but not least, the autonomous smart-contracts with cycles and schedules make trust an unnecessary rudiment in transactions as the immutable properties of data storage will ensure full compliance with terms and obligations.

The Credits platform is a high-tech solution with multiple security layers and the necessary technical foundation to ensure stable, reliable and scalable operations for all of its users.

Cryptodiffer Community

Q4: How will Credits empower Investors, Companies, Developers, Platform Users to deliver impactful solutions and bring value to people all over the world ? by twitter.com/sonar_salih

Max Diffenbakh
Head of Content

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.

Cryptodiffer Community

Q5: One of biggest problem with DApps is inactive and useless state. People just create DApps but it has no use cases  nor contribution to blockchain ecosystem. To prevent and resolve this problem which may happen on CREDITS platform, what will your team do? by https://twitter.com/paraphan1992

Andrew Arkhipov
Head of PR

The inability to develop qualitative products due to technical features of the blockchains of the old generation is the main bottleneck in the market of dApps. But we are working on the solutions that will bring fresh air to the market and allows devs all over the world to develop complex services that will really satisfy the needs of the masses. 

Despite the fact that a lot of dApps and internal transactions are fake, we see the solid foundation for the growth of this market. These fake figures are able to attract the attention of new users and developers. So we have a chance to convert these users into loyal audiences allowing it to develop really amazing and disruptive products that will change the world and will allow Credits to succeed on the market.

 

Cryptodiffer Community

How can you  achieve the high performance ledger without losing  its  security and all ?

What is Merkle tree (TTH – Tiger Tree Hashing) ? And what were it’s main use ?

Arseny Myakotnikov
Head of Marketing

Hello! 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.

Cryptodiffer Community

Explain the utility of Credits, what’s the real-life use case and application of Credits. Are you focusing on only business and IT solutions or you will spread to other sectors?

Max Diffenbakh
Head of Content

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.

Actually, 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 is by far one of 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. Moreover, the Internet of Things is the next biggest sector of application for blockchain. The problems of security and hacking resilience are of prime importance in the IoT industry and the IBM Watson infrastructure and the IBM cloud storage systems are being integrated into the Credits blockchain platform as a means of solving the given issues and providing high-security standards and services to clients. The requirements of the speed of transactions and a large number of identifications of users on the infrastructure are being solved by the Credits platform and its technical characteristics that are capable of providing up to 1 million transactions per second.

Cryptodiffer Community

How does CREDITS attract Dapps developers?  Do Credits manage Dapps content to eliminate poor quality Dapps on the Credits platform?

Arseny Myakotnikov
Head of Marketing

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.

 

Cryptodiffer Community

Q1: 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?

Q2: Do you think Creditscom is safe enough for 51% attacks?

Andrew Arkhipov
Head of PR

Q1 Thanks to fast transactions and low commissions of our platform, Credits technology can be implemented in many industries. We are also developing our solutions for IoT, Financial and Ecommerce industries. You can find a large number of use cases on our website. Now we are working with AWS on the implementation of several usecases on the base of Credits blockchain technology. 

Q2 First of all, such definition like attack 51% is not suitable for CREDITS blockchain cause of BFT consensus protocol. Person need 2/3 of nodes +1 to gain system control.

1) The attack 51% probability will decrease with an increase in the number of nodes, since when creating a node, the program complex should confirm by means of obtaining the checksum of the ledger file, its (ledger’s) real physical local existence

2) There is no material benefit from such type of attack cause funds which need to be spent greatly surpass the profit

 

Cryptodiffer Community

Ceser seems nice but what are the security measures you guys taken for it?

Max Diffenbakh
Head of Content

Ceser is an important part of Credits infrastructure that allows to connect directly to the blockchain Credits network. Now it has basic functionality like an abilities to 

Create a wallet (public/private keys)

Create transactions

Receive transactions

Monitor account information

Connect and interact with dapps websites

Step-by-step we are planning to improve security part of this product bringing new security algorithms that will help to make the funds storing safe for every user of Credits platform

Cryptodiffer Community

Q: DeFi is a concept that has been mentioned a lot recently when blockchain projects started to build protocols and applications to support DeFi. So, in the race of supporting Defi, what does Credits have? What are your team vision and mission about Defi Landscape?

 

Q: Credits has built private solution which will be a good idea since it can increase security  and privacy. However, when u are on Enterprise level, having impact on national economy, i think government wont like the private part, privacy coin delisting on Korea top exchange is an example. So, to resolve the problem on regulation and law-related, how will Credits team solutions be?

Arseny Myakotnikov
Head of Marketing

Question 2:

Hello! You have mixed definitions in your question. Credits is not a privacy coin like Monero or Grin. We can be mostly compared to Bitcoin or Ethereum in such terms and can be considered like deanonymus. 

We have Credits Enterprise company direction aimed to create private solutions for business https://creditsenterprise.com/). Currently, this direction is not in the main focus due to swap and other upcoming events connected with Public Platoform (explorer – https://monitor.credits.com/). Private solutions is more suitable for banking sphere and government organizations cause such companies will not store their data publically.

Cryptodiffer Community

How is credits POA consensus better than other consensus protocols out there and how does it makes Credits competitive to different technologies coming out like Hedera Hashgraph , DAG? Are there any benchmarks to validate your statements that you are better in speed, scalability and decentralization?

Arseny Myakotnikov
Head of Marketing

Hello! We have public Mainnet and Testnet releases of platform. Everybody is able to test our technology using Wallets or running a Node. Moreover, we plan to make a capacity testing after Public Swap with estimated result of 50K TPS at least. 

Regarding the competitors – we think that it is very good for sphere that there are so many intersting projects and technogies. Competitve environment make everybody better. 

We plan to engage different opinion leaders and well-knows developers to make a review of our platform and prove claims regarding security, scalability and speed as well.

Cryptodiffer Community

1.For the success of a project, investors, community and developers play a major role. What is Credits strategy to get them involved?

2.What are some of the best and worst experiences you have encountered upon taking this project and make this as your step to become successful?

Andrew Arkhipov
Head of PR

1) 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.

2) Since the initial stage, the crypto audience was divided into 2 camps: supporters and doubters. There were specific reasons for that as the main components of the code were closed from the community view because of the uniquess. At the same time, the Credits team has been releasing a lot of updated versions of the Credits blockchain platform within a year, but anyway without a full research through the code it was quite difficult to track the whole progress and estimate the value of the project in general. In the result, team decided to publish the whole code on GitHub and today, the project has become absolutely transparent, open to third-party developers.

Cryptodiffer Community

What is your long-term vision about the industry which credits is working at? Are you afraid some day there will be another project with more innovative technology can replace credits?

Max Diffenbakh
Head of Content

Hello. Credits team is looking for an adoption of Credits technology through the variety of the market where Credits can bring the improvements into the current business models. We are bringing an innovation which requires qualitative approaches in order to be in demand. Most modern innovations follow the path that stems into the realms of optimization of business processes, increasing of efficiency, the creation of a market for new jobs, and the general improvement of wellbeing and quality of life through offering new devices or services on a monetary basis. he goal of the platform is to spread the technology worldwide, thus fundamentally improving businesses, economies, government apparatuses, and the lives of millions of people by solving the problem of trust in transaction costs and management. It can be useful for sure. a low-fee monetary transfer system like Credits could bring to the unbanked – millions of people who have been excluded from traditional financial services by virtue of their social standing. A simple app on the Credits platform can allow millions of families to exchange funds without the need for banks, and that in itself is an immense boon for developing countries like in Africa, where access to phones is far higher than to bank branches. So the main vision is to adopt technology and improve the society.

Competition is the usual part of any business. Bringing tendencies before others will allow us to stay in top positions on the market. An ability to be flexible in this conditions is the key to success. So we are ready to progress and be demanded further. Doesn’t matter what way this will happen.

Cryptodiffer Community

Why do Credits use POA algorithm? What are the advantages of POA algorithm compared to other algorithms such as: POW, POS, POR, ….?

Arseny Myakotnikov
Head of Marketing

Hello! We use POA (Proof-of-Agrement) Consensus Protocol cause it was created from scratch by our developers to make Credits Platform decentralized, fast and scalable. It is one of the most important features of our technology allows us to talk about such fast speed and capacity. 

One of the most important points requiered for blockchain technology to get an adoption is an opportunity for blockchain to interact with users is real time mode

Cryptodiffer Community

At the current price of the token, it’s not economically profitable to have a node. May be many nodes can be stopped and this will damage decentralization. What will you do to prevent this from happening?

Dapps is the current trend. What any Dapps for the Credits are you working on at the moment? What is the plan to build Dapps of Team to attract the community and ensure revenue for the project?

Andrew Arkhipov
Head of PR

We are planning to actively increase the number of users with the help of different approaches, which are mentioned above. 

Currently, the team is focused on the develoment of decentralized services with several huge companies. For the development of dapps we launched an Accelerator program with the Award pool of 1,000,000 USD

Cryptodiffer Community

Who is your competitive at present time? How to come first position in all them? Security, scalability, data privacy are very important how did you handle these issues??

Arseny Myakotnikov
Head of Marketing

Our main competitors are Ethereum, EOS, Tron, Ontology and other smart contract & dapp platforms. No one of these projects have reached decentralization, speed and capacity without compromising any of this points. We have achieved it.

Cryptodiffer Community

1.What is Credits vision and what’s your biggest challenges ?

2.Credits looks good but it confuses me that there are so many other Blockchain projects. What should I pay attention in Credits to give it the importance it deserves?

What are you planning to achieve with your project?

Max Diffenbakh
Head of Content

Every person faces a number of problems in daily life, some of which stem from a lack of trust and transparency or the growing influence of intermediaries. Blockchain and smart contracts are designed to cope with those challenges by automating and streamlining a variety of processes and, thus, creating a credible atmosphere. The potential of distributed ledger technologies (DLTs) is tremendous due to its broad scope of application and expected performance. A lot of people around asking me about our mission and vision. I can say that we used to think globally. This is what distinguishes many companies. We want to bring the blockchain technology to every corner of the planet, fundamentally improving the lives of the people around us, solving the problem of trust, which generates a continuous chain of conflicts across the world.

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.

Credits exists as a dynamic and developing company, which has made a gigantic leap over the last one and a half years. Despite the competition on the market and large number of the projects around, Credits proves all the time that it is a way better. One of the most important achievements was the release of the Credits public protocol, under which each node of the network can set up a connection with a limited number of adjacent nodes, thereby forming a network topology. The release of the working protocol has paved the way for monetization of the product and further inflows for progressive development and improvement of the platform. The availability of products, such as Blockchain Explorer, Web Wallet, Mobile Wallet, Credits Browser Extension, and the beginning of the development of a decentralized exchange (DEX) are the start of the Credits platform’s scaling. By including multiple add-ons and incorporating various services, the platform is aiming to expand its user base and increase convenience for broader audiences.More than 200 business partners around the world, including IBM, Lenovo, Quarkchain and Chainlink have already joined the Credits platform with more considering the advantages of its infrastructure on a daily basis. Over 30 system integrators have been incorporated into Credits and are representing the company’s technological solutions on the secondary markets all over the world. The list of integrators includes such world-class names as WebCom Systems, USAT, Consult360 and Inforise among others.

The successes of such high involvement in the Credits platform’s activities speaks for itself and showcases the real power of this tech and its future.

Cryptodiffer Community

Q: On Smart Contract of Credits, the programming code is written in JAVA, and runs in a decentralized network of Credits blockchain and implements a sequence of calls of functions and methods of program code inside or outside the network. So, why did Credits choose Java over other programming languages? Which is role of Smart Contract in entire of Credits platforms?

Q: Has your team ever thought about implementing DAO module in to Credits platform since its effiency on autonomy, decentralization and transparency, which is a good solution for Defi development and supporting?

Arseny Myakotnikov
Head of Marketing

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. 

Currently, such approach is not suitable cause there is no enough developers participated in our ecosystem. In future, after project will get a huge attention and support from developers community it can be took in consideration

 

Cryptodiffer Community

What is the solution with Smart Contracts Credits?

What languages   does the Credits team use to program? Is Solidity unfriendly or is the NEO language that many programmers are using

Max Diffenbakh
Head of Content

As for the CREDITS smart contracts, our developers have successfully implemented a range of innovative improvements in existing smart contracts.

In regards to smart contract functionality and components, the programming code of smart contracts is written in JAVA, runs in a decentralized network of Credits blockchain and implements a sequence of functions and methods of program code inside the network. Java appearance makes it much more easier to develop dapps, tools and servises for different level of complexity.

Credits smart contracts have a various list of advantages which involve quick contract execution, low cost, and improved privacy. Yet CREDITS combines not only those mentioned characteristics but also highlights its outstanding and unique features of smart contracts. This allows real-time interaction with users along with an exclusive high transaction speed. After exploring what CREDITS smart contracts are, we can summarize that the platform makes it possible to use the advantages of blockchain technology in different industries in which smart contracts are an absolute solution for business needs.

Cryptodiffer Community

1 – Boonox has a plenty of compitetor in the market, how you planned to deal with it? Are you planning to partner with such big gaints to adopt your DApps? 

2 -Your Blockchain platform architecture looks very critical for the non-techie users, how you will define it to them? 

Andrew Arkhipov
Head of PR

1) We have already partnered with more than 10 companies from restaraunt and hotel business, who are planning to use Bonoox. Most of them haven’t been announced yet. 

2) For developers, we are developing different SDK and Frameworks to make the process of development easier. For non-tech guys, we are planning to create different guides, video instructions, conduct webinars and etc. The first video instruction about how to use Credits Web Wallet is already published on our Youtube Channel. – https://www.youtube.com/channel/UC7kjX_jgauCqmf_a4fqLGOQ

Cryptodiffer Community

1 )What is the usecase of CS coin In your ecosystem? How can Holders & Investors generate rewards using Credits Platform?

2) What incentives have partners and dApp developers to build on Credits blockchain?

Andrew Arkhipov
Head of PR

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

Holders who have 50k CS (required amount of Stake) are able to participate in consensus and get reward from the transactions fees

Cryptodiffer Community

When you start this project what points/things came in your mind please share these points?

Max Diffenbakh
Head of Content

Credits project history starts in 2016 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 need today. Almost 120 people contributed to the development of the platform.

 

Cryptodiffer Community

When you start this project what points/things came in your mind please share these points?

Arseny Myakotnikov
Head of Marketing

We are 2 years since an ICO stage which was conducted in February 2018. We have sucessfully raised 20M USD in 17th hours. 

Currently, we have released Mainnet version of platform, our code is available for every developer to review on GitHub, we have 5 working products on our protocol – Web Wallet, Mobile Wallet, Browser Wallet, Blockchain Explorer, Network Node. We have around 20 working dapps based on our protocol as well. 

The next milestones for us is Public Swap which dates should be announced shortly and building a DEX to increase liquidity of tokens based on Credits protocol.

Web Wallet – http://wallet.credits.com/

Blockchain Explorer – https://monitor.credits.com/

Network Node Linux – https://developers.credits.com/en/Articles/NodeInstallation

Network Node Windows – https://developers.credits.com/en/Articles/Windows

Cryptodiffer Community

Sir i heared credits Blockchain platform announces the launch of a loyalty program for sevastopol Hotel customers. Does  this step help or a milestone for hotel business development ? How  please tell us about this ?

Max Diffenbakh
Head of Content

We have initiated the pilot project, so executives of Sevastopol considered technology as a tool to take an advantage on the Hotel market. The use of blockchain technology in the hotel business allows the company to gain significant competitive advantages in the market. 

There are two main models of loyalty programs currently available on the market and both suffer from shortcomings that are well expressed in the statistics collected from loyalty program users.

The first model is the individual loyalty program of a brand. The model involves direct customer interaction with the brand’s CRM via an app that sends customer information and the company’s servers analyze and sort it.

The second model is that of a loyalty program that consists of several brands. This model foresees the use of a common CRM database that user information is sent to for analysis and sorting.

The biggest advantage that blockchain can bring resides in the factor of liquidity of loyalty points. Under this approach, the loyalty points can be converted into fiat, sold on exchanges or transferred to other users as a money equivalent. 

The smart contract structure of the Credits platform helps reduce integration costs thanks to the autonomous operation of the software that eliminates the need for large staffs of developers.

The full integration of the blockchain system makes the development of a loyalty program easier. The Credits solution offers an integrated wallet and all the necessary infrastructure components for the addition of various applications into the system. This allows users to have access to all the necessary instruments from a single platform.

Long-term operational expense reduction is the main benefit of blockchain solutions, such as those offered by Credits.

 

Cryptodiffer Community

How is Credits open source and how you are a fully decentralized blockchain?

Arseny Myakotnikov
Head of Marketing

Hello! The entire platform source code is available on GitHub – https://github.com/CREDITSCOM. Everybody is able to participate in development and submit code changes using Github.

Cryptodiffer Community

How one can Setup and Run Node and What were the major requirements needed for it ?

Andrew Arkhipov
Head of PR

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 (https://credits.com/en/Home/New_Ins/Staking_on_Credits_platform)

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 (https://t.me/creditstechnical) and our tech support will help you.

 

Cryptodiffer Community

1 – What are the network nodes in Credits and as a miner, how can I run that? 

2 – What languages used to develop your tech? How you are planning to modify in near future? DApps tech needs rapid modification and what’s your plans for that?

Arseny Myakotnikov
Head of Marketing

1) Network node is a software which maintain the blockchain network. People running nodes get rewards for validation of transaction and adding them in blockchain. The amount of rewards depends on the amount of transactions in network. Recently, we have swapped around 6M CS coins and around 200 nodes have joined our Mainnet. The entire list of node is available here – https://monitor.credits.com/CreditsNetwork/tools/nodes

2) The kernel of platform is build in C++, smart contracts module is build in Java which allows us to attract non blockchain developers to create applications on our platform.

Cryptodiffer Community

A special feature of today’s credit solutions is the processing speed, safety and security. So what did Credits achieve from the above?

Andrew Arkhipov
Head of PR

Credits has already achieved the fast processing time of transactions and planning to achieve high security. We have already made several security audits and launched Bug Bounty Campaign with a prize pool of $500,000. So if are interested in reward, check our code on GitHub and try to find any vulnerabilities.

 

Cryptodiffer Community

1. Can you please highlight more on the decentralization aspect using your technology. Also in the future, is it possible to quantify the level of decentralization and economic incentivization?

2. How will your team ensure that Credits remains the top platform and keep pace ahead of your competitors, in the next 5 years and beyond?

Max Diffenbakh
Head of Content

1) 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.

2) I should note our permanent focus on the business, corporations and technology adoption. It brings recognition and step-by-step we are getting closer to the high-class companies of industries.

If we were to consider the main benefits that blockchain can yield to corporations, there are four 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 with more than 2000 companies involved in negotiations for the implementation of models based on Credits technology. We are confident that this apporach will lead us to a widely recognized name in the business and allows to place top positions on the cryptomarket.

 

Cryptodiffer Community

How are the plans shaping up for marketing and building a strong, core community which is essential for any new project in the crypto industry?

Max Diffenbakh
Head of Content

Credits project history starts in 2016 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 need today. Almost 120 people contributed to the development of the platform.

 

Cryptodiffer Community

I know that you guys are planning to build a decentralized exchange Credits Decentralized Exchange. 

So, how is Credits Decentralized Exchange different from other exchanges like Binance DEX or IDEX? What makes Credits Decentralized Exchange special?

Lenovo and IBM – multinational corporation in computer technology – is two of your partners. As a fan of both, 

I have the question, does Lenovo or IBM have any Credits technology applications for the production of software for their modern computers?

Arseny Myakotnikov
Head of Marketing

Hello! One of main priorities for Credits project is bringing decentralizion and trust. DEX will be build according to these features as well. Everybody will be able to add their token which is based on Credits protocol for trading on exchange. All actions within an exchange will be done through smart contracts. People will be able to login using their public/private keys.

Currently we have already developed MVP with integration between Credits public platform and IBM Watson platform. The case of this development is that IoT data added into Watson are validated with the help of Credits blockchain. It prevents the manipulation of IOT data.

More detailed information is available here on official IBM Twitter – https://twitter.com/IBMEurope/status/1106131104258510848

 

Cryptodiffer Community

When you start this project what points/things came in your mind please share these points?

Arseny Myakotnikov
Head of Marketing

We are 2 years since an ICO stage which was conducted in February 2018. We have sucessfully raised 20M USD in 17th hours. 

Currently, we have released Mainnet version of platform, our code is available for every developer to review on GitHub, we have 5 working products on our protocol – Web Wallet, Mobile Wallet, Browser Wallet, Blockchain Explorer, Network Node. We have around 20 working dapps based on our protocol as well. 

The next milestones for us is Public Swap which dates should be announced shortly and building a DEX to increase liquidity of tokens based on Credits protocol.

Web Wallet – http://wallet.credits.com/

Blockchain Explorer – https://monitor.credits.com/

Network Node Linux – https://developers.credits.com/en/Articles/NodeInstallation

Network Node Windows – https://developers.credits.com/en/Articles/Windows

 

Cryptodiffer Community

The potential for Credits to replace credits such as paypal, skrill is currently very large, to achieve that, you need a plan to attract very large users? So what is your plan right now?

Max Diffenbakh
Head of Content

Blockchain technologies are facing significant challenges while proving their worth and application. As such, a quality-ensuring approach is needed for winning the client’s trust.

 

The Credits platform is applying a quality approach when catering to its clients, and that approach starts with the way the company’s employees handle their tasks and listen to the client’s needs. The client-oriented approach that Credits has applied is living proof of the potential for the development of the company into a corporation with proven solutions, and decentralize businesses for their benefit. Such an approach to business will certainly yield results and allowsto attract large users on board.

 

Cryptodiffer Community

1)What is the strongest points of your project that helps to attract new investors on your network?                                          2)What is future plans of your community And which  problems are your community is  facing now andhow will  solve them?

Max Diffenbakh
Head of Content

Technology updates, marketing, close interaction with business, wide coverage in the informational space and active participation in global conferences and meetups allows to make our community stronger and more confident in company’s future. The Credits is constantly in the ongoing process of development and improvement, and the existing success is just at the beginning!

 

Cryptodiffer TEAM

Guys! thanks for your answers!

Community thanks for questions! It was really interesting

Thank you for taking your time!

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