Recap of CREDITS LIVE AMA

15 min readDec 4, 2019

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.

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 ?

Hello! Loyalty management platforms is pretty suitable industry for implemtation of blockchain based solutions. This product is not only aimed on hotel business, but on all kind of business from B2C market willing to make their relations with customers more effective.

You are able to find more detailed information about Bonox platform and its advantages here — https://bonoox.com/

Q1: Is POA consensus is the best? Why not others? Any competitive advantages of POA over others?

Q2: Why can Credits Token be best choice for longterm investors? Any advantages to hodl it?

Q3: Which aspects of Credits have enabled large companies such as Lenovo and IBM to be partner with Credits?

1. Proof-of-Agreement is a new type of consensus algorithm that has been first deployed on the Credits platform. The concept of the algorithm is quite effective at reaching consensus, despite being seemingly complex at first glance. The process consists of transaction formation and consequent distribution among network nodes. The distribution takes place through cyclical rounds, during which the Trusted Nodes, or TN in short, are given the authority to ensure consensus. The result is a common resolution, which includes transactions issuance and block generation. As the result — more fast, democratic and decentrlaized model of making the decisions within the network.

2. It’s about an adoption and subsequent token utility that will come with an adoption of the blockchain technology. At present time, we are focused on the wide range of businesses around the world. The current interest of business in blockchain technology is growing rapidly, as evidenced by a recent report from the Deloitte auditing firm. The report states that 41 percent of the 1000+ interviewed respondents expect their organizations to bring blockchain into production within the next year, 21 percent of global respondents — and 30 percent of US respondents — say they still lack a compelling application to justify its implementation. At the same time 74 percent of survey respondents report that their organizations see a “compelling business case” for the use of blockchain technology, and 34 percent say their company has initiated some sort of blockchain deployment. Another 78 percent of survey respondents believe they stand to lose competitive advantage if they do not eventually implement blockchain. Uniting the business in one ecosystem is what we need now. This step allows us to connect the companies with own token economics. Increase of demand in the companies services will raise the demand in Credits coin which acts as the mean of settlements inside the platform between participants.

3. The client-oriented approach that Credits has applied is living proof of the potential for the development of the company into a corporation that can monopolize the blockchain market with its working and proven solutions, and decentralize businesses for their benefit. Such an approach to business will certainly yield results. The interest of such companies as Lenovo, IBM and others to Credits developed technologies is evidence of the platform’s professionalism and the value of its products.

Can u explain little bit about CREDITS development? Which type of success haa the project achived?

What is smart contract on a CREDITS basis ? What are advantage and benefits of smart contract ??

Our developers are using using agile development system with scrums of 2–3 weeks each. Everybody is able to follow and paritcipate in our development process here — https://github.com/CREDITSCOM

Smart contracts on Credits Platform are written in Java language. It is turing complete langugage. Our smart contract have cycles and schedules which are crucial for enterprise to implement blockchain based solutions.

There have been criticisms of projects with a utility token, it is often claimed that the token is only there to raise money. Does the Credits token have real added value?

Rewards for Public nodes are formed on the base of fees, collected in the result of the following operations:

Payment for the transfer of Credits (CS) cryptocurrency between the platform participants;
-Payment for the deploy and execute of smart contract;
-Fee for the transfer of tokens created on the Credits platform;
-Purchase of information from third-party sources for services within the system

What big use cases for the future do you see Credits solving for new clients?

As an example

Blockchain-based platforms for self-identification will provide stateless citizens with tools for obtaining and maintaining legal documentation. The new identification platform will be more secure and reliable, as it will be stored in a distributed register, and not in the possession of a central authority. Blockchain-based identity platforms will also provide autonomy, which ultimately means individual privacy.

Some use cases for the types of data stored on a blockchain-based identity platform include (but are not limited to):

– Government records
– Reputation & trust scores
– Certificates & attestations
– Healthcare & medical records
– Tax identification records
– Employment records

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

The foundation behind 50K TPS is the an opportunity to solve the problem of scalability which is requiered for technology to be used in real life.

Hi Credits team
First, i want to thanks to the team and congrats all for the project and the efforts made until here on this project. I believe a lot in this project.
For me, the best project on the space.
I had my own research about blockchain projects and i found Credits this year (i’m new on the space, about 10 months). After doing my research i have no doubt that Credits its one of the best, if not the best project i had found in the space. So, i’m very glad to participate in this AMA.
My question is:
We know that technology never stop to grow. New technologies surges all the time and we faces a lot of challenges. Quantum Computing is one of the new technologies that has been growing and innovating. How it will affect the blockchain and what challenges this could bring for Credits?
Thanks
Best regards

Credits is a quantum resistant. Node can become trusted or main several times in a rough so quantum computer will have no benefits among others nodes

Storing data on blockchain is a nice solution of Credits which is indispensable in situations when several participants have limited trust in each other. However, if there is problem with Credits Network, Nodes have been shutdown, how can users get their data back in emergency case? Does IBM Cloud have anything to do with Credits cloud storage?

After Public Swap there will be around 400–500 nodes in Credits network. There is no opportunity for them to shutdown at once. Data is stored on every network nodes and can’t ba changed or compromised.

Hello! You recently introduced your unique Bonoox product. Tell me what is its uniqueness? And what can the community expect from this event?

Very interesting news about the partnership with the company Mina Stones which produces precious stones in Africa! Mina Stones decided to implement blockchain based on Credits technology? Tell a little about it?

Hello! Mina Stones (an African supplier of gemstones and jewelery) decided to implement a blockchain-based solution based on the technology of the Credits company, thus fundamentally transforming the current supply chain by introducing mechanisms for tracking, validation, and complete transparency.

The full article is available here: https://credits.com/en/Home/New_Ins/Credits%20Blockchain_and_Mina%20Stones

What are the achievements that Credits has achieved so far? How do Credits set development goals?

Recent Updates

Credits has partnered up with Russia’s oldest leading chemical producer VHIMPROM. The agreement relates to the launch of a pilot project on the implementation of blockchain technologies into the chemical manufacturer’s supply management and sales systems

Credits has introduced its vision of the project development for the period Q4 2019 — Q4 2020 in the presented Roadmap plan ( take a look through the goals of the updated roadmap )

Credits has been recognized as one of the best platforms to participate in a joint project with Oracle and Chainlink

The company has announced the replenishment in the ranks of the Business Development department. The Former CTO at GoogleRussia, ex-Director of the Systems & Technology Laboratory at IBM and ex-Director of Risks & Market Data at Deutsche Bank, Jennifer Trelewicz, has joined Credits as Chief Business Officer attracting colossal attention around. The whole vector of business development team has been restructured. The team has succeeded to sign several NDAs agreements with global business in order to develop PoC for niches that will showcase the advantage of Credits technology in real life.

One of the most important achievements of the company in October 2019 were the conclusion of partnership agreements with the Sevastopol Hotel, Russian largest construction-engineering company LLC Globaltechexport and the launch of the collaborative Pilot Project with TransRossica. Agreements are accompanied by the use of Credits technologies, the provision of a platform and a loyalty program.

What kind of difficulties can a developer face, to switch on Credits platform from other platform? What should they do to prevent difficulties?

Which types of dapps do you want more in your platform? Dapps that has user but highly volatile or Less user but has real usecases?

Currently we are working on development of real MVP products based on blockchain technology and Credits platform which can be ready for usage for external audience in spheres of Logistic, Insurance, IOT and financial industry.

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?

The nodes synchronize the network address table with the remaining nodes and establish connections with a random set of nodes, which avoids substitution of packages and the environment of legitimate nodes

On your website, You mention that Credits Can generates 5 Blocks per secound ! Thats really Impressive !! Can you explain which consensus and technology is used by Credits for such a great Lightning fast transactions ?

Actual amount of blocks on Mainnet at the moment is 1–2 per second. The speed of block generation will be faster further due to increasing of the network nodes amount.

High transaction speed and network capacity is reached on Credits platform with the help of two unique developments created from scratch:

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.

What advantages will your decentralized enterprise solution offer over current centralized solutions?

high level of transparency, security to data storage, trusted model of decision making

With the encouragement of building DApps on your platform, do you think this can be a double-edged knife if these one are connected to Credits but they have no activites, no real users and become burden for your platform operation?

Such DApps exist on every blockchain. Developers are able to create an application by their own and we can’t control all DApps build on our platform.

From our side we will motivate developers to create usefull dapps and services which are actual for current market trends and can be interesting for people. With such aim we plan to launch an Accelerator Program with rewards for devs building on top of our platform. The next usefull development will be a Multisig wallet based on Credits blockchain.

more and more new projects provide Decentralized applications, DEFI and enterprise-IT solutions. What do you think is causing Venture Capital to move toward blockchain technology for enterprise IT solutions like Credits?

Only the solid foundation of users will allow to have VC on board, they are interested in practice, number of users, upcoming cash flows and returns

As today we see 90% of traders only see short term trading profit without understanding the project’s long term strength and I believe credits would be one of the precious projects of 2019–2020 in the crypto field by seeing your vision seems lots of exciting updates are coming to my question is After Q3 2020 on which countries credits is looking to build implementation of scalable dapps?

Russia, Netherlands and US are the most favourable countries to apply the technology according to our strategical visions, we have defined the certain patterns for this, so let’s see

Credits seems long vision project which wants seems to solve all types of crypto problems like scalability . Still, curently major issue every project face is adoption because, without adoption and real-world use, it’s tough for every project, my question is how you would bring real-world usecase? like for credits dapp you need to working product + partners they will use your product what;s plans on it?

We already have working platform with real users — Bonoox (https://bonoox.com/). It is Loyalty Management Platform based on blockchain technology. The product enables to issue loyalty points in the form of tokens on the Credits blockchain for enhanced customer interaction.

The technological capabilities of Credits company have allowed it to launch a unique product for the modern business market. The incentive to create the technological solution was the identification of the imperfection of existing models of loyalty programs and the issues that customers face.

The Bonoox platform is designed to change the current approach to a set of marketing strategies due to the following features:

Liquidity (Managing & Selling)
-Software Autonomous Operation (Operational expense reduction)
-Multifunctional Infrastructure (Availability of tools for add-ons)
-Integration with Databases (Individual proposals)
-Transparency (Full access to the history of operations)
-Security (API Keys)

1. What are the highlights Credits?

2. What are some of Credits major achievements and what milestones are planned ahead in the next 1 year and 5 years?

We have regular articles “Monthly Report” about achievements done for a certain time period. You are able to check detailed information regarding September and October by the links below.

September — https://credits.com/en/Home/New_Ins/Credits_Monthly_Report_September_2019
October — https://credits.com/en/Home/New_Ins/4315

“STAKING” is KNOWN and common in crypto. Do you have a plan about that?

if yes Do you have upcoming Staking Rewards?

Thanks for Answering Sir
Always looking forward of many Credits Achievement

Hello! Yes, we have a special Staking Algorithm designed from the scratch by our team.

50K CS is minimal amount of CS to get an opportunity for 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.

More information is available here (https://credits.com/en/Home/New_Ins/Staking_on_Credits_platform)

I love the credits project and love the fact the team keep us regularly updated.
My question is…

A lot of people are invested in credits with their hard earned cash. Although we see the positive of the project, investors obviously want to feel secure that they will see a return on their early investment.
What is needed for an increase in price is people using credits and heavily adopting it.
So what plans and marketing do the credits foundation teams have in place to truly get credits being used by the masses?

We have shoveled the entire market in search of customers, sometimes business development team had heavy times as the we have a complex product that was developing within a long period of time, right now we are working with 2 types of companies to be adopted, the first way is to implement the solutions in small business which actually is a success story, it is like an example to show the stability of the operation for the more big clients, another direction is the work with the big clients who are used to acting conservatively, but technology is attracting more and more attention around, everyone is talking about the blockchain, so many executives are interested to know this market from the inside, the market is still forming, but with our approach to business, we will occupy our niche for sure and find the zones to succeed on this market

What critical problems do you see occurring in the blockchain industry nowadays?
How does Credits aim to solve these problems?

One of the biggest issues of all is the issue of scalability. Hand in hand with scalability comes the omnipresent problem of transaction speeds. Trailing the speed and scalability problems is the issue of costs that inevitably arise with the drop in speeds. Supporting a high volume of transactions is critical to business scenario. The supply chain industry is one of the first that was affected by a cascade of failures associated with blockchain scalability problems. The phantom of failure has also hovered over private blockchains for the same reasons. But despite the multiple attempts at blockchain integration and failures associated with bandwidths and scaling, some solutions have emerged that are offering a means of bypassing the dilemma of scalability and the associated issues. We have designed a uniques system based on Credits Proof-of-Agreement Consensus algorithm capable to solve the issue of scalability and make an adoption of the blockchain real.

I see on the website of Credits, That Credits have done great partnerships with some Big Giants like Lenovo, IBM, University of Nicosia ! Can you elaborate that which types of partnerships are done by Credits … also, whats the main benefits of these Partnerships ?

Credits blockchain platform has recently developed an MVP based on the company’s blockchain infrastructure, the IBM cloud system, and IBM Watson.

The hashing of data and the consequent storage of the hash on the Credits blockchain platform with its immutability and high-end security characteristics in conjunction with the IBM cloud system allows businesses to solve the issue of data manipulation.

Full article: https://www.newsbtc.com/2019/10/24/ibm-and-credits-to-make-iot-data-secure/

For Running a Full node of Credits network, Whats the Minimum requirements in term of Hardware or cost ? Also, How much average APR returns we can expect from full node of Credits ?

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

The programming code on Smart Contract of Credits is written in JAVA, runs in a decentralized network 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 like Solidity, C++ and which role does Smart Contract play in entire of Credit ecosystem?

Java helps us to attract non blockchain developers to creating applications based on our platform

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

The most crucial further milestones are Public Swap (scheuled at 20th December) and DEX launch (scheuled for Q3 2020).

Our general project roadmap is avaialble here (https://credits.com/Content/img/Comparsion/Credits%20platform%20roadmap.png?asdf). We also have a technical road map which is available in last Developers Journal (https://credits.com/en/Home/New_Ins/4319) article.

When looking back at your time working for Credits, what are you most proud of?

We have built the most fast and scalable blockchain from scratch which is ready to be adopted and implemented in various industries.

For Running a Full node of Credits network, Whats the Minimum requirements in term of Hardware or cost ? Also, How much average APR returns we can expect from full node of Credits ?

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.

A lot of projects are competing. What is the difference of credits?

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. A high speed of transactions, decentralization, scalability, low fees provided by Credits blockchain allow transforming traditional business models by eliminating any kind of uncertainty.

The platform has the following features to bring an advantage for the business environment:
-High network capacity — more than 50 000 transactions per second;
-Minimum time to process a transaction is around 0.01 sec.;
-Low fees ranging from $0.0001;
-Smart Contracts with advanced features and tools.

Revenue will be a motivator of venture funds to invest in blockchain projects. They need to understand that blockchain technology have a demand among major companies.

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

Complex development support, funding in case your solution is really unique and demanded

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Recap of CREDITS LIVE AMA

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