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Author Topic: [ANN] CREDITS - New Blockchain for financial industry [OFFICIAL THREAD]  (Read 39614 times)
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September 12, 2020, 05:50:33 AM
 #2481

CREDITS Weekly Digest



Credits, 11/09/2020

This week went as fast as usual for the CREDITS’ team, and here are some highlights!

We watch our community on TG and try to follow up on your questions immediately, however, when a more detailed reply from us is needed, we provide it within Tuesday's publication: Message from CEO. We encourage our community to ask us anything.

This week we had 2 interesting articles. One is to expand on how Credits Protocol works, and the other is on KYC practice. Please find them both in the News section if you have missed out.

The latest update on Node Reward Program was out on Sept 9th and is also available in the News section.

We have finished Credits Community Airdrop, which we run from 2nd to 9th of September, and where we accepted over 5k applications, yesterday we have randomly chosen 20 winners who were in full compliance with the rules and rewarded each of them with CS coins in the equivalent of 50 USD.

Our Team continues to work hard on Blockchain protocol development as well as CS wallet improvement. Some press releases for our products’ updates are to come out in the next few weeks.

Install our CS Wallet! Android/IOS

Credits Wallet provides highly efficient service for cryptocurrency operations
You can buy, sell, and send Crypto assets with amazing speed and super low commission.    
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September 12, 2020, 06:00:02 AM
 #2482

Understanding KYC and AML in CREDITS products



Credits 11/09/2020

KYC (Know Your Customer) refers to a process used by financial institutions to gather and identify data and contact information from current and potential customers. KYC is required by law to prevent fraud, money laundering and misuse of financial accounts.

In the crypto world, it still is possible at times to create an account before conducting KYC. However, such accounts have limited functionalities.

CREDITS is EU licensed by the government of Estonia for providing crypto wallets and exchange services. In accordance to Estonian anti-money laundering laws we follow the mandatory KYC procedures.

What we do within the AML (Anti-Money Laundering).

KYC
Identifying and confirming demographic data of potential users, clients and customers.

AML
Continuous monitoring of transactions to ensure compliance, identifying suspicious activity and managing risk and user verification in accordance to the required lists.

Within our products and services, we provide the opportunity to work with fiat to convert digital assets like cryptocurrencies. This functionality is one of the highest in demand within the cryptomarkets right now. Being a provider of this service we have to follow AML and KYC regulations.

KYC on CREDITS’ products is performed by Sum & Sub (https://sumsub.com/), who are the market leader in KYC checks/procedures. Sum & Sub helps us to deal with suspicious users and ambiguous cases. We can see more metadata and other unusual signals which helps us to keep all transactions safe and react immediately when required.

Sum & Sub transfers the data in accordance with data protection and other laws within the EU where all the data is transmitted over encrypted channels and checked by certified specialists. (We advise you to visit their site in case you need more details)

To be fully transparent we, the CREDITS’ team, share this with you to explain why we need KYC built in into our wallets. Also to let you know which entity executes our KYC procedure, so you have a full understanding of the quality of the data collection, its transfer, and the safety of your personal details.

Compliance is a time-consuming procedure but should always be in place to ensure high-level risk management and security for the products you use. CREDITS’ team is doing their best to provide a safe yet comprehensive set of tools for our investors and future users.
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September 12, 2020, 10:45:47 AM
 #2483

After mainet, will platform credits bring credits to a greater extent and return the price to what it was before? I've tried the Tesnet version and the transfer speed is good,if only CREDIT had followed the defi trend it would have been much more promising

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LATTICE - A New Paradigm of Decentralized Finance
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September 15, 2020, 08:12:20 AM
 #2484

The node: what it is for, why to create it, and how to create it on CREDITS’ protocol?

Credits, 14/09/2020

Decentralized systems like blockchains depend on nodes to be run by the network participants. Nodes administer access to the network and secure its existence by maintaining copies of the database and verifying data (transactions and blocks) on it according to a set of rules.

Incentives to run a node differ on every blockchain protocol. What are the critical reasons for anyone to run a node?


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September 15, 2020, 11:26:59 AM
 #2485

Is IBM using the Credits Platform now?

Also, what are CS coins used for?

Thanks
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September 16, 2020, 05:31:58 AM
 #2486

Is IBM using the Credits Platform now?

Also, what are CS coins used for?

Thanks

IBM is not yet using the Credits platform.

CS coins are used in node staking and transaction fees to keep the network running.

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September 16, 2020, 05:34:58 AM
 #2487

Product overview: Credits' wallet

15/09/2020

We, at CREDITS’ Blockchain team, are developing edgy technological products in response to what the market needs.

Credits’ wallet is made for all of us, who live in a mobile, fast-moving global world and use crypto assets at least once a month. Crypto wallets that support mobile financial systems are becoming an essential instrument.

We are presenting this wallet to the audience keeping up with the new technologies, who are pioneering the fintech industry and its products, who follow the innovative crypto solutions. As of today CREDITS’ Wallet is available for EU citizens, and we are planning to gradually expand its presence around the world except for the countries from the OFAC and FATF lists.


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September 17, 2020, 03:10:45 AM
 #2488

Is IBM using the Credits Platform now?

Also, what are CS coins used for?

Thanks

IBM is not yet using the Credits platform.

CS coins are used in node staking and transaction fees to keep the network running.


So the CS tokens have no utility?

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September 17, 2020, 03:59:57 PM
 #2489

So the CS tokens have no utility?
CS is not a utility token but a native coin. Comparible to BTC and ETH, etc.

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September 19, 2020, 08:14:46 AM
 #2490

Credits’ Weekly Digest

Credits, 18.09.2020



The other week at Credits is almost over. And here is the latest from us.

Credits’ CEO, Igor Chugunov, answered some of the main questions we have received from our community during the last week, check it out here

We appreciate your engagement in this discussion! Please contribute with your questions via our FB, Insta, TG, and Twitter channels, we collect them on a weekly basis and answer each Tuesday!

A small but nice change in our monitor: the latest update allows you now to see all trusted nodes of all the rounds.

Publication on  Credits’ wallet provides a full review of the product including a detailed explanation of the security layers of the wallet, your data protection, current characteristics, and future vision.

We have composed the poll to ask your opinion on the features you would like to be installed into our wallet next, please answer us here  https://t.me/CREDITSoffical or https://twitter.com/creditscom/status/1306250731024941057

Credits’ CEO, Igor Chugunov shared some of his views towards the need for further legal framework improvements in the crypto industry, and the difficulties we face as a company and community without regulatory guidelines in place.

Lastly: rumor has it that Credits will be launching a new airdrop competition very soon! Stay with us!
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September 22, 2020, 06:01:30 AM
 #2491

Smart Contract on Credits’ Manual

Credits, 21/09/2020

Smart contracts are written in the computer code and stored in the blockchain. They get automatically executed when predetermined conditions are met. Some networks, like Credits, support smart contracts, while others don't.

What is remarkable about the smart contract on the blockchain is that it cannot be arbitrarily changed. It is also impossible to set back the execution of a smart contract since this would require interfering with the operation of the entire network.

Traditional paper contracts need a third party as a guarantee of credibility.

A smart contract does not require this layer. Blockchain technology simplifies processes by establishing credible transactions on a decentralized basis, removing the intermediaries.

Contracts on blockchain technology are faster, cheaper, and more secure in comparison with traditional systems.

Smart contracts can be applied for any sorts of situations ranging from rent agreement to financial derivatives and insurance premiums. More and more corporate and governmental organizations are implementing smart contracts into their operational procedures now.

You can build your own smart contract on Credits’ protocol, that is easy with the step-by-step guidelines we’ve created for you.


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September 22, 2020, 03:13:19 PM
 #2492

Q&A Tuesday Session with CREDITS’ CEO Igor Chugunov

22/09/2020

Every day we receive dozens of questions from our community and today I would like to answer those asked most frequently last week.

Q: “Arjan left CS?”, “Where is Arjan with weekly videos?”

A: Arjan still is in Credits’ team. We are aware that you would like to see him more often, and therefore relaunching videos with Arjan soon.


Q: “Credits ETH contract is still working or stopped?”

A: It works on a monthly basis on dates from 25th to 30th (for the option of swap token to coin). Details are here: https://creditscom.zendesk.com/hc/en-us/articles/360008147078-Manual-Swap-Guideline


Q: “Is that true bitfinex gonna delist CS?”

A: That is not true, we are collaborating with them on integrating native CS coin, volumes are small as ERC 20 token is there.


Q: “What's the team doing? Why the team not come with a new update and new exchange?”

A: Team continues to work on developing blockchain protocol as well as updating other ecosystem products. We post updates in all our social media and website blog and also publish Weekly Digests, you can find the latest results and team achievements there.


Q: “Are there any new partners in the near future???”

A: We are not putting all the emphasis on new partnerships. At present, we continue working with those partners already existing and engaged into creating real technological solutions. 


Thank you for staying with us and taking active discussions in our TG chats, please send us more questions you would like to be covered here.

Igor Chugunov,
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September 23, 2020, 03:12:06 PM
 #2493

Credits’ as blockchain with great potential. Current market obstacles.

Credits, 23/09/2020

Problems of the market

The Crypto industry is on a rise with hundreds of new projects and pivot cases appearing on the market every day. But it seems that technology moves forward so quickly that other parts necessary for the successful conquest of the market are left behind.

We find that major things having an impact on progress are the absence of a unified legal basis for industry, the usability and scalability, data rights, and security.


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September 25, 2020, 12:38:38 PM
 #2494

Difficulties of adoption in blockchain. Note by Credits’ CEO

25.09.2020

Blockchain emerged in 2009 as a fantastic revolutionary technology. But the road to its adoption was not easy ever since.

In this note, I would like to share some of our experiences and setbacks we had in our business development as well as my views towards overcoming the difficulties we as an industry face.

When we were entering this space in 2017 we set the main goal of developing our own unique blockchain protocol. We fully achieved this, created the whole ecosystem on Credits' platform and additional user products.

The key challenge for us became a matter of popularization of our protocol. Other chains succeded better than us, sometimes with fewer technical advantages. To reach the required level of usability we have to take into account many things.

Continue reading:


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September 25, 2020, 05:52:53 PM
 #2495

Weekly Digest Sept 25th

25.09.2020



We had the other busy week here at Credits, and this is the latest from us!

We keep the job in educating our community about the blockchain products and services you can find on our platform. This Monday note we dedicated to the smart contracts, article, and the manual helping you to build your contract here.

Q&A Tuesday Session with Credits’ CEO, Igor Chugunov, where you can find answers to the most asked questions of last week.  Just to remind you anything you wanted to ask, please write to us on our TG channel and social media.

Among other news: CS coin got delisted from WazirX. This is because CS coin now moved to Credits’ blockchain, and Wazirx is not ready to integrate with mainnet and still using ERC20 CS. When exchange can embody CS native coin, it may be returned there.

We share the view that Credits’ blockchain is a project which potential is yet to be discovered by the market, more details here.
Our wallet app demonstration is out in this short video, watch, and download! More features are to be added soon! 

Credits’ CEO, Igor Chugunov talks about blockchain adoption obstacles for industry and Credits, with the practical cases of this sector. If you are in this space not by the accident and want to understand how it is maturing we recommend reading.

Thank you for participating in our poll on the most important element of blockchain. According to our audience, decentralization is far ahead with 41%, speed & capacity 27%, ecosystem 21%, smart contracts in place are the last with 11%.
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September 28, 2020, 05:19:53 AM
 #2496

Decentralized?

You could NEVER reach consensus in a decentralized fashion,  and claim to have millions of transactions per second.


Let be honest here.... And promote where we do add value....if we're going to turn this project around.

It is STILL to this day impossible to reach millions of TPS without consensus made with just a few nodes.... For Credits and every other project out there. That speed is still not possible without centralized consensus.
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September 29, 2020, 06:12:04 AM
 #2497

Manual on how to create a token on Credits’protocol

Credits, 28/09/2020

To escape any confusion we would like to first give a definition for crypto token and coin.

Crypto Coin - is a virtual asset built on its blockchain. An example of a coin is the CS, based on Credits blockchain. The coin is also sometimes called a native coin.

Crypto Token - is a virtual asset, which is managed by any smart contract and underlying distributed ledger, which is created on a blockchain protocol (not his native).


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September 29, 2020, 02:29:34 PM
 #2498

Q&A Tuesday Session with Credits’ CEO Igor Chugunov

Credits, 29/09/2020

We collected questions from all our social media and community chats last week and I am happy to answer the main of them below. Thank you for your engagement!

Q:  “When cs wallet available in Asia?”

A: Thank you for the question. The availability of digital products depends on local regulations. We have touched this subject in our recent article. To make it short: as there is no unifying law on the crypto products, we as a company have to present our products for each new region separately. Credits’ wallet was launched in the EU first as a big part of our community is based there. We are in process of finalizing the best legal option of presenting it in Asia and other regions too. We will keep you updated on the exact expecting timing in our roadmap.

Also please note that we have 2 wallets, Credits wallet, which is yet not available in Asia.

And CS Crypto, available globally, and these are the links below for getting the app.

I hope it helps!

https://apps.apple.com/ru/app/cs-crypto/id1453191196?l=en
https://play.google.com/store/apps/details?id=com.credits.CreditsWallet

Q: “Wazirx delisted CS. What can I do?. I Have 20k cs coin.?”

A: You will need to contact the exchange, and ask for the withdrawal of your ERC20 tokens. After you have done this, you can swap using the Manual Swap Guideline.

Q: “What is your opinion on the hacking of the KuCoin exchange? Were Credits affected by this hack?”

A: It is a pity this happened. This hacker’s break-in indeed reminds us all that the security of the products in the crypto world should be kept under constant guard and improvements.

Credits would like to inform you that we were in touch with KuCoin right after the incident and can confirm that our holders were not affected.

Q: “Gateio swapped to native CS coin, right?”

A: Yes, Gateio have made the swap quite a while ago, our native coins are now traded there.

Q: ”Hello what's the difference between delegate and node

Is both earn the same rewards? And one question, which is better staking or delegate

Means which way I earn more income?”

A: Node is a contribution in the consensus-building and you can earn on it as per the bonus structure in place.

Delegation means the process of "lending" your coins to someone. Delegation is done with a condition that the person who borrowed it from you cannot transfer them. But these coins will be taken into account when the process of the trusted node choice is made in the consensus. You have got the option to delegate for a fixed period of time and they will return to you automatically;  or indefinitely, in this case, you will need to bring them back by yourself.

You can and will earn by keeping the node as per the bonuses Credits’ structure, in addition to this currently, we run the Node reward program to support holders.

Today delegation as a method of earning yet does not allow you to receive a direct profit, unless you agree with a borrower on some dividend.

With a future progressive building of Credits’ consensus and its expansion, you will be able to earn from the delegation process directly.


Thank you for staying with us and taking active discussions in our TG chats, please send us more questions you would like to be covered here.


Igor Chugunov,
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September 30, 2020, 09:57:10 AM
 #2499

Note on Credits’ wallet last update

Credits, 29/09/2020

Last week we’ve made some updates for Credits’ wallet.

We added several usability tips.

In the new version:

- we set icons for each type of asset to be shown on your screen
- for your convenience, we inserted dynamic links to monitors (applicable for external transactions)
- we divided the history of your actions by dates
- in the setting section, we built-in light and dark themes, you can select the one preferred manually
- we finished refining the algorithm of user balances updates, and it is now behind this little but highly important function 

We’ve also slightly changed the visual appearance of the wallet, and now it is in a complete line with a platform.

It looks trendier and more stylish. Check it out!

We continue working on more features and improvements and we are preparing a short video to demonstrate the new design of the app, stay tuned!

Install our Credits Wallet! Android / IOS

Credits Wallet provides highly efficient service for cryptocurrency operations
You can buy, sell, and send Crypto assets with amazing speed and super low commission.

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September 30, 2020, 12:33:07 PM
 #2500

The credits team in their twitter is conducting a survey which of the factors are the most important when choosing a wallet
https://twitter.com/creditscom/status/1311277550337957889?s=20
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