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Blockcast.cc: Good evening folks. I am Jenny Zheng, Cofounder of Blockcast.cc. I have met a friend from Russia. He is smart and has given me some new blockchain technology concepts during our meeting in Singapore. In Singapore, we had durians too, got to know him better. He is Igor Chugunov, Founder and CEO of Credits.com. Hi Igor, how are you?
Igor: Hi Jenny, I am fine. Just that I am busy with our work at Credits.
Blockcast.cc: Glad to hear from you and thank you for the time to speak to me this evening. Let’s me start. Why did you create Credits?
Igor: Credits was created in 2017. It was created after my in-depth analysis of the industry and solving scalability problems are only of the key problems back then. I 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.
Blockcast.cc: What is it that makes Credits standing out from other blockchains?
Igor: 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.
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.
Blockcast.cc: What other features would you like to highlight with us?
Igor: The platform has the following features:
High network capacity – more than 50 000 transactions per second;
Minimum time to process a transaction is around 0.01 sec.;
Low fees ranging from $0.0001;
Smart Contracts with advanced features and tools.
Blockcast.cc: How did you manage to built Credits with such speed and a scalability?
Igor: The first step – you just should be confident that you are doing the correct technology that fits the present business requirements. Actually, that was a long way with certain challenges. But an ability to define the right patterns to solve these challenges led us to the opportunity to release the unified system of decision-making like Credits with complete transparent mechanisms along with its unique platform features like high capacity and advanced smart contracts. This is exactly what enterprises need today.
Blockcast.cc: Why would we want to buy your tokens now?
Igor: It’s about 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.
Blockcast.cc: What is the biggest pain point Credits is solving and in what particular industries?
Igor: One of the biggest issue amongst others 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 unique system based on Credits Proof-of-Agreement Consensus algorithm capable to solve the issues of scalability and make adoption much simpler and faster.
Blockcast: Thanks for the time Igor. It is my pleasure hearing your views. Please share with us an inspiring quote.
“Real blockchain work for a better blockchain world.”
Blockchain: Thanks Igor. All our readers will agree with you on what you are doing for the blockchain industry.
Igor: Thanks Jenny for your time and efforts.
Original Source: https://blockcast.cc/interviews/blockcast-cc-in-conversation-with-igor-chugunov-founder-of-credits/