Asia Blockchain Review recently spoke to Igor Chugunov, CEO and Founder at Credits.com, a public, high-speed, fully decentralized blockchain platform with Turing-complete smart contracts. Chugunov talked about solving the issues of scalability, security, and decentralization, working with strategic partners, new products from Credits.com, and his vision for the future of the decentralized platform.
Asia Blockchain Review: What was your inspiration for founding Credits.com? What is the company’s mission?
Igor Chugunov: Every person, wherever he/she may live, faces a number of problems in his/her 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.
Cryptocurrencies showcased the use of it. Bitcoin revolutionized the way counterparties carry out financial operations in response to traditional banks, offering non-repudiable and faster transactions. Taking into account the issue of privacy, crypto will certainly take some time to gain worldwide adoption.
Ethereum was the frontrunner platform for issuing tokens and launching ICOs (Initial Coin Offerings). Smart contracts paved the way for developing and running DApps (Decentralized Applications). Still, one couldn’t neglect the major drawbacks that are common to the Ethereum network. Among them are the high requirements to participate in consensus, low speed and scalability, as well as the need for using gas (internal fuel for transactions). Moreover, a third-party developer has to study the Solidity programming language in order to start designing their own DApps. Conversely, we decided to reap the potential of the Java programming language.
People use a large number of applications in their daily lives. The Credits mission is to enhance their functionality with blockchain to bring about transparency as well as vast increases in speed and security.
In the coming years, an advanced blockchain platform with smart contracts like Credits will lead to the mass adoption of blockchain technology.
ABR: Can you tell us more about your platform? What makes Credits.com stand out from other players in the market?
IC: Unlike the vast majority of other projects, Credits can be distinguished by the extreme speed of transactions, low fees, and sophisticated, standalone smart contracts. The Credits blockchain platform ensures a processing speed of between 50,000 TPS (transactions per second) and 1 million TPS, as well as a commission rate of about 0.001 USD per transaction and smart contracts that have new, advanced capabilities and tools.
We have introduced universal blockchain solutions that can be integrated into the banking and insurance industry, logistics, e-commerce, KYC (Know-Your-Customer) and identity, intellectual property, gambling spheres, and others. In contrast to EOS, Tron, Ripple, and others, we don’t dwell in any specific sector.
You might ask us how do we manage to tackle three key issues that are common to every blockchain platform — scalability, decentralization, and security.
We achieve a high level of scalability due to the implementation of an extensible hashing algorithm: blake2s and our unique Credits Data Transmission Protocol designed on the basis of UDP (User Datagram Protocol), while a vast majority of blockchain projects use TCP (Transmission Control Protocol). This combination, together with Credits’ unique consensus, allows us to process hundreds and thousands of times more transactions per second than other popular systems like EOS, Tron, or Ethereum.
Decentralization within the platform is achieved by the fact that any user can install a node by fulfilling the minimum requirements for installation. We have implemented special algorithms inside the platform that make all the nodes equal and allow them the same chance to become a trusted node and take part in consensus.
Regarding security, we reach a consensus on accepted transactions and on the choice of trusted nodes for the next rounds by signing and verifying the signatures of all transmitted data.
In short, we solve these problems by introducing three unique technologies: the Credits data transmission protocol, the Credits data validation algorithm, and the new Credits consensus algorithm for decision making.
ABR: Can you tell us about your recent partnerships such as the one with SprintCube and the one with Arkbauer?
IC: The essence of our partnership with those system integrators lies in the fact that they are examining and studying the functions of the Credits blockchain platform. Companies familiarize themselves with the documentation, test it, and start developing decentralized applications and services for their clients. We work closely together in order to improve the product and eliminate all possible bugs and deficiencies.
The ultimate goal is to enhance and promote blockchain technologies as well as empower the masses. Asian markets look very promising in that sense, despite the position of some financial regulators and the widespread skepticism among counterparties.
ABR: Can you tell us about recent developments regarding the Credits Mobile Wallet?
IC: At the moment, we are offering our users the chance to beta test the Credits mobile wallet. It features lightning-speed transfers, privacy, high security, ease of use, and smooth user interface. About 1,000 testers have already made contributions to it.
For now, only the iOS version is available, but in the near future, the product will be released for Android users. The mobile wallet is constantly updated. We plan to carry out the second stage of the bounty campaign, aimed at finding vulnerabilities and bugs in the mobile and browser versions as well as Credits Explorer. Stay tuned for more substantial news soon.
ABR: What was the inspiration for creating your first decentralized application, Dice Game?
IC: According to the ratings, this is one of the most popular games in the gambling industry. Dice is an excellent solution for demonstrating the characteristics of our platform: transaction speed, the usability of our extension, and the technical level of our smart contracts, the code of which can be checked at the Credits Explorer. Any user can make sure that all actions take place openly and in a transparent environment. Dice has illustrated how we can prove the usefulness of blockchain technology by increasing the level of product acceptance among people.
ABR: Can you tell us about Credits Browser Wallet Extension, CESER?
IC: CESER is a browser extension for Google Chrome and Opera that manages accounts and enables the receiving/sending of CS tokens (also via QR code). Using this app, one can track operations as well as connect and interact with DApps on websites both easily and securely. Аfter the initial login, no input is required on any third-party site. The extension automatically synchronizes information and allows you to conduct any transactions, preventing the threat of data theft on phishing sites.
ABR: What are your key milestones since the establishment of the company?
IC: First, we managed to complete an ICO in 2018. This proved that the very idea of sophisticated blockchain technologies has a lot of followers.
Then the mainnet was launched at the end of March 2019. Before that, it underwent a long period of development and testing. We used to issue a new update practically every two weeks.
Credits Mobile Wallet, Credits Desktop Wallet, and Browser extension CESER are parts of our blockchain ecosystem that allow anybody to perform a number of operations, like exchanging CS coins and executing smart contracts. Right now, we are considering the possibility of developing mobile DApps on iOS and Android.
The main priority for the company is the active development of the ecosystem and the introduction and popularization of blockchain technology around the world. We managed to establish partnerships with 27 system integrators who distribute our solutions. Moreover, Credits is conducting pilot projects with large companies operating in a wide variety of fields: financial services, logistics, the gaming industry, etc. IT corporations such as Lenovo and IBM have also chosen to collaborate with us.
Another thing we are proud of is our audience on social media. Millions of people follow the company’s progress. Credits’ technical support works around the clock to receive feedback and answer questions that concern our community in a timely manner.
ABR: What projects and developments can we expect to see from Credits.com in 2019-2020?
IC: Besides our acceleration program, we are focusing on other projects on our roadmap. Our team is actively engaged in the development of a decentralized exchange (DEX) and has already achieved some success. Ensuring safety and operational stability is our key priority. The release is scheduled for the end of 2019.
The development of a DEX is a rather complicated process that requires large amounts of resources. It is necessary to be 100% confident in its safety and uninterrupted performance.
Additionally, we expect a staggering number of DApps and services released by individual developers and the Credits team. For this purpose, we will introduce an acceleration program with a fund of more than US$1 million for third-party developers and blockchain startups to design new solutions based on the Credits blockchain technology. As a result, new, unique decentralized applications and services are on the way.
I would also like to add that we have recently started the Bounty Campaign, with a total prize pool of US$500,000. The Credits team invites developers to test their skills in detecting the platform’s vulnerabilities. We offer a just reward for providing relevant information about bugs (up to US$10,000 per vulnerability). Stay tuned for more news!
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