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Credits chief executive: blockchain needs more complex services to satisfy the masses

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02/12/2020 | 10:15am EDT

In a recent interview with Learnbonds.com, Credits.com Chief Executive Igor Chugunov gave insights on how the platform manages 1 million transactions per second. During the session, Igor shared on Credits.com expansion plans and also the motivation behind the ERC-20 CS token swap to CS coin.

The executive further highlighted how blockchain companies can attract the attention of leading multinationals like IBM and Lenovo.

Credits tackles to help create high-performance decentralized applications with up to 1 million transactions per second. Can you elaborate more on how you managed to reach such results and who do you consider as your real competitor?

"In order to provide high transaction capacity, Credits implemented its unique Consensus Protocol - PoA (Proof-of-Agreement) which is a decision-making algorithm based on multiple validation and data processing with a secure implementation solution. Another component that causes high transaction capacity is the optimization of transaction sizes. Any transaction has a dynamically varying size depending on balance, address size, transaction currency, the use of digital signature, and other factors. If a transaction or a pool of transactions has large data volumes, a transmission packet is broken down into smaller (65,535 bytes) datagrams used by the UDP protocol subject to the upper limit size, which allows reaching high transaction capacity.

The market is full of good projects. ICON, Ontology, Waves, Vechain and so on. We see the competition on the subject of infrastructure readiness. As soon as our infrastructure of products for storing, transferring, exchanging will be ready, we will be able to see the real power of our chain and fast technology."

You once made a bold statement that Credits is better than Ethereum. Currently, how do Credits fare against Ethereum and do you have any competitive edge?

"Ethereum performs a little slower in terms of its average transaction speed which varies from 14-17 seconds and the maximum capacity ranges from 10 to 30 transactions per second. Credits platform offers the transaction processing speed from 0.1 of a second combined with the commission rates of as low as $0.001.

Raising transaction processing speed is one of the top priority lists for blockchain technology development. Faster transaction speed is essential not only due to its convenience for crypto and dApps users but also because it is in a position to challenge traditional payment methods. After exploring the most competitive blockchain platforms, we can summarize that Credits stands out in the blockchain market due to its unique functionality and ability to provide both outstanding high speed and stability."

There is an ongoing ERC-20 CS token swap to CS coin. What is the goal behind this move?

"Swap allows us to place the project's economics to own chain. CS Native Coin is an important part of Credits infrastructure which supports its operating, motivating its participants and creating new opportunities for application in financial models of a variety of businesses. Moreover, the ability to issue digital assets on Credits chain creates a demand for a Credits native token which serves as intermediary currency for access to the purchase of tokens issued on the chain."

Credits has an existing partnership with leading global brands like IBM, and Lenovo. What implications do such partnerships have on the general prospects of blockchain technology?

"Working with such kind of companies is the road to the application of blockchain technology in traditional economics and business. Bring the value to them, everyone just will follow you."

Currently, you have representatives in 11 regions globally. Do you have plans of expanding to other regions? What factors influence your expansion plans?

"We are exploring the markets. This is what every business is doing. Increasing the user base of the project is the company's priority for now. Good partner network, resources, regulation policy, products themselves form the common opportunity of work in any specific region."

In your view how has the decentralized apps ecosystem evolved since the development of Credits.com?

"The infrastructure of products and services has become wider for sure. More protocols have appeared in space. Ethereum lost its positions. The inability to develop qualitative products due to technical features of the blockchains of the old generation leads us to the solutions that will bring fresh air to the market and allow devs to develop complex services that will really satisfy the needs of the masses worldwide."

You offer a wide range of services including blockchain-backed products, crypto lending, copyright protection to storing vehicle data on the blockchain. Which of these products has the highest demand and why?

"System for the supply chain industry and origin of goods have the highest demand in the space of blockchain application. The next potential area is the loyalty industry where cryptocurrency can apply itself as the tool to raise loyalty. Bonoox.com is an example of such a system. The Bonoox Loyalty Platform is a blockchain-based system for implementing brand loyalty programs.

The platform allows merchants to issue loyalty points in the form of tokens on the Credits blockchain for enhanced customer interaction. As a result, Bonoox loyalty program operators can attract new customers with unique features like the ability to track one's loyalty balance and to exchange loyalty tokens from different merchants, thus generating traffic and increasing customer engagement."

Thank you, Igor, for the conversation!

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(C) 2020 M2 COMMUNICATIONS, source M2 PressWIRE

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