We continue our exciting journey into the world of cryptocurrencies and today we would like to tell you about the AMA session with our friends from Credits. The AMA took place on June 18 and our guest was Arjan Eikelenboom (Partnership Director at Credits).
The total reward pool was $250 and has been splitted in 3 parts.
In this AMA Recap we will try to summarise the most interesting points for you.
Part 1 — introduction and questions from SatoshiClub members
Serg: Hello everyone! Today, Credits will join us for our AMA series. @ArjanCrypto will be our guest. Welcome! 😉
Arjan Eikelenboom: Hello all, Arjan here. Thanks
Irina Kravchuk: Hi @ArjanCrypto . How are you? Nice to have you as our guest
Arjan Eikelenboom: Thank you very much for having me.
Serg: Please tell us a bit about yourself 🙂 and an introduction of Credits
Arjan Eikelenboom: I am a former banker; investment banking, private banking etc.
4 years ago I entered the crypto industry to educate people on crypto and its dangers next to oppurtunities
Seminars and later on went on tour with Credits for promotional activities which led to our ICO in 2018
Now Head of Investment Relations and partnerships
I know, hence my take on education. Teaching people and show them the other side is what I have been doing in finance all my life. Keeping it real so the speak
Irina Kravchuk: You have an interesting name. Where are you from?
Arjan Eikelenboom: I am from the most magical place on earth…..
Amsterdam 😀
Netherlands
Serg: I hope this helped you for inspiration 😄
Arjan Eikelenboom: I sure has and still does. Did you know that Amsterdam is the hub for fintech?
Its booming here with start ups and know;edge and experience, gues the canals are inspiring indeed
Irina Kravchuk: Didn’t know that. I guess a little bit of magic helps in fintech
Serg: nope. I’ve heard about other cities but not about Amsterdam
Arjan Eikelenboom: Well, keep an eye on us from now on
Serg: tell us a bit about Credits. How would you summarize an explanation about the project?
Arjan Eikelenboom: When I joined back in 2017 me myself got triggered by the message of high volumes and superfast low cost transactions. During my seminars I noticed that there was a growing demand for this, especially in finance. Many of my ex banking collegues confirmed this. Then I met Igor, CEO and got inspired by his dream and vision; to build the fastest blockchain in the world capaple of serving the financial markets. So now the blockchain is finished we have started to build products to work on the blockchain. Our newest proud product is the neo bank mobile wallet
Serg: how did Igor convince you? that you will be able to build this
Arjan Eikelenboom: First of all I read the whitepaper, then he gave a presentation but was less convincing tbh, this was my q to ask him more. We chatted for a long time and the dedicatioan and passion was enough for me to be triggered
Then, during our USA roadshow we bonded, of course, we hung out day and night and I got even more excited. I realised he had a golden baby. Now it was up to us to help it grow
After 2 years the blockchain has been built
Serg: That’s an interesting story. I hope you will achieve your goals 🙂 As you know, we’ve collected more than 200 questions from the community. Are you ready to start?
Arjan Eikelenboom: I am rolling up my sleeves right now, so yes 😁
Q1 from Telgram user @reisbayram
From the beginning Credits was regarded with skepticism, because of the 1 Mil tps statement and we went through a lot of Fud. Today there is a lot of skepticism, also reflected in the price and lack of volume. Are you going to run those capacity tests and wave off the skepticism?
Arjan Eikelenboom: Of course we will run cap tests. We have done this before and reached 1,3 million txs p.s. we will continue to test publicly soon to show the world what we are capapble off. The fud I am very aware of. This is collateral in crypto and I also know that this comes from people who do not even know what they are talking about, ( most of time). In regards to the price it is very interesting. In crypto actions do not necessarily pay out in price increase. Yet we are focussing on delivering the utter best products. In time this will reflect on the price.
Irina Kravchuk: I think a public test will help a lot, will bring more credibility
Arjan Eikelenboom: Totally agree.Also a thing to understand is that if tomorrow the price jumps 150% in an hr, which has happened, everybody is happy and no fud.
Serg: Can you explain what have you done differently from other projects? to obtain 1,3 million tps
Arjan Eikelenboom: We have designed, created and built credits blockchain from scratch with our own technology; patent pending poa consensus algorithm
The patent will keep this safe to only us, no one else which has been our goal from day 1. 1 m txs will be the start. In a few years from now when demand grows we wil be capapble of scaling up to much more. Only a matter of time.
Serg: It is also important to bring projects to use those millions of transactions 😊
Arjan Eikelenboom: You are absolutely right. That is why we have created and launched the Credits Neobank mobile wallet. We are going to prove and show what we can achieve in volumes and speed with low cost
Mind you, big institutions are still in exploring mode, in 2 years from now they will slowly make their move and start integrating proven tech
Serg: are there other projects who are trying to use the same tech?
Arjan Eikelenboom: I noticed last week of a project that mentioned a similar tech but that article has not been authorised as far as `i know. We keep our eyes open
Q2 from Telgram user @MsHuong206
Security, scalability, and data privacy are three aspects that are very important at enterprize level, how Credits foundation handle these issues?
Arjan Eikelenboom: Security is a major one indeed. With our signature technology one would need a majority of the nodes to be able to even try to hack ( in short) To become a major noderunner one needs to bring big money. I do not see the added value of spending millions in order to get less to nothing. So yes, we have security high up there
Scalability as well. The Credits blockchain has been designed and built to scale to demand. We can scale up to let’s say 50K txs if we get a client who needs that.
Data privacy as well. Credits is an open source protocol where one can design private protocols themsselves for securing data.
Serg: @iri_kravchuk has a node. Don’t know how big but she is familiar :blush:
Arjan Eikelenboom: My best friend is a noderunner and sits next to me actually 😁
Irina Kravchuk: When did he start to run it?
Arjan Eikelenboom: Last year I think. He is an pre-i o investor though. Most of my friends are and they are still friends 🤣
Irina Kravchuk: Mine is from Oct 2019
Arjan Eikelenboom: You’re gonna be rewarded
Q3 from Telgram user @MsKiwi206
Credits looks good but it confuses me that there are so many other Blockchain projects. What should I pay attention in Credits to give it the importance it deserves? What are your planning to achieve with your project?
Arjan Eikelenboom: Building a blockchain back in 2018 was a big step and people expected these companies to grow big immediately. Yet, many of them did not even had a finiproduct. On top of that we ourselves found out that the world in general is not ready for integrating blockchain large scale. So, in order to not sink in your own bathwater you needed to re0invent yourself and stand out, be an entrepreneur and visionary. Which is what we did months ago.
Instead of waiting for the masses to intergrate blockchain we decided to show them. With our neobank Mobile Wallet. Available on app store and google play.Both consumers and businesses can learn to play and experience the benefits of superfast txs, low cost, cross border payments that happen in less than 1 second. For instance. In time we’ll add many more features but the base of this story is Credits blockchain. So, a neobank wallet that opens the doors to our blockchain services.
Irina Kravchuk: So how is neobank special? can you share more on that?
Arjan Eikelenboom: Special because we will offer consumers/users high discounts on fee’s, give cashbcks on purchases and offer a variett on currencies which can be used for instant low to zero cost payments
Serg: I’ve heard that you have a partnership with IBM. Is it true? Tell us more about it
Arjan Eikelenboom: The partnership with IBM is indeed there, for about 2 years now. Exploring and testing
As for the neo bank mobile wallet. I suggest to dowload the app ( testfligh) and help us testing it and improving it until we can go big. We have a very ambitipus roadmap for at least 1 million users soon
Q4 from Telgram user @gigi2195
As of now there have been many blockchain related projects come and gone, what are the special and unique characteristics of #CREDITS that make it different from the others, that make investors and users decide to invest into it?
Arjan Eikelenboom: Many projects have raised many millions yet cannot deliver. We only raised a few millions compared to them and are delivering as we speak. We are a highly dedicated team that is ready to make credits amd its neobank the best in the world. The unique characteristics of Credits are the amazinly high volumes per second plus the speed. On top of this we have the lowest fee’s
Real investors can come on board now, not for instant profit but for longer term. We are here for a long time and to dominate, not to fly high for a bit and crash. Credits is going to change your life for the better
Watch the video I would say, its a good introduction
Then pm me
Irina Kravchuk: But regarding the sustainability of the project, how does it sustain itself?
From the funds raised initially?
Arjan Eikelenboom: We have been very frugal, or better, financially responsable. That has been our saviour
For further growth new funds are needed of course because we are going to compete with global players who have many millions. So if there are any serious investors they can pm me for further details. Only real investors 😀
Q5 from Telgram user @luckydraw66
There are 4 core issues prevalent in crypto and blockchain: Excessive Volatility, Security, Scalability and Interoperability. How do Credits plan to overcome these issues?
Arjan Eikelenboom: Volatility in crypto is a thing indeed. When you look at the list of coins on coinmarketcap then its intrresting to see that most coins follow btc, even ETH. Even though eth has real value and btc not. So, for us it is clear to do everything in our power to escape from the volatility dangers and show the real investors and traders we add value and not just another empty coin
Interoperability has been at the core of credits blockchain from the start. Easy to integrate and easy to use and compatible with pretty much any procedure or protocol.
I invite 3rd party devs to try it themselves.
Security and scalability I have adressed to a little earlier 😀
Part 2 — live questions from the Telegram community
Q1 from Telegram user Ridu 123
You must agree that Blockchain stands on Decentralizeation. There we see many projects that claims they are fully Decentralized. But they done their work in a Centralized way. How can we sure that Credits is fully Decentralized? Can you please tell us what’s Credits working method?
Arjan Eikelenboom: Credits blockchain is fully decentralized. The road to a decentralised world is a bit more challenging though. This is because of regulations by law in every part of the world. For instance our neo bank wallet; we need to oblige to laws and regulations in order to get licensed and regulated and therefor centralized feutures are inevitably at this point. Good thing is we get the opportunity to build bridges between blockchain/crypto and tradional tech and fiat. An achievement in itself and only step 1
Q2 from Telegram user Max
Credits want to be a leader in the mass distribution of fintech?
Arjan Eikelenboom: We want to pave the road and be indeed at the forefront in payments ( fintech ). There is a lot open to explore as this segemnt may looks saturated but still ‘new’. We have made agreements with suppliers already, have our first license and kore coming. The neobank wallet will be a great tool to prove our tech and our ability to shift fast and initiate. Next to this we are accumulating new partnerships in payments and overlapping industries.
Q3 from Telegram user Rimjhim
How
do you see South asian Countries to expand like Vietnam, China &
India?
How has Covid Affected Your Development?
Arjan Eikelenboom: Miss Corona was a big surprise for us. No more traveling and exploring. But in return she gave us the opportunity to focus and build. In Asia we have good things coming, btw. We have a partner in the Philippines that has built on credits blockchin already ( opphir) and is building more. It will be a great way for us to open the doors to more partners in finance all over Asia.
Q4 from Telegram user a user
Can A non-crypto person generate profits on their projects using credits, is there a plan to atrack this users?
Arjan Eikelenboom: Oh absolutely. That is exactly why we have created the Neobank wallet. With this we build the first solid bridge between crypto and fiat
Q5 from Telegram user a user
Why do you believe your mobile wallet service would lead you to the top ? What steps have you taken to get wallet users on board?
Arjan Eikelenboom: We have an internal roadmap in place. Next to that we have created a tier 1 board of advisers from the payment and cards industry. They know that playing field, we know ours. This golden combo icw our existing partnerships will help us getting there
We look at a first range of 30K new users by the end of this year, 1 million in 2021
PART 3 – Quiz Results
In the final part we would like you to check your knowledge in terms of Credits. They’ve prepared 4 questions for this part, so everyone could be a part and answer. All the correct answers you will find at the bottom of this Recap. Enjoy!
Q1
Which of the following are not Credits Partner yet?
-Lenovo
-IBM
-Oracle
-Samsung
Q2
How many TPS achieved credits on its blockchain durring the last speedtest?
-3,000
-10,000
-100,000
-1,300,000
Q3
What language Credits smart contracts are written?
-Java
-Python
-C#
-HTML
Q4
How many CS do you need to run a node and get rewards?
-5,000
-10,000
-50,000
-100,000
Answers:
1. Samsung
2. 1,300,000
3. Java
4. 50,000
For more information and future AMAs, join our Social Media channels:
English Telegram group: https://t.me/Satoshi_club
Russian Telegram group: https://t.me/satoshi_club_ru
Spanish Telegram group:
https://t.me/satoshi_club_spanish
Telegram
Channel: https://t.me/satoshi_club_channel
Twitter:
https://twitter.com/realsatoshiclub
Website:
https://esatoshi.club/
Our partners:
Credits Official Community: https://t.me/creditscom