Igor Chugunov: CREDITS platform will provide unique opportunities for using blockchain in financial areas.

interview Victor Gry

CEO CREDITS Igor Chugunov talked about the peculiarities of the project, the members of the team and plans for the future. The project team is rather ambitious about becoming highly competitive in the financial market. The project team are pretty sure they can change drastically the image of blockchain platforms by providing quick transactions with the lowest commission.

  • How did we come up with the idea of ​​creating this project?

Igor Chugunov:

Modern blockchain technologies have several significant faults. To solve them, we created the CREDITS platform. First, the system will provide high speed and low cost of operations. Second, the platform will unite users and will allow them to receive such financial services as:

  • preservation of personal data;
  • bureau of credit histories;
  • withdrawal of funds;
  • KYC;
  • calculations with the help of fiat money;
  • transfer of crypto-currencies into dollars, euros, etc.

Also, the platform will provide operations based on the technologies of a shared registry. Each user of the system will be able to use innovative opportunities to work mutually with financial products. The latter works on the base of smart contracts and the federated voting system.

Our platform will provide unique opportunities for using blockchain in financial areas and more.

  • In the financial technology market you have many competitors. How do you evaluate their activity? How does your platform differ from analogs?

Igor Chugunov:

Indeed, there are many similar projects. They are divided into two groups. The first is a platform on which users create applications. The second – services that provide only the transfer of funds. Our project refers to platforms, which narrows the circle of competitors.

However, most platforms are designed for the needs of a limited number of users. The carrying capacity is only a few tens or hundreds of operations per second. That is clearly not enough for use in business.

The basis of most projects is the principle of the standard scheme for building a blockchain. And changes in the consensus or network have a cosmetic nature.

Another difference from any competitor is the availability of a data archiving system. It allows not only to save network space, reduce traffic, but also indirectly affects security by extending the use of nodes on stationary computers. We also abandoned the “Merkle trees”, replacing them with other algorithms, which allow us to increase the transaction speed even more.

CREDITS is based on a unique approach to the use of the blockchain technology, the search for consensus, the conduct of operations and the preservation of personal user data. Our key advantages:

  • High speed of operations. Up to a million transactions per second. In the Bitcoin and the Ethereum systems, only 10 and 500 operations accordingly.
  • Minimum processing time. On the average – 0,01 – 3 seconds. In Bitcoin and Ethereum systems – 10 minutes and 1 minute accordingly.
  • Low cost – 0.001$ commission. We offer a fixed amount of crypto currency without mining.

We have already created the MVP project with minimal characteristics for testing the network, in January 2018 the first full pre-Alfa version of the system will be released. The reality of our plan is confirmed by authoritative experts in this field. The project offers favorable conditions for micropayments and the work of the Internet of things. At the moment no other platform offers better conditions for users.

  • Tell us about yourself and the project team.

Igor Chugunov:

Everyone in our team has been in the world of crypto-currency for a long time and understand the real state of affairs in this environment: blockchain is a wonderful technology that gradually changes life for the better, but the existing platforms are far from the requirements of financial organizations. Each member of the team has a sufficient set of competencies for the implementation of the project.

I (Igor Chugunov) devoted 7 years to Internet projects: banking and credit services, as well as advertising. In 2015 I seriously engaged in the blockchain technology, and since 2016 I have been developing the CREDITS platform.

Our technical director and co-founder is Evgeny Butyaev. He has been engaged for more than 10 years in software development, of which 3 years are in the field of blockchain. Collaborated with the Polish company SRI Infotech. Since the beginning of 2016 we work with him in the framework of the project.

Our team lead is Valentin Antonov. For more than ten years he has been developing complex and stable to high load software products for banking and other financial institutions. The project specializes in the Ethereum platform.

David Kolmakhidze is responsible for relations with investors. Since 2011 he has been successfully investing in the crypto currency. He provides professional advice on the development of the platform. Develops the steps for a successful ICO. Conducts negotiations with investors.

By the way, in November 2016 we managed to attract the first investment of $ 200,000 from a group of venture investors, ever since January 2017 we have been able to start the full development of the CREDITS platform.

  • What are your plans for ICO?

Igor Chugunov:

In short, the task of ICO is to raise money for the development, support and promotion of the project. We will sell the tokens based on the Ehereum platform in the ERC20 standard.

Pre-ICO continues from November 10 to December 31, 2017, and the ICO will last from January 15 to February 15, 2018. In total, we plan to sell 1 billion tokens per bag in 200 thousand ETH or 15-20 million dollars.

During the first half of the year, we use up to 50% of the funds received. The other part is invested in promoting the platform immediately after the introduction of Alfa.

  • How will 1 billion tokens be distributed?

Igor Chugunov:

 We plan to distribute the tokens as follows:

  1. ICO – 60%.
  2. Founders – 15%.
  3. Operating activity – 20%.
  4. Bounty – 2%.
  5. Post Bounty – 2%.
  6. Advisers – 1%.
  • What have you already done and what are you planning for the first half of 2018?

Igor Chugunov:

We already cooperate with such consultants as Kyle Wang, David Drake, Christian Ferry, Mikhail Kapilkov, Christofi Ozkan, Eli Galama, Artem Aminov, Tyler Perry-Smith, Jacob Salvador and Enrique Seniento. They are authoritative experts in the field of financial blockchain technologies.

We created the MVP – a prototype project with minimal technical characteristics. And now we are working in the framework of pre-ICO.

I attend conferences on financial technologies and blockchain start-ups. Among the latter – Kuala Lumpur Blockchain And Cryptocurrency Meetup and Meetup in Luxembourg. I plan to visit the GCC Blockchain Conference in Dubai.

In January 2018, we plan to enter the ICO. In March – April 2018 we will launch the Alpha version and attract the first users. In June we will issue the release and will introduce new services. Our short-term goal is to conduct a safe and quiet ICO, scheduled for mid-January 2018, and enter the stock exchanges to increase the liquidity of our token. Our long-term plans – to transfer to the CREDITS platform the largest financial companies and all interested market participants. This will take time and tremendous effort, but we know that we have every opportunity to do this.

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