Welcome to the TerraCredit ($CREDIT) LIVE Q&A / AMA with The Gem Hunters
We would like to thank the TerraCredit team and ceo Dan for coming to The Gem Hunters and kindly sharing information on the project with our community. Before commencing our pre-set questions which will be followed by public engagement we would like to share some basic information on the project to give people a better idea before the Q&A begins.
CREDIT is a Crypto currency and a decentralized digital payment solution for the world’s unbanked adult population. We see CREDIT as a viable replacement to cash and a rewarding option that is attractive to new users. The CREDIT desktop wallet enables everyone, regardless of technical ability, to participate in crypto. The wallet is simple to use and does everything automatically, you just need a computer, laptop or mobile device.
Q1. So to kick this off, Dan can you tell us a bit about yourself, what is your background in the crypto sphere?
Ok cool, my name is Daniele Ronchese. It's Italian, but I am born and raised and currently living in South Africa. I am 40, married with 2 kids and an avid crypto enthusiast. I have no experience in the crypto sphere per say, I have been a member of the crypto community since 2012. And I have learned a few things over the years. My background is actually in Business, more specifically Mining and Venture Capital. I think it's easy to make a coin the harder and far more crucial factor is developing a community and making the coin successful.
Q2. Where did you get the idea to launch the credit token, why did you choose the African continent to launch your product, do you plan to develop in other continents? Did I understand that you were already present in South America?
I decided to launch a decentralized cryptocurrency because I was inspired by BTC, not the asset but what decentralization brought to the table. I worked on many different branches over the years and I knew we needed a Hybrid chain that would make earning the key draw to adoption through the possibility of an income with staking. Africa was the only place I was going to launch because itis the issues in this land that I wanted to change. My life in Africa and indeed being African is probably 90% of the inspiration for the project. You are correct we have 3 licensed companies, South Africa is HQ, then we have Nigeria and Colombia as well.So we run fiat for all 3 countries at terrabit and USD as well for the global appeal. We are busy with numnerous negotiations to bring many more franchises online. We will aim to have official representation in all regions.
Q3. You also have to develop a market place, can you explain how it works?
Yeah we made a a lot of products in 20 months and most were easy to combine into Terrabit. But as you mentioned we have a marketplace Technically its a multi-Vendor marketplace, not unlike shopify or ebay. Its free to open a store, you get your own URL and loads of tools. We dont charge and fee's or commissions and users purchase on the CREDIT blockchain. We set prices in USD and covert to CREDIT at market value during checkout. We just wanted to offer our community every opportunity to use CREDIT. We still have plans to merge it with social network features and add it to Terrabit.
Q4. You have a mobile staking solution, can you specify the staking performance and the conditions of it, have you planned an increase or decrease in rewards? Do you plan to integrate masternodes in the future?
Yes thats correct, we developed MiniPOS as a solution for our community to stake via mobile. It was our original plan to provide decentralized wallets that stake, which we did at launcg, we had GUI's for Mac, Windows, Linus and even Raspberry pi. But the hrdle of acquiring hardware is to great for most of users so we added MiniPOS to allow staking via web or mobile. It pays the same rate as a node would, which is coded in the src. CREDIT mining on any device pays our 100% a years, using Weight to determine the next producer. We cannot change the reward in the src code and retain our exisitng chain data. the community has been adamant for some time that 100% is too high, I agree. So we have proposed a hard fork and swap in August this year that will see, amongst other things, master nodes being added to CREDIT 2.0.
Q5. Unlike many tokens, you chose to directly create your own blockchain and not go through a smart contract on ethereum, it is inexpensive and ambitious to start like this, can you explain the reasons for this choice?
Sure, ETH is not ideal for payments. Well not fast ones anyway. TerraCredit was designed to serve as a payment platform and if you look at Terrabit you can see that we are payment focused. It was important therefor to have a fast and uncongested blockchain, that is able to not only transfer funds fast and essentially for free but we also need to entice new non crypto users. The best way IMO is to involve them in Mining well in our Case staking. So by making transactions, fast and free as well as mining easy on any device, we feel thats a pretty good proposition for the case for mass adoption. We have almost 20k solo stakers on desktop wallets and twice that amount using virtual staking on terrabit with MiniPOS so we are a lot more decentralized than most coins out there.
Q6. You are about to integrate a credit card solution linked to your application, do you still have integration projects in your terrabit application, do you have other surprises in store for us?
We are busy with so many things, as you mentioned the Debit card's are just one aspect. We have a press release out later this week explaining what we have been and are doing in the fiat space so I dont want to spoil that now. But we will share that with you guys when its published. Right now we are looking hard at pre-paid voucher services within the Terrabit app. To allow anyone to top up with airtime etc and to allow African's access to prepaird vouchers for electricity, water, satellite tv etc We are also still busy with our full version native app, but as we keep adding new integrations it does seem to keep pushing back the app. I dont think terrabit will ever be done, we constantly seek to make it easier to use and faster etc It will always be in a constant state of self improvement :)
Q7. Can you talk us through the upcoming swap procedure, mainly the reasons for it and what effects its going to have?
Sure, lets deal with the reason. First of all as the creator of the original I had to put my pride aside and agree with the community that 100% return is too high. I still believe it can work long term but investors have different timelines to project owners. Another issue with investors is the supply being in the 10's of billions. Its kinf of hard to imagine 15k users all pretty much agreeing on the new specs, but it happened that way. The swap will take place at Terrabit, the swap ratio will be 1000:1 which means our supply will shrink 1000x. Because we swap to a new chain, trading will close during the swap. The swap will take about a minute in terrabit and users will be able to withdraw their coins immediately. And we expect trading to reopen pretty soon after, literally the same day. Those new orderbooks wont have any trades, so this is the part where the community really gets to have their cake and eat it.
When trading opens again its natural that we will advise everyone to sell for 1000x the last price and I personally don't see it going any other way. But in a free market the holders determine the value and I think it could really go much higher than that. Main reason I feel right now, getting CREDIT is easy through staking. Once that rain stops, the fields will look a little dry and it might be time for holders to start speculating rather that using CREDIT as a disposable and renewable income stream. Fact is making new coins is going to be just as easy, but with a fixed block reward of 20 coins a block, and a circ. supply of under 100m CREDIT is going to be scarce. Because I believe most of our community are in it for the long haul, sure you get the traders who are happy to take 20% but most CREDIT holders are in it for life. For the big payday, is BTC to young for a renaissance I dont know but its happening in now with CREDIT. The swap is like our halving.
Q8. As always we have to be cheeky for the investors sake and ask what can the investors expect in the near future, regarding, new exchanges, partnerships and any other nice unknown catalysts?
There will def be more exchanges, just not rubbish ones so it takes longer. We have the green light from all the big guys just need to iron out the best deal for us. We are busy talking to new Franchisee's in many countries and we expect that fiat will come online for may new destinations in the coming weeks. We are busy with good candidates in the America's and further north as well as Asia and a few more Africa countries. There is something we are busy right now in the gaming and content creation space, trying to solve the issue of monetization for creators rather than advertisers.
We want to thank the credit team, for attending and the credit and TGH community for engaging and helping us deliver a fantastic Live AMA, for full details and to view the LIVE Q&A/AMA use this link - https://t.me/TheGemHuntersTG/123676