BlockTalks x Terracredit AMA Transcript!
Hello! BlockTalkers & Blockchain Enthusiastic!
We recently hosted an AMA with Terracredit, on 15th June 1 PM UTC. Many of you might have participated or many of not. But we make sure no one missed out from the knowledge shared by Daniele Ronchese, CEO at Terracredit. So here we are up with AMA transcript, for those who missed the live session, this blog post will be saver & feeder of knowledge for them.
Introduction Questions Asked By BlockTalks
Q1. Could you please introduce Terracredit to our community in layman’s term?
Ans — Credit is a Crytpocurrency that aims to be a decentralized Digital payment solution to the worlds unbanked adult population, which is multi-trillion USD Market. We have made mining rewarding and easy, to work as an incentive to encourage unbanked users to move to decentralization.
There are over 2Bn unbanked adults with smartphones who need a digital money solution, we feel block chain is best. We use CREDIT and our fiat conversion App Terrabit to improve our market position in emerging markets.
Q2. What are the advantages of Terracredit to other alternatives in the market?
Ans — Terra has designed Credit (CREDIT) to offer free and fast Blockchain based payments. Credit employs Proof of Stake which allows any user to become a block producer. Block producers support the network and get rewarded with new coins for doing so, this function replaces traditional mining which is expensive and complicated
In a nutshell it is both rewarding and cost effective to use CREDIT for payments.
Q3. What are the major milestones Terracredit achieved so far & what are in future pipeline?
Ans — We launched on mainnet back in 2018 with wallets for every conceivable device, including raspberry pi. Lets in 2019 we launch our own exchange, merchant network and payment app. We added mobile POS staking with MiniPOS late last year. We have over 40k users on MiniPOS and about 20k miners using blockchain wallets. We also developed terramart, which is like shopify or ebay. Free merchant account, personalized URL and store. 0 fees and commissions. Only uses CREDIT. We have registered 3 companies to facilitate fiat services in South Africa, Nigeria and Colombia. We offer NGN, USD, ZAR and COP fiat topups with CREDIT card and bank payment options. We carry out fiat based settlements through the app for Nigeria, South Africa and Colombia.
Questions Asked on Twitter For Terracredit!
Q1. You’ve mentioned that this will be the future currency for Africa, Have you managed to build your first ATM machine in Africa? If so How did you manage to get people interested in $CREDIT?
Ans — No not yet, they are currently in fabrication and we are exploring rental options in the short term.
The second part : We ran a massive airdrop in 2018 and included referral. We used KYC to avoid exploits and ended up 486K airdrop users.
Q2. I checked your whitepaper which contains so many use case, but the transaction fee attracts me, how’s this working?
Ans — The basic fee is fee is 0.0001 CREDIT so even is CREDIT is $1.00 it would cost $0.0001 to send unlimited funds. The fee is set low because of the POS rewards, they replace the need for fee structure.
Q3. While some project in blockchain still believe that unbanking the economy is not so better plan but still how Terracredit is going to adopt decentralization in state of centralization?
Ans — I dont quite get the first part but I am confident I can answer the whole question. We are developing community branches, where we have field based representatives who meet with and teach the community about CREDIT. Mining is easy even on their mobiles and rewarding, we have over 60k people earning a living from CREDIT blockproduction, especially at this time during global lockdown.
The first branch opens in less than 2 weeks, In Port Harcourt Nigeria with Lagos and other states coming inline quickly.
Q4. On November 16,2018 is the Terracredit GENESIS block.
But there was a Pre-Mine of 30.4Billion coins via Proof of Work.
Now, what is the Use of these Pre-Mine?
Is this for Developments or for the CEO?
Ans — We gave all those coins away in our airdrop.
Q5. In crypto now there are many projects which claims alternative to cash, how’s Terra Credit is better from others?
Ans — We are very connected to fiat with our Terrabit app. Users mine credit for profit on the app and then sell in 1 click and withdraw to their bank account in 1 click. We are furthering our franchise’s across the globe with the armerica’s and asia coming online in the next few months. Spending crypo is what makes it replace cash.
Credit right no is fast and free, fats being that is shows instantly and clears after 6 mins, free meanif fee is 0.0001 CREDIT.
we have an upgrade in the form a of hardfork coming up :
Our hard fork in august will add the following:
1. Instant 0 confirmation transactions
2. Master nodes
3. DAO
4. Privacy
5. POS
QUIZ SECTION
Q1. When did CREDIT block production start on mainnet ?
Ans — On November 16,2018
Q2. Can CREDIT be mined on a smartphone ?
Ans — Yes, can be mined in phone
Q3. Is CREDIT a POW, POS or Hybrid POW/POS Coin ?
Ans — CREDIT is a POW & POS Coin Hybrid
Q4. What algorithm is used for mining CREDIT ?
Ans — Scrypt
Q5. Is there a wallet for Raspberry pi ?
Ans — Yes, Raspberry wallet is there
Questions Asked by our BlockTalks Community Members during live Session for Terracredit team!
Q1. what are the ways that Terracredit generates profits/revenue to maintain your project and what is its revenue model ? How can it make benefit win-win to both invester and your project ?
Ans — There is no way currently, we were to generous we gave away our coins in airdrop. But once the hardfork takes place and the DAO is in place we will get our requirements from the blockchain.
Q2. Is there any future plan to makes Terra wallet or credit card to makes user can spend crypto in real life easly?
Ans — Yes, we are negotiating cards right now. They said yes, if we make another version of the app with no crypto. So we are not satisfied and are pushing applications to get a better position.
Q3. Forex, Stock, and Crypto Market is crashed due to the declaration of Covid 2nd Wave.
What is your approach with this rising big problem of Crypto fam?
Do you have already plans in order not to be affected with that problem?
Ans — Its not possible to mitigate everything. We do howeever have measure in place, for instance our MiniPOS mobile staking solution has a 30 day lock period. Which means no can really insta dump or sell very quickly. The profits they earn are paid out to their active wallet to serve as a passive income whichmany are using at this time.
Q4. Based on your Roadmap August 1 will be the Swap event, What will be the major effect of this event to $CREDIT Holders? How will this benefit us Trading with $CREDIT in the long run?
Ans — It very layered, first a reduction in supply x 1000 and then a further reduction in mining rewards, down from 100% to TBA. So we expect people who are not onbaord long term will cash our pre swap and those onboard will hold out for much higher than 1000x to absorb the shrink.
Q5. Adoption & Awareness about Platform is very important for any Creator as well as Users!
So, What are your plans to attract More users as well as Creators with Non-crypto users too on $CREDIT ?
Ans — community branches in our terriotries untiul we have funding we dont really advertise much, its a case of the community should play their part.
Q6. 2 days after GENESIS Block,,,,
TerraCredit transitioned into a (POS) Proof of Stake from a(POW) Proof of Work.
Now tell us, what is the reason behind the Transition in just a very short period of time?
Ans — Our target user cannot afford a PC let alone a power hungry rig. So we use POS scrypt based mining so that hardware is not a requirement, in CREDIT your balance is your power. But miners dont compete either. Its very complex take a look at the science behind it in the whitepaper, its called weight.
Q7. Your name makes a reference to the earth, and your logo is an inverted triangle with a ring, like some planets have, what message is intended to be send by these symbols?
Ans — Our logo is the symbol of Earth, slightly altered it just means earth.
Q8. While going through What is Credit on your website, I saw this — “We see CREDIT as a viable replacement to cash and a rewarding option that is attractive to new users”.
As crypto project base in Africa where crypto is not yet regulated or approved legally, could you tell us how you aim to deal with the issue of Government Regulations and approval as regards the Credit Token in the future?
Ans — We are decentralized so government what, anyway thats a broader question for all of crypto. We are fully licensed an register to deal in fiat, so we take the time to dot our i’s and cross ou t’s which means we will always operate within the law. no law no issue.
Q9. Staking and DeFi are very popular in crypto space. Are there any ideas to implement DeFi in Terracredit platform? Does Terracredit have a staking program?
Ans — No we are a payment processor, ig you look at ETH you can see that any Defi p[roject relying on ETH miners is not really goinf to offer a decent deal on transactions, they are slow and expensive in comparison to instant and free. IMO eth and Defi are better as custodial applications rather than to facilitate fast and or cheap payments.
Q10. Does TerraCredit have any own card? Any plans to link VISA or MASTERCARD suits to the project?
Ans — We are working on it, VISA literally hate Crypto coz of wavecrest disgrace. But we have been authorized to offer mobile companion cars for our payment app if we either make a crypto free version or if we remove crypto. Thats the standard response , so in order to achieve a better result we have made offical applications and we aim to have physical and virtual cards early 2021.
Q11. What are the uses of Terrabit app? Is it available in all countries or is there a time limit?
Ans — All countries, its like payapal with no fee’s maybe you can understand its uses. also you can stake CREDIT and instantly convert profits to fiat or other crypto.
Q12. What infrastructures other than (PoS) are available to offer blockchain-based payments? Can PoS be considered as the infrastructure with the best usage advantages in this sense?
Ans — Work is never done, we always improving. We have submitted our terrabit api data to cmc it should be what they want but we are waiting for them to mkae terrabit a tracked exchange. POS is currently the only ways blocks are created right now.
Q13. I’m from India. I have a cryptocurrency ( crypto trader) but I can’t pay crypto as a payment to buy necessary grocery, food, mobile bill payments now how is it possible #TerraCredits is alternative to cash in my life.
Ans — In nigeria, south african and colmbia you cna instantly convert credit to fiat and have it sent to your ban account. In future we are adding visa. then you spend it anywhere.
14. For a currency to replace cash, a big adoption is necessary. How will TerraCredit achieve this goal? Considering the fluctuation of the currency, how will you generate confidence in the users?
Ans — Dont confuse a coin with an app. Terrabit is fully funded by myself the CEO and the respective Franchisee’s . The coin $CREDIT has 0 funding right now, but will beenfit from the governance budget of the DAO in future. We ahve no funding, never have apart from what I have invested into the infrastructure.
Q15. With such low transaction fees, how does TerraCredit generate income? For a project to be sustainable, it requires a good business model. How does TerraCredit do it?
Ans — We opened tradint at 1 gwei a year ago and we hav rarely been near that price, crypto fluctuates as do all assets.
Q16. With the arrival of many blockchain projects, especially payment projects with the latest technology, scalability, efficiency, even without transaction fees. Does Terracredit feel the pressure of this on the race of global A Privacy-Preserving Computation Network solutions ?
Ans — No because we dont worry about the world, we focus on our market which is primarily Africa. We are not going top spread ourselves thin, we will fcous our effortsd and franchise the success.
We have offchain privacy coming before the end of the year, you can take ccoins off chain with no record of any transaction.
Q17. You started 2018, the full bearmarket extended throughout the ecosystem, I would like to ask how these times survived, what did they work for and what does it bring us now?
Ans — I started as mone man prepared to do whatever it takes to make this work out for my users. So I have probably over invested LOL but I would say its the way we grew and the coin itself, mining $CREDIT quickly becomes addictive. Your average credit community member is HODLer for sure.
Q18. Which LEGAL SUPPORT have Terra-Credit to do its operations without restrictions? It’s open wide? can be used in any country?
Ans — We have registered companies in the respective countries to carry out fiat, when it comes to crypto well thats the best part about decentralization. Obviously we dont go after crypto banned territories but we dont stop anyone from using credit. KYC is required for fiat transactions to assist with AML but when it comes to crypto we bel;ierve in freedom.
Q19. What is the business model of Terracredit? In which industries can we see the mass adoption of Terracredit in the near future?
Ans — We dont really talk about then, with guys like binance trying but currently failing to make progress in our regions we keep our cards close to our chest.
Q20. The PoS its now the more common Consensus used, but i know that you have your OWN PoS version, so Why your personal PoS model its better than others?
Ans — Miners dont compete in our POS even if you have 1bn coins and I have 10,000 I will still eventuall earn due to my weight. DPOS is garbage because 50 delegated producers can hijack a chain, we have over 20k decentralized solo stakers, so yeah when 3 guys run BTC mining and we have 20k individuals you can really ask yourself a question about what does decentralization mean.
Q21. DASH is a cryptocurrency made for payments, the most famous one in this field, so you see them as a competitor, and if yes, how is Terracredit better?
Ans — Not really its hard to define a compettior for us in our markets, here in Africa and with unbanked we stand alone. Well other crypto is largely prevailant throught out africa but in our secotr the unbanked we stand alone.
Q22. How can a user become a block producer? Is it completely guaranteed that users who decide to invest will receive a 100% annual profit? How does this system work and who supports it?
Ans — Just download a desktop wallet and send min 10,000 coins to it, after 1 years they will be min 20,000 . Its guaranteed and if you dont sell the new coins it becomes compounded. this is done through the blockchain. there is nothing to debate about that really thats why 20k users mine credit.
Here are some important links of Terracredit 👇
