Creditcoin Q&A | May 2024

Creditcoin Q&A | May 2024

Welcome to the monthly Q&A Corner of Creditcoin, your go-to source for insights, updates, and answers directly from the Creditcoin team. If you'd like to have your question answered next month (and win some CTC for getting selected), then make sure you follow us on X and tap the bell icon to get notified when the Q&A survey goes live.

Let’s jump in!

1) Good Day from here Creditcoin family.
I have no doubt that this is the best project I have seen so far.
My question is, isn't it a great idea to create a more detailed video on how to use the Creditcoin swap?

Thanks for your support; we tend to agree with you! To swap CTC <-> wCTC, we've created a step-by-step blog post along with tutorial videos to help you navigate the process more easily. To learn how to use the Creditcoin Swap tool, you can simply follow our handy guide here.

2) How is CTC capable of integrating RWAs in the ecosystem?

Creditcoin’s RWA roots go back to the beginning via the on-chain recording of loans from fintech lenders. With the Gluwa Invest program, we provided a fixed yield to our participants from the interest generated by those loans.

Now, we’re entering the next phase of RWA integration via our EVM Chain, allowing RWA projects to build on our L1 blockchain to further bridge the real world and traditional financial products with DeFi. By upgrading to an EVM chain, we open up more dApp possibilities, including increased access to RWA products from ecosystem builders.

Make sure to join our gamified EVM-Compatible Testnet, rack up as many reputation points as you can get, and be a part of the Creditcoin movement before Mainnet arrives.

3) Creditcoin and Gluwa is aimed at spreading its ecosystem in Nigeria, but the Nigerian government is trying by all means to ban cryptocurrency. With this bottleneck, how does the team intend to foster adoption in Nigeria?

It is important to point out that the government is not actively trying to ban crypto, but find ways to best harness the technology for its citizens. We’re aware of the recent regulatory challenges in Nigeria and remain committed to adhering to local regulations to foster a mutually beneficial partnership. Additionally, Gluwa is actively collaborating with government authorities to discuss the best ways to navigate the best path forward.

Gluwa’s aim is to implement proven solutions like on-chain credit reputations and CBDC infrastructure to drive the adoption of digital assets in the region and reconcile digital gaps. Through these efforts, we will continue to support sustainable growth and innovation in Nigeria’s technological and financial infrastructure.

4) How does the upcoming 3.0 upgrade of the Creditcoin protocol, which introduces EVM-compatible ‘universal smart contracts’, aim to connect RWA investors across multiple chains?

Great question! With this upgrade, RWA dApps launched on Creditcoin 3.0 will have the ability to natively operate across various blockchain networks. This means users are no longer confined to a single chain; instead, they’ll seamlessly access users and liquidity for their dApps on a variety of distinct blockchains. Cross-chain compatibility means greater flexibility and a better experience for developers, investors, and end users in terms of secure access to various RWA opportunities across ecosystems.

5) RWA is a lucrative investment. Creditcoin is included in the RWA project that is glimpsed by investors. But it cannot be denied that the most widely used blockchain technology is EVM.

So, my question is what strategy will be carried out by the team to attract more developers, investors, and of course, users at the time of CreditCoin 3.0 mainnet later with many other EVM networks?

This is a good point. A lot of the best cryptographic primitives are written to be EMV-compatible, meaning that this is the best move for scaling and onboarding innovative projects. Given this environment, we’ve got several multifaceted strategies we’re pursuing.

First, we’re building out initiatives to attract a robust user base within the ecosystem. We’ll be rolling out engaging community initiatives to grow an active user base and attract builders. In turn, when we launch mainnet, we’ll be able to offer useful partner dApps in our ecosystem with the end goal of seamless cross-chain capabilities.

We’re also planning hackathons, grant programs, and other gamified initiatives to incentivize developers to build on the Creditcoin EVM-compatible platform. We’re currently intensifying our business development efforts to secure high-quality project integrations. By collaborating with both established and emerging projects, Creditcoin's value proposition continues to improve, allowing us to better engage new and existing stakeholders.

About Creditcoin

Creditcoin is the world’s leading real-world asset infrastructure chain for financial institutions, connecting global borrowers, lenders and investors on-chain. To date, the protocol has helped its partners record over 4.27 million real-world credit transactions, valued at $79.7 million USD, while servicing 337,000 customers worldwide across emerging markets.

By transparently securing credit history and loan performance on the Creditcoin network, the protocol has already helped thousands of borrowers, businesses, and investors secure capital financing, build credit history, and grow their global RWA investment footprint.

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