Tae Talks | Community Questions

We sat down with Tae to answer your community questions, covering 2.0+ staking requirements, 3.0 design and much much more…

Tae Talks | Community Questions

We sat down with Tae to answer your community questions, covering staking requirements, 3.0 design and much much more…

Hello and welcome to the first iteration of Tae Talks, where we sat down with Tae, the founder of Creditcoin, to answer your burning questions about the future of Creditcoin, gathered from across our Discord and Twitter communities.

In today's discussion we answer topics including Creditcoin 2.0+ staking requirements, Creditcoin 3.0 design, CTC Token merges, Credit Penguins and more! Due to popular demand, we're releasing the transcript version of our interview early. The interview will also be released in video format once editing has been finalized.

If you've still got questions which you want answering, make sure you hop into our Discord to ask us directly: https://discord.gg/creditcoin

Without further ado, let's dive in...

What are the validator node hardware requirements for 2.0+?

Question from Dore, what are the hardware requirements to run a Proof-of-Stake node in 2.0+?


Okay, so minimum system requirements that we have now is, for CPU, Intel core i7 7700 or better, for RAM, minimum 16 gigabyte DDR4, for storage, a minimum of 256 gigabyte, but recommending over one terabyte. This will increase as the chain grows for obvious reasons.


As you can tell, it's not particularly demanding. So one advantage of 2.0+ is that new users will be able to run their own nodes much more easily than is currently possible, which should mean more participation, more decentralization and more security as well.

How will Creditcoin achieve it's interoperability promises?

From Primary and others, Creditcoin 3.0 is making a lot of big promises, multichain NFT markets, DEXs and more. How are these actually achievable? How do you plan to deliver this all? If this was such an easy problem [to solve], why hasn't it been done before? When will we learn how this is all possible, right?


Yeah, I agree. This is not an easy problem to solve and that’s why other people haven’t done it yet. Up to now, we’ve seen two kinds of multichain protocol solutions. The first one being protocols like Cosmos or Polkadot that essentially assume that every other chain will be a subchain of the mother chain, but that solution is a little bit siloed. So for example, that model can’t effectively include Bitcoin, Solana or all the other L1s and L2s which are not built to be compatible with their ecosystem.
And the second group of thought is, okay, let's make a group of oracles, or a network of oracles, that pass messages from one chain to another. This model actually works and Creditcoin 3.0 doesn't make it obsolete. We will work with these chains too, but they add a complexity problem.
So each time you want to make a connection between two chains, you have to deploy a pair of smart contracts. So that means if we want to make N number of chains interoperable, that means we have N-squared number of smart contracts deployed everywhere. So this is an OM problem which is very complex.
What we want to do instead is we want to create a standardized environment for smart contracts to be able to interact with other blockchains. And so instead of deploying N-square numbers of smart contracts, we want to deploy one smart contract that is a Universal Smart Contract that allows other blockchains to be connected directly through this environment [Creditcoin 3.0].
And while I want to give you a thorough explanation of how it’s all going to work, that’s going to take a while and I'm not sure if I can give you a simple explanation for it. So instead of doing that, let's wait until we publish the Creditcoin 3.0 whitepaper, where you’ll get the full picture of the specifications and see how everything is going to work.

How will we communicate the 2.0 -> 2.0+ migration?

From Dore, how will we communicate the migration from 2.0 to 2.0+, where will people be able to find out about it?


So as soon as we have all the specifications for 2.0+ completed, you will see our announcements across all of our social channels, including our Twitter, Discord and our Medium pages. So please stay tuned on our social media sites.


Discord is probably the best one, Discord or Twitter. If you’re a miner, then the forums work as well.

When will we be releasing and promoting the Creditcoin 3.0 specifications?

From 마레, so far, there's been limited reactions to the Creditcoin 3.0 news from other projects and industries, so I'm a bit worried. When will you be releasing more specifications on Creditcoin 3.0? And, how and when will we be able to promote them to other industries and other protocols


It's very understandable that other industries or other companies are not using Creditcoin 3.0 when we haven’t even announced the whitepaper yet - they don't know what the protocol is going to look like. But, you can expect more details to come out around Q4, maybe even Q3, where you will be able to see how Creditcoin 3.0 gets implemented and how it's going to work.

Is Creditcoin currently used to generate credit scores? And how will Creditcoin 3.0 affect this?

Question from Deadfall on Discord, is Creditcoin currently used to help generate credit scores? If so, how does it work? And if not, how will creditcoin 3.0 help to enable this kind of usage?


So a couple of fintech lenders we’re partnered up with are already recording credit history on top of Creditcoin 2.0. The expectation, the hope that we have is, our investors will be able to browse and evaluate the credit history of each associated fundraising pool and make investment decisions based on that. We want to improve this ability by improving the user experience and transparency in the future.
But Creditcoin 3.0 actually enables us to make the blockchain more interactive too. What I mean by that is instead of being an app chain that's solely dedicated to creating a credit market and record credit history, we will now be able to deploy smart contracts on top of it to use the data that we acquire. So based on X data, we assess Y risk and make Z transactions - that kind of implementation will be enabled by Credicoin 3.0.
[In terms of credit scoring] we are expecting to create a [secondary] credit scoring model market, where investors will be able to choose a credit model that they like and trust. Based on that model you will be able to dynamically assess new Investment Opportunities and make your investment decision based on the assessment of each model.

Doesn’t Creditcoin 3.0’s technical structure make it both incredibly storage-heavy and computationally intense?

From 자산가, so looking at the technical structure diagram of Creditcoin 3.0, there's basically a data lake containing all the other networks in the middle. But, if you adopt this kind of structure, won’t that make Creditcoin 3.0 incredibly storage heavy? You’ll basically have to contain all the data from all the other networks simultaneously. Secondly, won’t Creditcoin 3.0. 's interoperability features create very computationally intense transactions, making multi-chain coordination inefficient and pretty difficult?


Okay, so to answer the first question, if you want to run a full node of all the blockchain, yes, that will be very storage heavy because you’d need to store the full data of all the blockchains that you want to validate for. But, as a 3.0 validator, you will have the option to choose which blockchains that you want to validate or not.
So for example, if you're a Bitcoin validator, you're not obligated to validate all of the transactions in the mempool, you already get to select the most valuable transactions, with the most transaction fee attached to them, and then process them first. It will be the same for 3.0, with the node provider deciding which chains they want to validate locally.
For the second question, would it be computationally heavy to provide multichain transactions? I disagree because 3.0 essentially just makes a couple of different transactions on each blockchain. So that doesn't mean you’re creating a much more complicated problem, you're essentially just multiplying the number of transactions slightly.
Let's say you want to make a transaction across N number of blockchains, that means you have to do N-times the regular computation that you’d have to do making a transaction on a single blockchain. Yes, it’s more computationally heavy than a single chain solution, but if you’re deliberately working across chains, that N is probably still fairly low. So I think that's pretty doable.

Will we be running campaigns to attract potential developers to Creditcoin 3.0?

From Twitter User xo_ogx, after Creditcoin 3.0 is released, is there any possibility of providing a demo site for developers that shows the techniques which can utilize Creditcoin 3.0 to create new kinds of smart contracts and multi-chain deployments, similar to the current real world asset investing 101 course?


I'm probably best placed to answer this one. So yeah, in the marketing department, we've spoken to Alan, the director of marketing, and that's definitely something we're considering. So far, the Real World Asset Investing Program has been pretty successful and we've reached a lot of new users (600+ at the time of writing). And so when Creditcoin 3.0 is at a later stage of its development, and we have a better idea on how developers can actually play with it, then yes, we would certainly want to build something which specifically targets and educates developers to build that kind of interest.

Is there a plan to merge mainnet and ERC-20 tokens with Creditcoin 3.0?

From two different people, Jason Jeong and 크레파스, ERC20 token supply, in other words, G-CRE, has continued to grow whilst mainnet CTC is still essentially untradeable. Is there a plan to finally merge the two tokens with Creditcoin 3.0?


So we can boil down this question into asking, are we merging the two CTC token supplies from Ethereum and the mainnet? Yes, that's the plan. So we are planning to merge all of the CTC supply. Having said that, while we're planning and hoping that everyone will merge into CTC 3.0, we cannot enforce it either.
If you don't want to, then there’s no way for us to force you to get merged, but we are hoping the community actually gets merged into a single token. We will work with our exchange partners to list the mainnet CTC, which will be CTC 3.0 in this case, which should also help push people to merge voluntarily.

How will the token merge impact price?

From 프리티모, if ERC20 tokens (G-CRE) are integrated with mainnet tokens with 3.0, then surely the value of the current ERC20 supply will be further diluted. Won’t this have a negative market impact? And if so, is there a plan to reduce it?


I have made a proposal to try and help, but I cannot control the market. What we are proposing to do with the upgrade to 2.0+ is to reduce the block reward so that mainnet token issuance will be slowed down.
We’re also keeping the burning mechanism. So, since CTC burning is still occuring at the same rate and token rewards are getting minted less, we expect to see a stronger deflationary effect on the mainnet token supply. So, long term this actually means less supply growth, and we will see less CTC getting minted throughout the whole ecosystem.

What will be the marketing strategy for 2.0+ and 3.0 in the future?

From 프리티모, recently the Creditcoin team hired people related to marketing. What will be the marketing strategy for 2.0+ and 3.0 in the future?


I can start by saying, the focus will be primarily on Creditcoin. Gluwa obviously still has an important role, but we really want to nail the real world asset narrative. We want to dominate that.
You've hopefully already seen we're trying to get ranked on search engines by publishing more targeted articles, and you’ve also seen our recent Real World Asset Academy course. We're promoting that quite broadly, and we've really had over 600 of users sign up to date. So the focus is about education, education, education - that's how we're trying to reach new users, by providing quality content.
But, the other important aspect is that we really want to focus on bringing in the right kinds of users: sticky users, people who believe in the project and who stay around. Obviously for us, the best way we can do that is by using ‘Show don’t tell’, a classic writing/marketing phrase. It basically means that by delivering the protocol, by delivering more usability directly, we can engage our users better, helping us to keep people in the ecosystem.
So in terms of reaching people, we've got lots of education planned across lots of different channels: whether it's real world asset education, or as we’ve discussed previously, talking to developers about what they can build on 3.0, this is how we reach people. And then once they’re in [the ecosystem], we want to show them what they can do with Creditcoin, transition them into being a user and really helping them to extract the maximum value that they can from this ecosystem, and then obviously, spreading the word once we’ve converted them, because the best marketing tool we can have is a strong community.

Will Creditcoin 3.0 deliver a direct B2C investment model?

From 프리티모, as far as I know, the Creditcoin team has been mainly focused on the B2B [business to business] model to date. If Creditcoin 3.0 is introduced, then a direct business to customer model will be possible. Are you actually planning for this business to customer model? And if so, do you have a strategy for how to create this new consumer use case?


As we’ve discussed, Creditcoin 2.0, is still somewhat lacking the end-user experience that we want. It lacks interactivity and lacks transparency for the end-user to actually digest the content and services that Creditcoin provides. We want to improve this for both 2.0+ and 3.0.
For 2.0+ , as aforementioned, we will be enhancing the explorer at some point to help you follow the investment and the flow of funds happening on top of Creditcoin, letting you actually utilize the data and see the real-world impact that you're making.
For 3.0, as 프리티모 mentioned, it actually allows Creditcoin to provide more general DeFi or Web3 use cases as well, such as DEXs, NFT marketplaces - basically any other EVM-compatible services can now also be reproduced on top of Creditcoin. Based on those new capabilities, we are planning to build and work with third parties to provide more real world asset market services and products.


Does that mean anyone can just come in and use 3.0 to trade real-world assets, to invest in businesses and more on whatever chain you want?


Right. So users can now, powered by a Universal Smart Contract on Creditcoin 3.0, interact with multiple chains to perform real world asset business use cases, or even just general Web3 business use cases.
We are also going to focus on building a Creditcoin platform for Creditcoin specific services. Many of these RWA services will be provided on the Creditcoin website and through a web app we are currently planning. Of course, users will still have to use an interoperable wallet to interact with this web app, but they can use whatever wallet they want, be it Metamask or the Gluwa app etc.
But, because KYC is still required, Gluwa will still be used for a lot of the direct investment activities. Nevertheless, you will be seeing a lot more things happening under the Creditcoin umbrella from now on.

Any updates on the BNB Chain USDC migration?

From Primary: Any updates on the lottery BNB chain USDC migration? The initial migration estimate was April. Obviously that window has now passed. So what's happening?  [We’ve now announced the delay with additional information in the Discord: https://discord.com/channels/762302877518528522/839859496113537054/1100721311027830837]


To answer your question, the delay was partially caused by the banking crisis which happened with Silicon Valley Bank and Signature bank. Every crypto company was affected by it. We are still waiting for things to settle down so that we can reopen it. But the technical development is basically 90% done.
I say 90% done because we haven't actually released it yet. Now, we are waiting on non-technical issues to get resolved before migrating it. We also want to launch the FTA and Lottery Account on BNB at the same time, to tie everything on BNB together for marketing reasons.

What’s the biggest challenge you’re facing as the CEO of Gluwa?

From Cryptotoday, what's the biggest challenge you're currently facing as the CEO of Gluwa?


We need to hire more people, more good people. The company is growing really fast on many levels, so I need to find people who can perform in certain areas a lot better than I can. And that's still the most important part of my job, coordinating the different teams with the right people to optimize output.

How many Credit Penguin variations will there be?

From the aptly named Credit Penguin, how many credit penguin variations will there be?


I believe the figure is 7777 and yes, absolutely, they will all be 100% unique, no duplicates.

What is happening to older Gluwa and Creditcoin NFTs?

From XoogX on Twitter, what is going to happen to all the old Gluwa and Creditcoin NFTs once CPC is released?


They’re gonna stay there forever… but to be honest I don't 100% know. Maybe we will give some special perks for those. But PFPs, CPC in this case, will be treated differently. I'm not saying which one is better than the other. I'm just saying that they are going to be treated like a different collection.


Also if you have one of the old NFTs we’ll be running certain events where you can use those to help you get one or two CPC whitelist spots in future. So we haven't forgotten about you guys, you’re the real OGs.

How will you make people believe in Creditcoin?

From Dimoonet on Discord, the people I talk to online say that Creditcoin hasn't actually delivered that much. It isn't cool anymore. I believe they're wrong and that Creditcoin will change the world for the better. So if you were me Tae, what would you tell them to make them believe that?”


It's a tricky question. I don't think they have to believe. They will see it. And when they see it, there will be no way to deny it. Then they will believe me at that point. It's on the team to deliver the vision and make real changes which allow other people, who are not in the community yet, to see and understand what Creditcoin is and how Creditcoin can actually impact the world. Yeah and that didn't happen yet. So we'll make that into reality and solve that problem for you.

That's it for the community questions everyone. As a reminder, the full interview, covering even more ground, will be released at some point in the future once editing has been finalized. Please be patient while we get that sorted for you all.

In the mean time, if you've still got questions which you want answering, make sure you hop into our Discord to ask us directly: https://discord.gg/creditcoin

That's it from us, tune in next time :)

About Creditcoin

Creditcoin is a foundational L1 blockchain designed to match and record credit transactions, creating a public ledger of credit history and loan performance and paving the way for a new generation of interoperable cross-chain credit markets.

By working with technology partners, fintech lenders such as Aella, and other financial institutions across global emerging markets, Creditcoin is securing capital financing, building credit history and facilitating trust for millions of underserved financial customers and businesses based on the principles of RWA.

Website | Twitter | Discord | Medium | Youtube | Telegram(ANN) | Telegram(Community) | Whitepaper(ENG) | Opensea