CREDITS
CREDITS is an open blockchain platform with autonomous smart contracts and an internal cryptocurrency. The platform is designed to create services for blockchain systems using self-executing smart contracts and public data registry.
CREDITS is an open blockchain platform with autonomous smart contracts and an internal cryptocurrency. The platform is designed to create services for blockchain systems using self-executing smart contracts and public data registry.
Project details
Incorporation status
CREDITS.COM PTE.LTD. Singapore
Available project code
N/A
Stage
Currently, an MVP of the platform is available. As of 25 of December 2017, the MVP allows to create a wallet, transfer CS tokens between network participants and save the transactions. The Alpha version is expected to launch in January 2018. Though some functionality can be already tested, the product is still at a very early stage and the release is only planned for June 2018 and this date is subject to change.
Token description
ICO date:
15.02.2018 - 28.02.2018
Platform:
N/A
Role of token:
CS token will be used as utility token for payments within the system. Also, the CREDITS cryptocurrency can be used as a standalone currency unit outside the platform. As of December 2017, there are no agreements with exchanges to list CS tokens. However, these negotiations are now in progress.
Token price:
1ETH = 5000CS
  • Pre-ICO: 1ETH = 5000CS + 30% Bonus -> 1ETH=6500CS
  • ICO: 1ETH = 5000CS
Sum of tokens:
1 000 000 000 единиц
Maximum cap:
33 000 000
Blockchain:
Own Blockchain
Consensus
method:
DPoS + BFT
Escrow agent:
N/A
Accepted currencies ICO:
ETH , BTC
Bounty camping:
More details on Bounty Campaign can be found here: https://bitcointalk.org/index.php?topic=2241121
Token distribution date
No data
Markets
No data
Whitelist:
N/A
Token distribution:
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Investment attractiveness
Market
CREDITS is entering the market of Blockchain platforms. The market cap of cryptocurrencies went up to over $600B during 2017 and received attention from the global central banks. Main factors likely to affect the future development of cryptocurrencies are, in our opinion, interventions by the government and central banks and questions on how the sector will be regulated. Apart from Ethereum, there are other large companies creating Blockchain platforms which already gained high market cap (Lisk, Waves, Stratis). That is why the competition on the market of Blockchain platforms is stiff and it might be hard for CREDITS to attract significant amount of customers.
Product
CREDITS aims to create a single distributed decentralized platform built on Blockchain operation principles, built-in self, executing smart contracts, and the internal CREDITS cryptocurrency. The platform will provide the community with its API, SDK and Java virtual machine to integrate new services developed by the platform users. Currently, an MVP of the platform is available. As of 25 of December 2017, the MVP allows to create a wallet, transfer CS tokens between network participants and save the transactions. The Alpha version is expected to launch in January 2018. Though some functionality can be already tested, the product is still at a very early stage and the release is only planned for June 2018 and this date is subject to change. Now, the program code is not available on GitHub but the team says it will be published after the release of Alpha version. The roadmap is only given for 1H 2018 and is split by the product development stages. It barely describes the highlights of product development. In general, the roadmap could be more detailed.
Team
The CEO of CREDITS – Igor Chugunov – has previous executive experience. However, this experience was in the area of marketing and advertising, not in tech. He previously worked at IT-finance company but focused on marketing. CTO of CREDITS – Evgeniy Butyaev – has 10 years’ experience of software development and 2.5 years’ experience in Blockchain. Business Development & Marketing specialists of CREDITS do not have enough relevant experience prior to joining the company. What is more, the whole team is spread around the globe according to Linkedin. That is why robust development of the project might be at risk.
Model
CREDITS platform users will have to pay in CS tokens for any use of the platform other than data reading. However, team does not explain how the exact fee level will be calculated. Therefore, the commercial viability of the platform is not clear. Companies can transfer part of their operations to the CREDITS blockchain, and financial services can use blockchain and self-processing smart contracts to build algorithms for the services. CREDITS is the platform to create products and services by third-party users. The platform does not provide coin mining. That is why, it might be hard to attract new users on the platform.
Finance
CREDITS will issue 1B tokens in total. The sale consists of two phases: pre-ICO is held from 10th Nov 2017 to 31st Dec 2017. The bonus for pre-ICO is 30%. The public Sale will be held 15th Jan 2018 - 15th Feb 2018. The minimum contribution in pre-ICO is 0.01ETH. The price of token for Pre-ICO including bonus is 6500CS=1ETH. The price for Public Sale will be 5000CS=1ETH. The Hard Cap of CREDITS is $20M, the Soft Cap is $15M. The Minimum Cap of $1.5M has already been reached. The Soft Cap is well above the median size of the investment round of companies at the same stage. (US software startups, seed stage, Pitchbook). As CREDITS will sell 60% of tokens during pre-ICO and ICO, the company valuation will be around $25M in Soft Cap scenario and $33M in Hard Cap scenario. These figures are 3X and 4X times respectively higher than the median US software seed stage post-money valuations. CREDITS will reserve 15% of tokens for the core team. The team bonus then will be around $3.75M and $5M in Soft Cap and Hard Cap scenarios respectively. Now, the team bonus is not bundled to any KPI and does not have vesting scheme. CREDITS does not provide any financial forecasts or assumptions for their growth. The given expenditures’ structure is too broad and is not detailed.