Recap of AMA Series #14: Crypto OLALA x Terra Credit and Mr. DANIELE RONCHESE — Founder of the Terra Credit.
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On July 15th 2020, Terra Credit team and Crypto OLALA group organize an AMA to make the community members know more about Terra Credit and what is its application? Here is recap of it:
Segment 1: Introduce and Question Warm-up: Moderator Mark will ask 2 question warm-up.
Moderator Mark:
Question 1: Can you please briefly introduce yourself and Terra-Credit Project?
Mr. DANIELE RONCHESE — Founder of the Terra Credit:
My name is Dan I am the founder of TerraCredit DAO. TerraCredit began as a passion project over 6 years ago and was officially launched on mainnet in November 2018.
I began the project as a single Terran and with some clever planning, a lot of faith and some time we were able to grow to the community as you see it today.
The new TerraCredit is essentially a decentralized payment platform in the shape of a DAO with decentralized non DPOS based governance and POS staking. $CREDIT is designed for mass adoption by the world’s unbanked population. A suitable alternative to cash.
DONE
Moderator Mark:
Question 2: Currently the world is going through a difficult time because of the pandemic, how do you rate the development of BlockChain and Crypto in the future? Does Terra-Credit prepare any new plans in the near future to accommodate those unpredictable developments?
Mr. DANIELE RONCHESE — Founder of the Terra Credit:
The pandemic is an absolute disaster, globally it will take decades to recover from the financial implications. However I feel that unfortunately but fortunately it is good news for Crypto. This opinion of mine is centered around some pretty harsh truths but the basics are obvious. Cash is in its final death throws, the fact that it acts as a go between for spreading the virus its also useless in lockdown. Our users only have Cash as they are unbanked.
Well being a “digital” currency solves many of the issues related to payments in a society conscious of germs. Contactless payments are the only way forward. One of our biggest tools to achieve mass adoption is our App : $Terrabit , which since launch has offered qr based contactless , instant and free payments.
DONE
Moderator Mark:
Thanks a lot for brief introduction Terra-Credit and Great sharing information plan from Mr. DANIELE RONCHESE
Now, we are going to Seg 2.
Segment 2: Question Selected Twitter :
Moderator Mark:
We received over 220 questions in the process of collecting questions from the Twitter
Now, we begin with 5 questions that have been selected.
Question 1: Explain the main utilities and use-cases of Terra . What are the real world use case of CREDIT network coins ? Where we can use CREDIT Token?
Mr. DANIELE RONCHESE — Founder of the Terra Credit:
$CREDIT is designed to be a payment platform, to offer fast and virtually free payments to the worlds unbanked. We use $Terrabit as a platform for managing your $CREDIT. Our users receive funds from abroad in $CREDIT and instantly convert it to Fiat and withdraw to their bank accounts. We have a merchant network as well which is growing and we provide free access to $TerraMART, our multi vendor marketplace. Our users are able to create their own online store with their own unique URL. $CREDIT is used as the only means of payment, with transactions carried out on the blockchain. You can buy almost anything from the vendors there and prices are easy to understand as we use coinmarketcap api to covert USD prices to $CREDIT value in real time at checkout.
Terramart is like ebay but with no fees or charges.
DONE
Moderator Mark:
Question 2: Do you have any partnerships with other projects to focus in the near future?
Mr. DANIELE RONCHESE — Founder of the Terra Credit:
Yes we do, however at this stage we don’t really leak info in ama’s. We have a lot of activity going on right now and every single week building up to the main event, 1 August 2020, we will be announcing new partners every week. That’s the short term, long term we are working with an undisclosed partner on the issuing of Debit and Credit cards. A very hectic space for crypto but crucial to the real world usecase of spendability. Once we make some rock solid progress we look forward to making solid announcements about this work early in 2021.
We have 2 masternode hosting platforms coming online, CREX24 listing is coming around 1 august 2020.
DONE
Moderator Mark:
Question 3: Among some technology key points such as: Decentralized Applications, DeFi,and BPoS Blockchain, how far are CREDIT going in each aspects at the moment? What are your main focus in terms of technology at the moment?
Mr. DANIELE RONCHESE — Founder of the Terra Credit:
In the previous question I mentioned the “Main Event” on 1 August 2020. This is in fact our hardfork and swap that turns $CREDIT from a POS based coin into a DAO. We will retain POS but we have moved to a governance platform using masternodes to govern and support the coin into the next 100 years. A few more crucial points, we are shrinking supply 1000 times and the rewards structure has been greatly reduced from the current output. The new roadmap for blockchain development will be released on 15 AUgust 2020 but I can tell you that before December we will finish the zCREDIT development. Which allows for on and offchain private transactions. IMO smartcontracts are great custodians, if coded well and lousy ones if not, but most dapp chains are slow and expensive for payments. Each type of tech plays its rolls, we are focussed on fast and cheap :)
DONE
Moderator Mark:
Question 4 : Currently, I know that TerraCredit’s largest market is Africa, specifically Nigeria. However, with the rapid development of BlockChain and Crypto, do you have any specific plans for other potential and emerging markets? SEA is an area that is currently growing strongly and as a bright spot for investment, what do you think about this area?
Mr. DANIELE RONCHESE — Founder of the Terra Credit:
Yes, despite the fact that we are pretty popular in Africa I would definitely consider $TerraCredit a global / universal project. We have so many members in every country imaginable and we are growing steadily. We are in discussion with over half a dozen potential franchisee’s for the Terrabit fiat licenses in countries from every corner of the globe. I agree SEA is a great market and we hope to use things like AMA’s to introduce the project. We are always looking for good partners to provide further fiat conversion services in all countries :)
DONE
Moderator Mark:
And the last question
Question 5: The current fee of the TerraCredit Network is very cheap, The average fee to send unlimted amounts is below $ 0.00000003. So, where will the project’s revenue come from to maintain the project? Does this have too much influence on maintaining funds to continue developing and upgrading technology?
After this answer, we will move on to Segment 3 😉😉😉
Mr. DANIELE RONCHESE — Founder of the Terra Credit:
Ok, good questions but I would like to set you straight on one point quickly.
In a cryptocurrency the team des not derive income from maintaining or processing transactions.
Fee’s for the most part go to the miners. In the current $CREDIT blockchain our users stake their coins in POS wallets to create blocks and support the network. They earn 100% rewards per year for staking $CREDIT. This is why the fee is non existent and labeled as virtually free, because we have over 20,000 solo miners and a stake pool on Terrabit of over 40,000 miners.
So our chain is fast, literally instant and far more decentralized than most cryptocurencies.
I really like this question because you unknowingly hit the nail on the head. There has been a lot of pressure on me as the founder to financially support every aspect of the project. This has been a crucual limiting factor for us, because we did not ICO or IEO so essentially we have no funds.
So marketing etc has always been an issue for us as I always put money into development. Build it and they will come :) But now post swap we are a DAO with superblocks and budgets to support the Team and project past the next century. Our spork is already started and governance is already in play.
But despite these challenges and many others I am very proud of Terrabit and CREDIT both old and new versions. We have built a rock sold foundation with great tech that achieves the goals we set out to achieve. The rest is just money and marketing really and of course time :)
DONE.
I have DAO on the brain lol.
Moderator Mark:
However, at present, you have created a great Terrabit for everyone. Thank you very much !!!
Mr. DANIELE RONCHESE — Founder of the Terra Credit:
The work which remains unseen on the DAO is also phenomenal and I am proud to say the swap was community inspired and not because of issues. The original CREDIT has never had a single chain issue in nearly 2 years. In some ways I am sad to swap :) but only for sentimental reasons.
DONE.
Moderator Mark:
😁😁😁 We will always support and accompany you
Ok, We have completed 5 questions from the Twitter
Great. Many thanks for the answers Mr. DANIELE RONCHESE 😁😁😁
We move to Seg 3: Live Question.
Segment 2: Free Q & A between the community and Terra-Credit.
Community members will conduct questions Mr. DANIELE RONCHESE. Group will proceed to open chat in 2 minutes . We have 2 round, Mr. DANIELE RONCHESE will answer questions from the community.
Moderator Mark:
We received over 600 question and message.
😆😆😆 Mr. DANIELE RONCHESE. This is your place. Choose and answer the questions you like. Thanks
Question 1: Working of the block chain project especially the ways of payments , efficiency, scalability, even withoutthe transaction fee, does the team feel compulsion in the competition of global A Privacy-Preserving Computation Network?
Mr. DANIELE RONCHESE — Founder of the Terra Credit:
We see privacy as a right but we dont agree that a chain should be private by default. We love transparency but for us to achieve mass adoption as a payment platform we need to be as widely inclusive as possible. Optional privacy solves these issues by offering a 2nd layer of payments that are private.
Question 2: What are the advantages of Terracredit to other alternatives in the market, how’s Terra Credit is better from others? Especially that now there are many projects which claims alternative to cash.
Mr. DANIELE RONCHESE — Founder of the Terra Credit:
We stand alone in our market, we have real people and real bsuninesses on the ground taking our crypto to the unbanked users. There are 2BN unbanked adults with smartphones, thats our market. We dont have competitors from crypto, only western union etc which are extremely expesnsive.
Question 3: Can CREDIT work in all decentralized Proof of Stake applications, How was its infrastructure designed to work in harmony with PoS systems?
What developments will be experienced in infrastructure and updating of assets with TerraCredit Hardfork, Will all users’ coins be automatically moved to the new chain?
Mr. DANIELE RONCHESE — Founder of the Terra Credit:
No and in fact not many chains are interoperable. POS is a consensus algorithm used by many blockchains. it does not make the compatible. We use a combination of POS and Masternodes to maintain the new CREDIT blockchain.
USers just need to deposit coins in Terrabit and then withdraw after swap, very easy.
Question 4: I am a Youtube Vlogger and finding some Good Projects in this Crypto Space recently. Can you tell me :
What are the unique features of Terra-Credit and advantage of it over its Competitors?so i can consider it in my Vlog
Mr. DANIELE RONCHESE — Founder of the Terra Credit:
No one is doing the grassroots work we are doing, we are literally taking cryptocurrency to the unbanked in person physically. They are unreachable on social media coz most dont use it. Our market is so valuable that facebook bought whatsapp for 19BN USD to get access to the African smartphone users, why ? because they dont use facebook. Other projects claim to do this work but fail to show any eveidnce except good mm at exchanges. Where as we focus on CREDIT to fiat and vice verso conversion to make earning from and spending the rewards of CREDIT an everyday experience.
Question 5: TERRACREDIT is restricted in any nation? Do you want to expand to other parts of the world so that more users can benefit from your services?
Mr. DANIELE RONCHESE — Founder of the Terra Credit:
TerraCredit is crypto and obviously not specifically banned anywhere except wherever crypto is banned. We are growing globally and nothing can stop us :) We work where there is less friction, like Nigeria is much more crypto friendly than south africa, therefor we invest much more in nigeria. as an example.
Question 6: There are so many crypto wallets out there on the market, and all of them can do almost the same job. In what aspect Credit Wallet is unique from the rest?
Mr. DANIELE RONCHESE — Founder of the Terra Credit:
Terrabit allows you to stake your CREDIT for 100% a year, then easily convert it instantly to fiat or major crypto. Thousands live from this passive income. Thats pretty unique, the only other I know stopped mobile mining.
Question 7: Have you reached your goals on the roadmap? What is the benefits to investors for hodl CREDIT long term?
Mr. DANIELE RONCHESE — Founder of the Terra Credit:
This project will outlive me, my kids an their kids. We smash our roadmap to bits and always deliver early, our new wallet has been our for weeks and swap is only due moth end. We already started the spork, I launched as 1 person on mainnet and never fund raised, so I created a trend in this project that is against 99% of crypto plans. Promise nothing deliver everything.
Question 8: Why do you make KYC compulsory? Why should I do my KYC, any added benefit?
Mr. DANIELE RONCHESE — Founder of the Terra Credit:
We only make KYC default for fiat, because thats the rules of the country and we support AML policies. If you use crypto you dont need KYC.
Question 9: Can you list 1–3 killer features of Terracredit that makes it ahead of its competitors? What is the competitive advantage your platform has that you feel most confident about?
Mr. DANIELE RONCHESE — Founder of the Terra Credit:
1 click instant buy and sell function for low tech users
100% of fees paid to users i referral
100% p/year rewards from CREDIT staking paid hourly
Question 10: What’s the Business Model of Terra credit& how does the Terra credit platform generate revenue ?
Mr. DANIELE RONCHESE — Founder of the Terra Credit:
The foundation is run by me aka santa claus, my franchisee’s however earn many micro fee’s for deposit and withdrawal of fiat. I dont seek to make money from the Terrabit app, this will blow your mind but when CREDIT achieves mass adoption Terrabit will be useless, because everyone will just use a simple credit wallet to pay each other. they wont need to covert it all the time. The DAO pays for the team through governance and Terrabt is a private company, registered in South Africa, Nigeria , Colmbia and now Ukraine (thats a leak BTW).
Question 11: You said that Terracredit allows any user to become a block producer. Please explain more, how a user can be block producer & what is the minimum requirements for being block producer. What kind of rewards do block producers get?
Mr. DANIELE RONCHESE — Founder of the Terra Credit:
1, click to download the wallet
2. send credit to wallet
2. it autostakes and you earn
You can do this on android or any device.
Question 12: You said that Terracredit allows any user to become a block producer. Please explain more, how a user can be block producer & what is the minimum requirements for being block producer. What kind of rewards do block producers get?
Mr. DANIELE RONCHESE — Founder of the Terra Credit:
100% per year.
Question 13: You airdropped some coins a few years ago and have a decent amount of coins in circulation, how do you intend to keep your coins valuable without allowing airdropped coins diluting value
secondly can i stake CREDIT
Mr. DANIELE RONCHESE — Founder of the Terra Credit:
Yeah we are swapping to reduce supply 1000X and mining goes from 100% a year to 20 coins a block shared between mnodes and POS.
Since day 1 you can stake.
Question 14: Which Marketplace or online store currently accepts $CREDIT as a tool for payment?
Mr. DANIELE RONCHESE — Founder of the Terra Credit:
Question 15: Do you have plans to decentralization of nodes/desktop wallets?
Mr. DANIELE RONCHESE — Founder of the Terra Credit:
They are decentralized from day 1.
Question 16: Is your aim, to become the number one (leader) in the decentralized digital payment platform ? and if so what will you say is your biggest strength to achieve it?
Mr. DANIELE RONCHESE — Founder of the Terra Credit:
No, thats why when the community said they want to change the specs to reduce rewards and supply. I made a DAO, I dont want to be anyone, I want only success for CREDIT and change for its users. The DAO means anyone with enough support can change anyhting and I like that decentralized autonomy.
Question 16: Why should I shop on Terramart, what makes it good and ideal for me?
Mr. DANIELE RONCHESE — Founder of the Terra Credit:
You pay no fee;s to buy or sell.
Question 17: With the recent economic downtrend that affected the entire crypto space, what really makes $CREDIT appealing to the new user? What can you say to a new investor that would convince them to use and hold $CREDIT?
Mr. DANIELE RONCHESE — Founder of the Terra Credit:
Well it knock us down to $0.00000003 but now we 400% from there and growing, soon before swap i think we can see an ATH. when we opened trading 14 months ago it was 1 gwei, now its 5 or 6. and this is all with a reward structure that pays 100%.
Question 18: I really wanted to know do you have any plan for DAO?
Mr. DANIELE RONCHESE — Founder of the Terra Credit:
Yes, its already live.
Question 19: Do you have plans to attract non-cryptocurrency investors to join #TerraCredit? How to do? In the non-encrypted space, how to take measures to raise people’s awareness of #TerraCredit?
Mr. DANIELE RONCHESE — Founder of the Terra Credit:
Thats pretty much the core of what we do.
Question 20: According to Coingecko, TerraCredit (CREDIT) is only listed on Bitforex & Catex. Do you have a plan to listing TerraCredit (CREDIT) token in a major exchanges?
Mr. DANIELE RONCHESE — Founder of the Terra Credit:
Its also liste on Terra-Bit.io and after 1 August 2020 on CREX24.
Question 21: Blockchain is a rapid-change industry. Can Terra infrastructure design be promptly changed to be suitable with blockchain updates? What is your strongest advantage that you think will make your team leading the market?
Mr. DANIELE RONCHESE — Founder of the Terra Credit:
Yes, the new chain can support any changes with swapping, just upgrade the wallets and its done. We have built with next 100 years in mind.
Question 22: Nigeria is crypto backward and negative, how will you get maximum adoption ?
Mr. DANIELE RONCHESE — Founder of the Terra Credit:
We support out won blockchain for obvious reasons, what benefit do we have promoting BTC ? Can users easily mine BTC, is it cheap for transactions ?
Not really hey :) As a crypto exchange in Nigeria we offer credit card and debit card payments through partners. This is not possible in south africa where they are closing crypto exchange bank accounts., its all about perception.
Question 23: What is the structure of the company, is it a decentralised, open sourced protocol where everybody can contribute? If so, how does the governance plan on being handled?
Mr. DANIELE RONCHESE — Founder of the Terra Credit:
Yes, thats the currenct situation su=ince day 1. But the governance of dao requires support of the masternode network.
Question 24: Kinldy explain more about credit staking, I read it is amongst the most profitable in crypto space, what’s the minimum and maximum requirement and APR
Mr. DANIELE RONCHESE — Founder of the Terra Credit:
100% per year min 10000 coins min. DAO after 1 august no min POS and 50000 for a masternode
Question 25: want to know — What’s about Transparency? AS security is one of the most important in project, & BZX was hacked and 650000 dollars stolen. So, WHAT strategy you applied to make more secure ?
Mr. DANIELE RONCHESE — Founder of the Terra Credit:
For nearly 2 years they try hack us everyday, I focus on fundamental development cycles. i am also not afraid to throw bad code away and start again. We use hot and cold wallet, no one has access to the funds via the app or website. jut s mall petty cash amount that has never been touched by hackers.
Question 26: If you say you’re fast, DASH also is fast. So what other things makes you better and unique?
Mr. DANIELE RONCHESE — Founder of the Terra Credit:
We are a bit faster in the new DAO, we are many generations past DASH but dash is amongst the forks of our repo.
Question 27: Marketing is the leading factor that help the project thrive. So what is your strategy to attract users and Investor to Terra-Credit in the long term?
Mr. DANIELE RONCHESE — Founder of the Terra Credit:
We have already submitted our budgets for marketing and i look forward to spending that money and letting the world know about us. We have marketing partners but in our market word of mouth is the best advertising, thats how we got here with 0 funding. now that we have access to funds we gonna fly.
Question 28: In some countries such as Viet Nam,crypto is not accepted as a payment method,so how will you do to deal with this problem?
Mr. DANIELE RONCHESE — Founder of the Terra Credit:
We specialise in crypto to fiat conversion, thats how we solve the spendability issue in any country.
Question 29: How easy is it to use Terrabit?
Mr. DANIELE RONCHESE — Founder of the Terra Credit:
Our users never heard of crypto before but they mine cryptocurrency, exchange it and live from it thanks to Terrabit.
Dont ask them explain it, they just know how to use it because our advanced 1 click instant features.
Thats me for now unfortunately my time is gone :)
DONE
hehehe it was great I really loved the questions.
Moderator Mark:
Thanks Mr. DANIELE RONCHESE @Dan448 — Founder of the Terra Credit for spending time today attending AMA with the Olala Crypto community.
Hope Terra-Credit will more successful in the future 😁😁😁
Mr. DANIELE RONCHESE — Founder of the Terra Credit:
Definitely that is what you will see :)
Moderator Mark:
If you still have any questions, you can join the https://t.me/terracredit
directly ask the admin and Terra-Credit Team to get the most accurate and fastest answer👍👍👍
Mr. DANIELE RONCHESE — Founder of the Terra Credit:
Its been an absolute honor and pleasure, very professional :) lovely community !!!!
