AMA RECAP TERRACREDIT CRYPTO REVOLUTION TELEGRAM GROUP

On 19th of June 2020 TerraCredit conducted an AMA in Crypto Revolution Group. Our guest was Daniele Ronchese, CEO of TerraCredit. Interest was pretty awesome. Over 150 Questions posted on Twitter and over 200 Questions during the Live Telegram AMA. Let’s take a look at the most interesting parts from the AMA.

INTRODUCTION

Danny | Crypto Revolution: Guys let’s welcome Daniele Ronchese,
CEO of TerraCredit

Dan | Terra (Founder): Thanks very much for inviting me, I am glad to be here 🙂

Danny | Crypto Revolution: Happy to have you with us today. Could you please introduce yourself and explain what is TerraCredit in few simple sentences?

Dan | Terra (Founder): With pleasure, I am the founder of CREDIT and CEO of Terrabit. I live in South Africa. I launched TerraCredit in November 2018 as a one man mission and now we are a large global community 🙂
Terracredit aims to be a suitable replacement to cash, the coin to achieve mass adoption by focusing on emerging markets.

Danny | Crypto Revolution: What kind of challenges did you face in the beginning as you said it was one man mission? ?

Dan | Terra (Founder): Not many to be honest, we got popular fast due to our epic airdrop. We premied 30Bn coins and gave them all away during 2018 and 2019 🙂

Danny | Crypto Revolution: That’s great 🙂

TWITTER QUESTIONS

Q1 from @Eeol15

Which area does TerraCredit focus on at the moment? (DeFi, Dapps,..) and which products/projects are you developing to support it?

Dan | Terra (Founder): TerraCredit was designed as a payment platform to offer fast and free transactions. We operate primarily in emerging markets and our mandate is to offer CREDIT as a suitable alternative to cash. In order to achieve these goals we developed,
Terrabit, our payments app that offers a merchant network, QR functionality and a range of cutting edge fiat conversion solutions. Th most popular feature in Terrabit is MiniPOS, it allows you to stake CREDIT on your mobile for 100% profit per year.

Danny | Crypto Revolution: You can stake Credit on any Smartphone?

Dan | Terra (Founder): Thats right either via web access or Android app 🙂

Danny | Crypto Revolution: Any Requirements for it?

Dan | Terra (Founder): None, its a virtual experience. We use our hardware in a way similair to cloudmining. So it pays hourly, not waiting etc. No resource use on the phone.

Q2 from @kiki_pearl

Are there plans to bring Terrabit to other countries asides Nigeria, SouthAfrica and Columbia, So users around the globe can benefit from your great services ?

Dan | Terra (Founder): Yes, we have a large international community and we are currently in talks with multiple countries, Our is always to partner with reputable local business in the form a of a Franchise. They facilitate fiat services for their respective currencies and take a small fee per transaction. By the end of the year I expect more than a dozen new franchises, representing every corner of the globe.
To be clear, Terrabit is an international exchange as well with a full spot market, our app users buy and sell on the p2p trade books featured on the respective pair. We only take KYC for fiat based transactions so we have over 30,000 users staking CREDIT in MiniPOS form every country imaginable.

Danny | Crypto Revolution: How the situation with COVID-19 affects that?

Dan | Terra (Founder): Well we had an inittial sell off and then a nice recovery. I guess the panic hit some users, but generally CREDIT was designed to be sold. In the sense that it offers passive income through a smartphone, so we have actually continued to grow through out lock down.

Danny | Crypto Revolution: I guess hard work pays off ?

Q3 from @jazieph

What can we expect about the strategic partnerships of Terracredit in the future? And how does it help to grow the development of the project?

Dan | Terra (Founder): We currently work with Paystack, which we intyegrated with Terrabit to process automatic Credit card top ups as well as bank based deposits and withdrawals. International USD and NGN top ups are available in app with paystack.
We are working on addding VISA companion cards, which will be connected to the Terrabit wallet. Allowing users to spend, hopefully CREDIT, on their physical or virtual Terrabit VISA card. Once this has been solidified we will announce the partnership.

Danny | Crypto Revolution: So I guess this is will be some kind of partnership with Visa?

Dan | Terra (Founder): No, not directly with VISA. One of their partners, in fact the only one in the world to deal with type of setup.

Danny | Crypto Revolution: Thank you for the clarification

Q4 from @Crypto_Isaac

On your website, you made a BOLD PREDICTION of seeing Credit as a viable REPLACEMENT OF CASH and a REWARDING OPTION that is attractive to new users. Can you tell us what strategy you have to achieve that?

Dan | Terra (Founder): Well here we are almost 2 years since we wrote those words and as it stands are evolving. CREDIT currently pays 100% per year POS rewards, you can stake on your mobile with Terrabit or any one of our desktop wallets.
1 click install and auto-staking for a very high return. This was key to our initial attraction of users and now on 1 August 2020 there is going to be big changes and we are swapping to a new blockchain. We retain all the accessibility we are known for but we are creating a dao to last beyond a hundred years.

Danny | Crypto Revolution: Yeah I don’t know any other Project out there offering this Rewards. Thank you Dan

Dan | Terra (Founder): 🙂

Q5 from @Sophie98666

What are the use cases and purpose of Terra credit in the world of Cryptocurrency? What major issues you want to solve that other blockchain doesn’t able to fix?

Dan | Terra (Founder): Short answer we made mining and therefor earning from block production as simple and as accessible as possible. Earning from crypto directly in this way is a great value proposition to an unbanked non crypto user. We service the unbanked non crypto users, primarily in emerging markets like Africa for example. We are pushing adoption of crypto through our efforts in promoting CREDIT. We dont really seek to solve issues in the cluttered crypto space, we just take decentralization to the unabanked and offer them a 0 fee alternative with passive income potential. Think of us a paypal combined with a crypto exchange.

Q6 from @ejioforkel

The most anticipated feature coming on terrabit is adding VISA/MASTERCARD Adoption, can you explain more about this Integration and how it will attract global adoption of terrabit?

Dan | Terra (Founder): AT this point in time I cannot elaborate much, we did a recent press release and I will summarize it for you. We have the green light to issue cards but VISA needs special applications for Crypto companies. So if we make a version of our app that is crypto free, we can issue cards from there against fiat. But since we want CREDIT to be the active balance, we need to make applications. With all of that in mind we estimate to bring everything online early 2021.

Danny | Crypto Revolution: I’m sure the Team will work hard to make it happen sooner ?

Q7 from @Cryptol30401882

Have read through the roadmap and Whitepaper and seen something that interests me. An online market place-terramart. Tell me, what does it require to be a vendor or seller there and how assured are customers of their goods being delivered? Who takes care of the delivery?

Dan | Terra (Founder): Well spotted, yes we developed https://terra-mart.com as a decentralized multi vendor marketplace. All transactions are in CREDIT and prices in USD. Its free to create a merchant account, you get your own store and custom URL as well as many sales, analysis and marketing tools. We don offer any escrow at all but we do take it seriously, there is a public forum and strict security. If any issue ever arose it would be dealt with quickly, in nearly 1 year of running we have never had any incidents.

Danny | Crypto Revolution: Could you please share some numbers here. How many people are using it at the moment for example?

Dan | Terra (Founder): We have more than 100 vendors and thousands of registered users. It definitely needs to grow more and more 🙂 so if you have any business idea and need a safe platform to sell your product or service get on board.

Danny | Crypto Revolution: Well, I’ll definitely take a look ?

Q8 from @Ale_Urich

100% staking reward is what the website says. Is this true? Are there some criteria to be able to have this great percentage of return? How is Credit sustainable if it gives so much reward for staking?
I think you answered part of this one ?

Dan | Terra (Founder): Short version, yes its true.

Danny | Crypto Revolution: ?

Dan | Terra (Founder): But 100% days end 1 August 2020, consider it our halving. It was designed as a means to attract users in the early days, its a blockchain based reward. Just download a desktop wallet from our site, let is sync. Send some coins and it autostakes, but the return ends up compounded if you leave your profits. Which many dont and thousands of our community have been mining, converting to fiat and surviving
through this lock down period. It was designed as passive income, so the price, which is usually very stable, tends to stay at one level. The community wants price movement, i think they forget they earning every hour from staking. Its a different way of doing things, but we are swapping and its ending because its too high 🙂
🙂

Q9 from @Animos24

There are 3 core issues prevalent in crypto and blockchain — Security, Interoperability, and Scalability. How does Terracredit plan to overcome these issues?

Dan | Terra (Founder): Security — Well to me this can only be solved through decentralization our node (desktop wallet) operators dont compete with each other and we have over 20,000 solo miners. So our level of decentralization is extremely high.
Interoperability — Well with Terrabit we fused CREDIT with many fiat currencies, so that bridges all the gaps of sspendability and makes having and using CREDIT as real as fiat.
Scalability — Its not an issue for our chain, POS is very fast unlike POW. But never the less there is always room for improvement, so the new chain is not just about reducing rewards, We are creating a DAO with master nodes, master nodes offer many benefits apart from governance. CREDIT transactions will offer instant 0 confirms required, with normal transactions running at 176 TPS which is 10x our current TPS.

Q10 from @UgwuSilas5

Sending money for free with credit, who does that, is there any possibility of going against the authorities and financial institutions?

Dan | Terra (Founder): CREDIT offers bloackhain based transactions we just made the fee (0.0001) so tiny that even if CREDIT were worth $10.00 it would only cost $0.01 to send unlimited funds.
The way we make it encouraging for users to support the network is through the block reward rather than fee’s. At the end of the day we are a part of the broader crypto community, so we all share that battle but we have incorporated our companies of Terrabit in strategic territories that are crypto friendly, for now at least.

TELEGRAM QUESTIONS

Telegram User:

Transactions on terracredit’s blockchain are spend-able within 1 minute, in your website says that future versions will be spend-able in less than 1 second, what is needed yert to achieve that goal in terms of technology, and when do you aim to reach it?

Dan | Terra (Founder): Nothin is needed, we just need to swap. The new DAO is already live 🙂

Telegram User:

Which is the chief features of the TerraCredit which makes it different among others?

Dan | Terra (Founder): We dont use DPOS anyone can run a masternode, with enough coins that is. Instant transactions that require 0 confirmations, governance.

Telegram User:

Staking is the new trend in the Cryptocurrency industry because of the bear market, Why should I choose to stake with Credits ?

Dan | Terra (Founder): Coz since 2018 you get 100% per year 🙂

Telegram User:

Many Blockchain Platforms are available in the Market.Why should any developers go for Terracredit instead of other blockchain platforms? What’s advance in terracredit mining Which makes it different & unique than other Platforms?

Dan | Terra (Founder): You can mine CREDIT on a smartphone and its highly rewarding.

Telegram User:

Do you have any plans to attract non-crypto investors to #TerraCredit and how? What are the actions to increase awareness around #TerraCredit in non-crypto space?

Dan | Terra (Founder): That is literally our whole objective, we dont specificially market to crypto users. We are building community outreach centers to take crypto to the unbankned. Unbanked means uncrypto as well. But we are busy changing that.

Telegram User:

From a startup project to a mainstream project, being a pioneer in the industry, do Terracredit anticipate that many new startups will show up and compete?

Dan | Terra (Founder): Sure, but most of the time they come and go. We are fast approaching 2 years and going from strength to strength. As a full crypto exchange we can assist promising local projects by giving them access to international investors by listing them on Terrabit. We will always seek to uplift, we like competition.

Telegram User:

As we all know all blockchain exchange has a strategy how to make more secure the platform we hold and invest so what strategy are those to make the traders feel secure enough?

Dan | Terra (Founder): We use hot and cold wallets, so less than 2% for assets are available for theft. The rest are in cold unconnected wallets. We have over 25m DDos attaches every 24 hrs for the past 18 months, our secuirty is great. We also treat Terrabit like a bank card in the sense that you need to use a pin to transact. Hackers cant move funds without that pin.

Telegram User:

TerraCredit has a low capitalization, I like this opportunity we have, my question is, is investment better at this point, or in favor of use cases?

Dan | Terra (Founder): We gave away 30bn coins and profit from mining is 100%, we opened trading at 1 gwei. so we still 500% up from start of trading. Personally I feel that our market cap is pretty decent all things considered. But the new changes are going to make CREDIT scarce. Post swap CREDIT will be a rocket ship.

Telegram User:

Is Terracredit capable of creating a legitimate and passive income stream without the need for expensive equipment and technical knowledge? How much knowledge about the blockchain and its operation should a user know to use Terracredit’s services?

Dan | Terra (Founder): If you were able to create a gmail account or maybe facebook. Then you have all the skills needed to earn from CREDIT block production. Use miniPOS in Terrabit app. Register , login. Buy credit with crypto or fiat, put it in the miner and every hour your coins are paid to your active wallet. Sell those for fiat or crypto and withdraw. Done deal 🙂

Telegram User:

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?

Dan | Terra (Founder): Our unbanked users in emerging markets simply do not have access to hardware, POW therefor would be an unfair consensus. As the people the coin was designed for would have 0 chance earning from it. Also imagine if BTC launched as POS. Imagine if all that money spent on equipment was spent on BTC, coz in CREDIT your balance is your power. So if BTC was like CREDIT, then you would need BTC in a wallet to earn from Mining. BTC would be worth a Million USD 🙂
Am just saying all the money went to graphics card, that is a shame IMO.

Telegram User:

Do you have any plan to decentralized your node (Desktop wallet)?

Dan | Terra (Founder): The desktop wallet is decentralized, that is a a full network node. We have over 20,000 nodes. If you think that a coin like BTC, 3 guys run BTC mining globally. We have 20,000 unrelated non pooled solo miners.

Telegram User:

DeFi IS THE TREND in CRYPTO nowadays and I think that we can add gaming as well. Can you tell us what are the $Terracredit plans regarding DeFi?

Dan | Terra (Founder): None, ETH is bad for payment sbecause of Defi. Smartcontracts work as great custodians, but not fast processors. We are payments, not defi. So we stick to what we know. We are brining full privacy though as an option later in the year.

Telegram User:

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 ?

Dan | Terra (Founder): We are opening community outreach centers and we have field reps to meet with and impart the knowledge in person. A guiding had so to speak.

CONCLUSION

Danny | Crypto Revolution: Thanks Dan. Would you like to address the Community before I open the chat?

Dan | Terra (Founder): I just wanted to thank them for their interest I can tell the questions were well thought out. Join our community guys, there are many ways to earn without investing and tons of support. Welcome in advance 🙂

For more information and future AMAs, join our Social Media channels:

Telegram group: https://t.me/crypto_revolution1

Twitter: https://twitter.com/revolut20?s=09

Our Partner:

TerraCredit Official Telegram Group: https://t.me/terracredit

TerraCredit Twitter: https://twitter.com/Terracredit

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