BKEX AMA July 2021
We’re always excited to talk to new audiences, so I was happy to chat with the BKEX community about CENNZnet and the big year we have ahead.
BKEX moderator: Please briefly introduce CENNZnet project.
Firstly, thank you for having me on your channel to talk about CENNZ and CENNZnet. We have a lot of exciting activity happening on our network right now, so it’s a great time to get involved with our project.
CENNZnet is a public, proof of stake blockchain that puts user experience first. It is designed to support user-friendly decentralised applications and developer-friendly smart contracts.
CENNZnet mainnet is growing fast, with hundreds of thousands of active wallets. Our number one DApp, SYLO has had over 1m smart contract interactions. We also have a healthy pipeline of projects building on our network that will be released before the end of 2021.
BKEX moderator: Why did you think of issuing CENNZnet? What problems does it solve?
Many blockchain applications have limited end-user engagement because building user-friendly blockchain applications are difficult. CENNZnet is designed to make it easy to build DApps that are easy for consumers to use. Our innovation enables a simpler and safer user experience for DApps.
We’ve created plug n’ play runtime modules so that developers can build DApps fast, or integrate blockchain into their existing app where it makes sense. Our smart contracts are also premade, so there is no need to write your own unless you want to.
We’ve built a variety of innovative blockchain solutions that are unique and easy to implement, including our NFT module with network-wide royalty enforcement, a token bridge connecting us to the Ethereum and Cardano networks (with more to come) and our permission and attestation protocol, Doughnut to verify users.
Our dual token economy and stable gas algorithm ensures simple, predictable token pricing to keep gas fees consistently stable so that developers can be confident when mapping out their pricing plan.
BKEX moderator: What is the working principle of CENNZnet platform?
Our plan is simple:
- Build world-class user experience to attract world-class companies and developers
2. Leverage our existing partner network
3. The more quality dapps we have the more transactions there are on the network
4. The more transactions on CENNZnet the more block rewards are produced
5. When stakers are getting lots of block rewards then the demand for CENNZ will increase
BKEX moderator: What is the economic model of CENNZnet? How is your team going to expand the number of users?
CENNZ is a staking token; it can increase in value without impacting the cost of using the network. In popular blockchain systems today, the costs of development are variable and subject to external factors, which makes it hard to plan ahead. We wanted to deliver stable gas fees and optimal usage for developers could predict the costs of running their application.
CENNZ tokens are required to join CENNZnet as a validator. Staking your CENNZ enables you to participate in the network consensus by securing and governing the network. It also provides you with block rewards in the form of our fee token, CPAY.
CPAY works like gas in the network and is used for transaction fees and block reward payments for stakers. It’s designed to be algorithmically stable, so developers can easily predict the cost of their application, and stakers can easily predict the value of their stake.
The demand for CENNZ will be driven by DApps. Developers buy CPAY off CENNZ holders and use them in order to make their applications work. The more apps in the ecosystem, the more CPAY in circulation, the better off CENNZ holders are.
Our token economy has been designed to encourage developers to buy CENNZ also. Developers will need CPAY to use the network, but they’ll also be incentivised to buy CENNZ to participate in the network.
BKEX moderator: How can ordinary investors obtain CENNZ? What are the rewards for holding tokens for a long time? What are the current application scenarios?
You can now buy CENNZ tokens from BKEX!
If you want to earn additional rewards while you are hodling your CENNZ tokens we highly recommend that you stake them at https://cennznet.io/
BKEX moderator: It is reported that CENNZnet team is currently developing “ETH token bridge”. Could you explain it?
The ETH token bridge will open up a huge number of opportunities for our platform, as users will be able to essentially wrap their ERC tokens and use them on our network. It will encourage devs who are currently building on the Ethereum blockchain to try out CENNZnet’s unique features and functionality.
However, it is more than a simple token bridge. This will allow CENNZnet to act as a side chain to ETH (and later Cardano) for developers who have assets on ETH but want to build more user-friendly DApps. The team have come up with a novel way to make the bridge work, which is more decentralized than other bridge type projects.
BKEX moderator: Which stage is Centrality’s planning for the project?
Our public staking is enabled on CENNZnet, which has unlocked staking rewards and allows our community to participate in network governance.
In addition to this, we’re constantly growing our active user base. Already we have one of the most active DApp user based on blockchain, with 10x the monthly active DApp users of popular networks in CMC top 10. This is not just “active accounts” or “active holders” which is easy to fake — these are real DApp users like Sylo!
On our current path, we will have over 1 million active monthly DApp users by the end of the year. That’s huge in crypto!
On top of this, we will continue to improve our technology. Our new NFT API already has substantial projects building on it. The token bridge will unlock new markets and create a lot of new opportunities. Our patent-pending Doughnut protocol allows developers on CENNZnet to develop more advanced, safer, more user-friendly DApps than any other blockchain. On top of this, we have a whole range of new improvements to the protocol to allow even more performance as we scale our user base.
BKEX moderator: Can you share the NFT API?
Sure. All of the tech that our team has created is open source and available on our Github pages. https://wiki.cennz.net/#/CENNZnet-API/NFT-API?id=nft-api
You are welcome to use the code to build your own NFT marketplace on CENNZnet.
Thank you for having me.
