Consentium 2020 Highlights 嘉信 2020亮点

Catch up on the developments of the Consentium chat app and ecosystem that happened in 2020. 了解2020年嘉信聊天应用程序和生态系统的发展情况。

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Consentium

5 min readDec 4, 2020

Just as technology is constantly developing, so is the Consentium ecosystem. 2020 has been a phenomenal year for our growth, despite the global Covid-19 pandemic.

Here’s a look at significant milestones in our development timeline.

CSM Token Burn

We kickstarted the CSM Token Burn in July 2019, where 100% of the 72 million tokens allocated to the team were burned over a 10-month period that concluded in May 2020. That is an estimated US$14.4 million worth in tokens, which made up 30% of the total CSM supply.

The burn reduced the number of CSM tokens in circulation to 168 million tokens, and as a result increased its value for all CSM token holders.

CSM Chain & Mainnet Launch

In June, the Consentium ecosystem transitioned from the Ethereum network to the CSM Chain, which uses Delegated-Proof-of-Stake (DPoS) for consensus.

The proprietary decentralized blockchain has the capability to process up to millions of transactions per second. This is essential for supporting the high volume of chats and transactions occurring on the chain and chat app.

The development of the CSM Chain was spurred by the sudden rise in transaction fees as well as congestion on the Ethereum blockchain.

Ethereum’s fees are calculated using GAS, a base unit that applies on any activities on the Ethereum network. Users of the network are able to pay a higher fee rate so that their transactions are processed faster. Thus, GAS fees will increase with increased activity.

However, this means that GAS fees can sometimes be higher than the value of the transaction. When this happens, the transaction’s priority is lowered and users can sometimes wait up to 24-hours for their order to be processed.

Upgrades on the Ethereum chain were also slow in happening, which made it challenging for any blockchain projects to build on Ethereum.

Considering all these factors, the team at Consentium thus launched the CSM Chain.

Our community has given feedback that it takes only 2 minutes for transactions between cryptocurrency exchanges and Consentium wallet to be completed, with transaction time on the CSM chain no longer than 20-seconds.

After switching to the CSM Chain, the total supply of CSM tokens became 150 million.

The CSM Chain is supported by a codified monetary policy, which results in a dynamic interest rate of 3% to 6% p.a. for CSM tokens staked.

All rewards are distributed on smart contracts based on the percentage of total tokens staked, and 100% of the rewards are distributed among the stakers. This means that the fewer stakers there are, the more rewards they individually receive.

CSM App V2.0 Launch

Following the launch of the CSM Chain, we launched the beta version of the Consentium app. The CSM app bridges the gap between chat app and cryptocurrency wallet, allowing the cryptocurrency community to communicate and transact with like-minded individuals.

Users can easily perform cryptocurrency transactions from within the app, which speeds up the process of finding buyers and sellers.

To facilitate transactions, the app also has a Market page that provides up-to-date market data of the top 10 cryptocurrencies, including CSM.

EMOJIS.Farm Upcoming Launch

It’s December 2020, and we are excited to announce the upcoming launch of EMOJIS.Farm!

Backed by the Consentium ecosystem, this DeFi project will focus on yield incentivization and liquidity pools.

EMOJIS users become part of an active community on the CSM chat app, which ensures organic and sustainable growth for the long term.

Users who provide liquidity can expect generous yield incentivization policies, backed by an early withdrawal penalty.

At its launch on Dec 9, the following token pairings were available on UNISWAP and users can stake these LP token pairings:

yPLT/EMOJI
CSMx/EMOJI
HAKKA/EMOJI
MPH/EMOJI
MGX/EMOJI

Development of V3.0

At the time of publishing, our team is working on version 3.0 of the app — we are adding a swap bridge functionality to the crypto wallet, so as to support trading on EMOJIS.Farm.

With our new open-source ERC20 wallet, users can deposit and transfer all tokens and connect it to dAPP easily!

When it is launched, users can look forward to swapping the current CSM (CSM Chain) token to CSMx (ERC20), which is adaptable to EMOJIS.Farm and Uniswap.

The CSMx token can be traded on EMOJIS.Farm, and it will have an equitable distribution to token holders and active users within the Consentium ecosystem.

Be part of a crypto & FinTech savvy community by joining the Consentium community now. Download the CSM chat app for both iOS and Android: http://47.244.198.69:39199/download

For more updates, follow us on our social media channels.

About Consentium
Empowered by the community, Consentium is a revolutionary platform that bridges the gap between social communication and cryptocurrency. Our integrated cryptocurrency wallet allows users to send and receive CSM, BTC, USDT and ETH. Within the same app, users can chat with friends and explore different groups of like-minded individuals. By integrating a cryptocurrency wallet into our chat app, users can now perform your transaction without the hassle of leaving the app.

Connect with us on our social media.
Website: Consentium
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