LBank AMA Recap with CENNZ
Q:What is your purpose to introduce your coin in crypto world and what are benefits
CENNZ is a staking token for CENNZnet, our public, proof of stake blockchain.
We create our CENNZnet blockchain because the costs of development in popular blockchain systems today are variable and subject to external factors, which makes it hard for app developers 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.
We have engineered the economics of the network so that the CENNZ token can increase in price, but the fee (or block reward) token stays relatively stable
Q: CENNZ has two tokens but how does CPAY remain stable?
Yes we have a dual token economy
CENNZ is for staking, running validator nodes and allows people to vote on the network
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
Q:What is the unique difference between cennz from the others in the market?
That’s a great question
The CENNZnet blockchain puts users first
We want to empower devs and future thinkers to harness the possibilities of blockchain, but also make it as simple as possible for them.
Currently, the barrier to harnessing the blockchain in apps is extremely high. For those without extensive knowledge of blockchain (specifically smart contract coding) getting your DApp idea off the starting blocks is near impossible. We want to make the tools of blockchain accessible to those with ideas that would benefit from blockchain, but without the specialist skillsets.
For more complex requirements, people can reach for smart contracts to do some simple extension to what’s already there rather than implement totally from scratch.
To put it simply — you don’t need to be a cyberpunk to use our tech stack. Any dev, regardless of whether they’ve had blockchain experience, can build on CENNZnet
Q:How do CENNZ team keep a balance between developing the technology and also improving the value of your token?
I don’t like to get too complicated when it comes to a business plan
Ours is very simple
We build world-class tech to attract high quality developers
The more DApps the devs build, the more transactions on our network
If there are lots of transactions there will also be lots of block rewards (CPAY) that are paid to our stakers
When stakers are getting lots of block rewards that they can cash in then the demand for CENNZ will increase
So, to answer your question, we focus on producing quality tech because in the end it will mean the token price will rise
If you’re considering buying CENNZ then my advice would be to stake it and cash in the CPAY rewards you earn. Then you can safely hold your CENNZ tokens as we grow
I hear that staking with LBank gets you 50% APY…….
Q:What is the real goal that CENNZnet is pursuing? How does the community help you achieve that goal? Who are you aiming CENNZnet?
Right now, we’re focusing on building on world-class tech and giving users the best experience when they use it.
Our strategy is working because we have so many exciting projects who are building on our network who are planning to launch before the end of the year.
We’re focussing on building the token bridges to Ethereum and Cardano. One they are complete we open up 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 also encourage devs who are currently building on the Ethereum blockchain to try out CENNZnet’s unique features and functionality.
We’re going to leverage the new use cases to aggressively promote our project to a much wider audience, so that we can continue to attract new devs.
It’s an exciting time to get involved with our project as we’re growing.
Our current community of loyal fans are always making sure that they share our news and announcements social media so that we can reach a bigger audience.
We’re grateful that they believe in us to put their own reputation on the line to promote CENNZnet.
We know that you also have a strong and knowledgable community and we’d love to get some of them onboard!
This is best time to think about investing, because we have a lot of cool things happening in the next 6 months — soon we’re going to be huge
QUESTIONS FROM OUR USERS
Q: Nearly 90% of investors focus on token price in the short term instead of finding out the real value of the project. Can you tell us about the incentives and benefits for investors to hold your tokens for long?
I like this one because I 100% agree
We’ve never really focussed on token price — and that has frustrated the people who bought our token in the TGE. But we’ve spent the last 3 years building our open source platform and making sure that we’re delivering something with purpose.
We’re focussed on audiences who aren’t Vitalik. They are really smart devs, startups and entrepreneurs, with great ideas that would really benefit from what Blockchain has to offer.
We provide them with tools so that they don’t have to spend years and millions of $ building everything themselves.
And we created a dual token economy that means that the gas fees are low, without sacrificing the innovative tech we build
Q: Do you guys feel satisfied by seeing your progresses and achievements till now, when you look back to the day when you have started this project?
OMG — it feels like we’ve been building this thing for 100 years, not 3. Like any startup, we’ve had to be really flexible over that period so that we could move and change easily if we decided that something wasn’t right.
I have personally been on a non stop rollercoaster — but I LOVE this project, and so do my team. And the best thing is that we have all the jigsaw pieces in place and I’m so excited to watch it go from strength to strength over the next 6–12 months
I could not be prouder of the smart team we have — and you know what, they do even really do it for the money. They are all as passionate as I am about seeing it thrive
Do CENNZ holders have the right to participate in the governance of CENNZ ? What kind of decisions can they vote on about?
OOOOOOHHHH good question. At the end of the day, blockchains are about decentralisation and that’s our ultimate goal.
Our team have just finalised the plan for moving to full community governance by the end of the year — which means that the community (token holders) will be in full control of the network.
If a blockchain project doesn’t have a proper plan for decentralisation/community governance then they’ve lost the point of why we use blockchain…
Q: I’m a developer, and I’m interested in contributing to your project alongsides earning, Do you have any Bug Bounty to check for vulnerabilities ?
We have grants and bounties available. Check out our website cennz.net
We’re also doing a number of virtual hackathons this year if you want to get involved. Follow our socials if you want to get the notices
Where is road map now? Are all targets in accordance with the current road map? and What are the next steps that will be taken in the future?
Here’s a rough roadmap and our progress:
Aug 2018 — Private access via personal invite (completed)
April 2019 — Mainnet beta (completed)
Dec 2020 — Mainnet V1.0 release (completed)
Jan 2021 — ERC20 token swap (completed)
Mar 2021 — Public staking (completed)
May 2021 — NFT API release (completed)
Q3 2021 ETH and Cardano token bridges (in progress)
Q4 2021 — Community governance (in progress)
Q4 2021 — Smart action integration (in- progress)
Q4 2021 — cen.nz domains (in progress)