UPDATE: COO Tommy Butcher & CEO Joel Clelland hosted an AMA on July 5, 2021 to answer community questions regarding the move to BSC. As Tommy explained, July 15th is the tentative launch date, and internally, the Centric team is ready to go. A delay could result if one or more exchanges end up needing more time. For more information, we invite you to view the AMA.
No doubt you’ve heard the exciting news by now about Centric’s upcoming chain migration. That’s right, Centric will move to Binance Smart Chain (BSC).
In today’s post, we’ll take a deeper dive into the BSC migration. We’ll answer your questions and cover everything a Centric token holder needs to know to prepare for the move.
Who Is Binance?
The name Binance is well-known to cryptocurrency traders, and for good reason.
Binance operates the top-rated, largest centralized cryptocurrency exchange by volume. It was founded in 2017 by Changpeng Zhao (or “CZ”). Originally based in China, Binance has since moved their operations to the Cayman Islands, Mahé, and Seychelles.
Binance Academy offers an astonishing treasure trove of free educational resources about blockchain and cryptocurrencies.
In April 2019, Binance launched a new blockchain designed for super-fast transactions called Binance Chain. The blockchain’s native token is Binance Coin, often referred to by its ticker, BNB. While lesser-known than the top two cryptocurrencies, Bitcoin and Ethereum, Binance Coin is the third ranked cryptocurrency by market cap, and a major player by anyone’s standards.
In April of 2020, Binance launched the Binance Smart Chain, or BSC.
The company’s website offers further information on the Binance ecosystem.
What Is Binance Smart Chain?
The Binance Smart Chain runs alongside its older brother, the Binance Chain. The “smart” in the name refers to its smart contract compatibility.
Why Are We Leaving TRON?
TRON has raised transaction fees a few times, causing disruptions both to Centric and our partners. We expect these increases will only continue.
While it’s time to move on, TRON played an important role in our project’s history. We wish them the best.
How Will The Move Help Centric?
First, while any project can launch on BSC, it’s worth recognizing the prestige of the Binance brand. Running on the BSC will allow Centric higher visibility. On the technical side, BSC is compatible with the Ethereum Virtual Machine (EVM), which allows Centric to tap into the vast landscape of Ethereum DApps and tools. We expect more possibilities for partnerships with other projects. BSC also offers super-quick transactions and competitive fees.
What About Our Own Blockchain?
Centric still plans to build a native blockchain, as shown on the roadmap. While we are eager to do so, we’d rather not rush deploying our own blockchain. BSC will allow us a bridge to continued growth and expansion, so we can take the time needed to build it right.
CNR or CNS sitting in a wallet on one of our supported centralized exchanges will also automatically convert. The same goes for CNR staked on Moolah.bet.
If you have CNR / CNS stored on an external wallet, fear not. The dev team is creating a self-service tool to allow users to execute a 1:1 token swap from TRC-20 to BEP-20. Stay tuned!
CNR will remain Centric Rise. CNS, however, will receive a name change, plus a facelift. Instead of Centric Cash, the post-conversion name will be Centric Swap. Here’s a look at the new design.
How Else Can I Prepare?
Wow, look at you, Eager Beaver! We dig that head-of-the-class, proactive attitude.
If you’re the type of person who likes all your ducks in a row, we’ve got some ideas for you.
If you don’t already have a MetaMask wallet, you can set one up. MetaMask will need to be configured for compatibility with BSC.
Here’s a great tutorial to walk you through that process.
Other than that, if you don’t already own some Binance Coin (BNB), you could pick up a few USD worth. Once the conversion is complete, you’ll be able to send it to your Centric Web Wallet to cover transaction fees.
Please do not send any BNB to the Centric Web Wallet until after we announce the conversion to BEP-20 is complete…otherwise, your BNB will vanish! (Nothing worse than lost tokens!)
You know how this goes, right?
Wait for it…
Kidding aside, we’ll keep you updated. Keep your eye on our social media accounts, including our official Telegram channel for announcements.
Let me reiterate…please watch our official Telegram channel.
We’ve caught wind of bad actors advertising fake websites to convert Centric tokens to BEP-20, and fake listings of Centric tokens on decentralized exchanges (DEXs).
If you don’t see it on Centric.com or announced on our official Telegram channel, it’s most likely a scam.
When in doubt, please reach out to our amazing support team.