Date and Time of AMA – September 22nd at 10pm (UTC +8)
Guests from the Centric Foundation – CEO Gabriella Davis (@GabriellaDavis) & COO Jordan Turnbow (@CentricJordan)
AMA Completed on Bithumb Global Community Telegram – https://t.me/bithumbglobal_EN
Bithumb Global AMA Announcement – https://twitter.com/BithumbGlobal/status/1307918159916089345
Sidonpee:
Hello Everyone! Do not panic as you are not banned! You are just silenced for another edition of our AMA session. It’s my pleasure to welcome you to another exciting BithumbGlobal AMA and I will be your host for today 22/09/2020. We’re greatly honored to receive the CEO of @JoinCentricApp, Gabriella Davis & COO of Centric, Jordan Turnbow in our great community!
The AMA will proceed thus; We will have 2 Segments:
In segment 1 – @Sidonpee will ask the guest 10 questions out of which Questions 8,9 and 10 were selected from Twitter.
In segment 2 – @Sidonpee will open up the chat so the community can ask the guests questions. @Sidonpee will then silent the chat and our guests will answer as many questions as possible.
Prizes will be given for the best questions.
@gabrielladavis can you signify your presence here!
Gabriella D:
Hello everyone! What a warm welcome! Centric is so happy to be here. Please say hello to my colleague, Centric’s Chief Operating Officer, Jordan Turnbow
Sidonpee:
We are thrilled to have you here @gabrielladavis and @CentricJordan. Can you please introduce yourselves to the community, also let us know your background!
Jordan:
Hello everyone!! It’s such an honor to be a part of this AMA!! Myself and the Centric team are excited to speak with you all!!
Sidonpee:
We are so honored to have you here with us for this special AMA session
Gabriella D:
Jordan helps lead the Centric Foundation as Chief Operating Officer. Throughout his entrepreneurial career, Jordan has helped transform many Companies by executing strategies that matter and drive quantifiable results on the bottom line. He specializes in business development, strategic planning, business operations, and brand development. Jordan is known for his ability to solve complex problems and execute strategies that help technology Companies accelerate growth. His entrepreneurial spirit ensures Jordan constantly strives to deliver nothing but exceptional results for his team.
Jordan:
Gabriella is the CEO of Centric Foundation and a member of the Board of Directors. Gabriella has built out technology startups/brands through innovative marketing strategies and a result-driven approach. As the CEO of the Centric Foundation, she strives to facilitate a decentralized financial framework by capitalizing on her technology, artificial intelligence, marketing, and blockchain expertise to rapidly gain adoption of Centric Rise around the world. Gabriella is looking forward to challenging the status quo with innovation the blockchain has the potential to ignite.
Sidonpee:
Q1. What is Centric, briefly explain the aims and mission of Centric?
Jordan:
@Sidonpee Absolutely! First, here’s a 2-minute overview of Centric > https://youtu.be/nBulaR-CwJE
Essentially, Centric is a dual-token cryptocurrency designed to form a true synthetic-stable currency over time; that is, a stable currency which is untethered from existing assets, and collateralized by itself.
We believe the real financial freedom of cryptocurrencies can only come from a system completely untethered to existing assets, and it’s our mission to one day replace traditional fiat currencies. Our aim is to be stable, fast, trusted, and widely accepted by merchants around the world.
Sidonpee:
Q2. CNS Versus CNR, what is the relationship and difference between the two?
Gabriella D:
Centric Cash (CNS) and Centric Rise (CNR) are the two tokens that make up Centric’s dual-token economy. CNS provides liquidity to CNR and acts as the on/off-ramp into Centric. CNR is our transactional currency.
CNS is available on exchanges and is designed to be converted (think staking), in return for CNR. Holding CNR yields fixed hourly growth (currently 28.5% per month) on your staked CNS.
Under the hood, CNS and CNR have an elastic relationship where CNS is minted and burnt in exchange for CNR. Over time, the Centric Protocol works to balance the supply of both tokens by burning CNR until the market cap of both tokens is equal. At that point, we will have achieved our goal of creating a currency that is fully collateralized by itself.
Sidonpee:
Q3. Would you be kind to tell us more about the Centric wallet and its unique features?
Jordan:
The Centric Wallet is a completely optional place to store your CNS and CNR. Its features are designed specifically for Centric tokens and provides the easiest way to interact with the Centric protocol. With the Centric Wallet, you can manage your portfolio, as well as send, receive, and convert your Centric tokens. We offer 5 free transactions per day.
Currently, we only have a web version but are developing our mobile apps as we speak. In the future, we will support tap and go payments with CNR for use with merchants who support Centric.
You can read more about the Centric wallet here www.centric.com/wallet/
Sidonpee:
Q4. Could you let us know the major milestone Centric achieved in recent times, what should the community be looking forward to in 2020/2021?
Gabriella D:
Centric has only been available on exchanges for 2 months and we just recently clocked up our 17 thousandth CNR holder. In the grand scheme of things, we are only just getting started.
In the short-term, we are focused on growing adoption and utility by increasing marketing activities and launching our partner program which aims to bring 100 merchants and partners into the Centric economy.
We have a detailed roadmap that we adhere to which you can view at www.centric.com/centric-roadmap/
I touch base with the Centric community on a monthly basis, check out our Centric June/July update video here, and be sure to look out for our August & September update video dropping soon!
Sidonpee:
Q5. “Hold CNR and watch its value increase every hour“ please explain the concept behind the hourly growth of CNR.
Jordan:
@Sidonpee So the value of CNR in relation to CNS is enforced by the Centric Protocol and increases every hour on a fixed schedule that we publish on-chain up to one year in advance. In effect, this translates to a fixed hourly yield on your CNS investment when it is converted to CNR. Your yield is realized when you convert your CNR back to CNS.
For more info, I suggest checking out the Centric Basics page on our website www.centric.com/basics/
Sidonpee:
Q6. What is your strategy towards building a trusted and strong Centric community?
Gabriella D:
One of the advantages of the Centric project is that we already have some history under our belt. We initially launched our concept, trading on a custom internal exchange back in 2018. Many of those early users are still with us today, and we are grateful for their presence.
I would say our main strategy is to focus on the fundamentals and continue executing on our strategy. I believe when you are consistently doing what you said you will do, it speaks volumes. People want to be part of a project like that. Under promise, and over-deliver.
Of course, it takes more than just “nose to the grindstone” to build and sustain a community. We plan to continue including our community in our ongoing developments through social media. Channels like Telegram allow us to interact with the community, and keep an ear to the ground on community sentiment as well.
Overall, though, I think the answer to growing a strong community is ultimately found in growing a strong project that consistently delivers. And we plan to continue doing just that!
Sidonpee:
Q7. Can you tell us the immediate and long term benefits of CNS/CNR, How do you ensure adequate liquidity of these tokens?
Jordan:
@Sidonpee Great question my friend! The immediate benefit comes from converting CNS to CNR to take advantage of the high hourly yield that holding CNR gives you – currently, this equates to 28.5% per month growth in your CNS assets.
Longer-term the benefit will be potentially holding a stable token that is completely untethered from existing assets and immune to price fluctuations experienced by other cryptocurrencies.
To answer the second part of your question, to ensure adequate liquidity of these tokens we must continue to grow the Centric community, increase adoption, and provide a great user experience with high levels of utility.
Sidonpee:
Q8. After the adoption phase, how will you convince different merchants around the globe to use $CNS & $CNR and how can they profit more(benefit) from using this crypto as their mode of transactions?
Gabriella D:
Thank you, that’s a great question.
Following the Adoption phase, we’ll enter the Stability phase, where Centric Cash (CNS) will approach 1 USD, providing the conditions for a synthetic-stable currency.
Once that happens, I think transacting in Centric Rise (CNR) will be extremely attractive to merchants. In fact, we’ve already had businesses approach us that are excited about integrating Centric.
Centric Foundation will provide the tools (including no-cost tap-n-go units for brick and mortar businesses).
Transaction fees of less than a penny (vs. 2-4% fees from credit card companies).
No chargebacks!
And…the CNR the merchant receives for payment slowly increases in value each hour.
It’s a win for the merchant, a win for the customer, and a win for the Centric project and its community.
Sidonpee:
Q9. How is Centric development going? Can you describe in detail current development efforts, market expansion plans, expected applications, and when will they become commercially available?
Jordan:
@Sidonpee The core Protocol governing Centric’s economics is live and can never change. We are now focused on our own layer two solutions that are designed to increase short-term adoption by providing a better user experience and greater utility. Specifically, we are focused on our mobile wallet applications and our merchant (business) wallet.
We are also working on a full suite of developer tools and envisage a fully engaged developer community (akin to the Apple App store) building exciting applications that leverage the unique properties of our dual-token model. We already have some community members building exciting DeFi products leveraging our tokens.
Sidonpee:
Q10. How are the plans shaping up for marketing and building a strong, core community which is essential for any project in the crypto industry?
Gabriella D:
We are extremely grateful to already have such an amazing and loyal community of individuals who believe in the vision and appreciate Centric’s uniqueness in the crypto space. And we are continuing to grow that base of supporters, not only through our marketing efforts but also by continuing to execute and deliver on our roadmap.
We are in talks with many online influencers and have made deals with several of them in the past couple of months. Earlier this month, we closed a deal with a number of Spanish speaking TikTok influencers with a combined audience of 22 million followers.
We’ll of course continue developing relationships. We’re also committed to doing a lot more AMAs like this one today, including for all new exchanges that we list with. Each new exchange provides an opportunity to introduce our vision to a new audience.
Sidonpee:
Now I will open up then community for the live segment
Hope you both are ready for this segment?
Gabriella D:
Bring it! We are ready when you are!
Sidonpee:
You may start from https://t.me/bithumbglobal_EN/262877
Sidonpee – Q1 from TยcҜang 𝕊нօrt:
On your website, it’s only Centric Cash (CNS) that can be traded on an exchange, meanwhile, Centric Rise (CNR) is just functionable on Centric ecosystem. Do you have any plan to listing CNR on several exchanges to make it more valuable?
Jordan:
No, not yet. Secondary markets may form for CNR but we have no plans on listing it.
Sidonpee – Q2 from Maria Martinez:
I want to have a LONG TERM INVESTMENT with this PROJECT, but I’m in doubts right now, how can you convince and assure me this project is SAFE and PROFITABLE?
Jordan:
I think it’s important to recognize that there is no such thing as a 100% investment. By definition, investing implies putting something at risk in exchange for a reward. That said, Centric has *always* been a long-term project and was created in part in response to the pump-and-dump culture so commonly found in crypto. Additionally, we are completely committed to the long-term success of the project. And the hourly increase in the value of CNR provides a powerful hedge against the price of CNS. It’s also worth mentioning that we will eventually reach protocol consensus (CNS stabilized at 1USD). It’s all in the math.
Sidonpee – Q3 from Pink:
Yield farming is a new trend so do you have any plan to yield farming system development?
Jordan:
Great question, we have a number of developers that are already building on top of Centric with some very innovative projects that leverage the Centric ecosystem. We have some very exciting announcements right around the corner. Stay tuned follow @Centric
Sidonpee – Q4 from Alikaa Azzahra:
Can you list 1 or 3 killer features of #Centric that makes it ahead of its competitors ?? What is the competitive advantage your platform has that you feel most confident about ???
Gabriella D:
The first is the Rise (CNR) token itself. A cryptocurrency that only *increases* in value. How cool is that?
The second is Governance, Centric is unique in that it is upfront about the fact that there is a small level of Centralization to our system. Centric has a non-profit entity called the Centric Foundation whose role is to manage monetary policy and expand adoption by developing partnerships and supporting innovative projects that contribute to the utility of Centric.
Third, with escalating gas fees coming from Ethereum, for example, the ability to transact at virtually no cost becomes a distinctive feature of Centric, and very attractive to users who are tired of depleting their holdings with fees.
Sidonpee – Q5 from ms orpa:
I am a professional vulnerability finder on the web, do you think Your system is secure enough from hackers? Does your project have a program that rewards individual vulnerability detection of the system?
Jordan:
Thanks, we love you guys. The Centric Protocol has been audited by iosiro, the same team that audits Synthetix and we will be following up with more audits soon. For our web wallet, we’ve already run a bug bounty program on Version 1 and the community has helped us find and patch a few issues. We will continue to run bug bounty programs with each new version update.
Sidonpee – Q6 from Диего | Diego | ディエゴ | Satoshi Club:
What are the benefits of hodling CNS? Why should I buy it, the advantages and rewards for holding long term? @CentricJordan @gabrielladavis
Gabriella D:
What a great question. The price of Centric Rise is enforced by the Centric protocol at the point of exchange. Currently, the Centric Rise price represents the exchange rate between CNR and CNS. Once we achieve a synthetic stable currency (which happens at the point the market cap of CNR is equal to CNS) the Centric protocol acts to maintain the price of CNR by managing supply in response to changes in demand.
Sidonpee – Q7 from Zyziek:
Will there be a payment app linked to the card using CNR?
Gabriella D:
It won’t be a card, however, we will be launching Centric Business, which looks like an eftpos terminal/tap-n-go terminal which sits on the counter of all retailers. You’ll be able to simply use your phone with a compatible crypto wallet that holds CNR or CNS and make a payment in seconds.
Sidonpee:
Let’s wrap it up here!!
The AMA session with CEO of @JoinCentricApp, Gabriella Davis & COO of Centric, Jordan Turnbow has finally come to an end.
We’re greatly astonished having a well-articulated AMA session with the Centric team!
Also, we are indeed overwhelmed by all our esteemed community members, for your support and enthusiasm for the project.
For more information and to be part of the project, you may join the centric telegram community here via https://t.me/centric
Centric Swap (CNS) is available at the following exchanges.
Decentralized
Multi-chain DEx
Decentralized
CNS/BNB
For more information read the getting started guide.
