Date and Time of AMA – September 9, 2020 at 10 am EDT
Guests from the Centric Foundation – CEO Gabriella Davis (@GabriellaDavis) & COO Jordan Turnbow (@CentricJordan)
AMA Completed on BitMax Community Telegram – https://t.me/BitMaxioEnglishOfficial
Jas:
We are about to start Centric AMA.
Let’s welcome the Centric Team.
Gabriella D:
Welcome to the Centric AMA.
I’m Gabriella, Centric CEO.
Today we are excited to gather here in the BitMax community and answer any questions you may have about Centric.
Jordan:
Hello, my name is Jordan, Centric COO, what a great opportunity to be here!!
Jas:
Our community is eager to know what Centric is, briefly explain the aims and mission of Centric?
Gabriella D:
We’re aiming big! Centric was conceived with the vision of one day replacing traditional fiat currencies. Centric is an innovative cryptocurrency ecosystem comprising Centric Rise (CNR) and Centric Cash (CNS).
Centric’s flagship, CNR (Centric Rise) stands as the network’s transactional currency. CNR increases in price every hour via immutable price blocks set one year in advance by the Centric Foundation. The continually rising price of CNR provides incentives for early adopters to join and stay in the network.
CNS (Centric Cash) serves as the network’s on/off-ramp. It trades freely on cryptocurrency exchanges, providing access to CNR along with liquidity.
A decentralized protocol governs the exchange between the two tokens and self-regulates token supply to meet ongoing changes in demand.
Centric Foundation is establishing partnerships with third-party platforms, dApps, and service providers to drive utility and adoption.
Jas:
CNS Versus CNR, what is the relationship and difference between the two?
Jordan:
CNS and CNR are interchangeable. CNS is traded on exchanges and is the on-ramp/off-ramp to CNR. CNR yields hourly earnings on your CNS investment and is similar to the concept of staking which you may be familiar with. When you buy CNS you want to change it to CNR so you can reap the rewards of Centric’s dual token model.
Jas:
Would you be kind to tell us more about the Centric wallet and its unique features?
Jordan:
Yes of course! The Centric Wallet is an optional place to store your Centric Rise and Centric Cash. Its features are designed specifically for Centric tokens and offer the most convenient way to interact with the Centric protocol.
The Centric Wallet gives you 5 free transactions per day and provides the easiest way to convert your CNS to CNR.
Jas:
Sounds very exciting!
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:
Thank you! We’ve only recently decentralized our system which has been very exciting for our 17,000+ token holders. For the past two years, we operated in a Centralized state while we refined our economic model and established a solid foundation to build on.
Moving forward we are continuing to execute our roadmap which you can find here www.centric.com/centric-roadmap/
Coming up soon we will be focusing on developing partnerships with all corners of the crypto and financial services industries.
Jas:
That’s great to hear!
How is the Centric transaction fee compared to other projects? Can centric manage multiple and series of transactions faster than other projects?
Jordan:
The Centric wallet provides 5 free transactions per day, however, you are more than welcome to use your preferred wallet. Currently, Centric runs on the Tron blockchain and enjoys all the speed and small fees that the Tron network offers. Currently, transactions cost less than half of one cent.
You can sign up here! www.centric.com/wallet/
Jas:
Amazing! How does Centric help increase expansion to digital currencies?
Gabriella D:
We believe the largest obstacle to the mass adoption of digital currencies is price volatility so we focus on solving price stability to realize the economic capabilities that digital currencies enable. Digital currencies are the future for the next generation and Centric will help make them stable, reliable, trusted, and untethered from existing assets.
Jas:
That’s great. Let’s open the channel. I believe our users have many questions.
Q1 from Ashwini:
Can You please tell us about token Economics?
Also, how is the Centric Swap tool different & safe from other tools?
Gabriella D:
Centric has unique token economics which is enabled by its dual-token model. The Centric protocol works overtime to raise the price of CNS on market to a target price of $1USD. We do this by continuously burning CNR every hour using a mechanism called protocol balancing. By continuously burning CNR we create supply pressure. The goal of this is to create a synthetic stable currency.
Centric’s economics also rewards adoption by continuously yielding growth similar to staking which you may be familiar with. For more info read www.centric.com/basics/
To answer the second part of your question, the Centric swap tool provides a decentralized way to convert your CNS to CNR and vice versa.
Q2 from Raghav:
You say that the value of Centric Rise increases hourly. What is the mechanism by which this happens? What is the explanation? How is this constant increase guaranteed?
Gabriella D:
Great Question Raghav, Centric Rise is unique in that it trades at a fixed price set by our team of economic experts up to one year in advance. In effect this allows us to control the exchange rate of CNR to CNS which is a key tool of macroeconomic policy that many managers of traditional currencies have the ability to control. Currently, the Centric price rise acts as an indication of the increase in yield on your CNS investment that you can expect each hour once you convert it to CNS. Only once the price of CNS reaches $1 USD will the implied market capitalization of CNR and thus the CNR price is backed by real-world value.
Q3 from Javier:
When will you find that your mission was accomplished?
Gabriella D:
When you can walk into the local 7-11 and buy a coke with your Centric Rise!. We are currently in phase 2 at the moment, this means that we are focused 100% on achieving protocol consensus which happens when Centric Cash is trading on external exchanges at $1 USD.
Q4 from Nisith Kumar Nayak:
How are you planning to deal with gas fees and transaction time, which are a kind of headache to deal at the moment?
Jordan:
Centric runs on the TRC20 network and costs less than 1 cent for it’s fees and has the same fast transaction times that Tron is known for. This is one of the main reasons why Centric chose to build on Tron. In addition, if you use the Centric wallet you get 5 free transactions every day.
Q5 from Maxim:
What are the benefits of hodling CNS? Why should I buy it, the advantages and rewards for hodling long term?
Jordan:
Great question!
Centric Cash is the official on/off-ramp into CNR, in order for CNS to be in circulation it needed to be minted and the CNR is held in the Centric Protocol. When you buy CNS you are buying the claim to the CNR in the contract. You are able to easily swap CNS to CNR using either the Centric Wallet or the decentralized dApp www.centricswap.com
Jas:
Thanks, John, Gabriella, and Jordan from the Centric team.
It was a great AMA! Thanks for your time.
Centric Swap (CNS) is available at the following exchanges.
Decentralized
Multi-chain DEx
Decentralized
CNS/BNB
For more information read the getting started guide.
