Date and Time of AMA – October 15th 4-5 PM (SGT), UTC +8
Guests from the Centric Foundation – CEO Gabriella Davis (@GabriellaDavis)
AMA Completed on HotBit Community Telegram – https://t.me/Hotbit_English
HotBit AMA Announcement – https://twitter.com/hotbit_news/status/1316306968156409856?s=21
Daisy Lee:
Let’s welcome @GabriellaDavis to introduce the overall general scope of the Centric project to us in this AMA.
Here is our AMA session today,
1. Online interview.
2. Free Q&A session by @GabriellaDavis and Community members. @GabriellaDavis will pick a few good questions worth 20000 $CNS each.
Gabriella D:
Hey there! Thanks for the warm welcome. Happy to be here.
Daisy Lee:
OK, Let’s start the AMA. Could you introduce yourself to our community firstly?
Gabriella D:
Yes of course! First I’d like to thank everyone for taking the time to learn more about Centric. We are so grateful.
Daisy Lee:
Thank you for being with us today.
Gabriella D:
Thank you for having us!
Well, great question, I guess I am a bit of a rebel at heart, which is why I absolutely love how Centric challenges the status quo, both in the short-term (by bucking the pump and dump model) and in the long-term (eventually competing with fiat currencies).
Daisy Lee:
Wow, rebel but firm!
Gabriella D:
Exactly!
Daisy Lee:
Q1. Can you give us a brief introduction of Centric Cash (CNS)? @GabriellaDavis
Gabriella D:
That is a fabulous question Daisy. Centric was created to be everything we hoped bitcoin and other cryptocurrencies were back in 2017-18.
At its core, Centric is designed to be a currency, providing a medium of exchange, a stable store of value (like traditional fiat currencies).
Blockchain technology unlocked trust-less and censorship-resistant environments where projects can launch innovative ideas. Centric takes full advantage of this with a scalable solution that solves many of the problems other digital currencies face around real-world utility.
Our opinion is that most cryptocurrencies today resemble traditional stocks more than currencies. Centric’s focus is on building a global digital currency.
Now building on top of this – Centric is an innovative cryptocurrency ecosystem comprising Centric Rise (CNR) and Centric Cash (CNS).
Centric Cash (CNS) is the publicly-traded cryptocurrency of Centric, which can be converted to Centric Rise, the native currency on the Centric Wallet which is the deflationary currency and the other necessary piece to the dual payment system. Centric Rise is programmed in a manner that allows for a decreasing supply over time per the algorithm.
Daisy Lee:
Q2. What problems does Centric aim to solve? @GabriellaDavis
Gabriella D:
One of the biggest challenges with cryptocurrency is massive price volatility. Crypto offers so much potential, yet this persistent volatility hampers it from achieving true mass adoption. Most crypto simply carries more risk than incentive.
To combat this, Centric created Centric Rise (CNR)—a deflationary cryptocurrency that rises in value hourly. Centric Rise provides a compelling incentive to investors and the stability necessary to drive utility and adoption..
Daisy Lee:
Ok, Next question.
Gabriella D:
I’m ready for ya
Daisy Lee:
Q3. What is your long-term vision of the industry that Centric is working at? In the future are you afraid there will be another project with more advanced technology that can replace #Centric @GabriellaDavis
Gabriella D:
Thank you for touching on this. Centric’s Vision long term is to establish a global currency using blockchain technology. This realistically will take us 10-15 years.
Centric will need strong financial infrastructure around the world, a compelling economic incentive to gain user adoption, and a trusted and transparent organization (Centric Foundation) to ensure the highest standards in the advancement of the vision.
At its core, Centric isn’t necessarily a technology company, but rather a digital currency network focused on building trust and utility through partnerships and real-world use cases. We envision a stable, reliable, trusted digital currency, untethered from existing assets.
We’re committed to providing the best user experience possible, including secure, fast, and low/no-cost transactions. As technology changes and the industry further develops, we’ll leverage whatever technology allows us to do that best.
Currently, we’re deployed on the Tron blockchain. Eventually, we’ll create our own native blockchain. Meanwhile, we are keeping a close eye on other developing projects such as Polkadot and Cardano.
Daisy Lee:
Q4. Investors are afraid of scams. What does #Centric do to guarantee that people aren’t scammed? @GabriellaDavis
Gabriella D:
Reputation and trust are critical factors in growing adoption.
In addition to providing secure and reliable technology, Centric has been around for over 2.5 years. Many early investors are still with us today, and they can attest that we have consistently delivered on our roadmap.
The crypto space is filled with fly-by-night projects. Our history and track record speak for themselves, showing investors we are the real deal more than anything we can say. Furthermore, our team is public and accessible, and we have built a large community of supporters, many of whom we engage with directly and can vouch for our long-term commitment to success.
Finally, we thoroughly vet any partners, exchanges or projects that we recommend to the community.
Daisy Lee:
Q5. I understand the sole aim of Centric is to be the currency for the next generation backed by mathematical accuracy-that being the dual token model system. However, as with everything there is a subjective side to it which is wide acceptance keeping in mind crypto is still largely unaccepted by the world and world powers. If I’m getting the concept of Centric right it could be on a scale of Zuckerberg’s Libra-we all know how that went. Adverts alone won’t cut it, maths alone won’t either. In plains terms how in practical terms will this aim of a truly global decentralized currency come to [email protected]
Gabriella D:
Aside from not being a traditional stable currency—which is a hot topic among regulators at the moment —we differ from the likes of Libra in two other key areas.
First, our growth will be organic as we aren’t hitting the market with billions of users ready to disrupt things dramatically on day one. This allows us to work with regulators as we grow.
Second, and a key part of bringing our solution to fruition, is that we aren’t in the business of creating our own blockchain right out of the gates. This massive saving of resources affords us the ability to focus solely on user experience.
In practical terms, our goal is to create an experience where the technology that underpins Centric is invisible to the end-user, and where there is no barrier for entry for the non-crypto-minded.
With this focus in mind, we expect to continue to incrementally grow the utility of Centric through merchant partnerships until we reach a tipping point of global acceptance.
Daisy Lee:
Really impressive!
Q6. We all know that Centric Business will be a core pillar to the project and it’s future and there is a lot of competition in this field, How will you incentivize global merchants to say use a Centric token and a Centric Tap N Go device? @GabriellaDavis
Gabriella D:
Thank you!
For us to be widely adopted by merchants we must have a large user base, offer a cheaper and more convenient way for consumers and businesses to transact, and provide stability. This will allow merchants to see accepting Centric as a form of payment as a risk-free “no brainer.”
In the short-term, the Centric Foundation will unlock a range of direct and indirect incentives for merchants and partners to join the network if they expand the utility of the project.
As we grow, Centric aims to offer merchants a superior alternative that will require no incentivization. This includes unique economics that fosters adoption in the short term and stabilizes over time to reduce both volatility and the risk of devaluation due to inflation. For more information on exactly how this is done, I suggest you check out our website, www.centric.com
Daisy Lee:
Q7. You say that the Centric Increase value is increasing every hour. How does this happen? What is the explanation? How is this constant improvement guaranteed? @GabriellaDavis
Gabriella D:
That’s correct. So, without getting too technical, the price of CNR is enforced by the Centric Rise smart contract, which enforces the current price of CNR across the Centric economy.
How this happens is that the Centric Foundation sets Price Blocks to be executed by an immutable formula stored on the Centric Rise smart contract. These immutable Price Blocks are stored on-chain and published up to 1 year in advance.
Once set, the Price Blocks are 100% public, and can be seen here > explorer.centric.com/data/prices
It’s important to note that the Price Blocks are guaranteed by the immutable protocol which dictates that a Price Block cannot be altered or destroyed once created.
You can learn more about CNR and the basics of the Centric economy here > www.centric.com/basics
Daisy Lee:
Thank you very much for the detailed explanation and it’s been a great opportunity for us all to learn more about Centric.
Daisy Lee:
Now, let’s proceed to the next session public Q&A, @GabriellaDavis will help to answer and pick 10 BEST questions with 20000 $CNS each.
And I will pick lucky users with 10000 $CNS each randomly. Good luck!
You can send any questions about Centric. Please do not send the same questions repeatedly.
Gabriella D:
Wow! Wow! Wow!
Thank you everyone for your questions!
Please be sure to head over to our Centric Telegram where we will aim to answer your questions all day and night!
Shirley:
Let’s give Gabriella some time to pick questions.
Q1. From Prince 🇧🇩 (@luc1f3r64) –
Marketing strategy is very important. A product can be established on the market without marketing and promotion, whatever it is good. So what are your plans for this? How will you build strong relationships with communities?
Gabriella D:
We have spent a large amount of time market testing the product through traditional mainstream advertising channels in the past. Our plan is to introduce and onboard a large amount of users from outside of the crypto space (a huge untapped market). This will be run in parallel with crypto partnerships, exchange listings, and educational content directed to the already savvy crypto investor.
Q2. From Sourav (@swe4401):
Can you tell us the motivation and benefits for investors to hold the $CNS for the long term? What are the team’s plans to make $CNS a top project? @gabrielladavis
Gabriella D:
Thanks for this question, as it provides an opportunity to clarify a super-important aspect of this project.
Specifically, the token to hold long term is Centric Rise (CNR).
Centric Cash (CNS) is really just the on/off-ramp to the network, and there’s little value in holding it long-term. The real value is in holding CNR, and benefiting from the hourly growth!
As for growing the project, we are starting to work on Centric Business, which will onboard merchants, leading to further real-world utility. It’s a key part of our strategy.
Our Roadmap details additional plans for expansion and development. You can check it out here > www.centric.com/centric-roadmap/
Q3. From Adnan Habib Khan (@Khan2580):
Although ETH 2.0 is delayed to next year, it will solve all existing problems of ETH and become the best choice for dApps in the future, so do you think this is a threat to your project and how could you overcome this barrier?
Gabriella D:
No, because ETH 2.0, regardless of its success will still be like traditional crypto subject to volatility. At this stage, we are a layer two-solution, built on top of projects like ETH 2.0 and we may find that we move Centric across to ETH 2.0 if it proves successful. We aren’t bogged down building our own blockchain infrastructure but leveraging the best projects built by others to implement our vision of becoming the breakthrough global currency.
Q4. Neil Sun (@sunaoie):
DeFi is projected to buzz up in 2020, now what roles does Centric play in the innovativeness of DeFi, and how does Centric view the future of DeFi?
Gabriella D:
When DeFi became the ‘word of the day’ in the crypto space, a lot of well-meaning Centric supporters vigorously encouraged us to hop on the train and embrace the DeFi label. Our stance on this from the start has been that Centric is a long-term project. We’ve already seen some of the “hottest” DeFi projects come and go.
We think riding the wave of the latest buzzwords dilutes what Centric is ultimately about: creating a truly viable global currency to compete with fiat. Realistically, we are probably looking at a good 15 years to achieve our vision.
With all that said, DeFi does offer some exciting possibilities, and there will be some winners.
Centric is open to and excited about partnering with various projects in the DeFi space. In fact, we just recently announced a partnership with an exciting DeFi project called Green House Staking, and we anticipate going live by the end of the month.
Q5. Dr. Jack (@Alex6517):
Can you give me 3 reasons why users and investors should hold $CNS in the long-term? What are the benefits your project brings?
@GabriellaDavis
Gabriella D:
Sure, firstly I’ll address the benefits and then I’ll give you 3 reasons to hold Centric long term.
The main benefit our project brings is the prospect of the first true synthetic-stable currency. That is a cryptocurrency that is stable and completely untethered from existing assets and legacy financial systems.
Why hold Centric long term?
Centric’s protocol will one day raise the price of $CNS to $1 – the only question is how long it will take and how many CNR are burnt to achieve this. If you are in it for the long term, eventually your CNS will be worth $1 on exchanges.
By converting $CNS to $CNR, you yield $CNS hourly. The longer you hold, the more $CNS you will yield.
Centric has been around for 3 years and has always delivered on its roadmap. We have a detailed roadmap for success which you can view here www.centric.com/roadmap – and if we continue to deliver as we have in the past you can be sure your investment will be fruitful.
Q6. Mizu (@mizur1):
What are some of the major achievements that Your Project has achieved and what milestones are planned ahead in the next 6 months, 1 year, and 5 years?
Gabriella D:
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.
What’s next?
6-12 months
– 10x holders > 200,000+
– CNS trading on 30-50 markets
12-24 months
– 10x holders > 2,000,000+
– CNS trading on 100-300 markets
We are focused on achieving these sorts of numbers through large mainstream marketing and awareness campaigns around the world + partnerships with existing crypto projects looking to drop their native tokens and jump into the Centric Ecosystem early.
We’ll continue to work closely with crypto influencers on educational content about Centric and we have some big deals yet to be announced in this space that are already in the works. Lawyers and legals always make this slightly hard to predict timeframes.
Centric Business is what our development team is now working on and it will be the core pillar to the long term utility and success of Centric. We hope to have a beta product to market within 6 months. You’ll be able to register your business, we ship you a tap-n-go Centric receiver which connects securely to your Centric business account and accepts payments faster, without any fees from customers holding Centric. In the beta version, customers will be able to pay for goods and services with either CNS or CNR for less than 1 cent with transaction settlement in less than 2 seconds.
Gabriella D:
Thank you everyone for your patience through this process, you guys are the best! And thank you everyone who participated… Wow, we are feeling the love! The party isn’t over, head over to our centric chat.
Shirley:
Thanks for your excellent sharing @gabrielladavis
Gabriella D:
Thank you so much for the 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.
