Date and Time of AMA – October 9, 2020 at 10am PDT
Guests from the Centric Foundation – CEO Gabriella Davis (@GabriellaDavis) & COO Jordan Turnbow (@CentricJordan)
AMA Completed on Bittrex Global Community Telegram – https://t.me/BittrexGlobalEnglish
Bittrex Global AMA Announcement – https://twitter.com/BittrexGlobal/status/1314295211577815048
Alex:
Hi everyone! The channel is muted for now to allow our guests to respond to our initial set of questions. We’ll unmute once we’re ready for the community raised section!
We’re extremely excited to host Gabriella Davis and Jordan Turnbow for an AMA today. (Please respect our guests and allow them time to answer the questions)
Alex:
Can you tell us about yourself?
Jordan:
Hey everyone, welcome to the Centric x Bittrex Global AMA, we are stoked to be here. Let me first start by introducing our project Centric.
Centric was conceived with the vision of one day replacing traditional fiat currencies. Blockchain technology will enable a more transparent world and we believe our innovative approach to achieving widespread adoption long term is what sets Centric apart from other cryptocurrencies today.
Gabriella D:
We believe the largest obstacle to the mass adoption of cryptocurrencies is price volatility. Cryptocurrencies, unlike fiat currencies, do not have a central bank to implement monetary policy focused on stabilizing purchasing power. Thus, changes in demand induce massive price fluctuations. The decentralized model to price discovery has made the majority of existing cryptocurrencies nothing more than stocks or commodities, valued on psychology, traded on unregulated stock markets, and susceptible to manipulation. The lack of price stability has prevented credit and debt markets from forming because volatility incurs a premium.
While the rest of the industry focuses on transaction throughput and smart contracts, we focus on solving price stability to realize the economic capabilities that the blockchain enables.
While we are well aware we have a huge mountain to climb, the Centric team has been and is prepared to climb it.
Thanks, everyone for taking the time to learn about Centric. We had over 600 questions and we are so grateful you guys are curious about our brand. To learn more, please join our telegram group or visit our website
Joincentric.com – https://t.me/centric
Jordan:
Let me take a moment to introduce Gabriella!
Meet my colleague,
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.
Gabriella D:
Thanks for that great introduction Jordan.
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. Woot woot!
Alex:
Thanks for the introduction!
Alex:
Can you give us a brief introduction to CNS?
Gabriella D:
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 incentive 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.
Alex:
Sounds interesting!
Alex:
What was your motivation for starting this project?
Gabriella D:
The project was founded in order to solve the following problem:
The Problem
Cryptocurrencies have struggled to achieve mass adoption because of price volatility. In turn, they carry more risk than an incentive, leading them to struggle with user adoption and retention.
The Solution
Centric Rise is a deflationary cryptocurrency that rises in value every hour, providing a compelling incentive to investors and the stability necessary to drive utility and adoption.
Alex:
What are the major milestones for CNS in this year? Can you share with us the short-term goals and long-term goals of CNS?
Gabriella D:
Well, the first major milestone this year is the successful launch of CNS on a variety of exchanges, including, of course, Bittrex Global.
In the near-term, we are continuing to list on more and more exchanges. We are growing partnerships to grow our marketing and expand our reach and utility.
We have also started working on Centric Business, which is a little bit longer-term project, but ultimately will be a major component of driving adoption.
Jordan:
Through marketing efforts, partnerships, and education, we will continue spreading the Centric vision in pursuit of our long-term goal of competing with fiat currencies.
Alex:
Thank you for your great answer.
Alex:
What development trends of the industry do you think it will be shown in 2020?
Gabriella D:
2020 has seen the bitcoin halving and the explosion of interest from the community in Decentralized Finance (DeFI)
From our perspective, we have seen a much better retail investor awareness of risk and scams which we feel is very healthy for the industry as a whole vs 2016/2017
We are looking forward to a huge 2021, the explosion of interest in synthetic stables.
Alex:
Thanks for your great answers.
Let’s move to our selected community questions
Alex – Q1 from @cryptolover1010:
Most new DeFi projects are just copies of existing ones, they are just useless. So, what’s unique about your project & what makes Centric trustable as a long term project for users and investors?
Gabriella D:
Thanks for the great question.
Let me first say that…we agree!
We’ve already seen some of the “hottest” DeFi projects come and go.
When DeFi became the ‘word of the day,’, a lot of well-meaning Centric supporters vigorously encouraged us to hop on the train and embrace the DeFi label. We think riding the wave of the latest buzzwords only dilutes what Centric is ultimately about: creating a truly viable global currency to compete with fiat.
Realistically, we are probably looking at a good 10-15 years to achieve our long vision. That’s our horizon of focus.
With all that said, DeFi does offer some exciting possibilities, and there will be some winners. Centric is open to partnering with various projects in the DeFi space. In fact, we just recently announced an exciting partnership with a DeFi project called Green House Staking, and have been working closely with i-gaming platform Moolah.bet for over 12 months now.
Alex – Q2 from @ndibzmanyatshe:
Crypto is full of scams. How will adopters know and be sure CNS is not one of those?
Gabriella D:
I can completely appreciate this question!
In fact, Centric was conceived out of the frustration of seeing what cryptocurrency COULD offer the world, but so far has not. As crypto investors, we have not only taken our share of lumps, we’ve been disillusioned by more than a few crypto projects that looked like “the next best thing.”
I think our investment in developing the Centric Foundation (our governing body, with the highest standards of internal governance and transparency) speaks volumes. The Foundation’s current mandate is to execute on a 7-10 year roadmap, which roadmap includes products, services, and partnerships to establish a financial framework and high utility. All of this will be necessary to achieve mass adoption.
Trust & Transparency represents one of the three core values of Centric (along with Sustainability and Innovation). In the future, as Centric Foundation continues to develop our governance policy, you can expect to see things like live-streamed board meetings.
You can read more about our Roadmap here > www.centric.com/centric-roadmap/
Alex – Q3 from @Kiopz:
I see Centric had a lot of great partnerships and achievements in Asia. Does Centric have Africa in their plans? What message do you want to send to the community through AMA today?
Gabriella D:
Thank you for the question. Centric is focused on being a global currency. This means a universal currency that is borderless and can operate as a medium of exchange around the world.
Partnerships are a major focus for us over the next 2 years while we establish protocol consensus. We are mainly focused on a high level of market fit (partners that complement our product and vision) and due diligence ensuring our community doesn’t suffer any loss.
We see African countries and developing nations with volatile national currencies as prime candidates for the adoption of Centric once we reach protocol consensus.
Alex – Q4 from @pkimz:
What’s your greatest threats going forward and what plans are in place to overcome them
Gabriella D:
There is always a risk with any new business or concept. Although the project has been actively building towards our global currency vision for years we still consider ourselves a start-up.
See our FAQ “What are the risks?” on the following page, where we candidly discuss potential threats, including regulatory uncertainties, adoption, security, and more.
Alex: Q6 from @fuzitora
In this Crowded Blockchain World What makes CENTRIC different from other projects?
Gabriella D:
Fantastic question!
Centric is a unique dual-token cryptocurrency designed to form a true synthetic-stable currency over time; that is, a stable currency that is untethered from existing assets and collateralized by itself.
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.
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.
Here’s a 2-minute overview of Centric that points to some of what makes us unique > https://youtu.be/nBulaR-CwJE
You can also learn more on our Centric Basics page > www.centric.com/basics/
Alex:
Thanks for your great answers, Gabriella. I would like to open the chat to start the live session So I am now unmuting the chat. Thanks for your great questions.
Please give Gabriella and Jordan some time to answer some of your questions.
Impressive engagement!
Gabriella D:
Thank you, everyone!
Q1 from Crypto Boy:
Do you plan to build partnerships with local cryptocurrency developers and local projects in each country to make the use of CENTRIC more global? #AskCNS
Jordan:
The Centric team itself includes members from several different countries, and we definitely appreciate the benefit of a broadened global perspective. While we aren’t necessarily focused on building partnerships with projects in *every* country, though we certainly welcome partnerships and talent from anywhere on the planet, and the more countries represented, the better. After all, our goal is a GLOBAL currency.
Q2 from NIco BEN:
Does Centric meet adequate security and privacy values for the use of P2P payments, goods service payments, and banking payments with DeFi? Is it possible to make all payment systems with Centric infrastructure in the future? Can Centric Constant be used by banks? #AskCNS
Jordan:
Centric is focused on the currency, wallets, banks and that layer of infrastructure will come in the future once Centric reaches protocol consensus.
Centric Wallet will allow customers to make payments with businesses that accept Centric as a form of payment.
Phase 3, will see us focus resources on business to customer adoption very much the same way Visa/MasterCard rolled out credit cards 20+ years ago.
Q3 from ANGEL ROSE:
Hello Sir, I have been noticing for a long time that you are sharing the details of your token with us in a very beautiful way. How did you explain to us so beautifully? How do you feel about being able to understand us?
Jordan:
Thank you for the kind feedback.
Our team puts a lot of thought into how to share the Centric story, and we are continually working on new ways to do just that.
We are always open to hearing feedback from the community, including suggestions about how we can share our message even more effectively.
Q5 from Kuldeep Thakur:
@gabrielladavis How to stake centric and tell us the platform for that?
Gabriella D:
There are a couple of different ways to accomplish this, but the key is to swap your Centric Cash (CNS) for Centric Rise (CNR), as CNR is the token that grows hourly.
The easiest way to do this is by creating a Centric Wallet. https://wallet.centric.com/ Send your CNS to the wallet and then swap your CNS for CNR. Boom…you will now benefit from the rise of CNR each and every hour!
Another option is to send your CNS to any TRC-20 compatible wallet, and Centric Swap to exchange your CNS for CNR. There is a how-to guide available on Centric Swap. www.centricswap.com/
Q6 from Dec:
Could you give me 2-3 key points to convince me and other investors to invest in $CNS in the long-term #AskCNS
Jordan:
Proven and trusted team who have been delivering for over 3 years on an exciting road map, we are at the very beginning so huge room for growth
CNS is engineered to eventually reach $1 USD and will do so given its protocol design.
Q7 from NIco BEN:
As we know, every successful project has some behind the scenes story, what is the story behind Centric’s success? What was it’s vision when Centric first came as an idea? Any special prototype or upcoming update of Centric that you would like to demonstrate/share with us? #AskCNS
Jordan:
All good questions, thank you!
We alluded in a previous question to the Centric vision growing out of our disillusionment related to crypto not living up to its full potential.
The name “Centric” probably does sound a bit non-intuitive in an industry that proudly waves the banner of “decentralization.” Cryptocurrencies, unlike fiat currencies, do not have a central entity to implement monetary policy. Centric DOES have a central entity, and it’s the Centric Foundation we spoke about earlier. The “centralization” of the Foundation is present to ensure the long-term success of the project.
So the name Centric points to this centralized aspect of the project.
Q8 from ANGEL ROSE:
Hello Sir
1) What are the features of the $CNS token?
2) What amount of tokens can be issued?
Jordan:
When you buy CNS you buy a claim to the CNR held in the protocol. So buying, converting to CNR is a very important part of investing in the Centric Project.
To answer the second part of your question, CNS has an elastic supply which is regulated by CNR holders.
Q9 from Neil Sun:
One major problem facing exchange is SECURITY AND LIQUIDITY, how does Centric RISE ABOVE THESE 2 ISSUES AND RIVAL TOP COMPETITION #AskCNS
Jordan:
Centric has been getting battle-tested for years on the security front. We actively run community bug bounties and have security audits on the code.
Liquidity is something that comes as demand for the project increases, this is something the team is focused on over the next couple of years.
Alex:
Thanks, Gabriella and Jordan for your time and answers. That was a great AMA!
Good job!
Centric Swap (CNS) is available at the following exchanges.
Decentralized
Multi-chain DEx
Decentralized
CNS/BNB
For more information read the getting started guide.
