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Centrality

Centrality (Founded in 2016) is a venture studio that partners with leading innovators in diverse industries to create a marketplace of applications. These applications allow users to manage daily tasks and experiences using peer-to-peer transactions, through a single login and using .

Overview

The company, Centrality is one of the leading blockchain venture studios globally. It is made up of a team of 75 members located in Melbourne, Singapore, Auckland, and London. They are a global network of investors who are driven by a strong vision. The company’s vision is to help the world move to Blockchain technology.

Unlike other blockchain platforms which sell their tokens to raise funds for their projects, Centrality already had an extensive portfolio of over 20 applications that were already in use, generating significant value before the token sale.

The applications all work together to help each other grow, building a one of a kind application marketplace that uses a standard token; the CENNZ token.

Centrality is a decentralized ecosystem that connects different applications together using Blockchain-powered technology. This technology allows businesses to work together to gain scale through the shared acquisition of customers, data, merchants, and content.

ICO

Centrality conducted two funding rounds in 2017 and 2018 respectively. The first round was the pre-sale round in October 2017, and it raised a total of $15 million. In January 2018, the team managed to raise 80 million in an ICO round. The CENNZ token was priced at  $0.43 and a total of 840,000,000 CENNZ were available for the round.[4][5][6]

How Centrality Work

  • Centrality creates the foundation for “Scenes”, then gets a share of the tokens in each application it powers in exchange for delivering the core technology and ecosystem
  • Various Scenes plug into Centrality; each Scene uses the CENTRA token to purchase modules for their app, thus creating connections to users, data, content, merchants, and currencies across the ecosystem
  • Scenes across different use cases work together to acquire users, data, merchants, and content; smart contracts are used to ensure different companies can trust one another
  • Each Scene is focused on creating its own business, including partnering and onboarding users; meanwhile, Centrality focuses on powering the technology and design

Essentially, Centrality creates a blockchain-based ecosystem where companies can access a wide range of valuable services – including everything from customer onboarding modules to payment processing platforms. Companies can focus on what they do best – growing their business – while Centrality continuously develops and expands their blockchain and Dapp ecosystem. [1]

CENNZX

CENNZX is a decentralized spot exchange for generic assets on CENNZnet. It’s built on the CENNZnet blockchain meaning all transactions are signed by CENNZnet accounts and permanently recorded on-chain.

This provides CENNZnet users with a fast, secure, and transparent exchange experience. Users can use CENNX in two ways:

  • As a liquidity provider
  • As a currency exchange user.

Centrality’s DApps

Centrality has a number of (DApps) built on its own blockchain. The company calls these DApps “Scenes”. Centrality has completed four Scenes so far, with four additional scenes in development.

Skoot:

Skoot describes itself as “a travel experience marketplace”. It consists of a virtual companion designed for inbound visitors and free independent travelers. Using patented technology, Skoot helps users find interesting things to do while traveling.

Skoot has partnered with New Zealand rental vehicle and camper hire companies to generate new revenue opportunities. Meanwhile, the Skoot marketplace allows traditional tourism operators to streamline their supply chains and enable a peer-to-peer marketplace for individuals to offer experience in their spare time.

Belong:

Belong is an employee engagement platform and marketplace that aims to help businesses provide rewards – or perks – for employees. It includes a non fiat currency to enable non salary based incentives. Belong also has a financial services engine for managing group and personal insurance plans, claims, and entitlements.

Merge:

Merge is a smart travel app that functions as a time management system for those living in cities. You tell Merge when you want to leave, or at what time you want to arrive at your destination. Merge tells you the best time to leave using various modes of transportation – from driving to public transit to ride sharing apps.

UShare:

UShare is a transport application that works across taxi services, rental vehicles, electric bikes, public transport, and more.

The Economic Model

Centrality has partnered with a number of use cases that will prompt consumers and brands to transact with and through CENNZnet. CENNZnet turns the traditional funding method on its head. Traditionally, when somebody invests money into a business, that money is used to build technology from scratch. This often results in duplication of components that already exist elsewhere, making it hard to scale efficiently without a huge investment

DApps has access to CENNZnet and its open-source library of tools and services: messaging via Sylo, single sign-on via SingleSource, smart wallet via Centrapay, and spot exchange via CENNZX and patent pending permissions and delegations protocol, Doughnut. Developers will use these core services to build applications with ease.

The CENNZnet token economy has been designed for both developers and users in mind. It will be cost-efficient to run applications on CENNZnet and good applications will be incentivized to grow. Those who use the network and help it grow will be rewarded.

CENNZnet Transactions

All transactions on the CENNZnet require the user to pay a transaction fee. The transaction fee can be paid in any currency supported by CENNZnet (initially this will be CENNZ and CPAY but it will expand to include DApp tokens used on the network) and will be automatically converted into CPAY at the current spot value.

Transaction fees are important for the security of the network as they prevent malicious parties from trying to inundate the system with transaction requests, in what’s known as a Denial of Service attack. Someone trying to overload the service with transaction requests would have to pay A LOT of money to be successful.

The more transactions that have taken place on CENNZnet the more transaction fees are acquired. At the end of the era, the pool of CPAY made from transaction fees is split up and divided equally and proportionally between Validators. The Validators then distribute the reward proportionally amongst their associated Nominators.

CENNZnet Tokens

CENNZnet operates on a dual-token economy. CENNZ for staking and governance, and CPAY for network transactions and block rewards. Anyone with CENNZ can stake their tokens to earn block rewards.

  • CENNZ

CENNZ is a staking token; it can increase in value without impacting the cost of using the network. This is important to ensure developers can predict the costs of running their applications. In popular blockchain systems today, the costs of development are variable and subject to external factors, which makes it hard to plan ahead. CENNZnet has been designed to deliver predictable costs and optimal usage.

The demand for CENNZ has increased as more users join the CENNZnet network and generate more activity in the form of transactions. CENNZ tokens are required to join CENNZnet as a validator. Staking CENNZ enables users to participate in the network consensus by securing and governing the network. It also provides them with block rewards in the form of their fee token, CPAY. CENNZ is used for staking and governance.

  • CPAY

CPAY works like gas in the network and can be used for transaction fees and block reward payments for stakers. It’s designed to be algorithmically stable, so developers can easily predict the cost of their application, and stakers can easily predict the value of their stake. CPAY can initially be tradable on the CENNZX exchange or can be transferred directly between wallets. CPAY is used for network transactions and block rewards.

  • Generic assets payment

Transaction fees can be paid in any asset, provided there’s liquidity in the CENNZX spot exchange. CENNZX then seamless converts the assets into CPAY for fees. This will streamline by eliminating the need for new users to learn about CENNZ or CPAY when their favourite DApp. [2]

Staking on CENNZnet

To take part in staking, users must;

  • Hold CENNZ
  • Agree to lock in and stake a minimum threshold amount of CENNZ (minimum stake will be 10,000 CENNZ for both nominating or validating).

To be elected as a Validator user must also

  • Run a node
  • Agree to lock in and stake a Validator minimum threshold of CENNZ.
  • Indicate interest in being a Validator. This is done by signing and submitting a transaction stating they want to be considered as a validator candidate. It will be available via cennznet.io but users can also build their own tools using Centrality APIs.

CENNZnet NFT Module

Centrality introducing the brand new NFT runtime module. Using the Centrality module users can mint and sell NFTs on CENNZnet without ever needing to touch a smart contract. Instead, users can create custom NFTs using just a JavaScript API or point and click with a UI. Not only will this make it super straightforward for anyone to mint NFT assets, but creators also won’t be locked into a specific marketplace.

CENNZnet's protocol is to make blockchain development and functionality available to everyone. The CENNZnet NFT module allows you to create and sell NFT tokens without needing to deploy a smart contract. With CENNZnet’s NFT module, users can instead simply interact with our friendly API in Javascript to mint and sell tokens. The process

  • Create a token collection

The first step for users to create their NFTs on CENNZnet is by creating a specific collection in which to store groups of tokens. This makes it straightforward to organize their tokens by a common theme, such as an artistic feature, a timestamp or even a buyer. A collection can also contain just a single NFT if they would prefer individual groupings.

  • Create individual tokens

Once user collection has been created they can start actually minting your NFTs. At this point, the user can assign the owner of the token and also individually determine a fixed price or royalty scheme.

  • Sell NFTs

With the CENNZnet NFT module, users can buy and sell their tokens directly on the mainnet, effectively cutting out the middle man. They can sell their NFTs on CENNZnet in one of two ways:

Fixed-price sale: The module lists tokens for a fixed price you have set. When a buyer is found they will be able to purchase the NFT and the ownership will be transferred to them. The escrow and fee transaction is done entirely by the module, so the process is fast and easy for everyone involved. Sales can occur in any asset on CENNZnet. e.g. CENNZ, CPAY, cUSD

Auction sale: This form of sale process will allow prospective buyers to place bids on your NFT over a determined period of time. The cool thing about auctions on CENNZnet is that the result is finalized automatically on-chain, rather than requiring someone to submit a separate transaction to release the tokens that were being auctioned. Auctions can occur in any asset on CENNZnet. e.g. CENNZ, CPAY, cUSD

The great thing about the NFT module is that users can use it to get their tokens up and running fast, but it doesn’t have to limit the user creativity. If they wish to add more complex or unique features to their NFTs, they can add them to the module’s functionality with their own smart contract.

Ventures

Centrality promotes and invests in innovative ideas that bring value to life. Currently, their financial portfolio has projects from various categories. Some of these companies they invested in are tabled below.-[3][4]

Sr.noProject/CompanyFeature
1CENNZnetIt is first natively permissioned blockchain in the world,
2Sylo NetworkIt is an open and inclusive Web3 protocol run by communities
3CentrapayCentrapay helps Dapp Developers to transact directly with the customers using POS systmes, Vending machines etc.
4Power FiananceThey are building a smart finance platform for a B2B2C business model.
5TrackBackIt is focused on creating trusted digital networks for supply chains.
6IomobIomob is creating an open, fair and sustainable mobility marketplace.
7CarbonclickIt empowers businesses and their customers to deal with climate change.
8Next Chapter StudioIt is a studio that use digital craft to enable authentic connections between brands, products & people.
9YabbleIt is the home of partnerships, where leading brands and customers join share ideas, feedback on experiences and form products of the future.
10Blackbird AIIt analyses content using machine learning and human intelligence to assist customers recognize harmful digital attacks.
11BarnBridgeIt is a fluctuations derivatives protocol for hedging yield sensitivity and market price.
12SingularXIt is a decentralized, peer-to-peer exchange developed on the Ethereum Blockchain
13SingleSourceSingleSource is an identity verification tool, built with a privacy first approach.
14AhauIt is a data management platform for tribes, communities and individuals.
15WearetenzingIt is an athlete and talent management business.

Team

Centrality is being developed by an Auckland, New Zealand-based team. That team includes

  • Aaron McDonald - Chief executive officer
  • Roger Smith - Chairman
  • Jerry Yuan - Chief Commercial Officer
  • Dan Gillespie - Chief Strategy Officer

The team also includes Daniel Gillespie who is the Group General Manager, Andy Higgs who is Head of Strategic Partnerships, Jerome Faury who is the Group General Manager, Jeffrey McDonald, Nathan Smith who is Development Manager, Bart Holowko who is Head of Cognitive Computing, Ruitao Su who is Head of Mobile and more.

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