Article Summary, Automatically Generated By AI
About CENNZnet
Key Points
- CENNZnet is a New Zealand-built public blockchain network.
- It powers decentralized applications (DApps) and the cryptocurrencies CENNZ and CPAY.
- Dual token economy: CENNZ (staking token) and CPAY (gas token).
- Consensus mechanism: Proof of Stake.
- Governance: 100% on-chain using blockchain’s built-in voting mechanisms.
- Pre-built runtime modules: NFT, CENNZX, Generic Asset, Doughnut, and Attestation.
Numbers and Figures
- 2 tokens: CENNZ and
Introducing CENNZnet: The Pioneering Blockchain Ecosystem
Introducing CENNZnet: A Revolutionary Blockchain Ecosystem
CENNZnet is a New Zealand-built public blockchain network that empowers decentralized applications (DApps) and the cryptocurrencies CENNZ and CPAY. As a user-centric DApp platform, it democratizes access to blockchain-based services, making them inclusive for novice builders and end-users alike, thereby enabling everyone to reap the benefits of decentralization, including enhanced network transparency, data privacy, and reliability.
Unlocking the Power of CENNZnet: A Technical Overview
The Dual-Token Paradigm: A Harmonious Coexistence
CENNZnet employs a distinctive dual token system, designed to optimize the experience for developers, users, and token holders alike, ensuring they reap the most benefits from the network.
CENNZnet boasts a dual-token economy, comprising:
CENNZ: A Novel Staking Token Operating Independently of Block Rewards
This means that the value of CENNZ can appreciate without influencing the cost of utilizing the network, which is crucial as it enables the token’s value to increase without affecting the fees paid by developers and users to access DApps.
CPAY serves as the network’s fuel, facilitating the payment of transaction fees, thereby ensuring seamless interactions within the ecosystem.
In addition to staking, a block reward payment is also incorporated. This design ensures algorithmic stability, thereby maintaining a consistent value. Consequently, developers building DApps on the network can accurately forecast the cost of their application, while stakers can reliably predict the value of their stake.
Consensus Mechanism: Proof of Stake (PoS)
CENNZnet employs a Proof of Stake consensus mechanism, wherein node operators pledge, or stake, their tokens in a designated wallet as collateral, guaranteeing their commitment to fulfilling their duties faithfully. In return for their diligence, they are rewarded with our CPAY token. Conversely, if they fail to meet their obligations, their staked tokens are subject to slashing, or penalties. Additionally, other token holders have the option to stake their tokens against node operators (validators) of their preference, thereby earning a proportion of the CPAY reward.
This system fosters a secure network environment by incentivizing the community to adhere to protocol and thwart potential attacks.
Governance Structure
CENNZnet operates entirely on-chain, leveraging blockchain’s inherent voting mechanisms. In the CENNZnet governance framework, validators and node operators engage in direct voting, akin to direct democracy, to achieve consensus on proposals. The outcome of these votes is determined algorithmically, and the winning decisions are seamlessly integrated into the protocol, ensuring automatic execution.
Unlocking Efficiency: CENNZnet’s Pre-Built Runtime Modules
DApp developers have unrestricted access to the fundamental CENNZnet modules, which furnish the essential building blocks for crafting common functionalities that cater to the diverse needs of DApp users.
Non-Fungible Tokens (NFTs)
Through the CENNZnet NFT module, users can effortlessly mint and sell NFTs on CENNZnet, eliminating the need to interact with smart contracts. Alternatively, they can craft bespoke NFTs using a straightforward Javascript API or a user-friendly, point-and-click interface.
CENNZX: A Pioneering Cryptocurrency
CENNZX is a cutting-edge spot exchange module that facilitates a seamless and hassle-free fee payment experience on CENNZnet, enabling instantaneous and effortless token exchange. By eliminating rent extraction and centralised intermediaries, CENNZX Spot prioritises decentralisation, usability, and security, providing a trusted and efficient exchange ecosystem.
Universal Asset Class
The Generic Asset protocol empowers CENNZnet’s multicurrency economy, facilitating a seamless transaction experience. This innovative module enables the payment of transaction fees in any asset, contingent upon sufficient liquidity in the CENNZX in-chain GAS exchange. Subsequently, CENNZX effortlessly converts the asset into the official gas token, CPAY. This streamlined process simplifies onboarding and in-app experiences, eliminating the need for new users to familiarize themselves with diverse token types and instead allowing them to opt for their preferred currency.
The Doughnut: A Revolutionary Tokenomic Design
The Doughnut module is the linchpin of the CENNZnet blockchain, empowering a novel paradigm for decentralized interactions. Essentially, Doughnuts constitute cryptographic proofs of delegation between two or more keypairs, thereby facilitating the seamless transfer of permissions and rules across disparate networks without reliance on a centralized server. This innovative approach safeguards user data privacy while ensuring a seamless user experience.
Verification and Attestation
The CENNZnet Attestations protocol furnishes a decentralized, on-chain registry for digital identity claims, thereby safeguarding personal data and mitigating security risks.