User-oriented blockchain projects are taking off as more and more users learn about blockchain technology beyond its speculative aspects. CENNZnet is a public Proof of Stake network and decentralized application platform from New Zealand that’s taking the space forward by doubling down on this trend.
Developed by Centrality, the permissioned network supports projects with real use cases that would otherwise be swallowed up by a fragmented industry filled with artificially scaled products. Its focus is to “provide a platform that will create a decentralised community of digital startups, who can become successful in a world where the odds are otherwise stacked against them,” according to the whitepaper.
The Centrality ecosystem currently consists of over 30 ventures besides CENNZnet. Some of these are already profitable and count on a fast-growing number of active users rivaling major networks like Ethereum. This has been possible due to the system’s embedded mechanisms for sharing data, users, merchants, and insights with these projects in ways that foster their accelerated development and help them scale.
As a result, teams that build on CENNZnet don’t build on top of the network, they build with the network. They count on a component-based design that allows them to easily integrate tools such as messaging via Sylo, single sign-on via SingleSource, smart wallet via Centrapay, spot exchange via CENNZX, and a patent-pending permissions and delegations protocol known as Doughnut.
These components come in the form of open-source protocols that can be used by developers at will. They’re building blocks that allow Dapps to have strategic commercial connections with each other and, in turn, create a standardized experience for end-users. The result is a network that is able to provide unparalleled services due to its implementation of a decentralized yet unified ecosystem.
All of these solutions are underpinned by the healthy dynamics of CENNZnet’s dual-token economy. To maintain a necessary separation of concerns, the network works with two digital assets:
A CPAY token is used to cover transaction costs and block rewards. It acts as an algorithmically stable medium of exchange that facilitates interactions between users and applications, allowing developers to predict the costs of running their solutions.
On the other hand, the CENNZ token is used for staking and allows holders to participate in the network’s governance. This token can increase in value without impacting network operations, solving many of the scalability issues present in other blockchains.
The network also supports the development of user tokens and generic asset payments.
Another of CENNZnet’s strengths is its strong focus on community. Earlier this year, development teams were welcomed to the CENNZnet Blockchain Hackathon where they were incentivized to build a Dapp on the network. It featured a new NFT module which allows the creation of these assets without deploying smart contracts. The project is also sponsoring an upcoming Gitcoin Hackathon and recently launched the CENNZnet Grants program to empower new development teams.
Likewise, CENNZnet has developed important partnerships with companies such as CarbonClick which are working to offset carbon emissions. This makes the project one of the first in the space to have a positive impact on the environment and address concerns over blockchain networks and efficient energy consumption.
Putting the user first, supporting developers, and being responsible towards externalities are not common attributes for a project in the blockchain space. CENNZnet has taken a refreshing approach to what the new technology can do and how it should get there.