CENNZnet Price Chart Update [CENNZ]

CENNZnet: An Introduction

CENNZnet is a public blockchain network developed in New Zealand that supports decentralized applications (DApps) and the cryptocurrency CENNZ and CPAY. Its primary goal is to provide a user-friendly DApp platform accessible to both builders and end users, offering increased transparency, data privacy, and reliability through decentralization.

Understanding How CENNZnet Works

The Dual Token Economy in CENNZnet

CENNZnet utilizes a unique dual token system that optimizes the network for developers, users, and token holders.

The network has two tokens:

CENNZ - the staking token that operates independently from block rewards. Its independent operation allows its value to increase without affecting the cost of using the network. This is crucial to ensure the price of CENNZ can rise without impacting the fees paid by developers and users of DApps.

CPAY - the gas token that is used for transaction fees and block reward payments in staking. It is designed to maintain a stable value through the use of algorithms. This enables developers to predict the cost of their applications and stakers to predict the value of their stake.

Consensus Mechanism: Proof of Stake in CENNZnet

CENNZnet employs a Proof of Stake consensus mechanism. Node operators stake their tokens as collateral in a specific wallet to ensure the proper execution of their duties. If they fulfill their responsibilities, they receive rewards in CPAY tokens. If they fail to do so, their staked tokens are penalized. Other token holders can also stake their tokens with chosen node operators (validators) to receive a portion of the CPAY reward.

This system incentivizes the community to follow the protocol and prevents attacks, thereby enhancing network security.

Governance in CENNZnet

CENNZnet operates entirely on-chain using blockchain's built-in voting mechanisms. Validators and node operators participate in direct voting to achieve consensus, similar to direct democracy. Voting results are governed algorithmically, and the winning decisions are automatically integrated into the chain.

Pre-Built Runtime Modules in CENNZnet

NFT - Non-Fungible Tokens in CENNZnet

The CENNZnet NFT module allows users to create and sell NFTs without the need for smart contracts. Users can create custom NFTs using a JavaScript API or a user-friendly interface.

CENNZX - Spot Exchange Module

CENNZX is a spot exchange module that facilitates seamless fee payments and instant token exchanges on CENNZnet. It prioritizes decentralization, usability, and security while eliminating rent extraction and centralized services.

Generic Asset Protocol in CENNZnet

The Generic Asset protocol enables a multicurrency economy on CENNZnet. It allows transaction fees to be paid in any asset, as long as there is liquidity in the CENNZX in-chain GAS exchange. CENNZX seamlessly converts the asset into the official gas token, CPAY, simplifying the onboarding process and enhancing the in-app experience for new users.

Doughnut Module in CENNZnet

The Doughnut module is a key component of the CENNZnet blockchain. It enables proofs of delegation between cryptographic keypairs, allowing permissions and rules to be transferred between different networks without the need for a centralized server. This ensures user data privacy while maintaining a seamless user experience.

Attestation Protocol in CENNZnet

The CENNZnet Attestations protocol provides an on-chain claim registry for digital identity use cases. It enhances security by protecting personal data.