Project Centrality in a Nutshell
Centrality is an Auckland-based venture studio working with innovators and entrepreneurs to create a decentralized marketplace for dApps. Users only need to rely on a single login and blockchain-based infrastructure for all these applications. Consisting of a highly qualified and diverse team spread out across Auckland (New Zealand), London, Melbourne, and Singapore – Centrality is uniquely positioned to bring in a whole new utility into this space.
Introducing the Centrality team
As already mentioned, the project is backed by a strong team.
- CEO Aaron McDonald is the leader of the team. He has over 20 years of experience covering all aspects of a tech company. He has held leadership roles in several roles ranging from engineering, and architecture to marketing and sales, product development and management.
- Chairman Roger Smith was on the global advisory board of Euronet and the CEO of ePay NZ.
- Jerry Yuan is the Chief Commercial Officer and has over a decade of experience across the Telco and ICT industries. He has global connections within the industry, which will help Centrality achieve global growth and adoption.
Why we need Centrality?
The number of startups and apps has grown exponentially in the last few years. However, very few of them manage to scale up and have any sort of staying power. As per a 2016 report by Quettra Mobile intelligence – “The average app loses 77% of its daily active users within the first 3 days of the install. Within 30 days, it’s lost 90% of DAUs. Within 90 days, it’s over 95%.”
Two factors are working against these startups achieving scale:
- The number of existing startups is exponentially increasing, which fragments user attention, capital, and technical resources.
- Large companies have a considerable advantage in user data, attention, capital, and resource. It gives them an unfair advantage.
So, how does Centrality change the game? By building a platform, services and a library of applications that can be used as building blocks to create a dApp business. They offer a component-based design to give these startups full flexibility over their product. Since all the dApps follow a standardized design, it allows for seamless user experience across the ecosystem.
Let’s take a step-by-step look into Centrality’s utility.
- Centrality takes care of the technological side of dApp creation in return for a fraction of its native tokens. This allows the dApps to entirely focus on business creation, partnerships, and user acquisition.
- They will provide a place of dApps to incubate on their consortium platform. This makes sure that they don’t suffer from the performance and cost issues of public chains.
- Each of these applications can have their unique ERC-20 token.
- It provides an ecosystem for different applications with a user pool, a data pool, a merchant pool, and a content pool across the platform. Centrality encourages the applications to work with each other organically.
- DApps across different use cases work together to acquire users, data, merchants, and content. The use of smart contracts across the Centrality Platform ensures different companies can trust each-other.
- Users can freely transition between all the apps built on the Centrality Platform without needing to install another app or go through the hassle of signing in or creating a new profile each and every time.
Centrality TGE details – $100m in < 6 mins
A ‘Token Generating Event’ or ‘TGE’ is an evolution of the unregulated Initial Coin Offering (ICO) crowdfunding model. The Centrality TGE managed to raise over $100 million in just six minutes. There was an overwhelming demand for the CENNZ token with over 8000 buyers registering via the KYC and AML screening services provided by the Blockhaus and SingleSource. While more than $265 million was pledged to the contract, they had a pre-existing hardcap of $100 million. Regarding the turnout, CEO Aaron McDonald said:
“More than $265,000,000USD was pledged to the contract, making this one of the most popular ICOs of all time. We’ve worked closely with our trusted investment advisors, CTIA to ensure that we delivered a result that was fair and equitable to our investors. Even when demand outweighed supply, we stuck to our values and didn’t raise the price of the token, keeping the hard cap at $100,000,000 to both our pre, and main sales. We believe this is enough to deliver our goal of ‘creating tomorrow together’.”
Centrality Use Cases
Centrality has a myriad of apps available in its marketplace. Let’s take a look at some of the more popular ones and how much stake Centrality owns in each one of them.
|dApp Name||Purpose||Centrality Stake|
|Skoot||Travel experience platform for both inbound visitors and free travelers.||50%|
|Belong||Employee engagement platform that allows businesses to give non-fiat rewards to employees. Allows for the management of insurance plans, claims, and entitlements.||25%|
|UShare||An on-demand transport app working across taxi services, rental vehicles and public transport.||25%|
|Merge||A time management system that uses smart technology and incentives to schedule traveling times for city-dwelling users.||100%|
Centrality is set to become one of the most promising projects in the crypto space. Within just six months of being established, the team spearheading Centrality have delivered their phase 1 platform technology and received a stake in more than ten applications, some of which we have discussed in the table above. Currently, they have a fun little rewards program going on, which rewards users for staking CENNZ tokens in the platform. As of 4.00 pm, 1st November 2019 NZDT, a total of 494,475,823.89807100399 CENNZ tokens have been staked.
Centrality’s roadmap looks like this:
The stages of CENNZnet are as follows:
- Rooster spur
- Scotch bonnet
- Dorset naga
- Trinidad scorpion.
The final two stages of CENNZnet allows for the incorporation of full staking and interoperability.