Hello, We had an AMA with Centaur on Oct 23, 2020. For those of you who are late to follow or watch, you can read the following AMA recap.
Guest
James Hong (CO-Founder of Centaur)
Moderator
Cryptofun Team
Online participant
2746
Live Question
340
Segments:
- Introduction
- Twitter Questions
- Live Questions
INTRODUCTION
CRYPTOFUN:
Before we start, can you please introduce yourself to the our community? @James_CNTR
Mr. James Hong:
I’m James, co-founder of Centaur. I am a serial entrepreneur that started in the Maritime industry a good number of years ago but have since transitioned into deep tech and fintech. By leveraging on the networks I’ve established over the years across Southeast-Asia, I spearhead the integration of blockchain technologies into emerging industries to drive digital transformation and digital banking solutions. At Centaur, I manage most of the business development efforts for the Asian region together with our Singapore team.
CRYPTOFUN:
Well, in the first session we will give a little question about Centaur Finance, after you finish answering please say "done". Are you ready?
Mr. James Hong:
Bring it on!
CRYPTOFUN:
Q1. Could you please describe what is Centaur in few simple sentences to our Community?
Mr. James Hong:
Centaur is working towards being the bridge between decentralized and traditional finance by tapping on the strengths of both aspects. We are hoping to create unique solutions that expand the current use cases of DeFi, while remaining transparent and accountable in our approach and protecting the interests of our community and our investors. One of our first steps will be to resolve the over-collaterised loans situation that is currently prevalent in the market as this restricts liquidity and prevents the market from being fully efficient.
CRYPTOFUN:
Q2. What are the advantages of Centaur that make it unique compared to other alternatives in the blockchain field?
Mr. James Hong:
The scope of the project is rather large, but we will go into the liquidity pool. First, the liquidity is built-in with ZKP technology which effectively mixes the transaction, so that protects the privacy of the sender. This is also one of the first in the market.
Also, the liquidity pool is a solution against impermanent loss you currently seen on dexes. Centaur chain will serve as an aggregation layer across the different liquidity pool, you can imagine there will be one big pool for ETH and all ERC 20 tokens, and another big pool for Tron and TRC20 tokens. You will only need to deposit ETH in if you want to contribute to the liquidity of all ERC20. (You do not need a pair). The data of these holdings will then be fed by oracles that are built natively into the Centaur chain, hence balancing the different pools constantly. In this solution, you will be able to trade cross-chain assets easily in a decentralized manner.
CRYPTOFUN:
Q3. What are the advantages of CNTR token over other tokens? How much supply is available? Where will the token be allocated? And what benefits can be obtained by holding it?
Mr. James Hong:
Great question, as we believe utility of the token is so important in the success of crypto projects.The Centaur tokens can be used for staking and transactional fees on our liquidity pool, to be spent as gas payments for all transactions for staking and block producing. Rewards for data fees provided by oracles will also be provided in CNTR.
The total supply fully diluted will be 6billion, however most are locked up and slowly emitted over 4 years, the current circulating supply is 204million. Most tokens will be used to support the ecosystem and use as operating cost for rolling out solutions.
We are realistic and systematic about bringing digital currency to the real-world financial system. Hence, CNTR will be utilized in many ways that are real, generating actual real demand!
CRYPTOFUN:
Q4. Could you please explain a little about the function of CrossChain DEX and what are the main roles that enable it for the development of the Centaur ecosystem?
Mr. James Hong:
Before the DEX can be rolled out, the liquidity pools, oracle network and Centaur Chain have to be built and deployed first. The deposits into the liquidity pools are tracked and forwarded via the oracle network to the Centaur Chain and this happens across multiple protocols, not just on Ethereum. Once that part is stable, it becomes the foundation for the cross-chain DEX, where users can transfer tokens from one liquidity pool to the other because the deposits and withdrawals are tracked and transactions can be matched on using the Centaur Chain as an aggregator and settlement layer.
Eg. User deposits ETH, Oracle feeds “deposit” data to the Centaur chain which synchronises across all other liquidity pool, User then trades for Tron tokens from the Tron liquidity pool at the price fed by “price feed oracles”
The cross-chain trade matching will be done entirely on-chain, completely decentralised and will have zero latency.
CRYPTOFUN:
Q5. Finally, what are the major milestones Centaur achieved so far & what are in future pipeline?
Mr. James Hong:
On the technical side, we have successfully deployed our liquidity pools on Ethereum testnet and Binance Smart Chain testnet. This liquidity pools use zero knowledge proofs (ZKP) technologies to ensure there is transactional privacy. We have also launched our own Centaur Chain testnet based on the Cosmos SDK and we're looking to do a main net launch by Q1 2021. One of the collaborations we are working on is the Elrond eGLD liquidity mining program, where eGLD holders can stake their eGLD for 2 weeks on the Elrond mainnet and earn CNTR (ERC20) tokens on Ethereum. This program will be a pilot test for our future solutions, which utilize our liquidity pool and cross-chain capabilities. Beyond that, we will be launching our staking program in mid-October, which will allow CNTR holders to stake their tokens for rewards. We have also recently rolled out our staking campaign at 120% APR for a limited time period, do read more about it here. We are excited for people to try out how easy and intuitive our user-interface is.
In the near future, it will be our priority to launch the wallet and LP that we are confident will refresh the stagnated market now.
CRYPTOFUN:
Allright, the first segment is over, thanks for explaining about Centaur Finance and we can't wait to find out more about it 😄👏👏
SESSION 2: QUESTION FROM TWITTER
CRYPTOFUN:
Q1. From: @alluzold
As Centaur is a hybrid project, Do You really think accountability is the one of the problems for less adoption of a project?
Mr. James Hong:
We have chosen to do a hybrid approach because we feel that accountability is something we believe needs to be addressed for real-world adoption. It is also the core issue as to why regulators are very much reluctant to open their arms to digital currency. Even in the recent paypal adoption of Digital currencies which is a key indicator of adoption, users pretty much can only buy and sell on their paypal account, they cannot do transfers because accountability is missing.
Q2. From: @Sam20041621
Does Centaur have any Coin Burn / BuyBack systems or any Token Burn plans to increase the value of tokens and attract investors to participate in investments?
Mr. James Hong:
There is a fixed limit on the total supply of CNTR (6,000,000,000) and the burning of tokens is included in the initial ERC20 contract we deployed for CNTR. Although we do not have plans for such programs at present, the possibility for it definitely exists in future when the market cap is higher than we think appropriate. More importantly, we believe in distributing these tokens to strong community members or ecosystem partners to drive more value to the network and our solutions, as opposed to just burning the tokens or buying them back to drive the price up.
Q3. From: @eljovan
What are your plans to educate and raise awareness among the community to make more people understand the #Centaur Finance, its technology, and adoption?
Mr. James Hong:
We are currently in discussion with a few projects to discuss integration of our ecosystem because that would help us mutually to reach wider audiences. We are also actively participating in AMAs like this in different region to speak about our project ecosystem. The team will also commit to launching an educational series on Centaur and our related products every Tuesday and periodic progress updates every Friday. These updates will be posted on our Medium every week. Please make sure to follow us!
Q4. From: @JLEspertLA
Liquidity pools are the highway to success and sometimes a death trap. How will Centaur ensure that Liquitidy Pool is a reasonably profitable business?
Mr. James Hong:
Good question! As most crypto project seeks for fair and transparency, most profit should come in a manner where all token holder are rewarded. Hence creating use cases for the token is our top priority, when our liquidity pool is launched, CNTR will be used as payment for transaction fees and rewards will also be given in CNTR tokens. If a user does not have CNTR, they can pay in their holding tokens and it will be used to purchase CNTR in the open market, hence providing value to it in the long-run. Well, I certainly hope someday we can buy teh susu with CNTR :)
SESSION 3: LIVE QUESTION
Q1. from Conan:
What oracles will Centaur use to get accurate data? How will Centaur prevent oracles from providing false information?
Mr. James Hong:
These oracles will be built natively into our Centaur chain, there will be a network of oracles pulling date from different sources. Our algorithm will make sure that these data do not deviate too much, if there is a malicious/untrue data fed, we have also structured an admin node that can veto these inputs.
Q2. from Sachin Yadav:
How does Centaur plan to remove the existing barriers to the interaction of traditional finance users with a decentralized economy? How to close the gap between cryptocurrency and real users?
Mr. James Hong:
High barriers to entry has been regarded as one of the problem when it comes to adoption, most wallets that we see in the market are not particularly user-friendly to the commoners. Hence while providing a high-throughput platform with maximum efficiency, we are also focusing a lot on intuitive user interface for our solutions like our liquidity pool and the upcoming wallet launch end of this year. We also have MOUs signed with many traditional fintech players in the UK/EU region which would give the general mass market a sense of reliability and allow us to carry out our solutions effectively.
Q3. from Dani Tudor:
What geographic market is CENTAUR currently focused on? Will you also focus more on Asian market as it arbors a very strong based for crypto currency projects ?
Mr. James Hong:
We are currently operating in SEA with a foothold in Singapore, and the UK/EU region with our London team and Fintech partners. The solutions will be rolled out in various phases and structures. For example, the financial solutions that are more centralized in nature will have to be based on strategic regions first and slowly expand outwards, whereas the other solutions that are more crypto-centric such as our collateralized lending platform, liquidity pool and upcoming mobile wallet will all be launched globally with a focus on blockchain technology. For our other initiative to bank the unbanked, we have certainly been in talks with a few south-east asia non profit organisation to digitalised rural villages.
Q4. From Dasbor
I see that Centaur chain is built under the Tendermint consensus, what are the benefits and advantages of this integration to Centaur chain?
Mr. James Hong:
Centaur had been in development for more than a year, and while we were deciding back then, polkadot was still in the testnet phase, while Cosmos was on mainnet and had full documentation for us to understand if they are the suitable chain for DeFi platform. We also selected it for the complete technical documentation and it's high throughput that will work significantly well with DeFi solutions.
Q5. from Butters:
What are the outstanding features of the tokens in the Centaur& CNTR ecosystem?
Mr. James Hong:
Well, if you follow us from the beginning, you will see that our token vesting contracts had been very transparent. Our public sale lottery had been very transparent. We are a team that is realistic and goal driven! And to find our more about the CNTR ecosystem, I suggest that you take part in our CNTR staking programme that is currently running at 120% APR, only for the first month!
CRYPTOFUN:
Alright, you are on fire. So i think most of the important questions have been already answered. Lets end it it here 👏👏
The answer is very detailed and complete, we went through the AMA session, thank you for accompanying me with the AMA session today, and for clarifying Centaur Finance and the technology and utilities it brings to people.
Mr. James Hong:
It's been a pleasure being here!
More Info About Centaur
Website : Official Centaur
Telegram channel : Channel Official Centaur
Telegram group : Group Official Centaur
Medium : Medium Official Centaur
Twitter : Twitter Official Centaur
