Centric Foundation announced on August 24 that its first TRC20 token, Centric, has been adopted by Bittrex Global.
With growing interest in the lightning-fast and transaction-heavy TRON ecosystem, an increasing number of exchanges are expressing interest in adding TRC20 tokens to their platforms.
And for good reason, tokens like Centric possess a number of advantages, especially in the trading environment. Being a non-exchange based stablecoin, Centric holds a promise of fulfilling all obligations abandoned by centralized stablecoins like Tether which has only 76% of its coins collateralized. Centric provides safe and compliant storage of funds for those looking to shift from speculative currencies and toward tokens offering a reliable price stability mechanism.
Two years ago, tech entrepreneur Justin Sun launched TRON, an ambitious blockchain project aiming to expand the field of decentralized finance (DeFi). With a mission to decentralize the internet, TRON is frequently compared to blockchain veteran Ethereum. TRON, however, handles much higher transaction volume with minimum energy consumption, making it an attractive blockchain platform alternative for many crypto projects.
Like David battling Goliath, the underdog TRON’s ambitious plans and execution have led to outranking its rival per China’s Global Public Chain Technology Evaluation Index, outpaced only by EOS. Further, as Tether (USDT) currently leads the field in market cap, approximately one-third of its supply comes from the TRON network, the second-largest supplier after Ethereum.
More recently, TRON released TRC10 and TRC20 tokens as an obvious answer to Ethereum’s ERC10 and ERC20 tokens, the latter credited for driving the DeFi ecosystem. While TRC10 offers a basic range of tokens run on TRON mainnet, TRC20 brings higher functionality and incorporates a smart contract feature, allowing decentralized applications access to instant transactions.
In August, TRON launched the JustSwap platform, describing it as TRON’s “own version of [Ethereum-based] Uniswap,” a fully decentralized protocol for automated liquidity. On the day of launch, it provoked a massive agiotage from crypto enthusiasts in China, with close to a million viewers following a live stream with CEO Justin Sun.
A growing number of exchanges are now beginning to adopt the newly-minted TRC20 tokens. Incidentally, Bittrex Global listed its first on the same day of the JustSwap launch.
Centric offers two tokens, Centric Cash (CNS) and Centric Rise (CNR). The first, Centric Cash, is meant as a means of exchange and active trading, while the other, Centric Rise, offers effective value storage. By creating a two-token system, Centric intends to balance the aggregate demand and bring appropriate incentive to external actors. This allows a predictable rate of return for Centric Rise along with the necessary element of stability for Centric Cash.
In comparison to many other tokens on the market, the price of Centric Cash is not dictated solely by changeable market conditions. In contrast, Centric invented its own algorithm to keep the price of the token stable at the mark of 1 USD. When the price of the token exceeds the mark, holders receive an incentive to liquidate. The opposite also holds true-when the price dips below the established benchmark, the market receives a discount on token purchase.
With Centric Rise, however, the token value increases hourly. By burning excess tokens each hour, the system allows a stable and predictable price escalation. When the price deviates from the given target, the mechanism infused in the system makes an automatic correction, thus effectively mitigating price volatility.
The Centric team’s roadmap features a number of utility services, including wallets, a gambling platform, a developer hub, business payments, and crypto donations. The addition of these real-world use cases bolsters Centric’s chances of achieving its long-term objective as a lead global crypto economy of the future.
To learn more about Centric, please visit their website.
Contact: Hannah Morgan
Address: Centric Foundation, City Road, London SA44 9LP, United Kingdom
***This press release was originally posted here.
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