FAQs

Important Information

We are aware of some reports of users who believe they had purchased tokens in the sale and have not had these reflected in their token balance.

It is important to note, as previously mentioned during the application process, that a token purchase has 2 steps:

Step 1: ETH is deposited into the escrow account on the Smart Contract System. This will generate a message showing the escrow deposit transaction was broadcasted successfully to the Ethereum network. This is not a token purchase, and the ETH can be withdrawn by the user at any time. Step 1 is not under our control.

Step 2: Following the deposit of ETH into the escrow account, the user makes an application for the token purchase which, if successful, results in the Smart Contract which trades the ETH for the token(s) after the user signs an order. This will generate a message stating that the application has been successfully sent to the blockchain, but will not state and does not indicate that the purchase was successful. A successful token purchase will be reflected only in the token balance.

Accordingly:

  1. We do not hold your ETH at any stage until a token purchase is successful. Then, the transaction is successfully mined on the blockchain and the tokens are exchanged for the ETH. Until a purchase is successful, the ETH deposited is always under your control with your private key, and we do not hold the ETH.
  2. The Smart Contract System which trades your ETH for tokens is decentralised and runs on the Ethereum blockchain, so any token purchase, whether successful or not, will be visible to all.
  3. At no time in the token sales application is a “successful purchase” confirmation issued. The messages generated will only show that the application was successfully sent to the blockchain.
  4. Due to the nature of blockchains, and the extreme demand for the token, not all transactions which are successfully sent to the blockchain will result in a successful purchase.

Many examples we have reviewed showed that users successfully completed step 1 in the process but did not complete step 2. If your token purchase was not successfully mined, there would be no token purchase and your ETH would still be available for withdrawal at any time. To withdraw any remaining ETH, please log onto the sales application with the key used to deposit ETH. We have no control over the unspent ETH, which is entirely within your control with your private key. As stated above, if you successfully purchased tokens, this will be reflected in your token balance. If you believe that you had been successful in a token purchase but the balance is not correct, please send us a DM with your email and the public key you believe made the purchase, for us to review.

FREQUENTLY ASKED QUESTIONS

What is Centrality?

Centrality is a blockchain platform and venture studio business based in Auckland New Zealand, with offices in 4 countries around the world. Centrality builds the CENNZ network and CENNZ software tools.

What is the purpose of Centrality as a company?

Centrality is building a platform made up of core services. These core services will be the foundation for enabling a more equal and fair world for those that use DApps built on our platform. Right now, your data is owned by 4 big internet companies and they use it to make huge profits – they also use their power to shut down competition. We believe the Centrality eco-system will put people back in control of their data and allow smaller companies to succeed by working together, this allows for a fairer world for everyone.

Who stands behind Centrality?

Centrality was formed by a world leading team of entrepreneurs with significant experience in developing technology and payments business. Several of the team have managed and built billion-dollar businesses. The technical team come from leading tech companies, blockchain companies and universities such as Alibaba, Baidu, XERO, Google, IOTA, HYPERLEDGER, Consensys and the Max Plank institute. Centrality is also partnered with large corporate clients, such as banks, airlines, fast food chains, global payments providers, insurance companies, logistics and shipping companies, advertising and media companies and governments.

Who are your investors/partners?

We have a wide range of partners and investors you can find our partners on our website 

CENNZ

What are CENNZ?

CENNZ are Centrality tokens which purpose is to represent a stake in the Centrality mainnet (CENNZnet).

Why will the demand for the CENNZ grow?

As more applications use the Centrality Platform (and more users use those applications) the demand for CENNZ will increase. As the DApp marketplace becomes bigger the incentive to join becomes bigger. Stakeholders will also earn fees as incentive to join our eco-system.

Can I mine CENNZ?

CENNZ are minted and earned, not mined.

How will smart contracts be used in the Centrality ecosystem?

Centrality develops a range of built in smart contracts for different purposes, such as managing identity, exchange of tokens, rewarding token holders, paying merchants, sharing revenue and on-boarding users. Developers can also deploy their own smart contracts and take advantage of the platforms existing data and userbase.

Can I see the smart contracts?

Yes, these will be made public.

Why were only 70% of the tokens sold? What happens to the rest?

The other 25% of tokens are used to buy the intellectual property in the Platform from Centrality Investments, with 5% set aside in a reserve for Centrality Platform.

How many coins are allocated for the Centrality team?

The existing founders, investors and developers who have been working on Centrality and have invested personally, will receive 25% of the tokens to align founders and investors to ensure successful execution of the whitepaper. An additional 5% of the token supply is retained by the platform to fund initial operations. The founder and developer tokens are subject to a lockdown period of 24 months – during this time the tokens will not be able to be traded. The team does not directly receive the ETH raised from the token sale, this is managed by an independent board to manage the platform investment in the best interests of the token holders. An independent director has been appointed to the Board of Centrality Platform Limited at the conclusion of the main sale.

Where can I trade CENNZ?

CENNZ is already available on Cryptopia, HitBTC, and Singular X. A number of other top tier exchanges have expressed an interest in listing CENNZ, and the team is continuing to work with exchanges best fitted to achieving it’s primary goal of growth in platform utilisation. It must also be noted that any value arising from the secondary market is a likely a by-product of expected platform growth and not a primary driver for CENNZ listing on exchanges.

Will additional CENNZ tokens be created?

No, the number of CENNZ tokens is limited to those issued in the main sale. Tokens used in the platform will be ‘burnt’ and replaced on a 1-for-1 basis. 

Where are CENNZ tokens stored?

You store CENNZ tokens in your own wallet, they are under the control of your own private key at all times.

Where can I use CENNZ?

The intention is that CENNZ can be used throughout the Centrality marketplace. It’s possible that additional applications for CENNZ may emerge as the network develops, such as merchants connecting to the CentraPay platform, inside web checkouts or traditional point of sales systems.

How can a holder of CENNZ benefit?

CENNZ holders will benefit by using CENNZ in the network. Developers who hold CENNZ can purchase the resources to develop their applications in the marketplace. As demand for CENNZ increases, so will the value to CENNZ holders. CENNZ holders can benefit by using CENNZ in the network to access the Centrality Platform, or to receive incentives or rewards from other companies participating in the eco-system.

How does CENNZ differ from competitors?

CENNZ is different because the applications on Centrality can work together to help each-other grow. For example, our decentralised taxi application could work with a decentralised restaurant application to bring passengers or deliver food. Centrality is focused on mass consumer use cases and increasing the general population’s access to blockchain, beyond simple currency use cases like Bitcoin. We believe the future of blockchain is in useful applications you can use every day, across your life.

How will the product develop after the token sale?

Centrality is unique, because we already have existing technology and we can focus on growing our network. However, we have a product roadmap full of exciting new features, modules and APIs for developers. We are also planning to release our own unique blockchain platform, which solves many of the issues with scaling and user experience from other chains.

How is CENNZ maintained in a legal field?

CENNZ have been issued by Centrality Platform Limited. The company has taken legal, accounting and taxation advice and has appointed an independent director.

BLOCKCHAIN

What is the difference between bitcoin and blockchain?

Blockchain is the technology that cryptocurrencies such as Bitcoin are powered by. Cryptocurrency is just one of many possible uses of blockchain. Centrality was founded upon the potential of blockchain to improve the world as we know it, not because of the cryptocurrency space.

What is blockchain?

Blockchain is a platform that enables cryptocurrencies to be exchanged but has many other use cases. In its elemental form, Blockchain is a decentralized database system. Ledgers that store transaction data, are distributed across many nodes.

Why is blockchain a big deal?

Blockchain is one of the biggest innovations in technology for some time. It means that trust can be established through collaboration and code rather than reliance on third party tech giants. It also means data that is more reliable, fewer technical failures with use cases for vast improvements in many areas.

What is decentralisation?

At its simplest, to decentralise is to disperse from an area of concentration. Blockchain technology enables this to occur by creating trust without a third party.

What is a smart contract?

A smart contract is technology that controls the transfer of cryptocurrency and assets between parties according to a set of conditions.

What is a DApp?

DApp stands for Decentralised App.

What is a TGE or ICO?

TGE stands for Token Generating Event and ICO for Initial Coin Offering. Both are a means of participating in the generation of tokens or coins by investing in them.

How can I use blockchain?

Utilising blockchain technology is easier than ever using the Centrality platform. If you have an app idea that requires the use of anything from payment to identity protocols you’ll be able to build with blockchain. Check out our developer page for more information.

What are public and private keys?

A private key is a randomly generated string (numbers and letters) that allows access to a digital wallet that holds funds and assets within it. If you lose this, you lose access to the wallet. A public key is your public identifier on the blockchain. You can share this and use it to receive transactions.

Anything else you’d like to know? Reach out to our team…..

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