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FAQS
Please find below some of the most frequently asked questions about Cent. If the question you have is not answered here, please get in touch via our Telegram group or contact us using this email form – we’ll be more than happy to help.
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What is
Cent?
Cent is software that makes it easy to earn interest from the blockchain. It’s a bit like a bank account for your crypto.
Cent does this by providing automated digital services to blockchains, which earn rewards for customers. Our platform interfaces with blockchains and makes it easy to earn token rewards in a way that previously required both large amounts of technical expertise and capital.
HOW DO I EARN INTEREST
WITH CENT?
Cent earns rewards from blockchains for provisioning IKRs to them. These resources are so critical to the functioning of a blockchain that to provide them earns a reward from the blockchain. In Bitcoin’s case for example this resource would be the computing power required to secure the network and validate transactions. A customer earns interest by deploying funds into Cents smart contract, which handles the provisioning and management of the required resources to a blockchain of the customer’s choice, and passes on rewards to the customers as “interest”.
WHY SHOULD I USE CENT
INSTEAD OF MINING?
Mining generally requires expensive hardware, specialist software and access to high-performing network connectivity owing to the speed in which transactions are validated on the network. The carbon footprint of a mining operation can be significant, and the power costs prohibitive. The specialist hardware often changes regularly, and older hardware quickly becomes unprofitable. Cent has none of these issues and is more scalable by being a software-based solutions.
WHAT ARE IKRS AND
HOW DO THEY WORK?
IKRs are Incentivised Key Resources. They are the resources that keep a blockchain functioning, and are so critical they are paid for automatically by the blockchain through rewards denominated in the blockchain’s native tokens. These could be masternodes or staking wallets, for example.
Read more about IKRs.
WHY DON'T I JUST DO
THIS MYSELF?
Cent takes the frustration out of setting up the necessary hardware and software required for IKRs, and these IKRs are then continually managed for you. The platform gives you opportunity to diversify across a number of assets and therefore helps to manage risks. Payments are simple and automated, and you don’t need to worry about liquidity, nor sacrificing upside. If you are technically competent and happy to take on the responsibilities outlined above, then, of course, there is nothing to stop you from doing this yourself.
WHAT PROBLEM
DOES CENT SOLVE?
Most of the time, when people buy cryptocurrency it sits in a wallet gathering dust. No interest is paid.
This works markets are racing upwards and those assets are growing in value, but most of the time, like right now, that isn’t what takes place – Markets are usually flat to down. People start losing their crypto investments as they spend the original principal covering costs of living or business. It is at times like this that people think about ways to grow the value of their assets, nobody likes to see the value of their crypto-assets decrease.
The technology behind this is a new form of financial instrument we are creating, called an incentivised key resource, or IKR for short.
HOW IS CENT DIFFERENT
FROM MINING?
Mining typically involves hardware and a focus on provisioning intense amounts of fast computing power to a blockchain, typically to solve equations very quickly and prove that some work to validate transactions on the blockchain took place. This is called Proof of Work. Cent focuses on blockchains that do not require such levels of computing power or specialised hardware. Cent is partially decentralised and on a path to become completely so.
WHAT ARE THE RISKS OF
INVESTING WITH CENT?
IKRs are typically tied to the value of the underlying Blockchains, so if prices rise or fall, customers are subject to those changes. The rate of rewards generated can be affected by competition and Blockchain token economic dynamics such as reward halving for example, which Cent has no control over.
HOW DOES CENT KEEP MY DATA
AND CRYPTOCURRENCY SAFE?
Cent has taken a number of measures including cold storage and multi-signature wallets to ensure the security of customer funds, and also has regular audits to review and ensure a secure system.
Read more about our security features and procedures.
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