New Zealand blockchain CENNZnet recently announced the public release of its token bridge that will provide interoperability across networks for a range of functions using a distributed application platform. The dApp platform is a one-of-a-kind innovation that bridges portability between blockchain using decentralized blockchain technology, and is set to be a game-changer in the way layered solutions are provided. Some of them include: NFT Creation Module, dApp building tool, Blockchain portability bridge, Currency creation, and other prebuilt runtime modules.
The token bridge that was recently announced will act as a layer solution for Ethereum using Web3 protocol and allows for interoperable NFT and asset transfer. This is a major breakthrough for users who don’t have solutions to porting their assets. Some of the major areas where this will impact portability will be in the following sectors: Play-to-earn gaming, Social media, Entertainment, Metaverse applications, and other distributed applications.
Nicole Upchurch, who leads the team at CENNZnet, explained: “We are constructing several token bridges, so that people can interact with CENNZnet from other blockchains like Ethereum and Cardano. It gives our network a lot more flexibility and means people can easily transfer their assets.”
Growing the ecosystem
The announcement should render major attention to the existing dApp platform, which is currently onboarding users to create dApps using pre-built runtime modules. This will likely increase user participation rates as the opportunities for portability will increase the advantages of building on CENNZnet. This is all coming to reality as CENNZnet is engaging in an aggressive outreach strategy to test their portability functions with key stakeholders and partners. With the new release, more testing and functional work needs to be done to further enhance the ecosystem. Being quite new, it is just a matter of time until more players start building dApps and API to test the new interface.
These initiatives are also incentivized by a grant program that was announced by CENNZnet, which encourages dApp development on the platform. The program is designed to help users get their ideas off the ground in a fast and easy incubation module system. With $500,000 up for grabs, users can build dApps that integrate with the token bridge and launch right from the CENNZnet platform.
Creating a Token Economy
CENNZnet also engages in a range of tokenomics that allows users to stake and earn, as well as take part in the dApp development of native tokens similar to the Ethereum ERC20 token protocol. CENNZ is the native token, which can be bought and staked for rewards and it can increase in value without impacting the cost of the network because CPAY is the token where gas fees are incurred, thus preventing inflation on the CENNZ blockchain network.
Part of the token bridge will use CPAY tokens as gas fees, and also allow user to create generic assets through the NFT module, as well as user tokens in the dApp interface. Stay tuned for more exciting news coming from CENNZnet as it revolutionizes the way blockchain and internet interact.
