Central bank digital currency in New Zealand, CENNZnet's payment ambitions

Original title: "CENNZnet's Payment Ambitions to Be a Central Bank Digital Currency in New Zealand"

In China's Gradually Perfect Modern Digital Payment Construction At that time, discussions and voices around digital payments were happening every day in various countries.

In China today, hundreds of billions of payments are made on mobile terminals every year, and the total amount is It keeps rising every year, and almost every investor participating in the financial market in China is inseparable from the use of mobile terminals.

Paul Buchheit, a well-known product guru in Silicon Valley, once said that the best products will make people feel happy once they use them Can no longer imagine life without them. This evaluation is perfect for the current online payment in China.

The emergence of DCEP

Different from our past online payments, the emergence of the central bank's digital currency (DCEP) has changed the rules of the world, as if the country established by Internet companies in the past has changed.

"If commercial banks go bankrupt, the assets in Alipay or WeChat wallets will be liquidated compulsorily, and DCEP is issued by the central bank Liabilities depend on the credit of the central bank, and ultimately your money is still yours.” This is a foreign media, which recently interpreted the central bank’s digital currency. They believe that China has already surpassed many countries on the road to payment.

"You can see that China is engaged in central bank digital currency, and we have not even popularized online payment", one A payment practitioner who still uses cash to buy vegetables in New Zealand sighs like this.

The reason why there is such a negative evaluation of New Zealand’s payment status is mainly due to two practical reasons.

First, unlike countries with a relatively high average area and population such as China and Japan, New Zealand has a population of only about 5 million around, but occupies a land area of 268,000 square kilometers, and most of the places are occupied by natural landscapes, it is difficult to see crowds;

Second, there are many overseas payment companies in New Zealand. Every payment company hopes to establish its own payment system locally, and the products of these companies are often not compatible. For New Zealand residents, this diversified payment structure requires installing more than a dozen payment apps on their mobile phones to complete all New Zealand's online payments.

In addition to the influence of people’s reluctance to go out during the epidemic, even local payment practitioners in New Zealand are sitting I couldn't help it, "It's too painful to go on like this. Why can't all local payment companies cooperate to establish a unified payment system?" A resident who just settled in Wellington complained.

The epidemic has accelerated payment

On November 23, the whole of New Zealand was still under the epidemic. More than 20 new cases of new coronary pneumonia were diagnosed every week. The number of passersby walking on the street was much less than that of the bustling period.

But at this moment, a summit important to New Zealand was held, which was organized by several local A summit event organized by local companies and government agencies. The alliance behind the summit is a national blockchain alliance focusing on New Zealand's primary industry. It is mainly responsible for promoting the establishment of a trusted digital platform for upstream and downstream services in New Zealand. China's official traceability platform and payment unified system.

After the meeting started, Members, including New Zealand's largest food supplier and potato producer, all urgently hope that government agencies should take the initiative to establish a payment and traceability system, so that each company does not have to establish a separate payment system, and directly pays in the standard It can be built under the framework.

Among them, a member of the alliance focused on "Central Bank Digital Currency (DCEP)", which is also the former Soon, the company that is helping the New Zealand government to do DCEP is Centrality, the operator behind CENNZnet.

As early as May 2020, the Central Bank of New Zealand issued a job recruitment notice to recruit "cash and Currency Department Head” is a new position. According to the posted job description, the position will be "focused on the future of money," requiring a senior expert in digital currencies and offering ideas around the future of cash and money. Also, the position requires oversight of the entire cash management department.

This means that the most important department of the central bank to the private sector has been headed by a digital currency expert.

From that moment on, the New Zealand government put the central bank’s digital currency on the agenda, and at this time, Centrality It also issued an announcement stating that it has received funding from the New Zealand government agency and is conducting research and development on industrial blockchain and central bank digital currency.

"Ethereum gas fee is too high, it can no longer meet the daily high-frequency payment needs", a The researcher said that, after all, the rise of DeFi at that time made all companies considering using the Ethereum network for payment full of hesitation.

As a result, Centrality decided to put the mainnet launch of CENNZnet on the company’s most urgent schedule. It is hoped that after the mainnet is launched, it can solve the needs of government agencies to issue New Zealand stablecoins instead of the Ethereum network.

Construction after mainnet launch

On August 31, the main network of CENNZnet was officially launched. In less than a month, 80% of the assets of CENNZ in Ethereum were transferred to the CENNZnet network by people's initiative.

“We did not expect the progress of the migration to be completed so quickly. Many local CENNZ investors in New Zealand, after learning After we went live on the mainnet, they flooded into our platform immediately, and there was a lot of access data that day,” said a development engineer of CENNZnet.

After the mainnet launch, the CENNZnet team is still working overtime, a young man who just started working like this Said: "I thought that New Zealand would not be like my hometown. Everyone worked overtime all the time, but the daily commute. After I came to Centrality, I found that the work intensity here is also very high."

The reason why the team is still working uninterrupted is that there are many problems to be fixed after the mainnet goes live, and the New Zealand dollar The DCEP matters must also be promoted at the same time, which has also led to the fact that in New Zealand, a place with high welfare, there are still teams working overtime at night.

At present, CENNZnet has opened the main network asset mapping, which means that the Ethereum Investors who convert assets into mainnet assets will get CENNZ on the mainnet, and the official will release new functions according to the roadmap.

A Japanese investor of CENNZ said: "CENNZ is very popular in Japan, if you pay attention to it, I know that it is on Twitter every day, and many Japanese investors are discussing that the epidemic has made cities such as Tokyo and Osaka start to look like Chinese cities. Residents use online payment every day to order takeaways and taxis. I believe New Zealand will do the same.”

CENNZnet official stated that the mainnet mapping is only the first step in our process, after that The new pledge mining and CENNZX Swap functions will be launched to allow all investors to participate. You can use CENNZ to pledge to produce CPAY (algorithmic stable currency), and you can also get Gas and block rewards. We hope It can increase the use of CENNZ a lot, just like we serve government agencies to do DCEP, each asset has its own use.

This article is from a contribution and does not represent the opinion of Rhythm Blockbeats

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