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What is Cent?

Jan 30, 2020 | Cognition

Making an income online can be very challenging. Most revenue streams remain fairly limited in what can be achieved. 

Moreover, not all solutions favor the creator of content either. Cent, an ambitious project currently in beta testing, tries to improve things for the better.

The Cent Vision

Explaining the vision behind Cent is not difficult. Its creators want users to earn income from anywhere. Rather than creating a social network like Facebook, this platform adds a monetary angle to the equation. 

The main problem with current social networks is the lack of user rewards. More specifically, these platforms “take” and don’t “give” anything in return. In terms of economic value, Twitter and Facebook offer nothing to their millions of users. Instead, they enrich themselves through the hard work of others.

Creating a viable alternative is no easy feat. Thanks to the introduction of blockchain technology, projects such as Cent can exist. It is a solution that prioritizes building a future creative economy. All of this will be achieved through incentivization – for users and creators – and decentralization. 

Peeking Under the Hood

Embracing innovative technologies can unlock unique use cases. For Cent, the use of blockchain technology and its “extensions” is crucial. In the beta version of the platform, the Ethereum blockchain will be utilized. Dedicated smart contracts will ensure the decentralized and incentivized nature of what the platform is trying to achieve. 

By deploying one contract initially, the tone for the future was set. However, it quickly led to some unexpected consequences. Rather than the initial Q&A model to be incentivized, unique forms of content were created. In turn, this helped drive incentivized traffic to those projects.

That is the main benefit of using a bounty system. It gives users of any service an incentive for their behavior. The Cent team quickly identified three primary “categories”. Rather than answering questions, users also made content, and reacted to whatever the platform had to offer at that time. A logical evolution and confirmation that the team was doing a lot of things right.

Making Future Improvements

In its beta form, Cent may not be for everyone. Without a basic understanding of how Ethereum works, there will be a learning curve. In future versions of the platform, those barriers will be removed. Most cryptocurrency enthusiasts will have no problem with maximizing the potential of what is available to them right now. 

Additionally, new smart contracts will be deployed on Ethereum. This is done to add extra incentive structures in the future. They will also enable more types of media to be shared and monetized accordingly.  

The whitepaper of this project also mentions a native token. Known as CENT, it will be issued as an ERC-20. These tokens are to be issued to users who bounty something. This will ensure more bounties are added to the system on an ongoing basis. These tokens can enhance exposure of content. More details on that aspect will become apparent in the future. 

Images courtesy of their respective sources.

Fintoism is not providing financial or investment advice. All content published on this platform is for entertainment and educational purposes only.

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<a href="https://fintoism.com/author/oglock/" target="_self">JP Buntinx</a>

JP Buntinx

JP Buntinx is passionate about cryptocurrencies, fintech, blockchain, and finance. He currently resides in Belgium.

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