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

After China completed the construction of modern payment, discussions and voices around digital payment are happening every day in various countries.

In today's China, hundreds of billions of payments are made on the mobile terminal every year, and the total amount is also rising every year. Almost every investor participating in the financial market in China cannot do without the use of the mobile terminal.

secondary title

The emergence of DCEP

Different from our past online payment, the emergence of the Central Bank Digital Currency (DCEP) has changed the rules of the world, as if the country established by Internet companies in the past has changed.

"If a commercial bank goes bankrupt, the assets in Alipay or WeChat wallets will be liquidated forcibly, while DCEP is a liability issued by the central bank and depends on the credit of the central bank. In the end, all your money will still be yours." This is a foreign media, not long ago Interpreting the digital currency of the central bank of China, they believe that China has already surpassed many countries on the road of payment.

"You see, China has developed a central bank digital currency, and we haven't even popularized online payments," a payment practitioner who still uses cash to buy vegetables in New Zealand laments.

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, but occupies a land area of ​​268,000 square kilometers, and most of the places are occupied by natural landscapes. Difficulty seeing crowds;

Second, there are many overseas payment companies in New Zealand. Each payment company hopes to establish its own payment system locally, and the products of these companies are often incompatible. For New Zealand residents, this diversity The payment of the structure needs to install more than a dozen payment apps on the mobile phone to complete all online payments in New Zealand.

secondary title

Pandemic prompts payments to accelerate

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, and the number of passersby walking on the street was much less than that of the bustling period.

But at this time, a summit important to New Zealand was held. This was a summit event organized by many local companies and government agencies in New Zealand. The alliance behind the summit is a national-level block focusing on New Zealand's primary industry The chain alliance is mainly responsible for promoting the establishment of a trusted digital platform serving New Zealand's upstream and downstream, which is equivalent to China's official traceability platform and unified payment system.

After the meeting started, members including New Zealand's largest food supplier and potato producer urgently hoped 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 , can be built directly under the standard framework.

Among them, one of the members of the alliance focused on "Central Bank Digital Currency (DCEP)". They are also the company that helped the New Zealand government to do DCEP not long ago, that is, Centrality, the operator behind CENNZnet.

As early as May 2020, the Central Bank of New Zealand issued a job recruitment notice for the new position of "Head of Cash and Currency Department". 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. At this time, Centrality also issued an announcement saying 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's gas fee is too high to accommodate the daily high-frequency payment needs," said a researcher. After all, the rise of DeFi at that time made all companies considering using the Ethereum network for payment full of hesitate.

secondary title

Construction after the mainnet goes live

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

"We did not expect the migration to be completed so quickly. Many local CENNZ investors in New Zealand flooded into our platform as soon as they learned that we launched the mainnet. There were a lot of access data that day," CENNZnet Said one of the development engineers.

After the launch of the mainnet, the CENNZnet team is still working overtime. A young man who just started working said: "I thought that New Zealand would not be like my hometown. Everyone is working overtime all the time, but the daily commute , As a result, 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 is launched, and the DCEP of the New Zealand dollar must be promoted at the same time. Work overtime at night.

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

A Japanese investor of CENNZ said: "CENNZ is very popular in Japan. If you follow it, you will know that it is on Twitter every day, and there are a lot of Japanese investors discussing it. Cities, like Chinese cities, residents use online payment to order food and taxis every day, and I believe New Zealand will do the same."

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