Centric Network announced it will soon migrate to the Binance Smart Chain (BSC) after almost 2.5 years of use in the TRON blockchain. Centric’s token, Centric, Central Cash (CNS) and Central Rise (CNR) will adopt the BEP-20 token standard inherent in Binance Smart Chain.
Centric Network Migrates to Binance Smart Chain
Binance Smart Chain (BSC) promotes “the advantages of the Binance chain, which is optimized for ultra-fast transactions”. It was launched last September and has now become a popular choice for deploying decentralized applications (DApp).
Joel Clelland, CEO of Centric said, “The move to Binance Smart Chain represents the most exciting development since CNS launched on exchanges last July.” “We’ve been watching the BSC community develop, and we are impressed. BSC’s reputation aligns well with how we see Centric and will allow us to scale.”
Thomas Butcher, Centric’s Chief Operating Officer, pointed out that BSC enables integration with the popular MetaMask wallet. “with just a quick user customization requiring no special skills.”
“The opportunity to hold and transact Centric tokens through MetaMask opens a world of possibilities for our community,” said Butcher. “Centric users will gain access to a proliferation of projects and utilities in the DeFi space. I see us adding more decentralized exchanges (DEXs), incorporating yield farming, expanding opportunities with new DApps, NFTs, and more,” said Butcher.
Before Claireland decided to switch, the team consulted ten CNS-listed companies that are centrally traded.
“We discovered most already integrate with the Binance Smart Chain. The overwhelming support and cooperation of the exchanges increased our confidence in executing the switch with minimal disruption,” said Clelland.
Centric Network Left TRON Blockchain Following Increase in Transaction Fees
In the past year, the increase in the cost of every transaction with TRON has given further impetus for this step. Compared to TRON, BSC’s cost per transaction will remain the same or decrease, even if the price of Binance Coin (BNB) has risen sharply since January.
Centric Cash (CNS) will be renamed Centric Swap as the new name better reflects the usefulness of the token as an entrance to the Centric network and as an exit from liquidity. CNS wants to keep the CNS code. The Centric Rise (CNR) name and code will remain unchanged.
The developers at Centric are developing a conversion tool to perform a 1: 1 exchange between TRC-20 tokens and the new BEP-20 tokens. During the conversion, the CNS stored on the central office is automatically converted and any CNRs stored in Centric’s local wallet are also converted automatically. Users with CNR or CNS in the external wallet also have the right to use the conversion tool.
Clelland stated that the team still intends to build its own blockchain according to its roadmap.
“Developing a blockchain from the ground up is a major undertaking. While it’s still on the horizon, we didn’t want to let the development hold us back from leveling up. Switching to BSC will benefit the project and help us grow the community in the meantime. Their blockchain is deployed and battled-tested. It’s fast, ubiquitous, and offers low-cost transactions. I couldn’t be happier,” said Clelland.
Centric’s development team is working with key partners including the casino website Moolah.bet and DeFi staking platform Green House Staking to ensure a smooth integration.