Citizen Finance : Review
⚫ Introduction
Hello everyone, in this new post I want to introduce you to a very interesting and highly growing NFT project known as Citizen Finance project, and for more details, let’s move on to the next discussion.
If you don’t know much about Blockchain the i will explain you about that first. Blockchain is a decentralized general ledger. It is a computer network that has an identical copy of the database and changes its status (records) to a common agreement based on pure mathematics. All this means that there is no need for any central server or any entity we trust (e.g. central bank, notaries, banks, paypal, etc.). The blockchain is the technological basis for all cryptocurrencies, whether Bitcoin, Ethereum, hyperledger, etc.
An important part of the blockchain is the smart contracts, a piece of code that is stored in the blockchain network (in each participant’s database). It basically defines the conditions to which all parties using the contract agreement. Therefore, if the required conditions are met, certain actions are executed. Because the smart contract is stored on all computers on the network, everyone must run it and get the same result. This way users can be sure that the result is correct.
⚫ What is Citizen Finance ?
I am going to tell you all i know about Citizen Finance. If you want to know it more accurately you can watch this video.
Let’s start explaining what really Citizen Finance is as far as i know by reading other article and its website Citizen Finance is an introduction to GameFi and true ownership of in-game assets. While acting as a bridge between the world of traditional gaming and blockchain, Citizen Finance will create a platform where players are the true owners of their in-game assets, they can stake it, resell it, gift it or simply use it as collateral.
It helps to develop gaming industry and make gamer easy to purchase their items. Till date, one of the most prominent problem in the traditional video gaming industry is denial of property right when it comes to in-game assets. Players are not the true owners of their in-game assets even if they had purchased it with in-game currency which in turn was purchased with fiat currency. What they can do with the asset is limited to the utilities of the game. The player lacks true control of their assets, can not derived income from it and also can not dispose it.
Blockchain technology has enabled some games introduced true ownership of in-game assets but the utilities for this new concept is still small and has no real impact in the industry. Citizen Finance will be introducing new concepts and utilities for in-game assets using blockchain technology.
⚫ What is exactly an NFT?
NFT stands for non-fungible token.
You already know much about NFT but if you doesn’t know let me explain it to you. NFT token is the sign of ownership of an asset. Think about it as a train ticket, which is the sign of ownership of a seat, on that train, at that moment. The token is a digital asset that represents a wide range of unique tangible and intangible items.
This token is stored on a transparent blockchain, a digital decentralized ledger tracking transactions of items or assets. Making it easier for everybody to see that you are the owner of the token. Relating to the example, making it easier for everybody that you have your train ticket.
The word fungible refers to an asset that is easily exchangeable. A neighbor could borrow a pound of salt and buy me another one in a few days when he goes to the supermarket. It doesn’t matter that the salt is different, it is easily replaceable and exchangeable.
As you probably deduced by now, a non-fungible token on the other hand is a unique token with the characteristic that it isn’t easily exchangeable with another. This is because two NFTs are never going to be identical. Going back to the train ticket example, each ticket contains specific information including the specific date and time, train, and seat. This data makes it impossible for train tickets to be traded with one another, each one is different.
⚫ Characteristics of NFTS?
● Distinguishable: They are unique, so they can represent a one-of-a-kind asset. And because they’re unique and stored on the blockchain, they’re unquestionably authentic. That’s especially important when the asset they represent is digital.
● Indivisible: NFTs cannot be divided into smaller denominations. They exist exclusively as a whole item.
● Indestructible: The NFT data is stored on the blockchain via smart contracts, each token cannot be destroyed, removed, or replicated. Ownership of these tokens is also immutable, which means gamers and collectors actually possess their NFTs, not the companies that create them.
● Verifiable: Another benefit of storing historical ownership data on the blockchain is that items such as digital artwork can be traced back to the original creator, which allows pieces to be authenticated without the need for third-party verification.
Citizen Finance introduction of NFTs for in-game assets is mainly to promote true ownership of in-game assets and enable players to legally exchange assets between one and another.
⚫ BINANCE SMART CHAIN.
When i am reading the whitepaper i just find this page if you like you can take a look. Popularity is not the first thing to consider when adopting a blockchain network. The most important thing to consider is "if the blockchain fits into your business models and operation".
There are many blockchain out there all promising the next big thing when it comes to technology and adoption. There is no doubt that every blockchain is unique in its own way but not all business models can fit into every blockchain.
Citizen Finance as a GameFi protocol offers players the option to withdraw their unused in-game assets (non-fungible token) and stake on decentralized pools where they can earn Ciphi (CIFI) token. This mechanism will result to frequent withdrawals and deposits in and out of the ecosystem in which users will spend a lot of gas fee. Adopting a blockchain with less gas fee and fast transaction was our primary need when choosing a blockchain.
Citizen Finance is introducing something new into the utilities of in-game assets. We decided to adopt the Binance smart chain network because it is easy to understand, low cost gas fee, fast transaction and also similiar to the Ethereum blockchain.
⚫ Citizen Finance Game Meta City:
Meta City is a Blockchain First-person shooter game on mobile and PC. The game is centered in a fictional city called Meta City.
Meta City is a portrayed as a rich city with 14 districts. The City is rich with many minerals but the most precious is Ciphi, a metal that fuels the city’s technological advancement. Ciphi was discovered by Nikron Ovan the founder of Meta City Company (MCC), a company that controls 70% of Ciphi mining operations in the city. I will talk about this game in my next blog so let’s focus on this project for now.
⚫ Tokenomics.
Ciphi is the native token of Citizen Finance platform, the token is minted through NFT staking and Liquidity mining. Users can utilize Ciphi token to purchase nfts from the secondary marketplace, use as fees to launch own skin proposal, deployment fee for Cifipowa , stake Ciphi to earn liquidity reward and also use for lending protocol.
Specification
• Name: CIPHI
• Symbol: CIFI
• Network: Binance Smart Chain
• Decimal: 18
• Type: Utility and Governance
• Supply: 500,000
Distribution
• Mining (88%): 370,000
• Presale (10): 50,000
• Liquidity(1%): 25,000
• Team (10%): 50,000
• Airdrop & Bounty (1%): 5000
Liquidity will be locked for 6 months
Team token will be distributed in stages. 10% will be distributed in the beginning while 90% will be locked for 12 months. After lockup period, 5% of Team token will be released monthly.
CONCLUSION:
Thanks for reading this article and using your precious time on here. For https://citizenfinance.io/ they are trying to build something great and unique. We saw dozens of projects without any single usability and we witness their extincion. And on the other hand “Citizen Finance team have a solid idea and they almost finalized their products and services. So in my opinion there isn’t any reason for CHFI to be successful. and i Appreciate this Unique Idea for Their both “CHFI” Coin and NFTS To be A Better Perform in Near future For sure Good Wishes For them.
⚪ More information.
Website : https://citizenfinance.io/
Discord : https://discord.com/invite/xqNxf63sHx
Twitter : https://twitter.com/citizen_finance
Medium : https://medium.com/@citizen_finance
Whitepaper : https://docs.citizenfinance.io/
⚪ AUTHOR :
Bitcointalk Username: Bimal2022
BitcoinTalk Profile Link : https://bitcointalk.org/index.php?action=profile;u=2892610
Telegram : @bimal1665
ETH address: 0x70cc0D181aa54A0AE5050c51dFA2A2196A075600
#citizenfinance, #nft4fps #nft4XR #cifipowa #metacity #gamefi #citizens #cifi #defi #ciphi #bsc #blockchain #ownership hashtag and mention @Citizen Finance
