Since the day I heard about the idea of micro-investing and the concept of Hive as a compounding machine, as days pass, I am getting more convinced that layer 2 tokens play a significant role in accomplishing both of these.
In this article, I want to write about one of these layer 2 tokens. I am not sure, what token will be next in the coming days. For now, my focus is on CENT, and I want to share how writing about this token is another first-time experience for me this month of March. Moreover, I also want to share the reason why I am writing about this token. And then finally, the process that I underwent from a lack of motivation to write to get myself organized and start writing about CENT.
First Time Experiences
Beginning this month of March, I already had four first-time experiences. I kept a record of them lest I forgot them. During the first twelve days of March, it is my first time to participate in Power Up Day (PUD), in buying CUB, in registering on ListNerds, and in joining a curation trail headed by @bradleyarrow.
Today, I will do another first time, and this is writing primarily about CENT. The first post I published on the CENT community is partly about the token, but mostly it is about my journey from blogging about economics to my providential discovery of Hive.
My Intention in Writing About CENT.
In this post, I will be selective. Though the platform is still young, I won’t and I can’t cover all the information that has been published so far. My goal in writing this article is not only to share my journey with those who might be interested in this token but also to serve as my reference and my guide in my CENT journey.
Getting Myself Organized
9th of March, I shared a tweet about CENT as a platform for economics. The article is about my plan to utilize the CENT community in writing about the subject. However, after four days, I am still having difficulty finding the motivation.
I think it is because my mind is preoccupied with so many things. I know this as I observed the kind of topics that made me curious in opening emails on ListNerds. The topics that catch my attention include ListNerds itself, PolyCub, giveaway, new blockchain-based games, CTP, Hive, Web 3.0, and anything new that I find interesting. It appears that economics isn’t part of the trendy themes. How much more if I will write about a single layer two token?
@jimmy.adames encouraged me that there is no way I could know that my chosen topic is really far-off. The only way to know this is by writing about it.
Since the first week of February, I have been exploring layer two tokens. More than twenty unfamiliar tokens ending in my wallet got me curious about their utility. By doing this, I started to realize their importance one by one. It's actually because of such curiosity that led me to CTP, and then later to ListNerds.
Today is my seventh-day using ListNerds. Even without staked CTP and with just one vote per day, I enjoy both the learning and the waiting period. This morning, going with my usual routine for seven days now, as I opened the inbox in my ListNerds account, a post from @amirtheawesome1 caught my attention. He is sharing about the importance of a notebook to keep yourself focused. And then these two sentences stuck with me:
Whenever I get an idea of any sort, it consumes me. I keep thinking about it nonstop until I am done.
As I reflected on my situation, I was wondering for I have been keeping records for more than two decades now. The practice worked for me during my student days and even during my employment years. It’s part of my habit to bring a record book with me wherever I go. However, the pandemic brought a new situation that gave me too many tasks these days that were not there before. Despite keeping the discipline for years, I still find myself often distracted recently. As a result of such distractions, I am also having difficulty pushing myself to write something. The good thing is the quoted message reminded me about the power of focusing and following through on a single idea.
And then I asked myself, “What is this single idea that is in my mind now?” Immediately, CENT comes to mind.
General Information About CENT
I am not sure how popular CENT is among Hivers. All I know is that the last time I checked the market capitalization of this token is just around $11,900.00. In my list composed of 27 tokens, CENT is the 22nd when it comes to the size of market capitalization. For many, this is enough reason not to entertain the idea of including the token in one’s holdings.
As for other general information, we all know from the records on the blockchain, that @anadolu is the issuer of this token. I know little about him except that he has a high reputation score of 68.9 and has been on Hive since September 2017.
As for the token, the maximum supply is 1 trillion; the circulating supply is 1.2 million, and; the total staked is closed to 689,000.
Finding familiar names in the rich list somehow gave me a certain degree of confidence to buy this token and stake it. They include @hive.pizza, @cryptoandcoffee, @zottone444, @rentmoney, and @bala41288. Moreover, I also observed that some prominent Hivers include CENT in their tags though they used another platform in publishing. Nevertheless, if you publish on the CENT platform itself, I find @centblog, @anadolu, and @centtoken very supportive.
What made me choose CENT?
I am not sure what precisely made me attracted to this token in the first place. Perhaps, it’s because of a common interest in economics. Or another reason might be my search for a community where I can make a significant contribution in terms of content creation. In my mind, some of the big tribes on Hive are already overcrowded with writers who are familiar with specialized topics. Not unless, a newcomer is exceptional, there is a little chance that his content will be noticed.
Reading the seven posts published by @centtoken for the last five months, I gleaned at least two primary reasons that made me choose this token. Yes, the inclusion of the “introduceyourself” tag into the token’s prize pool is commendable. Also, the absence of restriction against self-vote and the accommodation of mini-posts, I consider them as positive factors in favor of the token’s widespread acceptability. Furthermore, it was also declared that CENT is not just a tribal token. The long-term goal is to link it to other blockchains.
However, though the mentioned merits are good in themselves, still my basic reasons for choosing CENT are twofold:
First, the goal of the creator is to make CENT a stable layer two token. That’s it, the aim is to keep the price of the token close to $0.01. I am not sure if this goal is realistic and achievable, but I like the idea of a price stabilization mechanism by providing both volume and liquidity for small players like me. It was stated that whenever the token declines in value, appropriate measures will be applied such as a buyback program and a reduction in the number of tokens for distribution. On the other hand, if the price of the token rises above one cent, there will be an increase in supply and distribution. The mechanism appears to me as similar to what is now being applied for HBD to maintain its stable price.
And my second reason has something to do with the existing liquidity pools. Currently, they are now four: HIVE/CENT, CENT/POB, CENT/LEO, and HBD/CENT. Their corresponding APRs at the time when the original article was published is 644.362%, 144.412%, 146.309%, and 395.527%. The conventional advice is to avoid liquidity pools like these. However, how can the community assist a young project even in a small way with the dominance of such FUD? Setting aside a small amount of HIVE to purchase this token won’t hurt anyone that much in case the project suffers a failure. Source. The current four pools are just a start. The issuer intends to grow the utility of the token over time.
So these are the reasons why I am buying CENT as part of my concrete application of the idea of micro-investing and the role of this token in this concept of Hive as a compounding machine.
Note: The source of the numbers and other information provided in this article are found on leodex.io, tribaldex.com, and centblog.org.