Centaur x Satoshi Club AMA Recap from 30th March

Hello, Satoshi clubbers Another AMA took place in Satoshi Club and we would like to introduce to you the AMA session with our friends from Centaur and our guest was @james_cntr – Co-Founder of Centaur. The AMA took place on 30 March.

The AMA session was divided into 3 parts with a total crypto reward pool of 1000$

In this AMA Recap we will try to summarise the most interesting points for you.

Part 1 — introduction and questions from the Telegram community

Gold Rocket | Satoshi Club: Hello, dear community! We are pleased to announce AMA with Centaur!

D. | Satoshi Club: and our guest – @james_cntr – Co-Founder of Centaur! welcome! good to see you in Satoshi Club!

James | Centaur: Hey! Pleased to be here

Gold Rocket | Satoshi Club: Hello and welcome to Satoshi Club, @james_cntr!

We are very excited about the upcoming AMA😊🚀

D. | Satoshi Club: yes we are 😃

James | Centaur: I’m just as excited to share with you more about Centaur!

Gold Rocket | Satoshi Club: Let’s start!

Introduce youreself. How did you get to be involved in crypto & Centaur?

It’s always interesting. How people get into this amazing crypto world😁

James | Centaur: I’ve actually been an entrepreneur for more than a decade and came across a few tech companies specialising in blockchain. After reading up more into it, I really believed in the technology and started working on ProDeFi (before we rebranded to Centaur) back in 2019, together with my Co-Founders Sean and Dhanraj. Our vision was to bridge the gap between CeFi and DeFi by leveraging on the strengths of both aspects and building new and unique solutions in the space!

D. | Satoshi Club: cool! bridge between CeFi and DeFi this is sounds very interesting 😊

Gold Rocket | Satoshi Club: That sounds good

What is the essence of Centaur?

By the way, why did you decide to rebrand?

James | Centaur: When we first came up with the name ProDeFi, the term “DeFi” had not really caught on yet. But in the middle of 2020, it exploded in popularity as we are all aware and afterwards, we decided to rebrand to Centaur as we felt that it encapsulates our hybrid approach to DeFi

At its core, Centaur’s goal is to bridge that gap and encourage larger scale adoption of blockchain technology, whether it be from institutional or retail investors. We’re building up a suite of products that would be able to service both markets and support the blockchain ecosystem!

Gold Rocket | Satoshi Club: What plans do you have for the future? And what can we expect from Centaur?

James | Centaur: So currently, we are about to launch three major products:

31st March (TOMORROW)

Hadar Wallet, a multi-asset, multi-address, multi-purpose wallet that is built for DeFi integrations

14th April

Centaur Swap, a next-generation AMM that utilises oracles to allow for single-side staking, IL mitigation and cross-pairing, while preventing oracle frontrun attacks

28th April

Centaur Chain, our mainnet that will support cross chain transactions and settlements while providing a backbone for enterprise users.

These products are meant to strike a balance between retail and institutional onboarding

Gold Rocket | Satoshi Club: This name really has a deep meaning, besides, it is beautiful… Constellation of the centaur… symbolic…👍

Thank you very much for the great intro! Ready for community questions?🚀

James | Centaur: Yeap!

D. | Satoshi Club: 🚀🚀🚀

Q1 from Telegram user @NataliyaKil

You have announced the launch of the Hadar wallet. The wallet will be available for download on the Google Playstore on 31st March 2021. How will a new user register in the app? And what methods of user authorization and data protection will be used: e-mail address, SMS message to the phone, biometric data or secret phrase?

James | Centaur: Great question! One key difference is that we are working on a email + password authentication structure and the seed phrase is generated locally on the device so the user does not have to copy it out. The seed would then be encrypted by the password before it is stored on the cloud which ensures that it is secured and nobody else can access it, while still allowing synchronization across various devices. For security, we have enabled Google Auth 2FA and SMS verification, with plans to include biometrics too. Users would also be able to individually export their private keys if they want to store it elsewhere.

D. | Satoshi Club: awesome! i wanted ask you about the private keys, but you already gave an answer 😄

James | Centaur: Hahaha, security is definitely the highest priority for us!

D. | Satoshi Club: how many cryptocurrencies will be supported by your wallet?

Gold Rocket | Satoshi Club: Do your users need to pass KYC?

James | Centaur:We currently support Bitcoin, Ethereum and all ERC20 custom tokens. We plan to onboard more chains in the near future!

No KYC is required as the wallet is non-custodial in nature, we will not store any of your personal details 👍

D. | Satoshi Club: 👍 i suppose it would be BSC tokens 😉

Gold Rocket | Satoshi Club: Good news. 😉

James | Centaur: That’s definitely on the list!

Gold Rocket | Satoshi Club: Can we proceed. Or you want to add something?

James | Centaur: Lets move on to the next question!

Q2 from Telegram user @mctrho

According to the project roadmap, in Q2 you will launch the Integration of Cross-chain Transactions and the Integration of SEA Entities. Can you talk a bit about these advances? What benefits can it bring to the project and the community? Can you explain in more detail what the Integration of SEA Entities consists of?

James | Centaur: So we’ve been in talks with a few different enterprise partners in the Southeast Asian region. These partners are mostly fintech companies that are keen to leverage on the benefits of blockchain technology and we are exploring certain angles on how we can add DeFi technologies and methodologies to better service their users too.

Of course, the primary focus areas would be capital optimisation through crypto platforms (such as yield farming solutions) but we’re also exploring remittance and peer-to-peer payments to see how they can be implemented

Gold Rocket | Satoshi Club: these are very popular destinations today. I think you are in trend. 🚀

By the way, please share your complete roadmap with us.🙏

James | Centaur: For the roadmap, we’re primarily focusing on both the decentralised and centralised aspects concurrently. As you can see from the product launches, the bulk of it are very blockchain centric, with the Hadar wallet, AMM and mainnet coming up. Once they are deployed, we’ll focus on upgrading them to improve the services. This would mean adding more chains and features to Hadar and to support more tokens or protocols for Centaur Swap.

On the CeFi side, the roadmap is more contingent on the business development aspects. As you may be aware, traditional markets move at a slower pace (or rather, the crypto industry moves at a very fast pace) and certain discussions require much more time and pilot testing before they can be rolled out.

Gold Rocket | Satoshi Club: https://cntr.finance/#roadmap

absolutely right! thank you very much for your answer! ready for the next question? 🙂

James | Centaur: Yeap!

Q3 from Telegram user @meml97

On you whitepaper you said that Centaur proposes a DeFi solution with centralized elements with the ultimate aim of moving towards a fully decentralized model. So, with this in mind, what solution do you plan to bring to the table, and what centralized elements do you want to incorporate on Centaur to reach this goal of yours? How will centralized elements help you on this purpose? Also, could you please explain me how would a project with centralized elements move towards a fully decentralized model? Because that is something that I don’t really understand and I would like to.

D. | Satoshi Club: very popular question, i think you faced this question many times in different forms 😄

James | Centaur: Yeah this is something that crops up pretty often haha. I think most people are concerned about how centralised solutions can be applied while still having a core ethos of decentralisation in place. However, a significant portion of blockchain history involves centralised intervention. Even Ethereum had to perform a reorganization after the DAO hack and Bsc is also quite centralised at present. Ultimately, our goal is to use some aspects of centralisation to complement the DeFi parts of our solutions.

Take Centaur Swap for example, the platform is fully powered by smart contracts and open sourced, and users can freely trade and add liquidity to the pools. However, the listing process will have to be centralised at the start as there are certain criteria that have to be met (oracle price feeds would be one requirement). In time, we plan to transition the listing decisions to a DAO, which helps to gradually turn it into a more decentralised platform.

D. | Satoshi Club: got it! so you trying to combine the best of both worlds – CeFi and DeFi 😇

James | Centaur: That’s exactly it!

D. | Satoshi Club: thank you for the good clarification! 👍 ready for the next question?

James | Centaur: Lets do it!

Q4 from Telegram user @Beterror203

How the decentralized network of Oracles works in different contracts that have or integrate different chains to channel transactions and preserve interoperability since in this face it is the most important for me since an error in time would be a threat to the ecosystem since can collapse how do you avoid that?

James | Centaur: I’m sorry can you rephrase that 😅

D. | Satoshi Club: haha i thought you will understand this 😄 maybe he wants to know about your oracles model? 🤷‍

i thought it was a good technical question 🤣

James | Centaur: Hmnn okay I think I’ll take this chance to explain how we prevent oracle front-running on Centaur Swap. Our AMM uses an execution-and-settlement model, meaning that when you first click on swap, it locks the price and starts a short countdown timer (3mins currently). After 3 mins, you can click on settlement to receive the tokens. If the price increased in that time, the extra tokens due to the price increase are forfeited but if the price goes down, your original rate will still be retained. This settlement process prevents people from frontrunning the oracle price updates and entering large trades before major pumps.

D. | Satoshi Club: thank you for the detailed answer! if you are ready we can proceed to the next question?

James | Centaur: Yeah sure!

Q5 from Telegram user @MaxiVV

I read that Centaur has received support from numerous partners to accelerate the growth and development of the project. The first group of partners are those who hold licenses in various jurisdictions. What kind of licenses would interest you in the future partners? What is the aim of this till now?

James | Centaur: Yeap we have access to licenses in the UK/EU region primarily and for now, we’re focusing our efforts towards increasing access in the SEA region as there’s a very large and serviceable market here that lacks access to banking and financial infrastructure.

With the right support, we hope to be able to change that!

D. | Satoshi Club: thank you! @GoldRocket27 do you have any additional questions? or we can proceed to the next question? 👀

James | Centaur: I’m ready for the next one if Gold is good!

Gold Rocket | Satoshi Club: what benefits do you plan to get from your partnerships?

James | Centaur: For now, we’re looking for more established players in the fintech space who would be able to help us gain access to the emerging markets there and assist on user onboarding, as that is the primary choke for real-world adoption.

Gold Rocket | Satoshi Club: I saw quite well-known names on your website. would you like to share with us?

James | Centaur: Sure! We’ve been working with quite a few of our partners on cross platform integrations. Recently, one of the deeper partnerships was with Open Defi and the Unifarm initiative. Further back, we did a stakedrop program together with Elrond and we have plans to work with them on a deeper level in the near future. We’ve also had the pleasant opportunity to work with Chainlink for our public sale and might be doing more with them in the coming weeks. Lastly, there’s actually a partnership announcement going out in a few minutes regarding out newest partner who will be supporting us on infrastructure for Hadar!

Gold Rocket | Satoshi Club: Hope Satoshi Club is the first to hear this amazing news. 🙏😉

James | Centaur: Apart from the two teams, Satoshi Club is definitely the first to hear about it!

Gold Rocket | Satoshi Club: Thank you very much for your reply! 😊 Ready to proceed to the last question of this part?🚀

James | Centaur: Yeap!

Q6 from Telegram user @victorogb

For your Asset Management service, it’s stated that investors can vote on the fund structure through the Centaur contract and verify the breakdown of funds across the various protocols. At what stage is an investor eligible to have such privileges, are there existing prerequisite to guarantee such or it’s just a general consensus and how is the voting process carried out via the Centaur contract?

James | Centaur: This is going to utilise a combination of transparency and current DAO structures. The investments and wallets will all be publicly announced so investors can track and verify the movement of funds. For voting, we’re exploring different mechanism and looking in to how current DAOs are designed but it will most likely utilise general consensus for simplicity

Gold Rocket | Satoshi Club:Great answer!

Finally could you remind us again about your upcoming product launches?

James | Centaur: For sure! Here are the three upcoming products!

31st March (TOMORROW)

Hadar Wallet, a multi-asset, multi-address, multi-purpose wallet that is built for DeFi integrations

14th April

Centaur Swap, a next-generation AMM that utilises oracles to allow for single-side staking, IL mitigation and cross-pairing, while preventing oracle frontrun attacks

28th April

Centaur Chain, our mainnet that will support cross chain transactions and settlements while providing a backbone for enterprise users.

Gold Rocket | Satoshi Club: Satoshi Clubbers! pay attention to these events!!!🚀🚀🚀

D. | Satoshi Club: Q2 will start in good and productive pace! 💪

@James_CNTR big thank you for answers in part 1! we will open chat for 2 minutes, after chat will be closed – you can start select questions from Satoshi Сlub members!

James | Centaur: Ready!

Part 2 — live questions from the Telegram community

Q1 from Telegram user @highpee

Since the HADER WALLET seed phrase will be encrypted with users email/password in the cloud, does it mean it will be impossible to import the asset in this wallet to other non-custodial wallet like metamask or trustwallet since they do not have email/password feature? Won’t it be possible to import or synchronise this wallet across other devices?

James | Centaur: Hey! In order to import your assets, you’ll have to export either the private key or seed phrases and add them to the other wallets like metamask or trustwallet. I think this is the common industry practice so far, as platforms like Hadar and Metamask do not store the private keys for the users due to security implications.

Q2 from Telegram user @Nataliyakil

In the near future you are planning to launch several products: Centaur Wallet – 31st March 2021, Centaur LP (Swap) – 14th April 2021 and Centaur Chain – 28th April 2021. What is the most significant event, in your opinion, for Centaur?

James | Centaur: All three projects are equally significant but I think the platform that may be the most familiar to investors and users in the DeFi space would be Centaur Swap. Our team has worked very hard on it and we have many new innovations added to the current DEXes as enhancements and upgrades. This whitepaper (http://docs.cntr.finance/)goes through in detail some of the improvements we have added!

Q3 from Telegram user @Antoni_azx

I followed up on previous statements made by your team and I could see that you will be focusing on $ BTC, $ ETH and $ ERC-20 assets at the moment, can you tell us the reasons for working with these chains first? Why not include BSC which could be much more beneficial in relation to fees?

James | Centaur: BSC is definitely something we would work towards onboarding but we wanted to focus much more on the Ethereum ecosystem because that is where the bulk of the DeFi activity is taking place and the protocol is also much more stable.

Q4 from Telegram user @AmirJosh

Centaur will launch its Hadar mobile app wallet on March 31, 2021. And user registration on the Hadar mobile app is done through email and password. Is there any possibility that users can have access with their wallet addressess private keys for safekeeping if ever there is an event that your app might be down or cannot be access?

James | Centaur: Yes, the private key and seed phrases can be exported and stored separately. They are also compatible with all other wallet providers and can be imported in seamlessly. This means that your funds are secured even if the servers go down or the app is inaccessible,

Q5 from Telegram user @Alika061

Staking, Farming and NFT are things that are arguably progressing, is there a plan for you to include products in $CNTR tokens for staking or maybe #Centaur will create NFTs to expand the community?

James | Centaur: Staking and farming are supported by the upcoming launch of Centaur Swap! We’ve got some new and innovative models we’re working on and we’ll share more about it in the coming days. Do stay tuned to @CNTR_ANN and @OfficialCentaur to find out more!

Q6 from Telegram user @MihaiPisica

Hello Sir @James_CNTR

I’m looking at your site, there are a lot of cool features and user-friendly design. Accessing your Roadmap, I don’t see anywhere something about Audit. In case of a hack-attack, do you cover assets loss due to your smart contract attack? How can you assure us about security risks such as flash loans, token mining and price oracle manipulation attacks? Is there that your testnet can harm some modifications to the code?

James | Centaur: All our codes are audited by both internal and external auditors. We have two separate dev teams who build our products and cross audit the work internally, after which we engage third party auditors to verify the security of the platforms. We have been working closely with Red4Sec in the past for our Token Contract and Staking programs!

Q7 from Telegram user @snewe10

At the moment , where you are focusing right now ? building and developing product or getting customers and users, or partnerships ? Could you share it?

James | Centaur: We have been laser-focused on product development as we believe that it is core to our company. Along the way, we do meet strong partners (as I shared earlier) and we’re always keen to work with likeminded projects. We’ve just announced our collaboration with Pocket (POKT) (https://t.me/OfficialCentaur/67811) as we are working together on an infra level for Hadar!

Q8 from Telegram user @realtrizmalli

How can we investors be sure that this will not be similar to other projects that were making waves but suddenly disappeared into thin air, are your contracts public and somewhere we can see?

James | Centaur: Our contracts are all verified on Etherscan and audited by third parties. We have also covered this topic extensively with our community as the $CNTR token contract is not mintable and does not utilise a proxy.

Q9 from Telegram user @Bogotas

Southeast Asia is a very active market and many projects are being developed here. So for your project, how do you view Southeast Asia and what development plans are there?

James | Centaur: Our core team is based in Singapore so are definitely able to leverage on our networks to break into the Southeast Asian market. We’ve also had the opportunity to work with different projects and many likeminded people here who are working towards similar goals. For now, we’re looking to expand into the neighboring regions such as Indonesia and Malaysia!

Q10 from Telegram user @NataliyaKil

In an article in Medium on March 22nd, you announced that the LP mining rewards for Uniswap CNTR-ETH pool will be reduced from 200,000 to 100,000 effective today, 22nd March 2020. Date is correct, maybe 2021?

Why was the decision made to lower the awards and how is the situation today?

James | Centaur: This was a recent decision we made in order to lower the rate of inflation for CNTR. Initially, the rewards were 200,000 weekly which was about $2,000 to $2,500. However, we have seen very favorable price action in the past few months and had to adjust the rates. This means that LPs will still earn similar rewards while the rest of the ecosystem benefits from less value dilution.