CIC Chain is increasing its presence steadily around the world. They were hosted by the Blockcast Asia Blockchain Community for an ‘Ask Me Anything’ event and we have shared the transcript below:
1) Good evening and greetings from Asia. Can you tell us about yourself, you team, and their experiences?
Thank you, I appreciate the opportunity you have given us by me being here.
Yes, of course, we have a large and varied team who all have a vast array of different levels of experience. I was born in South Africa, but moved over to the UK when I was young, then have grown up here. I completed my business management degree (BA Hons) in 2012 and then started studying crypto back in 2014 after hearing a few people talking about it. By around 2015 I made my first Coinbase account and began trading. Over the next few years, I was in and out of BTC and Litecoin mainly, buying and selling for small profits however I didn’t really get too deep into it until I took a few solidity coding courses in 2018/19. I began working as a freelance smart contract creator on Fiverr, Upwork and Freelancer where I’d make a passive income building basic tokens for people and at this time I began networking and making friends in the coding space. By the time 2021 came around I was investing into many of the tokens I was building, but after Safemoon’s huge growth the space got overwhelmed with scams and I lost a lot of money in Rug Pull scams and decided the best way for me to ensure it doesn’t happen again would be to invest in a project that I create and manage myself. This is when I started running my own project, which over the past 12 months has led to the build of CIC chain.
Our co-founder of Elitheum (who went on to build CIC Chain), James, is from Canada, he spends a lot of time running and managing the passive income project we created – Elite Vault Protocol. We met through my token project and he quickly became an integral part of the team.
Over time, networking has helped us to expand exponentially and now we have a growth team of amazing people who I consider my crypto family. They help manage our social channels and share their investment knowledge with the people in our community. Our community is unique because it’s not full of ‘degenerate’ style investors, but rather a sense of genuine investors who are in for the long term, supporting our start-up as we navigate through the DeFi space. It’s been a rollercoaster ride but we have learned so much, especially as we study the market, trends, cycles, and our competitors. This year we recruited a team of 31 blockchain developers from all around Europe and we are pleased to announce that the development team has agreed to come on board and work for CIC chain. We have added a combined 120 years worth of blockchain development experience to our team and have built a solid relationship with the team, who we have vetted and have KYCd to one another as a part of our initial agreements in our partnership.
2) What is CIC Chain?
It’s a hybrid Hyperledger BESU x EVM layer one blockchain. It’s like having two blockchains in one, capable of both public and private applications including zero-knowledge transactions for industries that require privacy. It’s ISO20022 compliant, meaning you can utilize the XML language to communicate with financial institutions such as SWIFT and the Federal Reserve Board from 2023. CIC Chain is a blockchain built for the people, with an emphasis on sustainability and versatility. It’s scalable and upgradeable, it’s fast, cheap, un-forkable, and unhackable. CIC stands for Crazy Internet Coin which is a nod to the meme coin investor and is both easy to remember and impossible to forget.
3) Can you tell our listeners about Imprism technology and how it makes you different?
Imprism, our disruptive new consensus mechanism is based upon our very own Proof of Refraction (PoR) methodology. It makes the whole blockchain up to 90% more efficient than other chains. Imprism changes the way data is stored on the blockchain, separating key features like the transaction amounts, wallet holdings, and then the hash codes/validator information to minimize bloating and therefore allow for faster transaction completion. It is also Byzantine fault-tolerant (IBFT2.0) which allows for zero finality of transactions.
4) We would love to know the security of your blockchain and how it differs from other chains and tokens, what makes yours better?
Security is enterprise/bank grade. We are so confident in our security that we will host an ongoing ‘Hackathon’ where we will pay a bounty to anybody who can hack our chain. Because of the public and private nature of our chain, you can build robust applications that are literally impossible for any outsiders to hack, without accessing the security keys for those apps and developers who utilise these applications can control which nodes have access to them. There are very few blockchains out there with the security capabilities of CIC Chain.
5) You have plans for a StableCoin in the future, can you tell us how yours will be different than the last UST failure we have seen?
Our Stablecoin would have a mechanism built into the CICpay app where the only coins ever minted are those that are bought and paid for by their FIAT counterpart. In this way, it makes our stable backed 100%, similar to USDC. It will be wholly created for the purposes of our eco-system.
At CIC Chain we know that algorithmic stablecoins do not work. In fact, our team was talking about this a while before the UST/LUNA crash.
6) We also noticed you have plans for the eCommerce side can you tell our community about the benefits you will be providing to people who want to build on your platform?
Yes, we will build a low-cost alternative to ‘Shopify’ as a platform, which allows for users to be their own bank. Our blockchain will allow for inventory management as well the private transactions and bookkeeping, for accountancy. In the future, our blockchain will be able to communicate directly with banks when the ISO20022 standard is adopted and this means a frictionless transition between our platform and your bank account.
7) We would love for people to learn about your Learn to Earn, and what are the benefits to people involved in your ecosystem?
Well, free CIC and other tokens, such as ELTHM mainly. Besides this you will also learn everything you need to know about safe investing.
We will generate revenue from advertisements on our platform and the fees associated with the other parts of our ecosystem – then we will cycle those funds into buying our coin and funding the platform with them.
8) What are your marketing plans like? We also understand in 2022 you have plans to launch massive networking events, can you tell us how you plan on doing this and what are the benefits?
Networking events are key – we will be attending Blockchain Expos starting in London this December and also we aim to visit multiple colleges and universities in their open events, where we will hand out CIC merch and teach students about our L2E platform and in turn crypto. We will also introduce small affiliate schemes for influencers and students and target people as young as 11 – the future generation of cryptocurrencies.
9) Your crazy swap, how will it function, and what are the advantages of using your service vs another project? Let’s talk about your CEX service and how it might be different than other exchanges out there and what are the benefits to the users?
It will function like Uniswap/ Pancakeswap with a clean and easy-to-use UI however will have an in-built liquidity locker for developers and a charting tool like poocoin.app. It will also give investors in CIC the chance to stake their coins to earn tokens from many other projects who utilize our staking pools and farms.
10) Can you share an inspiring quote for our community members?
Before success comes in any man’s life, he is sure to meet with much temporary defeat, and, perhaps, some failure. When defeat overtakes a man, the easiest and most logical thing to do is to quit. That is exactly what the majority of men do. More than five hundred of the most successful men this country (US) has ever known told the author their greatest success came just one step beyond the point at which defeat had overtaken them. – Napoleon Hill
This quote is something I hold close to me because it reminds me every day when working and Investing in cryptocurrency that I should trust the process. Giving up often means people sell at a loss, however with experience you will know that the markets do recover and often if you held on that little bit longer you would have made money.
Another key takeaway from this quote is for developers – they often give up when things get tough! And actually in most cases, if they were consistent for long enough they would have been successful. They just had to keep going ☺️