We present a complete guide to understanding Centrifuge Crypto and it’s technology in the field of cryptocurrency development. We include helpful explanations, illustrated guides, historical data, and technical details. This article is brought to you by Digital Financial Market
Last Updated: 3/4/2022
Centrifuge Cryptocurrency
Centrifuge is a blockchain network designed for small business loans in the form of the network’s native currency CFG. The Centrifuge Blockchain was created with software that compiles the power of the Ethereum Network, Polkadot Network, and the Kusama Network to allow Cross-Chain compatibility and Blockchain Bridges.
Built as a part of the parachain auction of 2021, Centrifuge is a Polkadot-based blockchain that is built with certain features of Polkadot’s network. Although it is not built as a direct Parachain, which allows seamless compatibility with the Polkadot Blockchain, Centrifuge has many built in tools for it to upgrade its network to include a Polkadot Parachain.
The key software tool of Centrifuge is called Tinlake, an investment and loan dApp (Decentralized Application) built on Ethereum. Intended to create highly secure small business loans, the software allows businesses to apply for collateralized loans in the form of Cryptocurrencies.
Key Points of Centrifuge
- Centrifuge is a tool for secure Small Business Loans
- Has features that allow upgrades to its Polkadot compatibility
- Built to utilize the power of Ethereum and Polkadot Blockchains
See Centrifuge Official Website
Centrifuge Price Chart
Centrifuge (CFG) Historical Price Chart
History of Centrifuge Crypto
The Centrifuge platform was created by a German software engineering team led by DeinDeal co-founder Lucas Vogelsang. Centrifuge held a fundraising ICO (Initial Coin Offering) in May of 2021 for $19 Million.
Centrifuge won the Parachain Auction crowd loan program in Spring of 2022. With third place winner, just behind Efinity and Composable Finance, they managed to raise and additional $98 Million in staked Polkadot (DOT) tokens.
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