Citizen Finance: Next Generation NFT Utilities

Published in

DataDrivenInvestor

5 min readMay 12, 2021

Blockchain and Smart Contracts open many doors to new decentralized businesses and eliminates the need for expensive third parties. Many new companies are now working on this technology, and large companies are testing it in closed networks to collaborate directly with each other without the need for intermediaries. Moreover, another main reasons why cryptocurrencies are more fashionable is because we know that traditional banks, as modern as they want to be, have an old-fashioned culture and mentality. Beyond the typical financial instruments, they have only evolved to provide some online services. Now, with the emergence of DeFi (decentralized finance), a world of financial instruments is opening up, accessible, open and without permissions for anyone with a cell phone or a computer connected to the Internet. It is a movement that takes advantage of decentralized networks to transform old financial products into transparent protocols that work without intermediaries.

NFTs (Non-Fungible Tokens) are digital assets that are basically an extension of that same idea. Before we conferred value on tangible goods that we could touch and see (gold, stamps, works of art), and now we increasingly do it on intangible goods that we mostly see, but probably cannot touch. Cryptocurrencies are an approximation to that principle, but NFTs go a bit further and apply that concept of store of value to those more collector-oriented objects.

Contrary to what happens with cryptocurrencies, NFTs cannot be exchanged with each other, since no two NFTs are alike: your letter from a crypto kitty is unique, as is that digital work of art or any other intangible good that comes in. in this definition. As explained in Coindesk, there is a clear analogy between an NFT and a ticket for a music festival: in that ticket there is information about the buyer of the ticket, the date of the event and its location. Those inputs, like the NFTs, are personal and unique.

Most of these “tokens” (which can be coins, stamps, works of art, or cryptocats, for example) are based on the standards of the Ethereum network and its blockchain. This has made it easy to operate with them when buying and selling them, and that services such as MetaMask or MyEtherWallet (wallets that allow interaction with Ethereum) are benchmarks in this type of transaction.

Moving on, the project I’m going to present you is Citizen Finance (https://citizenfinance.io/), a multi-ecosystem with support for gaming, NFT marketplace and decentralized finance.

Definition

In more detail, Citizen Finance (https://citizenfinance.io/) is a blockchain ecosystem powering the next generation of non fungible token (NFT) utilities. The main mission is to act as a bridge between the traditional gaming world and blockchain, thus creating a platform where players are the true owners of their in-game assets.

Goals

The main goal of the project is to accelerate the world’s transition to nfts and immersive technologies by providing cheap and easy-to-use tools to encourage mass adoption.

Main features

How does it work?

Citizen Finance — the game : Meta City is a blockchain-based first-person shooter game for both mobile and PC. The game focuses on a fictional city called Meta City with 14 districts. The city is rich in many minerals, but the most prized is Ciphi, a metal that fuels the city’s technological advancement.

Each game asset in Meta City is a unique non-fungible token, called NFT. Thus, in-game assets are NFTs that are stored on the Binance smart chain, giving players full ownership. Players will be able to use them as in-game assets to play action, trade them, etc.

Ecosystem

META CITY:The game, the space, the world.
SANTA FE:Decentralized lending and betting protocol on the Binance smart chain.
CIFIPOWA:Create and exchange digital artwork as collectibles.
CIFIPOWA X:Bring your collectibles to life using extended reality.

Bounty program

The project gives the opportunity to earn Ciphi tokens performing some social media tasks and doing simple steps from the bounty program explained into the following Bitcointalk Thread here (https://bitcointalk.org/index.php?topic=5327870.0), where you can access the link in order to see what are the conditions to become an early Citizen FInance contributor and start acquiring tokens.

For more information about the project, you can visit and read their WhitePaper available here (https://docs.citizenfinance.io/). You can also stay tuned in their official Medium Channel (@citizen_finance). I hope you liked the post and soon I’ll send you new ones.

Tokenomics

Ciphi (CIFI) is Citizen Finance’s governance and utility token. CIFI is minted through NFT staking and liquidity mining. Users can use the CIFI token to buy nfts in the secondary market, use it for loan protocol, among others.