User Case - Local Network
Centiglobe Local Network adaptation
A local network in Centiglobe consists of a few parties, for instance, payment providers and banks within one currency region that perform clearing of transactions between each other. Every such node in the system is called a gateway. Gateways have unique blockchain identifiers and can issue blockchain assets. The blockchain assets are specific to the gateway, meaning that the gateway is solely responsible for maintaining the currency. Gateways freely communicate with each other and settle their transactions through Centiglobe. All gateways connect to Centiglobe using only one point of integration and thereafter being able to make payments to any other gateway instantly. This lowers the cost of integration and the time to market for full operations to a minimum.
A gateway represents an opportunity to move value from one system, for example, a bank ledger, into the Centiglobe system. A gateway can be used for entering, as well as for exiting, the decentralized global marketplace. The user transfers, for instance, funds to the gateway, upon which the gateway creates a tokenized representation of the funds and sends it to its destination in the Centiglobe system. To act as a gateway in the system a financial license is needed in the operating jurisdiction.