The digital asset exchange Bitrue is seeking to directly participate in its user community by allocating the decision-making power to add new token projects after a thorough review by the listing team.
The platform will further increase voting rights in future updates
The innate ability of blockchain to decentralize products and services has long been one of its key value propositions, especially when it comes to providing more democratic access to these same products. Governance is quickly becoming the latest area of blockchain democratization efforts, and the community has joined the cause.
Double trueSince July 27, the digital asset exchange has decided to give users the right to vote for listing, joining the ranks of other service providers who adopt more community-based governance methods. Bitrue’s listing team will collect project suggestions based on feedback from social media channels, and then analyze the legitimacy and prospects of the project. Projects that pass strict due diligence procedures will be submitted to the community for voting.
Voters of these listing plans will pledge Bitrue Coin (BTR), the native token of the exchange, to participate. Once the coin to be voted reaches a certain threshold, it will be listed on the exchange and open for trading. Users who invested tokens in the successful listing plan will be eligible for airdrops of these newly listed tokens.
Ultimately, Bitrue plans to open up other management and governance decision-making rights to users, such as developing new platform features, including new trading pairs, and adding Power Piggy products-an investment tool that allows users to choose and choose the tokens they want . Want to invest in the user’s account and generate daily interest. Many of the upcoming projects will focus on the emerging blockchain ecosystem that the platform already supports, including Cardano, Hedera Hashgraph, and Solana.
Break the shackles of centralized governance
Although blockchains like Polkadot and Cardano already have a well-designed community governance perspective, these types of transparent governance mechanisms are far from abnormal. The centralization of certain services hinders the realization of true democratization and transparency.
Exchanges are one of the main perpetrators because the decision-making mechanisms used by their management platforms are not transparent. In the past, these practices caused panic in the community. Coinbase’s historical currency practices are an example.
Before the proposed unveiling ceremony, any rumors that the exchange will list new tokens on other venues have attracted attention. Since these newly listed tokens are expected to gain a large amount of purchasing power from Coinbase’s customers, it may be regarded as a form of preemption given the high risk.
Nevertheless, other platforms are also moving in the same direction as Bitrue, including DeformedThe Digital Asset Exchange recently announced a move to dissolve its corporate structure and move to a framework for community operations. Its native FOX coin will be used as an ownership and governance token in this new, fully decentralized structure.
Given the importance of the community in blockchain projects, other platforms may quickly follow suit and democratize the governance of their products and services, thereby increasing transparency and participation, and ultimately benefiting all stakeholders in the ecosystem.
What do you think of Bitrue’s latest initiative to involve users in decision-making? Let us know in the comments section below.
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