Bitrue digital asset exchange seeks to involve its user community directly by distributing decision-making power for adding new token projects after the listing team has thoroughly reviewed them.
Platform extends voting rights in future updates
The innate ability of blockchain to decentralize products and services has long been one of the most important value propositions, especially when democratized access to the same offerings is offered. Governance is fast becoming the newest area for the blockchain’s democratization effort, and the community is joining in.
Bitrue, a digital asset exchange, has joined the ranks of other service providers taking a more community-based approach to governance with its decision to cast the votes for listing to users, which went into effect on July 27th . Bitrue’s listing team gathers project proposals based on feedback from social media channels before analyzing the legitimacy and prospects of the projects. Projects that pass a rigorous due diligence process are submitted to the community for approval.
The voters of these listing initiatives will use the exchange’s native token, Bitrue Coin (BTR), to participate. As soon as a coin to be voted on reaches a certain threshold, it is listed on the exchange and opened for trading. Users who have used coins in successful listing initiatives are entitled to airdrops of these newly listed coins.
Finally, Bitrue plans to give users more management and governance decision-making powers in areas such as developing new platform features, including new trading pairs, and additions to the Power Piggy product – an investment tool that allows users to choose the coins they want to invest and invest Generates interest on users’ accounts every day. Many of the upcoming voting projects will focus on emerging blockchain ecosystems that the platform already supports, including Cardano, Hedera Hashgraph, and Solana.
Breaking the grip of centralized governance
While blockchains like Polkadot and Cardano already have a design-based approach to community governance, these types of transparent governance mechanisms are far from the norm. The centralization of certain services has prevented real democratization and transparency from being achieved as expected.
Exchanges are one of the main culprits due to their opaque decision-making mechanisms for platform use. In the past, these practices have caused consternation in the community, a case in point being Coinbase’s historical listing practices.
Any rumors that the exchange would be listing a new token canceled purchases in other locations ahead of the scheduled reveal. In the expectation that these newly listed tokens would open up to significant buying momentum from Coinbase’s huge customer base, this could have been viewed as a form of lead time given the high stakes.
Nonetheless, other platforms are moving in the same direction as Bitrue, including Shapeshift. The digital asset exchange recently announced an initiative to dismantle its corporate structure and move to a community-driven framework. Its native FOX coin will serve as a property and governance token in this new, fully decentralized structure.
Given the importance of the community in blockchain projects, other platforms can quickly follow suit in order to democratize the governance of their products and services and thereby offer more transparency and participation, from which all stakeholders in an ecosystem ultimately benefit.
What do you think of Bitrue’s latest move in involving its users in decision-making? Let us know in the comment section below.
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