Skip to main content

Bitrue Aims to Democratize Token Listing Rights by Opening Voting Power to Users

http://motleybloggers.com/wp-content/uploads/2021/07/bitrue-aims-to-democratize-token-listing-rights-by-opening-voting-power-to-users.jpg

Digital asset exchange Bitrue is seeking to engage its user community directly by distributing decision-making power for adding new token projects after the listing team thoroughly vets them.


Platform Advancing Further Voting Powers in Future Updates


Blockchain’s innate ability to decentralize products and services has long been among its key value propositions, especially when providing more democratized access to these same offerings. Governance is rapidly becoming the newest area for blockchain’s democratization efforts, and the community is joining the cause.


Bitrue, a digital assets exchange, has joined the ranks of other service providers embracing a more community-based governance approach with its decision to hand over listing votes to users, which took effect on July 27th. Bitrue’s listings team will collect project suggestions based on feedback from social media channels before analyzing the projects’ legitimacy and prospects. Projects that pass a rigorous due diligence process will be presented to the community for a vote.


Voters on these listing initiatives will stake the exchange’s native token, Bitrue Coin (BTR), to participate. Once a coin that is up for a vote reaches a certain threshold, it will be listed on the exchange and opened for trading. Users who staked coins in successful listing initiatives will be eligible for airdrops of those newly listed coins.


Eventually, Bitrue plans to open up other management and governance decision-making powers to users in areas like developing new platform features, including fresh trading pairs, and additions to the Power Piggy product — an investment tool that lets users pick and choose the coins they want to invest and generates daily interest into users’ accounts. Many of the forthcoming projects set for votes will be focused on emerging blockchain ecosystems that the platform already supports, including Cardano, Hedera Hashgraph, and Solana.


if (!window.GrowJs) (function () var s = document.createElement('script'); s.async = true; s.type = 'text/javascript'; s.src = 'https://bitcoinads.growadvertising.com/adserve/app'; var n = document.getElementsByTagName("script")[0]; n.parentNode.insertBefore(s, n); ()); var GrowJs = GrowJs || ; GrowJs.ads = GrowJs.ads || []; GrowJs.ads.push( node: document.currentScript.parentElement, handler: function (node) var banner = GrowJs.createBanner(node, 31, [300, 250], null, []); GrowJs.showBanner(banner.index); );


Breaking the Centralized Governance Grip


While blockchains like Polkadot and Cardano already have a community-governance angle engrained by design, these types of transparent governance mechanisms are far from the norm. The centralization of certain services has prevented true democratization and transparency from materializing as envisioned.


Exchanges are one of the leading perpetrators because of their opaque decision-making mechanisms governing platform use. In the past, these practices have caused consternation amongst the community, a case in point being Coinbase’s historical listing practices.


Any rumors that the exchange would be listing a new token lifted purchases in other venues ahead of the proposed unveiling. With the expectation that these newly listed tokens would open themselves up to material purchase momentum from Coinbase’s vast ranks of clients, it could have been viewed as a form of frontrunning given the high stakes.


Nevertheless, other platforms are moving in the same direction as Bitrue, and among them is Shapeshift. The digital assets exchange recently announced an initiative to dissolve its corporate structure and move to a community-operated framework. Its native FOX coin will serve as ownership and governance tokens in this new, entirely decentralized structure.


Given the importance of the community in blockchain projects, other platforms may quickly follow suit to democratize governance over their products and services, and by extension, deliver improved transparency and involvement that ultimately benefit all an ecosystem’s stakeholders.


What do you think of Bitrue’s latest move of engaging its users in decision-making? Let us know in the comments section below.



Origina post from
http://motleybloggers.com/bitrue-aims-to-democratize-token-listing-rights-by-opening-voting-power-to-users/

Comments

Post a Comment

Popular posts from this blog

US Senator Urges Congress to Pass Her Crypto Bill — Claims It Would’ve Prevented FTX Bankruptcy

http://motleybloggers.com/wp-content/uploads/2022/11/us-senator-urges-congress-to-pass-her-crypto-bill-claims-it-wouldve-prevented-ftx-bankruptcy.jpg U.S. Senator Cynthia Lummis believes that the FTX bankruptcy wouldn’t have happened under the Lummis-Gillibrand crypto bill. She stressed: “It’s clearer now than ever before that we need comprehensive regulation in the digital asset space.” Senator Lummis Explains How Her Crypto Bill Would Prevent the FTX Catastrophe U.S. Senator Cynthia Lummis (R-WY) explained in a series of tweets Monday why the collapsed cryptocurrency exchange FTX wouldn’t have gone bankrupt had Congress passed her crypto bill. The cryptocurrency trading platform filed for bankruptcy last week. The senator from Wyoming has been a supporter of bitcoin for quite some time. She personally owns BTC and believes that bitcoin is something that the Federal Reserve should hold on its balance sheet. She has said repeatedly that the cryptocurre...
Post a Comment
Read more

Bitcoin, Ethereum Technical Analysis: ETH Back Under $2,000 as Balenciaga Gains Lose Steam

https://motleybloggers.com/wp-content/uploads/2022/05/bitcoin-ethereum-technical-analysis-eth-back-under-2000-as-balenciaga-gains-lose-steam.jpg Following strong gains to start the week, BTC once again fell under $30,000, as crypto prices moved lower on Tuesday. The downturn follows up from yesterday’s rally, which came as Balenciaga announced it would be accepting crypto payments. ETH also dropped, falling under $2,000 today. Bitcoin Bitcoin fell under $30,000 on Tuesday, as bears returned to action following a green start to the week. Following a high of $30,547.50 during Monday’s session, BTC /USD fell to an intraday low of $28,975.56 earlier today. Today’s drop saw BTC fall by over 5% in the day, as bullish sentiment following the Balenciaga crypto announcement faded. BTC /USD – Daily Chart Since then, bears have now pushed prices closer to support at $28,800, which is an area where BTC has resided over the past few weeks. Looking at the chart, the 14-da...
Post a Comment
Read more

P2P Bitcoin Traders in Nigeria Think Outside the Box in the Wake of CBN Restrictions

After the Central Bank of Nigeria issued a directive targeting the country’s cryptocurrency industry, bitcoin and altcoin trade volumes on centralized exchanges immediately plunged. Nevertheless, the new regulations seem to have succeeded in boosting crypto trade volumes on informal markets or on peer-to-peer trading platforms. Nigerian Crypto Traders Get Creative Still, the increasing trades on informal platforms have also led to increased reports of users losing money to con artists. Moreover, with the CBN seemingly eager to see volumes of crypto trades plummet, Nigerian users had to find ingenious but legal ways of getting around the central bank’s imposed restrictions. As shown in one local report , one such legal way is through an app created by one local crypto start-up, Patricia. According to the report, this application is already enabling Nigerian users to buy or sell their crypto assets securely and without running afoul of CBN regulations. Therefore, in this repor...
Post a Comment
Read more