Review on Communitycoins by Praise Olagbadun
Building A Great Community For The Communitycoin Project
Just as it's name implies, Communitycoin is a decentralized cryptocurrency that is dependent on a large community. Just like great companies such as Bitcoin and Ethereum, their community is experiencing a fast growth in it's community. The secret behind these successful projects (Bitcoin and Ethereum) is their ever growing community, leaving Communitycoin with a very bright future ahead. Well if you are yet to acquire a Communitycoin, I'll advice you to do so before it rises in market value and popularity just as Bitcoin and Ethereum is now. The project was created by a team of professionals with the aim of creating a stable cryptocurrency. They have managed to attain heights like providing a scalable computer network and connecting traders directly to each other. It works on the Quark algorithm. It is a lightweight hash for mining cryptocurrencies based on a one level hash function.
Talking about their company, it is a group of their token holders and interested members (people interested in the project) who happens to give productive ideas in building the project. The power of a token holders depends on the quantity of coins they hold, making people with more coin have an upper hand in votings and decision making. Just like many other newly invented companies, the Communitycoin project makes use of staking to issue new coins. A token holders can stake his or her coin to support the growth of the company and recieve a passive income, in form of interest. At first when it was newly introduced, the staking age was just 7 days but that changed as at the month of October this year (2020), the present staking age is 31 days. After this age has been reached, rewards are given to the owners. This process has helped in bringing about new coins, thereby increasing the number of coins in circulation. The company tries to be transparent by leaving nobody in control of their transactions, they also make them viewed in a public ledger, making every single transaction visible to anybody interested. Communitycoin just needs time to achieve greatness and this time has almost reached
Pros
- The project makes use of the Proof Of Stake (PoS) algorithm for the security of all transactions
- They allow staking of coins which would yield extra income (mainly passive)
- They have their transactions records viewed in a public ledger and have tried to be transparent in all ways
- The project is community backed and has the tendency or capacity of achieving greatness
Cons
- It's market value is really low, although this is because of how new it is in the market
- The project is yet to gain popularity as it is seen in their number of followers and retweets on Twitter and other social media handles
