Review on Communitycoins by Shalom Kolawole
Building a secured, sustainable and adequate community for the Communitycoin Project
Ever since the introduction of the blockchain Technology to the world, many projects under it were decentralized, except for few. These decentralized projects doesn't depend on the government for any support whatsoever. Development and management happened to be the work of their community. This means of doing things has cost many projects like the Ethereum to experience a fast and smooth growth as there are no government restrictions everything done there needs no permission from anybody at all. Building an ever-growing community should be the sole function of any community-based Project. Allow me to introduce you to another project that has its growth and development dependent on its community, it is the Communitycoin. The community coin is a new project that was introduced to the blockchain technology recently and happens to be Ethereum based. It's token was was built as as an ERC-20 token, I feel they want to be just like Ethereum and this is possible if they try to be persistent in building their community just as Ethereum did. They have also tried to be transparent by making their transaction publicly viewed. This would also help in making it a reliable company. As for security, the Communitycoin make use of the Proof of Stake (PoS) algorithm to protect all transactions executed. This method happens to be one of the most secured methods of protecting finances from hacks and scams. For the same security purpose they have made their own blockchain and distributed notes to prevent attacks in any way, in total more than 50% attacks are prevented by the combination of these two methods.
As a means of growing their community, they have made staking possible whereby users stake their coins to receive a fair interest of 1%, this taking process takes about 31 days to be completed after which the interest is equally distributed to membersand it is also the process whereby new coins are issued to the blockchain network. Just as most community-based coins does, the Communitycoin only gives power to members based on the number of coins they possess, making people with larger number of coins have a greater say in decision-making. The Communitycoin indeed is a great project for investment but the problem is they are here to have a big community which is the foundation to building a great community-based project in the blockchain network. I just hope they do that soon and if that is done meeting up with the achievements Ethereum has attained wouldn't be a problem at all.
Pros
- It is a community-based projects and record has it that most community-based projects have achieved greatness
- They try to secure their transactions by merging two methods, making their site a very secured one
- Although the community is yet to be developed in terms of popularity, they have the possibility of doing so as they have put in place things that would attract investors
- Stacking with the Communitycoin is possible and gives a fair amount of interest in return
Cons
- Building a community requires having a great number of people to support the project, this happens to be where Communitycoin has lagged behind. I just hope they increase in popularity soon
New products
Comments (2)
December 27, 2020
The Communitycoin is a nice project that has a nice ambition, they made their growth and development dependent on their community and this happens to be really advantageous to them. Their community is not yet developed but I'm sure it will very soon
December 26, 2020
The Communitycoin is a nice project that is dependent on the community, just as it's name implies. I specifically like the fact that they made staking possible. Although the returns isn't too much, I still love it as I can just leave my funds there and after about 31 days, a 1% return is always available for me
