Review on Communitycoins by Benaiah A. Akinlade
Communitycoins: An idea that is set up to truly make digital assets community-driven
The main fact that I firmly believe is that digital assets are not set up to acquire personal riches at the expense of others (poor), it is about the preservation and equal circulation of wealth to eradicate world poverty.
We have been cheated by the greed of the centralization attributed to fiat currencies so much that many are now seeing digital assets as the gateway to financial freedom. The main essence of digital currencies is to break the monopoly of financial institutions and rich people by making finances and medium of exchanges decentralized.
The challenge associated with digital currencies is the ability of more financially buoyant people to have unlimited access to the currencies and trade it at a very high rates, thereby making it too expensive and scarce to acquire by majority of people who don’t have the financial capacity to compete. This trait exhibited by rich people to gather most of all the digital currencies for themselves puts the very essence of which digital currencies are introduced into jeopardy, and takes us back to the slavery of fiat centralization we are trying to avoid.
Communitycoins is a digitally secure idea that seeks to make digital currencies available to communities rather than a few financially powerful individuals. The platform can be best described as a peer-to-peer platform that eliminates third parties (financial institutions and even cryptocurrency exchanges) to facilitate exchange of digital assets.
It was developed by a group of cryptocurrency enthusiasts that believe that:
1. Cryptocurrencies should be totally decentralized to communities rather than globally.
2. The global economy should be diversified according to the economy, norms, values, wishes, and denominations of communities individually rather than collectively (globally) as they see globalization as a factor that sets the tone for uneven development in the world economy.
The project also aims to eliminate the power of cryptocurrency exchanges to charge transaction fees. It is often noticed that assets that can generate more transaction fees than others are usually listed on crypto exchanges. Also, the ability of exchanges to determine the value rise and fall of digital assets as crypto exchanges seems to favor more popular currencies over less popular ones.
Though communitycoins is still in its formative stage, I believe its introduction seems to insinuate that each community will determine the value of its own coin without being affected by the value of the coins from other communities.
This project does not have a face attached to it, so it will be very difficult for people to trust the process to come to fruition.
Pros
- The idea is set up to eliminate the autonomy of crypto exchanges
- The value of each coin is decided by individual communities
- The value of coins in one community does not decide the value of the coins in other communities
- There is no need for intermediary to complete transactions
Cons
- The team is too small to make the idea a reality
- The project is not yet globally known
- The website does not provide adequate information about the project
- There is no crypto token associated with the project
- The project does not have any affiliation or integration with any organization
- The project doesn't have any laid down mode of operation
