When most people hear about cryptocurrency, they’re quick to conclude that this concept relates to get-rich-quick schemes where different purchasers buy different amounts of a project and wait for some magic to happen. While cryptocurrency trading involves buying and selling digital assets, its meaning has been misconstrued severally.
The first thing to note about cryptocurrencies is that they are not a get-rich-quick scheme. And yes, they can make you rich within a short period, but that will only happen based on the potential for a particular cryptocurrency to do well. By studying activities in the cryptocurrency market for the past few years, it’s safe to say that the coin market is a fully functional financial market with several digital assets.
What are Community-Driven Cryptocurrencies?
Now, you need to note that these digital assets are designed differently. The development team for each cryptocurrency decides what utility they wish to solve and the token architecture they feel would be best to solve it. And that’s why we have a unique category of tokens in the crypto market that are designed to be controlled by the community.
Many experts have explained that these tokens were better than their counterparts with a central control mechanism, but there’s no real way to prove this. However, we can conclude that community tokens provide users with the chance to stay in control of events on the blockchain. Most community-driven tokens usually have a fair distribution of tokens that anyone would find it difficult to monopolize.
It’s safe to say that most community-driven tokens are found in the meme sector but hasn’t made the architecture less effective. Many crypto tokens today have chosen the community-driven approach as their preferred way of functioning. Let’s review some of them.
Dogecoin was the first meme coin to break the “meme coin curse.” Created by Billy Marcus and Jackson Palmer, Dogecoin is as old as Bitcoin. When this cryptocurrency was designed, it was made to be a joke at Bitcoin. But after Bitcoin had been able to prove itself countless times, Dogecoin had no choice but to join the cryptocurrency movement.
To date, Dogecoin has no real utility. But it can be used as a means of exchange. It’s accepted as a means of exchange on more than 300 online stores and businesses. If you intend to spend your Dogecoin, you have to identify a vendor that accepts it, and you’re good to go. Dogecoin also has a constantly growing community of members
Shiba Inu is another meme token that was built to take advantage of the popularity that Big Eyes has already gained. It bore plenty of similarities to Big Eyes and is considered a Dogecoin-killer in certain rarefied circles. Shiba Inu was created by a development team called Ryoshi, which was previously a part of Dogecoin’s project.
When they designed Shiba Inu, they gave it a definite total supply to aid price movement. And they built an active crypto community. Today, the community of Shiba Inu users is just a little less than 600 thousand people. It’s growing stronger daily too.
Big Eyes is a recent addition to the meme sector. It’s yet to be released, but it’s discussed everywhere. Many traders are thrilled by Big Eyes’ ability to mint NFTs. It’s a utility that’s rarely seen in the meme sector. Most tokens used to mint NFTs belong to the DeFi sector.
The development team at Big Eyes has designed their cryptocurrency to rely on the benefits of having an active community. Their community-driven approach will ensure that users will handle 90% of the total token supply. You can join this active community by signing up for the presale.
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