A community-driven cryptocurrency is a digital currency that is created and managed by a decentralized community of users rather than a centralized authority like a government or financial institution. In a community-driven cryptocurrency, users typically have a say in the governance of the currency, including decisions about upgrades, network maintenance, and transaction fees.
Most community-driven cryptocurrencies are open-source, meaning that the software code is freely available for anyone to view, use, and modify. Transactions remain transparent, which means that anyone can view them and the balances of every user on the network. The decisions about the direction and development of the cryptocurrency are made through community consensus.
The community-driven cryptocurrencies incentivize users to participate in the network by rewarding them with cryptocurrency tokens for contributing to the network. They support the development and deployment of decentralized applications (dApps) on their networks. Three successful community-driven cryptos with great prospects in 2023 are Verge (XVG), Digibyte (DGB), and Dogetti (DETI).
Verge (XVG) is a decentralized digital currency that aims to provide secure, private, and anonymous transactions. It uses multiple anonymity-centric networks such as Tor and I2P to keep users’ IP addresses and transactions private. It also employs the Wraith Protocol, which allows users to switch between public and private ledgers.
Verge is a community-driven project, which means that the community plays a significant role in its development and evolution. The community has a say in the decision-making process, and anyone can contribute to the project.
Verge blockchain is secured by a network of nodes, which are run by users all around the world. The transactions are processed quickly, with low fees. The blockchain is capable of handling hundreds of transactions per second, making it suitable for microtransactions. Verge’s code is open-source, meaning that anyone can see and review the code. This makes the platform transparent and allows for easy collaboration and improvements.
Digibyte (DGB) is another community-driven decentralized cryptocurrency that was created in 2013 by Jared Tate. It is designed to be fast, secure, and decentralized, with a focus on scalability and speed. It uses five different mining algorithms to secure its blockchain, which helps to prevent centralization and ensure network security.
Digibyte boasts some of the fastest transaction times among cryptocurrencies, with blocks being created every 15 seconds. The Digibyte blockchain is capable of handling up to 280 transactions per second, which is much higher than many other cryptocurrencies.
Digibyte is governed by a decentralized community of stakeholders who make decisions about the future development of the network through a process of community consensus. It uses advanced security features, such as SHA-256 and Scrypt encryption, to ensure the security and integrity of its blockchain.
Digibyte is compatible with other blockchain networks, which allows for easy interoperability between different cryptocurrencies and blockchains. It allows users to create and issue their own digital assets on top of the Digibyte blockchain, which can be used for a variety of purposes, such as loyalty programs, digital certificates, and more.
Dogetti (DETI), a revolutionary meme coin launched in September 2021, has already gained a large number of loyal community members. Don Eloni, the meme coin mascot, wants to create a strong family that is built on the foundation of loyalty. The aim is to create generational wealth for every single member of the family.
The Dogetti family enjoys daily rewards, NFTs, and a community togetherness like no other. With the dream of becoming the top Dog Coin in the meme coin space, Dogetti is a coin owned and controlled by the community. The express goal is to shift wealth into the DeFI Ecosystem and create a sense of belonging and shared purpose among its holders.
The community lies at the heart of this meme coin. 2% of each transaction is redistributed to the token holders. This means one can have extra $DETI tokens just by holding them. 2% is added to the charity wallet, on which the family members will have 100% control over which charity to support. 2% is split amongst Liquidity and burn wallets, which enables prolonged stability of the project and the Dogetti Family.
Dogetti welcomes the new members with a Family Code: WISEGUY25. This promo code gives 25% extra $DETI tokens at the checkout. Now that’s a community one definitely wants to be a part of.
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