Cryptocurrency is built on the premise that a newly interpreted financial system can exist. He was revived by a community who supported these ideals and worked tirelessly to achieve them.
As the blockchain community grows, the importance of cryptocurrency is also increasingly recognized. According to a 2020 survey of Deloitte Global Blockchain, an accounting firm of the Big Four, more than half of respondents believe that digital assets will be very important, while nearly 89% of respondents believe that digital assets will be important in the next three years. Making.
Cryptocurrency remains a priority for the blockchain space in traditional financial centers such as the Hong Kong Special Administrative Region and Singapore, as highlighted in the Deloitte report. This growing acceptance and support for blockchain and digital assets worldwide has proven important for acceptance and advancement within the ecosystem.
Society has played a vital role in the development of blockchain technology and cryptocurrencies since its inception. It is now imperative that the industry continues to recognize the vital role society will play in the advancement and adoption of the digital asset space. There is still a lot the industry as a whole can do to keep society growing.
Decentralization and removal of third parties
Cryptocurrencies are designed in such a way that they are decentralized without any connection to a central third party. Decentralization forms the basis for cryptocurrencies such as Bitcoin (BTC) and enables users to transfer digital assets directly with another user without the need for the participation of a third party such as a bank.
This has resulted in a decentralized form of finance that enables a more open and transparent financial system supported by decentralized technologies such as the blockchain. Decentralized finance provides greater access to financial services and credit at lower costs. This includes smart contracts, protocols, decentralized applications, and digital currencies such as Bitcoin and stablecoins, especially Tether (USDT), the increasing use of which in DeFi indicates the central role it plays in the emerging sector.
With decentralization, projects are also driven by the ideals of society in order to ensure the free flow of information within the community. Community driven development gives developers control over the development process, while resources and decision-making power are directly in the hands of the community.
Society first is a spirit
There have been many examples of projects and exchanges in the industry that have taken society first on development, product offerings, and day-to-day operations. For example, Bitfinex’s spirit has always been to keep community driven and tailored to its community. Bitfinex is one of the most advanced and liquid exchanges in the world today.
Polkadot has built a community of prospective followers and is now expected to be the most anticipated project since Bitcoin and Ethereum moved to Ethereum 2.0 with the support of its dedicated community.
Business communities and decentralized social networks
An important sub-community is cryptocurrency traders. Many ventures and exchanges understand the needs and opinions of the trading communities and are now focused on creating a place where traders can communicate with one another. This helped the industry to thrive while also paving the way for new codes, projects and digital assets.
This focus on community building has led to the creation of centralized crypto social networks like Bitfinex Pulse and the creation of Reddit communities for nearly every project in the industry. These platforms have opened up a dialogue for the next generation of traders that enables the free flow of ideas and provides high-quality, real-time market information for the benefit of the entire trading community.
Leading innovation in blockchain technology
Ultimately, innovation comes from outside and at home. Innovation is critical in the industry because it gives companies an advantage in faster penetration. Innovation can also provide better connectivity to developing markets and potentially lead to greater opportunities. Listening to the opinions and needs of society can facilitate and accelerate innovation in the industry.