Why Do We Need More Community Owned Exchanges?

When we look at large businesses or corporations, one glaring practice is that of centralization and propensity to be strictly controlled by a board of directors.

While the community driven business model has been proved to be incredibly beneficial for brands, it is seldom the model of choice for big companies. That is beacuse most companies want to establish their monopoly over data, so as to reap maximum profits from that data.

Considering the new age popularity of digital currencies, and all the talk around decentralization, it is disappointing to not find any major cryptocurrency exchange adopting the community based business model.

While major centralized cryptocurrency exchanges like Binance and Bittrex go against the very essence of decentralization that cryptocurrencies signify, there is a need to establish a completely community driven platform for crypto enthusiasts.

We need community driven and owned exchanges more than ever now because the concept of decentralization is what we are trying to achieve in the space of technology, especially with the advent of blockchain and cryptocurrencies.

So how is the community driven model a better bet for businesses?

Think of it this way, if you are purchasing a product from a company or availing their services, and you have some valuable feedback that could improve the entire experience, wouldn’t you want the business to acknowledge your opinions? It has been seen that companies that prioritize intensive customer involvement, reap significant business benefits.

Many companies like Lego or DHL, are thriving on community centric innovation. It thus makes sense for us to envision the presence of such community centric business models when it comes to cryptocurrency exchanges.

After all, if we cannot stick to the fundamental aim of blockchain technology, then we might as well not use it to make the rich richer and the big corporations the master of all our data.