How We Can Ensure Safety Without Enforcing Authority
Matej Michalko is the CEO of DECENT, a decentralized blockchain platform revolutionizing data distribution
There are always two sides to every coin, even crypto coins. This post is about the other side of the coin.
Recently, it was brought to my attention that certain exchanges which allow trading of DCT have undertaken some negative actions towards their users. This is incredibly unfortunate, as it is an exploitative practice to lie and deceive in any market if you are an exchange, and this applies especially to cryptocurrency exchanges.
Decentralization isn’t just a word that the blockchain community throws around, it’s the origin of how this industry gained traction. Bitcoin, the original propeller of the entire blockchain community grew to popularity based on the concept of decentralization. Specifically with financial transactions, early bitcoin adapters believed that their money should be controlled by themselves instead of large institutions like banks. They believed that if they wanted to transfer money to anyone anywhere in the world, they should be able to do so in safety, security and without fees.
While some of you might be thinking that we can just de-list certain token sales on DCore, the truth is that, unfortunately, we cannot. Blockchain is decentralized by nature, and even the creators of a chain have no governing authority. It is the community’s responsibility to others informed of tools, token sales and exchanges. Unfortunately, this can result in some people taking advantage of the lack of authority in crypto communities by exploiting others.
Having said that, just because we live in a community without a police force cracking down on crime doesn’t mean that we can’t be safe. Yes, it is up to the community to be more engaged and supportive of each other when it comes to bad actors. However, DECENT will also introduce new tools to our platform over the upcoming months to curb the incentives of these wrongdoers, and to reward you for helping each other out.
One of the tools we are currently exploring would be a review system written by the community, created by the miners and voted on by DCT holders. The idea is that you guys could write reviews of exchanges that you’ve used, for better or worse, and DCT holders can vote on your review. This way, holders could express their agreement through voting — and it would only be possible with massive contributions from our community — so, this is a call to arms!
If you guys have any other suggestions, please, feel free to comment below. We need your help to make sure DECENT is a community-driven platform which provides safety and security for its members.