Web3 is a massive paradigm shift in how users interact with the internet. Just compare it to the current state of things. In web2, a handful of powerful companies own and control the extensive library of information and content available on the internet. They have immense power and can decide what’s accessible and how much it all costs.
In contrast, web3 is an environment where users themselves take charge. Everyone gets equal access and there is no censorship. This decentralized approach promises a more secure and democratic internet where everyone is equal in regards to their input on how things operate. A fine idea, in practice, but things are never perfect. For all its advancements, web3 is a work in progress. Many dApps still rely on centralized platforms that provide them straightforward access to the blockchain, which goes against all the tenets of decentralization. Modern centralized launchpads have become the go-to solution for many new projects due to their reliability. These platforms, operated by companies, facilitate the buying and selling of tokens for investors. However, as we progressively decentralize new parts of Web3, we should also consider decentralizing access to projects and contribution platforms.
So, as the decentralization efforts in web3 progress as a whole, we can see a promising development - decentralized launchpads run by the community are slowly gaining traction and showing great potential.
The evolution of launchpads
To further enhance decentralization in the token launch process, let's explore the historical evolution of launchpads. In the Wild West of crypto (2017, to be precise), ICOs rose to prominence. While the buzz surrounding them was strong, it soon became apparent that the entire system was flawed, mainly in regards to an increase in ICO scams where rug pulls were super common. There was another problem - the demand was so high it became an effort in futility for regular investors to secure slots.
Soon, centralized crypto exchanges stepped in with Initial Exchange Offerings (IEOs) where promising projects could launch on early crypto launchpads. Since the system was centralized, projects had to apply for fundraising directly from exchanges like Binance. This launching method also revealed drawbacks. You had to hold huge amounts of native cryptocurrency like BNB to qualify for allocations. Plus, the entire process didn’t carry a semblance of decentralization because it was institutionalized through and through. An alternative emerged in the form of Initial DEX offerings (IDOs) on decentralized exchange platforms like Uniswap. Access was more distributed with a lottery system in place that gave the small guy a fighting chance. That isn’t to say it was perfect. Allocations were guaranteed for those who had more tokens and investors were grouped in tiers. Lower-ranked investors didn’t always have the chance to participate - they would if they won the draw. While traditional decentralized launchpads are an improvement over ICOs and IEOs, they’re still a far cry from true decentralization. After all, not every member of the community has an equal say or power in the state of affairs, as token launches are generally beneficial to those with deeper pockets.
Decentralization in launchpad
Traditional token sales generally lack transparency and suffer from limited access. Though not perfect, modern-day decentralized exchanges have plenty of things going for them. For one, they align with the core principles of web3. These launchpads work on a distributed network of nodes instead of relying on a centralized server. This provides users with much more control over their assets and the process is transparent to all participants as smart contracts automate transactions. This is all fine and well. However, there’s a fair alternative that furthers the idea of decentralization in web3 - a fully community-driven launchpad.
A new sheriff in town
Citizend is a unique case in web3 because it pushes the concept of community way further than it was thought possible. The reason why is simple - everything revolves around equality. Each member of the platform has an equal amount of voting power - one person, one vote is how the system operates in regards to project selection. All projects that meet legal requirements will be listed on the platform and it’s up to the community to vote on which project will secure a contribution slot. This practically solves the major issue found in IDOs - every person has an impact on how things progress, regardless of their holdings. Plus, access and allocation are guaranteed for all verified users, so no longer will regular traders have to contend with whales or bots. Transparency is one of the key tenets of citizend. The platform is only there to ensure projects applying are legitimate and on the legal side of things, which naturally nips the problem of scams in the bud. Other than that, everything is community-curated and transparent with users having full insight into the details of projects and later determining which entries will go further in the launch process.
Impact on the web3 ecosystem
The approach that citizend is pioneering is the missing link in making the full shift toward web3. Despite all the advancements in the last few years, users still struggle to trust launchpads and projects. All that is eliminated in the citizend ecosystem as projects are carefully vetted and curated. Ultimately, they also live and die on their merit. Since the community is in charge of voting which projects will take off, everything you see on our platform will be worth paying attention to. There’s also no fake hype. These projects will truly have to earn their spot and show actual value apart from their tokens. Equally important - citizend ushers in the new age where the barriers of entry are a lot lower for regular traders. New members can jump in and quickly become one of the major players on the platform, despite the fact they don’t have a substantial amount of assets. We can sum up the pros of the citizend’s approach to web3 contribution and we will get these 4 main bullet points:
- Curation
- Community
- Authenticity
- Accessibility
Paving the path toward full decentralization
Decentralization is the way to go. Sadly, the web3 space has attracted plenty of big-headed individuals who view the blockchain through a get-rich-quick lens. We believe this is slowing down the massive adoption and growth of web3. It’s ironic because a decentralized way of doing things will prove illustrious in the end as it will result in quality project launches and heavy community participation. Rest assured, profits will spin without compromising the core tenets of decentralization. It may take a while, but we’re slowly getting there - citizend is ready to pave the way toward true, uncompromised web3.
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