The reason why crypto community is so important
Community is about being able to own
We need to a agree on what a community is, meaning the definition we can all agree upon because one cannot build anything unless he agrees on its fundamental meaning of the term.
Much time was spent trying to find a definition of community that would resonate with all cryptoassets. It is not an easy task especially when taking into account the many types of decentralized networks (e.g. currencies, middleware, smart contract platforms).
Most recently, I have also questioned many operators and investors in the industry about the definition of the term.
We can also go further with the word community when talking about the three types of stakeholders who are involved in the industry :
- Users are those make use of the network for all its proposed ambitions
- Builders are those who foster, expand, grow and commit to a network
- Speculators are those who buy cryptoassets to make a return
The decentralized networks are open and do not require permission which means their communities will always involve these groups.
Regardless of the proposed protocol, you should always be able to differentiate your stakeholders into one and perhaps more of these alleged groups.
Basics of community building
Intended users and builders
Most of us do concede that users and builders – as opposed to speculators- are essential for a thriving decentralized network.
A reliable community bulding strategy should place the emphasis on securing in users and builders.
This is logical considering that decentralized networks need builders in order to manage and increase their protocol over the years. If not, it could result in a disaster.
It makes no sense for the ones without users to remain.
One can face obstacles with securing both groups since they are highly diverse.
We will take the case of the FOAM protocol which is used to build a consensus-driven map of the world :
- Users of FOAM combine dapp developers leveraging Proof of Location.
- Builders of FOAM combine cartographers who plan and design and attest to the locations of static objects.
People are prone to using technologies when they are put in place, however that doesn’t include finding open source cartographers.
When you build out a lucrative and notable project, these people will naturally be sought out and obtained.
Remodeling of speculators
The cryptocurrency industry has publicly argued the position of speculators over the years. We can attribute credit to both sides of the polemic.
In most unfortunate cases, speculating has been inefficient and caused problems prioritizing the right things, such as short-term prices, jeopardizing what is really important – guaranteeing a suitable and durable network.
When the main objective of the project is to track speculators, this indicator has helped me greatly in isolating poorly run ventures (in it for the wrong reason).
Nevertheless, we need to stress the important fact that open networks attract speculators.
Consequently, the main objective for any community building strategy should rely on converting speculators into effective users and builders.
The reason behind the importance of community building
#1 – Less disruptive agents
Disruptive agents can destroy a protocol, however easy it may seem to “fork a protocol”, it remains difficult “to fork” a community. When a project backs and commits to their community, they are effectively taking a stand (pla. Sooner or later, when technical and philosophical debates arise, the well operating crypto communities will not have to face as many disruptive forks compared to their peers.
#2 – Better authority
The most decisive aspect of a vigorous decentralized network is governance while a healthy community is the infrastructure of a favorable governance. Most projects concentrate on maintaining good standing in regards of the governance mechanisms. However, without a strong comprehensive community, any and all endeavors are limited.
#3 – Rapid development
It’s pretty obvious and undeniable that when a community is vast and diverse, consequently we witness a prompt innovation.
The ideal case study is of Bitcoin and Ethereum, which gained a lot attention from community contributions over time regarding privacy and scalability.
Crypto community building is still in its precursor age but rapidly gaining momentum.
Pretty soon, projects will start focusing on this industry and will make full use of developing strategies to maximize the potential.
One notable problem is being able to measure the strength of a community as well as it happen in any other industry
A community metrics today comprise of YouTube viewers, Github commits, Reddit comments, Telegram users, etc., all of which are “game-able” and insufficient.
I insist on warning teams from stressing these metrics because it needs a real expert behind this “community management”.
The prospects are infinite and oh so thrilling, it needs to be taken in charge by not only an ad expert but a crypto leader.
January 1, 2020
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