The Value of Community in Cryptoland

The world of cryptocurrencies has exploded into the mainstream and engulfed the entire world. At the heart of this revolution in the DeFi space is an incredible amount of users worldwide who form the foundation of thousands of diverse blockchain communities.

Communities are the driving force behind multiple projects within the cryptoland. They rally around new projects and contribute to vital activities such as promotion, marketing, on-chain development and governance.?

Read on to discover how strong community engagement benefit and govern blockchain-based projects in ways beyond what most might expect.

The Road to Decentralization

The blockchain space is still at a nascent stage. This lack of understanding of how crypto-communities operate often leads to mistrust. Myths and misconceptions surrounding these communities combined with the spread of fear, uncertainty and doubt, (“FUD”) by mainstream and clickbait media threaten to derail global crypto use and blockchain adoption.?

Blockchain networks employ a community-first business model, under which projects give an extraordinary weighting to the opinions of community members. As such, crypto communities essentially become the project and play an indispensable role in creating a thriving and self-sustaining ecosystem. The community has skin in the game and are investors in the blockchain project.

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A Blockchain network is a community-run system policed by participants and governed by smart contracts and its globally distributed network is accessible to the public.

At the heart of this technology is the principle of decentralization, which focuses on community engagement and preventing any individual or corporation from taking complete control.?

Owning token communities have skin in the game and also offer irreplaceable input into marketing, development, and many other aspects of the companies. Every participant in the ecosystem plays a role in shaping how a project develops and operates.?

The world's first blockchain project, Bitcoin, has risen to prominence on the back of community engagement in globally transcending forums such as Telegram, 4chan, Github, and Reddit. Since then, thousands of blockchain projects have popped up, primarily depending on word-of-mouth to develop and sustain valuable communities.

How it all Began

Since Satoshi legendary Bitcoin White Paper from 2008, the crypto industry (and the underlying tech) has grown to an industry worth more than US$ 2.6T across 11,000 coins generating a daily trading volume of US$ 140B on some 500+ exchanges open 24/7/365.?

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At the heart of this explosion is the freedom; to innovate, convert the community input, the courage for continuous experimentation, for collaboration from across the world coming together to support and promote projects they believe in without boundaries, hurdles and restrictions.

Crypto communities, which have always had their roots on social media and online forums/ conferences, have benefited projects in incredible ways. They help build awareness, onboard new community members and provide detailed feedback that helps improve the project.?

Feedback from the cryptocurrency community also serves as a democratic instrument that aids platforms in the making of products tailored for users. Consequently, the community members turn into loyal customers who form the backbone of a crypto project's foundation.?

The beauty of crypto communities is that they aren't confined to one geographical location, staying true to the ethos of decentralization. Community members are often spread out across the globe and connect via social media platforms to steer the growth of their respective projects.?

Since the outbreak of Coronavirus, the connection among crypto enthusiasts from different cultures and countries has grown stronger. The growth of these communities goes ahead to prove the agile nature of cryptocurrency, and hence showing the community's ability to adapt to global events.?

How Crypto Communities Are Making an Impact

At its core, blockchain is a community based on trust. Members of each community come together to create a reliable and transparent system for others to believe and join.?

Participants share ideas, collaborate, make decisions, review products, and maintain the integrity of their respective ecosystems. Projects in the crypto space heavily depend on word of mouth for recognition, making communities vital to their success.?

The blockchain's community-oriented approach allows projects to attract new members and onboard the best developers and investors. Many established and upcoming blockchain projects run a host of rewards programs to incentivize community engagement and reward users who actively spread the word on social media.

Companies should strive to build harmonious and interactive communities. The individual members who come together to form a strong collective essentially form the backbone of investors, employees, and loyal customers that enable blockchain projects to take flight and flourish in a highly competitive sector.?

Well-informed community members drive engagement from new members by sharing trading tips, explaining product features, and promoting their platforms in meet-ups hosted on popular social channels. These members boost understanding and support from their community and open up vast opportunities for crypto aficionados to make money.

Finally, well-fostered users make a massive impact by reshaping the customer experience. Newbies to the crypto sphere can enjoy instant feedback to their queries from thoughtful and well-informed commune members. They can also have their suggestions heard and acknowledged right away on social platforms.

The Role of the Crypto Community in the 21st Century?

Active community members are the frontline advocates in building community engagement for blockchain ventures on social media and beyond. They help crowdfund projects, vote on critical decisions that determine how their investments develop on-chain, and crowdsource ideas that eventually make their way into products.

Besides fostering the growth and awareness of new blockchain projects, crypto communities actively develop genuine relationships which extend beyond a particular digital token or project.

The input from users online is the new gold in the sector. The blockchain industry relies on the opinions of the crypto community. That is because the organic support generated from engaged communities helps crypto projects attract more users and improve global mass adoption. Subsequently, these communities hold the projects accountable by highlighting flaws, irregularities, and extraordinary actions and transactions.

The community verifies user profiles and opinions, flags fake profiles and fake accounts, and highlights potential scams and obscure transactions, maintaining feedback. The social media platforms behind the community are building tools to support this and ensure verification and authenticity from their users.?

Since everything is open and accessible to the community, the responsibility now lies on every individual part of it. While the community addresses all the issues in an open and transparent nature, it is not a nanny state. Each and everyone is responsible and accountable.

Currently, meritocracy is one vice that reigns supreme within the crypto-verse. Therefore, as a founder of any crypto project, it is critical to stay close and listen to your community. One must understand what investors are looking for and convert their findings into viable solutions.?

Given the distribution and decentralized nature of digital currencies, one’s reputation really matters. One’s ability to deliver will bear fruits and rewards, regardless of their religion, sex, culture, location and profile.

The vibrant community at the heart of the cryptocurrency wave is in-built in the blockchain itself. Since technology is advancing, people will be looking for new solutions such as blockchain technology to help them through these developing times.?

So as a cryptocurrency enthusiast, you should have the courage to embark on new ventures and engage/participate in new projects. If this article is anything to go by, the foundation of any crypto project is its community. Making yourself familiar with what is going on in a crypto project and across the financial market and economies by doing your own research (DYOR) could help you grow in crypto immensely.

Generally, life is about steps; we get born, crawl, learn to walk, and then run our lungs out. Hence, as a crypto project founder, you should take things step by step and believe that growth is perpetual. The proper steps executed at the right time will result in a successfully-spelled and spent journey.

All Cryptoland is asking for is choice and alternatives because we are experimenting with new models and new ways for a modern world. Cryptoland is a place where the internet is the utility, and mobile phones, VR/AR glasses are the new constant interface that users can interact with. It is a universe where commerce and money are programmable.

Most importantly, we acknowledge that cryptocurrency is the choice of the new generation!