There are many reasons to opt in to cryptocurrencies. The list is long and technical. Today I want to focus on one of the less technical aspects of cryptocurrencies and touch on what may be the biggest cause of mass adoption:
Let's face it, communities are what it's all about. Without a community willing to accept or exchange a particular item as money, there is very little value placed into money outside of a diverse community that's willing to accept it. The bigger and more diverse the community, the more value the medium of exchange will have.
Knowing that building amazing communities will help move us towards mass adoption, I want to discuss a few features we have to work with in the cryptocurrency space to help foster community building.
#1 - DAOs
This stands for Decentralized Autonomous Organizations. DAOs provide a source of funding that can be allocated by the community for the betterment of the community. Look for cryptos that fund some sort of DAO and check out what uses the funds are being allocated to. Some DAOs are better than others. Be sure to do your research. Participating in a crypto with a great DAO can be an amazing community building experience.
#2 - Block Producers
You might not think that block producers care about community much today. Moving forward I see a future where block producers will be offering massive incentives to build communities. Block producers will need votes to remain in control of producing blocks for a given crypto. These votes will likely go to the BPs who are mostly focused on building community.
#3 - Content Creators
We are currently witnessing a new trend that will only grow from here. That is content producers incentivizing engagement on their content with votes worth a financial reward. Talk about building loyal fans and customers. There are influencers out there that create massive engagement, even without monetary incentives. Imagine with the introduction of SMTs on the STEEM blockchain where influencers can pay their audience just for engaging as the do anyways. This creates alignment between information desires with financial desires and creates the most loyal audience you could imagine.
These are just a few examples of the power cryptocurrencies are unleashing to foster community building. The whole point to gain mass adoption of crypto is to grow the community. This market is mostly untapped and I look forward to see just how far the community building efforts of cryptocurrencies can go.
What other community building features the cryptocurrency market has to offer?
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