DAO to take over the community of digital currency in span of five years

  • Social networks, grassroots groups, and consumer communities are examples of online communities that share a similar interest in the internet
  • However, as the importance of online communities grows, their character is changing
  • After a year of lockdown, this is a better moment than ever to value the creative economy

Social networks, grassroots groups, and consumer communities are examples of online communities that share a similar interest on the internet. As a culture, we are inherently communal, so sharing ideas and interests with others online makes sense. Communities are formed whether we create relationships with individuals directly or indirectly. 

However, the manner in which we do so differs. Based on participation imbalance in social media and online groups, web specialist Jakob Nielsen created the 90-9-1 rule in 2006. According to Nielsen, 90% of users in most online groups are lurkers or those who observe but do not contribute, 9% contribute a little, and 1% contribute the most.

- Advertisement -

ALSO READ: POLYGON BASED FAN TOKEN FOR IPL BRINGING CRICKET AND CRYPTO TOGETHER

However, as the importance of online communities grows, their character is changing. A user, consumer, and creative relationship dominated the preceding age. Now, though they are seeing online communities take control of the content, they wish to share. In 2006, web specialist Jakob Nielsen devised the 90-9-1 rule in response to an imbalance in involvement in social media and online forums. According to Nielsen, 90% of users in most online groups are lurkers, or those who watch but don’t participate, 9% contribute a little, and 1% contribute the most. The character of online communities is evolving as their prominence develops. The previous epoch was controlled by a user, consumer, and creative connection. Online communities, on the other hand, are now taking control of the material they want to share.

After a year of lockdown, this is a better moment than ever to value the creative economy. Creative economies will play an essential role as governments try to restore their economy in the aftermath of the continuing worldwide COVID-19 epidemic. So much so that Deloitte estimates that by 2030, this industry would have grown by 40%, generating over eight million employment. The next obvious step is to transition from a sharing economy to an ownership one. The ownership economy, according to Jesse Walden, creator of Variant Fund, is not just produced, run, and supported by individual users, but also owned by users. Non Fungible tokens are an example of the creator economy and ownership economy coming together. 

NFTs allow creators to have a more personal relationship with their fans while avoiding the problems that come with using middlemen. And the rise of crypto and DeFi is assisting in the advancement of online communities.  Crypto and DeFi are a natural fit since the industry employs assets that are owned by all owners, resulting in something that is aligned with their interests. The ownership economy, enabled by frictionless banking, allows real-world communities to use digital technologies to generate, collect, and trade value more effectively in virtuous cycles. Bitcoin was the first to pioneer the ownership economy. 

Bitcoin, which first appeared in 2009, suggested a new way of accumulating money through the use of technology on a computer. Anyone with an internet connection was motivated to mine for newly minted Bitcoin, therefore contributing to the network’s security while also claiming ownership of the network. Since then, the cryptocurrency market has exploded, and with it, online communities have benefited from new tools and incentive designs, resulting in the current trend known as DAOs.

Download our App for getting faster updates at your fingertips.

Steve Anderrsonhttp://www.thecoinrepublic.com
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.

Similar Articles

Comments

LEAVE A REPLY

Please enter your comment!
Please enter your name here

We Recommend

Top Rated Trading Platforms

Top Rated Cryptocurrency Exchange