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ICOs are Economies, not Companies
During the cryptocurrency boom of 2017, a lot of promises were made- a new future free of governments, banks, and intermediaries. They promised us a new economy full of tokens, a world in which democratized value will make us all rich. What most of us got were empty promises and heavy bags.
Most projects stopped their development soon after TGE or never had the intention to do anything in the first place. Those that did try to build a meaningful company failed as well because they tried to run their ICO as if it was a company.
In the early days of the internet a few years before the bubble, many internet startups struggled to raise funds from Investors, Venture Capitals and Funds. The reason was simple, before the internet subscription models were the way to go. Making money on online ads made no sense for most people. Today it is the most lucrative business in the world.
Those companies that understood how the new internet world would work became very rich.
In the past two years, more people started to talk about the inherent problems with tech giants such as youtube, google, or twitter. History has proven time and time again, that monopolies always become corrupt over time and abuse their power. Blockchain and cryptocurrencies provide an alternative solution. We believe that the world will radically change in the next 50 years and the newly decentralized monopolies will arise, built on the infrastructure projects that we and many others are designing today.
Collaborative work will become more and more dominant. People can come together from all over the world and utilize their collective intelligence to build up a whole new economy, the token economy.
Collaborative working will lead the digital revolution of the 21st century
The value of any chain is the total sum of all the utilized influences and collective skill sets of all its active engaged token holders. Similarly, the output of any economy is measured in GDP, which is defined as the market value of all final goods and services produced in that economy.
A bold term, but what it really says is, that all members that are holding a coin with the intention of holding it for the long term have an incentive to use their skill sets and expertise to help the ecosystem grow.
An economy with smart hardworking people who are also well educated and trained will most likely produce more economic output than an economy with untrained and lazy people.
The same is true with any chain, usually, there is a strong correlation between total market capitalization and the quality of the community of developers and believers. Best examples are the top two blockchains: Bitcoin and Ethereum.
Having a community of diverse skills gives any public blockchain, a huge amount of human resources to build with, and by using token economic incentives everybody can profit not just the ones at the top of the pyramid.
Need a Block Explorer?: Well we have 2 devs and a great designer to help with the front end.
New Marketing Campaign: We have 1000s of people to help promote us on Social Media
Need a new DEX?: We have lots of developers that can work together with our designers.
The only problem so far was that the incentives were not aligned, and people did not have the ability to work collaboratively. The internet allows us to connect and communicate with each other, and blockchain enables us to create value together without ever meeting.
To push this new form of economics, we designed Social Mining, and are continuously rolling out new features to help kick start the token economy.
Roles and Responsibilities:
After registering to the community platform, users can input their skills and expertise and be grouped into community departments to help the ecosystem grow and pump everybody’s bags.
You have experience in graphic design and are sick of your job?
Join the community, make cool infographics, and be rewarded in tokens, while at the same time do something to increase the value of the coins.
You can code and have built some basic dApps before?
Join the community dev team and compete against others and be rewarded in tokens while at the same time doing something positive for the ecosystem.
Do you have experience as a copywriter and have access to media platforms?
Join the community write about Elrond and be rewarded in tokens every month.
Joined the community, Added Role, What now?
The main goal for community members in the platform is to earn reputation from the team and also later on from other members in the community. Points are great for short term shill, but in the end, do not provide much value and will also not result in higher tier payouts. What each member should try to do is use their skills to help the ecosystem.
Decentralized systems do not belong to anybody, they belong to everybody. That’s their biggest strength if used correctly, however it usually ends with the Team having the wrong incentives and a chat full of people shouting WHEN MOON?!
After you connected your role, you will soon receive a message with all the things that you can help out with and how to earn reputation. We will also upload a guide on how the formula works and how payments are distributed amongst users.
Please be reminded, this is not a simple bounty. Users need to hold tokens in order to be part of the ecosystem, just like you need to be a resident of a country in order to receive benefits. The result is that those that actually do real supportive value and are holding tokens receive monthly payouts up to a 1000$ in tokens.
We are very proud to test out these new changes with our Partner Elrond Network
Roles and Responsibilities update is the first out of many to help the community platform become the DAO Maker that we told you about. In the next days, we will guide our communities how they can make use of their skills and influence to gain reputation and start earning Elrond today.
If you’re new to Elrond and social mining, start by registering on the community platform -> https://community.elrond.com/
To learn more check out our first post on Social Mining here -> https://medium.com/elrondnetwork/help-build-the-elrond-ecosystem-and-be-rewarded-ca0ef30f4283