Cryptocurrencies have revolutionized finance and art. And now they are revolutionizing communities. We know of many ways Web3 is pushing higher standards around privacy, data security and freedom of expression. But there is much more than these problems. There are thousands of current and future benefits that Web3 will bring. An example that excites everyone involved in online communities (fandoms, discords, even a corporate Slack group) is tokenized communities.
Tokenized communities are not new, they have been around for quite some time even as cryptocurrencies. But the mechanisms we use to interact with them and their abilities in general are evolving rapidly.
Anyone who has moderated a community knows the challenges and frustrations that come with it. Spam, harassment, and toxicity can be tough issues. If only there were a way to automatically determine what moderation actions to take and decentralize community authority…
With token-based communities this can be possible. Members holding X amount of a token can vote on posts or content to be removed, and if a sufficient number of members of the governing community decide that a post should be removed, it could even be done automatically.
In the event that such an automated governance system does not meet the needs of a community, specific moderation powers could be granted to the most active members of the community with a sufficient number of tokens and/or by granting certain NFTs. The expansion to communities, the artists, musicians, etc. It’s almost instantaneous.
“The great thing about cryptocurrencies is that what are often thought of as infrastructure and operational costs are offloaded and captured as value in the token. So users can generate income by nurturing the network,” commented Jarrad Hope, one of Status’ founders, recently.
The people who invest the most in a community can literally be the people who invest the most in the community, and that investment can continue to be used productively for the same community!
Welcome to the club
In addition to more effective community moderation, tokenized communities could distribute common roles based on the stored amount of a token or NFT. Functions, content and discussion could be supported by such requirements.
These kinds of ideas are still being developed, but we already have precedents. For example, Reddit has a subreddit that is only accessible to Reddit Gold members. Discord and Twitch have features locked behind payment or membership.
But… what if we could do this with all communities?
About the Author: Nick Bolduc is Social Media Manager at Status Network. He is a decentralization maximalist and a privacy enthusiast