Blockchain and crypto projects are growing in numbers to fulfill consumer needs for data protection, transparency, and ease of access. Blockchain businesses are decentralized, meaning they utilize community power to grow and make decisions, with many blockchain platforms having a voting system to decide on any changes. Keeping the community spirit of blockchain in mind, we take a look at how communities impact blockchain businesses.
What Is Blockchain?
You’re going to be hearing about blockchain a lot over the coming years, so it pays to know what it means. Blockchain is a digital ledger that allows transactions to be encrypted and stored securely. Once a change is made, all members of a chain view the information and it can never be undone.
Instead of being managed by a leading individual or body, the blockchain community is responsible for management including transaction validation.
Growth
Growth through the community isn’t a new commodity, but it’s arguably easier to achieve as a crypto business. Rather than using traditional platforms like Facebook, the crypto community likes to “hang out” on Telegram, Discord, and Reddit, where news often drops first. When your business enters the world of Reddit and starts being active in relevant conversations, the focus will pivot toward the solution you’re trying to solve. Then, eventually, word will spread through the community and people will begin to stake in your project - if it has promise.
Engaging with the community can be tricky as a project manager, especially when you need to focus on making improvements to your product. Fortunately, you can outsource community engagement to a crypto community management service. With a community manager on your team, you won’t need to worry about educating your audiences, answering social queries, or moderating user behavior.
Improvement
Much of the crypto community is still learning the lingo, but they’re willing to get involved. This is great news for project leaders because they can call on their following to draw feedback, which can be as simple as user interface (UI) direction. However, you may find you have developers within your community, who can help steer your blockchain in the right direction. After all, if they use your services, any changes they recommend will benefit them as well.
A Sense of Belonging
Community members are there to feel part of something bigger, meaning your project needs to reflect this. The way blockchain works means that the community is an extension of your product, so treat them with the same respect you would typical investors and customers. When your community feels valued, you will find the dedication to keep your project afloat during times of adversity. For example, the Terra (LUNA) blockchain crashed in 2022 and lost millions overnight, but the community banded together to see it survive and begin to recuperate losses.
Blockchain projects have enormous potential, but you must leverage the community properly to thrive. If you can succeed in this, your project can receive millions in funding in a matter of weeks and you’ll always have a dedicated network to see you through the hard times.
It's why I'm so bullish on Hive….There is actual community here and continues to grow!
!CTP
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