Web3 Community: How Engagement Drives Industry Success
Community is the power. Crypto and Web3 exist today, primarily due to a group of like-minded people who believe that digital assets and blockchain apps are useful. People form communities based on their common interests. For example, there’s the Bitcoin community, the NFT community, and the blockchain builders community among others.
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Crypto communities hold discussions and exchange ideas through dedicated websites, virtual and in-person networking events, chatrooms, Discord channels, subreddits, and other platforms. The earliest and among the most popular crypto forums is Bitcoin Talk, created by Bitcoin creator Satoshi Nakamoto in 2009. This is where many important discussions and stories have happened, including the famous pizza purchase with 10,000 Bitcoins for around $25 at the time.
Over the years, the crypto community has succeeded in changing the approach toward the industry from ignorance to acceptance. In 2024, the narrative that crypto will die sounds less and less convincing given the market’s resilience through difficult times and the growing adoption. It has become hard to deny that crypto has demand, and as a result, we see an increasing number of crypto investment products, active development, and new ideas.
Why Is Community Engagement Important for Web3?
The whole concept of Web3 is based on community engagement. Web3, itself means a new version of the internet enabled by blockchain technology, where people are in power to collectively run networks, make decisions, and own their data. Thus, the community’s role in Web3 is different than in Web2, which represents the traditional, centralized model of online platforms. In the case of Web2, a central company is responsible for storing users' data and keeping the platform running. For example, YouTube doesn’t need the community’s participation to respond to requests. When a user clicks “play” the request goes to the company server, which performs the action automatically.
Web3 platforms don’t rely on a centralized server but on a decentralized network of computers connected to one another. In a Web3 video streaming platform, when a user clicks play, the request is distributed through the computers connected to the network which approves it. This model brings benefits, such as new ways of content monetization and ownership protection.
A Web3 platform’s security and speed largely depend on the underlying blockchain it uses. The more people provide their computers to check user requests, the more secure a blockchain is. To encourage user participation, each blockchain and Web3 platform has its reward mechanisms and strategies. So, the community’s participation in blockchain plays a central role in security.
Starting from security, the community engagement expands to other layers of Web3. No Web3 project will survive without a community. Yes, this is true for any type of project and product as a whole, but in Web3, every step is based on people’s participation. All the components that make up Web3, from blockchains to cryptocurrencies and applications, need active user involvement to succeed.
The role of people's engagement is apparent if we look into the stories of successful projects. Ethereum has become a leading blockchain platform due to the active developer community and investors who participated in its Initial Coin Offering (ICO) in 2014, raising $18 million.
Common Qualities of Crypto Communities
Web3 communities differ in their focus and goals. There are communities for learning, investment, and trading, as well as communities for certain projects. Regardless of differences, however, they have common characteristics.
Crypto communities use industry-specific slang
When you’re new to crypto, you may be confused by a large number of slang terms, but you will likely get used to them soon. There are words for different kinds of investment strategies, market sentiments, and trends. Among the most popular terms, for example, are HODL and BUIDL. The first one was created in 2013 as a result of a typo of the word “hold” on the BitcoinTalk forum. It describes a long-term investment strategy. BUIDL, as you may have guessed, is the misspelling of build, created intentionally. The term is actively used among the Web3 developer community and means building on blockchain.
“I was told there would be Lambos” meme. Source: imgflip.com
Crypto community members are mostly curious about Web3 technologies
People join crypto communities for different reasons. Some of them want to get rich real quick and leave soon after realizing that investments cannot be profitable every time. Members who joined the community and decided to stay are usually curious persons who study Web3 concepts more deeply and believe that decentralized technologies and currencies will be a part of the future.
Not all communities and community members are equally trustworthy
A strong community alone doesn't mean that a project is trustworthy. It can turn out to be a scam that targets people with attractive advertisements. There is also a risk of being targeted by scammers through forums of reliable crypto projects. If you're considering joining a crypto community, take into account that despite moderation, there can be misleading posts, and approach every message and recommendation with a pinch of salt.
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