Social Mining: The Best Crypto Community Incentive & Building
Social mining has proven to be one of the best solutions in the aspect of crypto community incentive & building because of several advantages it has compared to other methods.
Blockchain technology has been widely applied in the human life, also in Indonesia. Every time there are updates from various blockchain platforms, especially those related to crypto.
In Indonesia, there are several blockchain-based platforms, especially crypto, such as Tokocrypto, Pintu, Indodax, and so on.
One important aspect in supporting the sustainability of a crypto platform is the community. Therefore, building a healthy and sustainable crypto community is very important.
This article will discuss various types of crypto community incentives & building, how they are explained, the differences between them, examples of their application, and their advantages and disadvantages, mostly about Social Mining.
What types of crypto incentive methods are out there?
Currently there are several solutions to build a crypto community and provide incentives. We know about giveaways, airdrops, bounty programs, ambassadors, learn & earn, and social mining.
Giveaway
One method of crypto community incentive that is quite familiar is giveaway. Basically the giveaway method is not only applied to the crypto ecosystem, but this method is also quite effective when used in the crypto ecosystem.
According to Skill Academy, giveaway is a marketing activity in which a brand distributes gifts to consumers under certain conditions.
The giveaway method has been widely used by several crypto platforms such as Uniswap Community Allocation.
Airdrop
The airdrop method is also quite widely used by crypto platforms as a community incentive solution.
According to Zipmex, airdrop is the giving of crypto assets to some people or communities that are given free of charge.
Some crypto platforms that use the airdrop method are Airdrop io.
Bounty Program
Next is the bounty program method which is also widely used by various crypto platforms. Bounty program method usually required specific skills mostly in coding.
According to Kompasiana, the bounty program is a company initiative to appreciate the findings of security holes from ethical hackers in the form of rewards.
An example of a crypto platform that uses the bounty program as a community incentive is the Ethererum Bug Bounty Program.
Ambassador Program
Next is the ambassador program, requiring several talents to fill this positions. Sometimes there is a kind of registration and selection to become an ambassador for a crypto platform.
According to Skill Academy, an ambassador is a person who represents and promotes a brand/product by supporting it in the form of activities that match the company’s identity.
An example of implementing ambassadors in the crypto ecosystem is the TOP Network Ambassador Program.
Learn & Earn
Next, learn & earn is also one of the well-known crypto incentives. Participants can earn crypto by participating in this program, for example by answering the given questions.
According to Binance, learn & earn is a program where users can learn blockchain knowledge and complete quizzes for a chance to earn free crypto.
Binance Learn & Earn is an example of the application of this method.
Social Mining
The last one is the Social Mining method as one of the best solutions for community incentive & building.
According to DAO Labs, social mining is a multi-chain community building and governance ecosystem that consists of different areas and entities: Social Mining SaaS, DAO Labs, DAOVERSE, and Social Mining Governance.
Some crypto platforms that use social mining are DAO Labs itself, Avalanche, Polygon, etc.
What are the key attributes to compare and contrast Social Mining with other crypto incentive methods?
To easily understand the different between Social Mining with other similar crypto incentive methods, let’s see the table below:
Here’s the table explanation:
Community Earning
I use the term community earning to describe whether each participant member earns earnings after joining the program.
Community Learning
I use the term community learning to describe whether when participating in this program, each member will gain understanding and knowledge of a project being developed.
Community Skills
I use the term community skills to describe whether participating in this program requires certain skills or not, for example writing articles, designs, videos, etc.
Community Building
I use the term community building to describe whether this program has an impact on the build and development of sustainable communities.
Community Sustainable
I use the term community sustainable to describe whether this program will be long-term or not.
Community Validation
I use the term community validation to describe whether this program requires validation from community members or not.
Decentralized
I use the term decentralized to describe whether this program provides same opportunities for all participants to take part.
What are the competitive advantages of Social Mining (if there are any)?
Social Mining have all aspect above, community earning, learning, skill, building, sustainable, validation, and decentralized.
Moreover, as a member I personally think that Social Mining give fairness, transparancy, and competitive rewards to all users depending on their contributions.
What are the threats to and weaknesses of Social Mining (after comparing it with other competitors)?
I think that there are several aspects that should be solved to be better crypto community incentive & building platfrom.
Mostly about task assessment process which is still manual so the process is quite long. Also about duplicate accounts, using bots to boost engagement, etc. But overall Social Mining is better than others.
Conclusion: Is Social Mining the future for community building?
Social Mining have quality members with different skill sets, active, productive, with fairness & transparency ecosystem.
For long-term period, I think it’s best method to build community sustainability if compared to others.
So, my answer is “yes”. Social Mining is the future of community building.
About DAO Labs
DAO Labs is a dApp research and development house with a global network of institutional investors, partners, and customers, helping organizations build next-generation governance infrastructures.
Website | Whitepapers | Twitter | Discord | GitHub | Documentation | Telegram | Youtube | Blog
