An online community plays a significant role in inter-communication that exists between individuals, groups, or organizations. It allows us to connect with people over a provided platform. As a result, online communities are heavily depended on by different online groups.
A 2019 report from the Global Web Index revealed that about 76% of internet users participate in an online community. This is because online communities are effective for individuals to connect over an important matter. This matter can be for educational, interaction, or research purposes over a subject that piques an individual’s interest.
The COVID-19 pandemic period saw the true significance of online communities. As a result, we witnessed a paradigm shift in how people approach online communities or groups. These online groups became the next abode for individuals and groups to curate different user-generated content distributed on the online space. Content may include photos or videos.
With the internet revolution, the online community is changing relationships from a “one to many” type to an inclusive advertising type. Thus, we are experiencing a situation wherein online communities will become an integral component of our contemporary lives.
The evolutionary change is disrupting the online community space, and we are experiencing a new dawn. It used to be a consensus of creator, customer, and user. But the change is happening, and we have to embrace it.
Finance Without Hassles
2020 came with another dimension of how online communities should exist. During the early period of 2020, building an online community became the trend because decentralized finance (DeFi) came to the mainstream. Individuals and groups were seeking ways to make money while leveraging liquidity mining.
As a result, this made the crypto space and DeFi network become online communities of theirs. These two sectors turned to online groups and created a high level of innovative digital community support.
But now, this is shifting away from building an online community to share important information for business rewards. The online community is now moving to another ecosystem regarded as the “Ownership Economy.” With this new ecosystem, you can have a financial stake in a project you possess ownership of.
The synergy between cryptocurrency, DeFi, and the ownership community happens naturally because it is the most critical component of evaluating the value of different digital assets. As such, individuals are maximizing inclusive finance without hassles. This innovation is effectively integrating digital tools into real-world communities for creating and sharing more values without friction.
Although ownership economy is not a new system, blockchain pushed it to the mainstream due to increased cryptocurrency interest happening over the years. Meanwhile, the different high peaks reached by cryptocurrency are causing an increased introduction of decentralized autonomous organizations (DAOs).
And DAOs come with innovative incentive offers while granting users ownership rights.
Inter-relationship Between DAOs, Creative Copyright and Web 3.0
The advent of Web 1.0 came with the offer of content creation and revenue generation. This means that the inventor created a “read-only web” for individuals to search for information and only read it. This model rewards content creators only.
The introduction of Web 2.0 came with a different reward model. Web 2.0 allows individuals to create content—such as texts, images, and videos—but companies are getting paid. However, internet users’ behaviors and interactions have kept changing since the introduction of Web 1.0.
However, the narrative is changing now. Content creators are revoking ownership of their content. They now have more control over their content and are giving more credits for their content instead of businesses benefitting majorly from their content. This approach is regarded as the “creator economy,” disrupting the traditional content systems.
On the other hand, Web 3.0 is changing the dynamics of the creator economy with being pushed to the mainstream. This third innovative development will restructure organization settings and incentives associated with each level. Thus, DAOs and ownership economy are parts of the Web 3.0 category, and that is how the pioneers envisioned it to fall through.
DAOs which are online communities governing capital for achieving common goals came to an establishment in 2016 via The DAO. This project was initiated on the Ethereum blockchain. This crowdfunding brought about $150,000,000 Ethereum’s worth but experienced a loss of $50,000,000 in a hacking process.
Although DAOs are still in their early developmental stages, their adaptation and remerging capacity to incorporate sophisticated tools have advanced. Likewise, collaboration methodologies are evolving with time. This increases the cooperation between groups and individuals.
Meanwhile, blockchain and DeFi are the two essential tools organizations are using to maximize the benefits of DAOs for all participants. The operational model makes a great one by rewarding individuals regardless of the executive level in an organization.
An example of this kind of collaboration is the “DAO-to-DAO” collaboration between the Pocket Network DAO and Fuse Network DAO. This “Token Swap” makes it possible for Pocket to incorporate FUSE into its DAO system by diversifying some of its long-term incentives from its treasury. This brings in more grants via DeFi and capacity support for FUSE projects.
On the other hand, Fuse subsidizes its decentralized applications (DApps) ecosystem as it receives POKT. The bandwidth application reduces on the network, and there is a good development for Fuse while tightening its cybersecurity.
Is the Synergy a Coincidence?
The synergy between blockchain, cryptocurrency, DAOS, the ownership economy, and Web 3.0 is not a coincidence. We are witnessing a new era for content creators where they get instant rewards for their content. Although DAOs will be at the frontline of this reward system. Without it, it may not be achievable.
However, there is a lot of work to be executed to reach that level. Still, the online communities for the next internet generation will be designed while having creators, owners, and/or users in mind. This will give them absolute control over the content they create.