Are Blockchain Projects Destroying ‘Communities’?

Since its release, Bitcoin’s market value has grown to more than $100 billion. The Bitcoin community has taken on the responsibility of promoting the rapid development of the industry, and this operation relies entirely on consensus within the group.

Under the operation of the community, the market value of Bitcoin has soared. According to Ronnie Moas, founder and analyst of the well-known research company StandpointResearch, the Bitcoin community will grow stronger in the future, and the market value of Bitcoin will also surpass the historical peak, reaching 8 trillion US dollars.

What is the blockchain community?

Kevin Kelly said in Out of Control: A purely networked company should have the following characteristics: distributed, decentralized, collaborative, and adaptable. A pure blockchain community should also be decentralized, plus collaborative operations, to adapt to the development of blockchain. The BTC community is a good example.

Regarding BTC, we have seen some interesting phenomena:

  • BTC has no company, no ICO, and its operations rely on communities such as forums and social networking sites.
  • “Block” mining requires a personal “contribution” algorithm to achieve.
  • The code is open source and everyone can submit new code.
  • Both parties to the transaction can buy and sell voluntarily in any way and at any price.

For now, all the Bitcoin communities are still very active, the code is continuously updated, and the number of subscriptions and likes of social networking sites is increasing every week. This is a successful blockchain community model. The “consensus” of the group is spontaneously promoted. However, not all communities are successful, it has another side.

XMX also verified the shortcomings of the development of the blockchain community. The community was used as a tool. Within a day, under the sponsorship of Yuhong, Guan Peng, Xu Gang and Zhao Dong, hundreds of The WeChat group was quickly established. Each group shouted a unified slogan, wore the same vest, established the same beliefs and “consensus”.

The XMX, which was created by Yuhong in June this year, went up 1500 times after a short period of time. According to statistics, the number of telegraph groups that the XMX community has formed is as high as 20,000, and quickly filled 99 500 WeChat groups within 12 hours. Yuhong once said in a public speech:

“The future operation mechanism of enterprises will be based on a consensus-based community, so I will now say that community governance will replace the company to a large extent in the next decade.”

Therefore, the current development of blockchain communities is characterised by “economy”. The “distributed” economy of blockchains makes everyone in the community part of the economic community. But at the same time, more emphasis on the “consensus”, should return to the original intention of the blockchain, “consensus” for the development of technology, and “consensus” for a better future.


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