By Lawrence Hecht
Crypto investor Spencer Noon recently published a playbook for crypto community building. It included so many great insights we felt compelled to share an abbreviated version with our readers. Noon believes community building is critical to any successful project because it is “easy to fork a protocol…hard to fork a community.” In other words, when working in open source, limited control over intellectual property creates risks for founders. Having a strong community of developers and users engaged with the project is the best way to avoid being outflanked by a hard fork. Yet, there is one big reason for concern – ICOs that are rushed to market have not had the time to build a large base of supporters. With immature roadmaps, these projects can quickly be usurped in the open source marketplace of ideas.
Spencer Noon’s Crypto Community Building Playbook
- Maximize your initial token distribution: Early token holders are motivated to promote the project because they will make a lot of money if adoption increases. With increased restrictions on who can buy tokens, equity crowdfunding is an alternative approach to getting your token distributed widely.
- Codify your project’s mission and values
- Cultivate productive online discussion: People have preferences for different types of communication and content. Some people like real-time (synchronous) communication with Telegram, others don’t mind asynchrounous outlets like Twitter. Similarly, some Telegram may be appropriate for general announcements, but Reddit may be more appropriate for in-depth technical discussions. Successful projects address the needs of its entire audience. While hiring dedicated community managers is recommended, founders should be actively involved.
- Provide support: This is a corollary to communicating technical content.
- Set up a grant program: Funding third-party development on a protocol is a simple way to promote the growth of an ecosystem. This has become a popular way to distribute excess money raised in ICOs.
- Support community-run organizations: Many people volunteer for organizations with larger missions than just making you money. Identify common goals and cooperate with NGOs to achieve them.
- Spread the word
- Have fun
Readers may also be interested in Twitter Followers Disappear for 14 Exchange-traded Tokens, which describes what happens when community building focuses only on numbers and not real engagement.
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