Incentivization is the economic fuel that powers all decentralized networks. It would be difficult to explain decentralization thoroughly without including the incentives mechanism. Join me as we explore this important aspect of web3 protocols and learn how project founders could utilize it.
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One way to attract new users to a decentralized project is to highlight the potential for economic rewards. The presence of a rewards mechanism puts web3 ahead of web2. So it would not be wrong to let users know that their social and active participation in a decentralized protocol would be rewarded.
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Incentivization could be used to obtain cheaper labor in decentralized systems. Founders could leverage the resources of their users to complete some aspects of their project. If the community knows that their is some reward for providing technical assistance, they would be ready to share such resources.
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In this article, you can dive deep into various aspects of web3 or decentralized networks and discover how each is related to incentivization in one way or the other. Click the link below:
https://inleo.io/@fokusnow/incentivization-is-the-key-to-decentralization-in-web3