Web-3 Blogging | Incentive Models & Stakeholders

idiosyncratic1 (74)in LeoFinance • 4 years ago (edited)

Over the last 2 years, the number of "earn crypto by blogging" or "earn crypto by publishing" searches have increased exponentially. Obviously, it's quite attractive for people to share their thoughts, feelings, and experiences to get rewarded in return.

However, at that point, we need to discuss some things: Are these rewards always worthy and do they have any use case?

incentives and stakeholders of web to get rewarded.jpg Source

We have several platforms (Reddit, Blogger, Medium, Twitter) with their unique working models and some of them try to operate their incentive models to be more attractive or, in other words, to be able to compete against the upcoming avalanche of blogging platforms.

In today's era, we, as human beings, create value. Our attention (watch these ads and earn something), our efforts (create or design something, etc.), and our time (spend x amount of time and get the price, etc.) generate value that we can store or spend immediately. In such an incentivized period, no platform asking for money or not awarding the members can compete against the ones with sustainable and fair incentive models.

We should focus on the keyword "sustainable" to a large extent because it is one of the primary reasons why hundreds of platforms have died so far. IF your incentive model is not sustainable in the long run, it will be dried out by the frauds and the crew will eventually leave the boat...

Here are some "smart" examples: LBRY had been distributing the native coin improvidently for the approved members and a couple of weeks ago they declared that this incentive model cannot feed the platform if it goes like that. Now, they are applying a more applicable and endurable incentive model while Youtube is losing its credibility every single day.

Note: (The debut of 3speak will be game-changer 😎)

Another example can be given from the early days of Read.Cash:
There was an incentive program giving micro points and these points were converted to Bitcoin Cash at the end of the day. However, it was extraordinarily manipulated by some disrespectful parties. As these people were abusively drying up the system, the users could not get what they deserve, and finally, the incentive model is changed. Now, there is a Random Rewarder to reward the posts fairly and sustainably ($500 per day as of writing)

However, not all the platforms were wise enough to arrange or adjust their incentive mechanisms.

"Swirge" was giving points for engagement and, as expected, the system was being manipulated extensively. Now, there is no incentive; no user at all.

"Twet.ch" signs your post to the BCHSV blockchain and you are expected to pay for your posts and actions... REALLY men? Is that all you can do? Never mind.

Moreover, some "unlucky" platforms are rewarding with tokens operating on Ethereum... Just imagine the transaction fees. Sadly though, they do not have a long-lasting model because of the outer facilities. I hope they can find better solutions for the sake of the platforms. Actually, I do not want them to be wiped out as they also collaborate on mass-adoption as much as the others.

hive and tokens curation usecases.png
Source by dear @uyobong

Sustainability of Hive Ecosystem & LeoFinance

Contrary to the other "unlucky" token issuers, the communities rewarding the users with their native tokens such as @ctpb, @neoxian, Leo, Archon and several other tokens on the Hive ecosystem are 2 times rewarded.

For those who are new here, you are both rewarded in Hive coin (Layer 1) and the native tokens (Layer 2). Besides, there are no rules to get rewarded; no AI to decide the value of your post, etc. The community members are in charge to reward or not to reward.

If anyone tries to manipulate the platforms, (e. g. Fake Sentosumosaba) we are as community members, required to take actions as in this fake account.

We owe many thanks to @onealfa to observe the case pickily.

stakeholders of share on a platform success.jpg Source

Mutual interest, goal, and collaborative earning mechanisms bring "Stakeholders"

When you are paid in Hive, Leo, or other tokens, you have options to sell at a higher price or stake them if you believe they will go up. Either you choose to sell or you stake it, you become a "stakeholder" the moment you get rewarded.

After that minute, you want the price to go up and even you may take minor actions to push the price upward because if the projects becomes more successful, you also get earn more "value" at the same time. We can easily say that this is the major rationale behind being stakeholders to great extent. If you want to have a more successful project, you need to turn the team members to your partner so that you can elaborate on a mutual goal.

In my opinion, the community members, as Stakeholders, are working voluntarily hard for the sake of Hive, mostly, because they are happy with the incentive model, the working mechanism, and the freedom of speech that they own. It's unlikely to see centralized and bossy blog platforms where the efforts of users are being exploited.

No parties can structure the future of Web without taking the users into consideration in terms of active earning and administration mechanisms. As we hear voices raising against Youtube and Twitter because of their old-fashion and censorship-oriented mindset, the importance of our platforms will eventually be realized.

These are my thoughts and forecasts about the future of blogging in Web-3 integrated era. As long as the developments can be supported with motivative incentives and shareholding point of view, there is likely to build solid platforms as Hive & Leo...

Thank you for reading, I would love to hear your stance on point.

Regards,

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