How Blockchain Helps Build Global Communities
For communities to work you need trust. To do that you need to be able to trust the data that others provide and have confidence that it cannot be modified as often happens with a centralized authority. People don’t want centralized ratings. They want to make their own mind up based on accurate and immutable evidence.
For communities to work participants should have control over their data and be able to show it to the people that need to see it. This in turn will allow them to benefit in terms of monetization or better access and rates for services.
For communities to work reputation needs to count. This means that market participants are rewarded for behaving well and giving good service and are punished for doing the opposite. In particular reputations and indeed prominence cannot be bought and sold.
For communities to work standardization is essential. There are hundreds of smart contract solutions. There are hundreds of supply chain solutions. Many of them are very good. But unless everyone uses the same solution it creates confusion and processing cannot be seamless.
For communities to work it needs to be as easy as possible for users to procure all the services they need and as easy as possible for those service suppliers to provide these services. This is made possible through KYC and integration. These processes only need to be done once for all participants to interact with them.
For communities to work transparency about pricing and how a trade is being settled in real time is key. This is possible in a decentralized world because the data itself and the identity of the parties is trusted. There is no central authority to benefit from uncertainty? .
For communities to work you need incentivization to encourage people to use the platform, stay on the platform and bring others to the platform. Rice Exchange achieves this with our User Incentive Token Scheme. Early adopters get granted an allocation that they can use in the future and which increases in value as more participants join the platform.
For communities to work economics should be win-win. This means that all stakeholders should benefit from the platform in terms of reduced processing costs, better risk profiles, increased speed, less lost business and more accurate resource allocation.
For communities to work the externalities that flow from the natural monopoly that is created should go to the participants themselves and not a central authority. This means having either governance by committee or even better programmable governance.
For communities to work you don’t need disruption but cohesion. Ironically decentralization makes that possible. The LESS central control there is over a platform the MORE its participants are able to cooperate.
In some cases digital communities will be created by overturning a central authority but in many cases digital communities are being created where none existed and that is what Rice Exchange is doing.
Find out more at https://www.dcx.group/
