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A Summary of

On cryptocurrency communities

by
Nick Tomaino
The Control
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Communities form the baseline for Cryptocurrencies

  • What is even more important than better technology when creating new cryptocurrencies? The underlying community.
  • When building a traditional company, the product is of paramount importance and other aspects of the company (leadership, governance, etc.) are not pertinent to the users.
  • However, crypto users are also stakeholders in the project, and therefore the project’s leadership, governance, execution, and ownership are relevant to them.
  • How big and how strong a cryptocurrency’s community is determines the value that it captures.

There are several key characteristics of successful cryptocurrencies:

  • Inclusive and transparent founding teams
  • Distributed ownership and aligned incentives between the users and the founding team
  • A meme to help jump-start the community
  • A product that becomes a standard and is widely used 
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