How to use reputation tokens to build social cards for the Web 3 world?

2022-06-18 0 By

Influence, activity and participation constitute the components and indicators of personal reputation;Status, privilege and reward constitute the positive feedback of personal reputation.As monkeys living in a hierarchy, humans naturally seek a sense of belonging and acceptance.We try to fit in and stand out from the crowd.We learned how to navigate hierarchies as we moved through neighborhoods and assumed many different identities.Each community has its own specific hierarchy that dictates how members build reputations, accumulate social capital, and earn community recognition and rewards.In order to help members integrate into the community and have a chance to excel, the community usually establishes a set of internal norms and sets up related “proof of membership” and “proof of participation.”Under the Proof of X mechanism, members can continuously accumulate social capital by showing “Proof of competence” and “Proof of activity”.The “X” in “Proof of X” can be any compliance or any valuable contribution to the community and its vision.Web3 will provide a new and better solution to the problem of “how to build social capital accumulation, recognition and reward mechanism”.Thanks to the nature of “decentralization”, the “proof-of-x” consensus mechanism adopted by Web3 will not be solely determined by a single centralized platform or middleman.Communities can negotiate and redefine a proprietary proof-of-X system.By using tokens and smart contracts, this mechanism can be mapped to different reputation and reward models to ensure consistency of incentive criteria and maximise the sum of values.Of course, reputation and status are the two main indicators of social class, but this is not a zero-sum game.Admittedly, there is a gamification of the mechanics involved, with people eager to move up the leaderboard and show achievement badges to other members.Furthermore, most communities do follow the 1/9/90 rule (this hypothesis, proposed by Jakob Nielsen in 2006, refers to an online community in which 90% of participants only watch content and do not interact, 9% participate in discussions, and only 1% create content).That is, only a small number of people are making substantial and valuable contributions.But I believe the community will be empowered by the diverse backgrounds and skills of its members.By recognizing and rewarding members for their diverse contributions, flat communities can encourage more members to get involved and achieve inclusive development.Unlike leaderboards or one-dimensional points systems, this model can attract members to a wider range of activities, roles and “badges”.The community recognizes the badge or token as a “social signal” to indicate a particular contribution or achievement of a member.At the same time, they are also linked to privileges and privileges, such as certain features and benefits that are only available to members who have reached a certain level of status or reputation, and certain governance rights and identities that are only available to active members and contributors, essentially giving them higher status.While these “reputation tokens” represent a variety of contributions or achievements, what they have in common is that they are non-homogeneous and non-transferable.The only way to earn these tokens is through labor and contribution, not through buying or trading.They cannot be transferred to other members or recycled in other communities, because the contributions and achievements they represent are based on the internal norms and hierarchies of each community.However, reputation tokens can also function beyond individual communities as a “social signal”.They are embedded in social graphs and CVS, forming a decentralized, portable identity system that is unique to the Web3 world.When communities interact, they can define different values and features based on their membership levels and “reputation tokens.”There is no one-size-fits-all formula for measuring value, but I have tried to come up with a template, breaking down the metrics into three components: engagement, activity and impact.After all, the potential social and financial value of any community can be measured in terms of “community activity,” with breadth (number of users) on the horizontal axis and engagement on the vertical axis.In the initial stages, members’ “active participation” can be counted as a valuable contribution.Typically, the activity of a project or platform is measured by daily activity (DAU) or DAU/MAU (the ratio of daily activity to monthly activity, which represents the relative activity of the community).Members’ participation — even if only “passive participation” — conveys their interest and concern for the community and contributes to its overall impact.However, only by stimulating “active participation” can the collective power of the community be maximized.”Active participation” can take many forms, but it usually starts with improving the connection between members and the community (such as participating in content output and internal communication), and then gradually allows them to create independently and jointly, and then actively participates in community output to enhance community value together.However, the value weight of different activities is different, so the signal needs to be de-noised.By building the right formula in smart contracts, you can build a reputation system that autonomously identifies activities that have value and generate positive feedback as defined within the community.In other words, the platform awards points based on the value that members actually create.In such a reputation system, the value weight of influence is greater than that of activity, which in turn is greater than that of participation.In addition to helping members build reputations and earn money, the system is more important to maintain incentives for long-term contributors and activists.Any reputation points system needs to incorporate a depreciation mechanism that takes influence, activity and recency of engagement as key weighting factors in building reputation and assigning value.Therefore, if there is a significant decline in activity and participation, members will lose their former status and all benefits associated with it.The model is similar to a real-world loyalty program: you can continue to enjoy privileges only if you continue to earn rewards.Is it possible to unbind the non-homogeneous reputation from the homogeneous rewards so that community members can share in the economic value created?Double token system gives the understanding method.In a dual token system, points co-exist with tokens, and social capital can be mapped to financial capital and equity.The community recognizes contributions by issuing “grade tokens,” which can be seen as a signal of an individual’s reputation, publicly visible to other members and the community.At the same time, the community distributes “reward tokens” — homogeneous rewards that members can redeem for cash or whatever they want, as well as for additional privileges.In combination with the dual tokens, the platform can demonstrate recognition and reward participants for their high-quality contributions, such as content creation, moderation governance, community building and promotion.They create a dual incentive system that helps promote participation and co-creation.By issuing “reputation tokens” and “reward tokens” (both social tokens), members and creators share the social capital and utility value they create.Tokenized communities will bridge the existing creator economy into a true ownership economy.Community members, consumers and fans can connect directly with their favorite ICONS, creators and brands and get a piece of the collective value created.In the Web3 world, decentralized identity systems track each person’s movements, contributions, and achievements in the community (including urls and IRLs), creating an immutable record of who we are and where we stand.This means that our contributions to one community can be aggregated and applied to a wider range of scenarios.In an era of decentralization, interconnected reputation systems mean that users can leverage their accumulated reputation across communities and platforms.However, because community structures vary, reputation mechanisms are mostly confined to their own autonomous ecosystems.Reputation and social capital also have the opportunity to “arbitrage” across communities, platforms, and applications if individual identities and positions can be represented in a more three-dimensional and authentic way.To achieve this kind of interactivity, there needs to be a unified standard that allows people to present collections of their digital identities, and the ability to perform multifactorial analyses of multi-dimensional biographical and reputational information.In short, people care more about “what you did” than they do about what you look like, race or gender.More importantly, as long as you make a contribution here, you will definitely have a chance to receive the recognition and rewards you deserve.