Comparative Essay: Guru and the Coin Community Tread the Pit Together (4)
GollumRight to “Comparative》Display，Cryptocurrency's community attributes are as important as financial attributes, and community attributes are more or less overlooked in the industry or are not as highly valued as financial attributes. Community attributes are a very good indicator for investors to measure an investment target. For project parties, the community is a very important source of strength and an important indicator of the success of a project.
Although starting a business is a nine-death process, successful entrepreneurs can get on the Forbes Rich List, attract attention from around the world, become idols for thousands of people, and enjoy applause and cheers from all sides. All of this attracts thousands of innovative and adventurous people to join the rolling torrent of entrepreneurship. In my opinion, even the rumble of wealth freedom is no exception.
Guru likes to make friends, has a tolerant and peaceful personality, and has extensive connections in the blockchain field. One of the most famous blockchain projects founded by Guru is “Coinhu”, which has received investment from several leading blockchain investment institutions. Coinhu is the first vertical content community in China focusing on blockchain writing. It was officially launched in February 2018 and is a famous domestic demonstration project for the token economy.
As we all know, the most important infrastructure in the blockchain field is a public chain. Wallets as entry points, and exchanges as places for value exchange are all popular fields that entrepreneurs are fond of. So why did Guru choose to be a community and not follow the crowd? Guru believes that the market doesn't need many public chains, so he doesn't plan to enter a crowded public chain circuit. However, a real public chain project must be open enough to solve application development problems, and the ownership of the public chain is the community, which is a group consensus, and the public chain needs to rely on the community. In other words, only by doing a good job in the community can it be more competitive. Guru hopes to use coins as a link to create a convenient place for everyone to focus on discussing and learning about various blockchain projects with coins. This is the original purpose of creating “Coinha.”
(Photo credit: BIHU.COM)
Blockchain has two major attributes: financial attributes and community attributes.
Cryptocurrency created by blockchain networks can carry out cross-domain transfers, payments, mortgage loans, etc., and has obvious financial properties. However, Guru believes that the community attributes of cryptocurrencies are as important as financial attributes, and that community attributes are more or less overlooked in the industry or are not as highly valued as financial attributes. Community attributes are a very good indicator for investors to measure an investment target. For project parties, the community is a very important source of strength and an important indicator of the success of a project.
“Coin Dong” is pioneered by the Binance community. It is a term for holders of community platform tokens. They are interested users in the project community. There is an upper limit on the total amount of cryptocurrencies. The more people using the platform, the more prosperous they are. The more users, the greater the demand for coins, and platform coin holders will benefit more. This is a market supply and demand relationship. The value of cryptocurrencies mainly comes from community consensus. There are usually four types of people in the blockchain community: investors, builders, users, and promoters. Participating in community building in the early stages of a blockchain project will have excessive returns as a coin holder rather than a simple coin holder. Binance is an important expression of community attributes.
Cointo-type products have many benefits. First, users are shareholders, and the interests of users and products are the same. Because “people are the reactors of economic incentives,” the project party can have many means to motivate valuable behavior, so that it is easier for Token-style products to complete an early cold start and expand rapidly.
Some people think that Guru's platform coin KEY was created by a team led by Guru. In this regard, Guru doesn't shy away from saying that cryptocurrencies or even fiat currencies are born out of nothing. In the early days of its establishment, Binance owners believed that Binance could be used as an entry point for understanding cryptocurrency investment. The matter was uncertain, and the coin was listed. Like Knowledge Planet, Weibo is actually an island of information, and really valuable information requires a fee. At Coinhu, in order to earn KEY, everyone will work hard to study and desperately export valuable content. You can get KEY rewards for writing articles and posting personal opinions and comments. Everyone can like other people's articles to get likes and benefits. If you run into an article you think is bad, you can also click on it. KEY can also be directly sold and exchanged for living expenses. It seems that “every action motivates” is very effective for Coinholders. After more than a year of development, Xiaobai, who insisted on value output, became a big V, not only earned KEY, but also raised his own awareness. Binance has become the number one Chinese community for blockchain content platforms.
Guru once said in her Weibo post that referring to Teacher Zeng Ming's point-and-line theory, coins are facets, and the blockchain industry is physical. Built on the face of coins and blockchain, how unusual is it that the article earns more than 10,000 in revenue? Did the early employees of Alibaba and Tencent have three or six arms? Why are they so stupid? Because choices outweigh effort.
However, Guru also agreed that the other side of motivation may be behavioral abnormalities. As a brand-new content platform, during the initial period of its launch, the platform's security was very weak. As long as programmers with a little bit of coding ability, they could write a “praise bot” to get high rewards. According to reports, some teams were able to earn more than 1 million KEY through the praise robot they wrote, and sold at a high price of ¥0.05. Each team made a profit of more than 50,000 yuan. Some people may ask, in the long run, won't users who can't program just pay for it? This is just like reality; you are either charged an inflation tax or an IQ tax.
Also, because the likes design of Coinhu is that the larger the amount of KEY is locked, that is, the greater the KEY's weight, the more likes will earn. This has also spawned a market where powerful players get high profits by selling their likes. From time to time, people on the Coinhu platform post sharp criticism. Hydrographers who know how to buy likes can easily go to popular areas, and many valuable, high-level articles are overwhelmed.
The Binhu team sees these anomalous motivational behavior and is anxious. Binance has reached a critical juncture where reforms are urgently needed. The Coinhu team adopted the “Good Text Algorithm” and relentlessly carried out reforms.
The reformed algorithm focuses on extending the time users focus on the platform, helping users establish mutual connections, and making the platform more popular. In order to achieve these goals, Coin has carefully designed a new distribution mechanism. If users want to get more collateral rewards, they should first follow each other, read the article for three minutes, and leave valuable comments and interactive praise in the article. At the same time, the Coinhu team stepped up efforts to increase the exposure rate of newcomers and inject fresh blood into the platform.
Guru Rarely personally escorted the “Good Text Algorithm” in WeChat:
(Photo credit: BIHU.COM)
Every reform brings pain, and this reform is no exception. It has caused extreme dissatisfaction among powerful households, vowing to bloodwash the KEY price, throw out the KEY they hold at ¥0.005, and vote with their feet. For a while, the Coinhu platform was full of misery. Some authors stopped because KEY prices were low and felt that their efforts did not match their earnings, but at the same time, they also gave newcomers an opportunity to rise up quickly. The most notable one is Jiang Zhuoer, founder of the famous Big V, BTC.Top mining pool in the coin industry.
Mr. Jiang's approach is very strange. Although the reform of Coinhu has reduced KEY's weight in terms of sales and likes, the likes of large holders of KEY over 100 million can still directly post articles in popular columns. Mr. Jiang said that if you think your article is a good article, and the article mentions Mr. Jiang's views or business, you can pass it on to Mr. Jiang's assistant. The real good article will be severely criticized (that is, praised) by President Jiang. At the same time, Jiang Zhuoer always took advantage of the low price of KEY to absorb and gain more weight. As of the time of writing, Jiang Zhuoer's KEY holdings were close to 300 million yuan. For a while, the Coinhu platform instantly attracted thousands of calls to Mr. Jiang. Everywhere, I was able to read the brilliant opinions that Mr. Jiang had published, and published articles introducing Jiang's mining pool business one after another. This is the power of capital, which has its own aura. Mr. Jiang's hoarding KEY can not only increase KEY's weight and make value investments, but also expand the influence of the intellectual mining university and mining pool he founded, setting a classic example for the project party to obtain excellent publicity results in the Coinhu community. Now, the reading volume on the Coinhu platform has increased dramatically, and the KEY price is slowly climbing out of the trough and regaining an upward trajectory.
(Image source: Mars Finance)
When Guru celebrated its 2nd anniversary, Guru wrote a poem for herself, which fully demonstrated the loneliness and persistence of an entrepreneur in the process of starting a nine-dead business.
(Photo credit: BIHU.COM)
However, as can be seen from Guru's past speeches, Guru seems to have long been mentally prepared for the earthquake caused by the reforms. He mentioned that it is best for blockchain entrepreneurs to extend the time, at least in units of a few years, to set aside time for the team to adjust the various problems encountered during the startup process.
Interestingly, some insightful Binance players think this way: because Guru is powerful, Guru has connections, and has a good historical record, Guru can get good resources. Coin will not go out of business in a bear market due to lack of money, KEY will not return to zero, and the power of Coin's eventual explosion must be unimaginable. However, I think all of the above requires the continuous contribution of good articles and active community activities from community members.
As the number one content creation platform in the Chinese community, Coinhu is still striving to become the best Chinese community. Coinholders also hope to achieve freedom of wealth by participating in the creation of the Coinhu community in the early stages. The value of KEY has gone from scratch. What kind of leap forward in KEY's value can be achieved in the future depends on how large the network KEY can connect to and how strong the Bitcoins are.
By Claire Wu, a writer from Twitter
This article is a comparison of the original work. Reprinting requires authorization, and violators must be investigated.
Articles in the “Two or Three Things About Guru” series:
Comparative article: Bitcoin Circle Sun Zhengyi — Who invests $0.25 in Ethereum? (1)
https://www.bitpush.news/articles/822334
Comparative article: Gulu leads V God to receive Wanxiang investment, and Ethereum never comes to life (2)
https://www.bitpush.news/articles/82304
Comparative article: How does Guru monetize cognition? (3)
https://www.bitpush.news/articles/824854
