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If there's a unique trait or feature I love about cryptocurrency and blockchain technology, I will definitely say it has to do with the developmental factors adopted in such a growing technology. There's actually no doubt that most crypto enthusiasts back then were finding it extremely difficult to earn free cryptocurrency through mining unless you possess a good PC with highly compatible specifications and most importantly having the sufficient energy to make the magic happen was a major challenge back then which was the major reason behind the limited or scarce crypto miners back then.
It's now a great news that we now have more people mining and earning cryptos comfortably in their comfort zone through various means with their smartphones. Some people tend to earn free cryptos through Airdrop, bounty programmes, while some crypto project tend to reward their users via Share and Earn method which is widely used in most decentralized social media platforms.
Even though the cryptocurrency space is becoming more competitive day by day, we should always expect to see more newly developed methods when it comes to rewarding community members for their effort or activities in the crypto space. One of the least most utilized method i came across is through Social Mining.
Social Mining Review
Social Mining is one of the common method used to reward users for their work or impact in the crypto community. This method of incentive has been adopted by Avalanche, Elrond Network, Polygon, NEM & Symbol, Harmony, Injective Protocol, Orion Protocol, and LTO Network.
One thing I love about social Mining is due to the fact that it serve as a means of earning for users after rendering their skills and services to the community. This skills may include content writing, graphic design, community moderation, sharing project ads and many others but the good news is that users will always get rewarded for their activities in the community.
After going through several Social Mining platforms, i became more obsessed with DAO Labs which happens to be my favourite Social Mining Platform. My content today will majorly be focused on DAO Labs as a Social Mining Platform and I'm also quite sure you will find this content more educating.
According to a documentation from DAO Labs, Social Mining is well defined as quoted below;
Social Mining is a DAO governance solution that incentivizes fair governance and quality content curation from communities and networks of any organization. Social Mining is aimed to help centralized and decentralized organizations generate digital footprints and spread public awareness through a DAO that incentivizes User Generated Contents.
DAO Labs Review
According to the project official documentation, Social Mining is a community building and governance ecosystem that consists of four different entities which are Social Mining SaaS, DAO Labs, DAOVERSE, and Social Mining Governance. These four entities are briefly explained below;
DAOVERSE
DAOVERSE is a DAO Labs Social Mining version 1 platform which helps to incentivise any interested individual to govern and build DAO Labs' Social Mining community. This implies that community members in the can earn more rewards for their activities related to building and growing the DAO Labs community.Social Mining SaaS
The social Mining SaaS is the product of DAO Labs' software suite which makes it easy for other community developers to be a part of the DAO Labs platform by developing their projects on the platform. The DAO Governance Solution is also available for Digital Business, natively compatible with multiple blockchain infrastructures, including Ethereum, BSC, Polygon, NEM, and Symbol. Social Mining SaaS functions as a governance layer to reward decentralized developments and collaborations, maximizing the potential and outputs of any organization's networks and communities.Social Mining Governance
DAO Labs has a Social Mining's governance token known as $LABOR which will be minted and distributed to DAOVERSE users based on their individual activities and efforts on the platform with respect to their Labour Points. The Social Mining Governance is a decentralized hub that governs the Social Mining Version 2 development and Social Mining community-building, currently enabled by DAOVERSE's Labour Index system.
DAO Labs is a Social Mining platform which aims to reward or incentivise community members for their effort or impact in the crypto community growth or development. This can also be observed as stated in the project documentation quoted below;
We support the idea that organizations should reward their community members for contributing to organizational growth through a DAO structure based on a merit based system.
This simply connotes that with DAO Labs, every community member deserves to be rewarded for their effort. The $LABOR token will be used to reward every community member for their effort on DAO Labs and also users tend to grow their Reputation and Influence on the platform depending on their level of consistency and effectiveness on the platform.
The platform also utilizes three essential factors which determines the level or range user payout, these factors are listed and briefly explained below;
- INFLUENCE
Influence simply connotes your level or position in the Social Mining DAO in which your level of Influence will give you more voting power on the platform. Also, it is important to note that your Influence score does not determine your payout on the default setup since it is just to aid in decision making as stated below;
Influence is the central foundation of a DAO on Social Mining, allowing the community to decide the payout for each contribution in a decentralized manner.
- POINTS AND REPUTATIONS
These two factors go hand in hand in the sense that you will need one to get the other. Points refers to the amount or quantity of work done by users on the platform. The system automatically take record of every user activities on the platform which is calculated by Points.
On the other hand, Reputation refers to the quality of work done by users. This implies that content writers who are found of creating good quality content will definitely earn the required reputation they deserve on the platform.
These three factors (influence, Points and Reputation) all play a major role in the user Labor Index. The higher the user labour Index, the higher the user payout while the lower the user Labour Index, the lower the user payout. This is why it's advisable for users to be more consistent and ensure they provide good quality works on the platform.
Comparison and Contrast Between Social Mining and Airdrop Incentive Methods
The word airdrop shouldn't be strange to you since this is the most common form of incentive adopted by most crypto project. You tend to keep jamming more airdrops in the crypto space most especially when the crypto project is quite new.
Airdrop is a form of incentive used to reward community members for their effort in promoting crypto project on the Internet and other social media platforms. The most commonly used social media platform is Twitter and this explains the reason we have more airdrop campaigns and bounty programs on Twitter.
On the other hand Social Mining requires the use of DAO governance solution which incentivizes fair governance and quality content curation from communities.
In this part, we will be making a contrast and comparison between Incentive method by Airdrop System and Incentive method by Social Mining based on the following factors ;
- Effect on Token Price or Token Value
- Authenticity
- Level of Tasks Involved
- Level of Rewards or Incentive Level
- Community Development
- System Abuse
#1 EFFECT ON TOKEN PRICE OR TOKEN VALUE
There's actually no doubt that massive sale (dumping) and massive buying (pumping) of tokens will definitely have effect on the price of the token. The more people sell a specific token, the more chances of the token loosing it's value while an increase in buying pressure of a token will also make the token price more valuable.
When we consider the incentive method of Airdrop, there's actually no doubt that most users who are given a particular airdrop of the token will definitely want to sell off their tokens since they got the free tokens based on their little effort by retweeting and referring other users into the community. A good example of this can be observed in most twitter bounty campaign airdrops and I guess this is what led to the statement of Pierre Rochard (the founder of Bitcoin Advisory) who once tweeted on his page that ;
Watch out for give away scams like this: 1. Instantly pre-mine tokens for yourself and your friends 2. Trade the pre-mined tokens with each other to pump price 3. Bait retail investors with a 'give away' of the tokens 4. Retail evangelizes the token for you, dump
There's no doubt that Pierre Rochard was also on the view that crypto airdrops can be pump-and-dump schemes which implies that owners of the cryptocurrency could be artificially inflating its value in order to make a quick profit, according to Jake from investopedia.
When we consider Social Mining as a means of incentive on the other hand, there's really a high chance of price control when compared to Airdrop because most people won't want to take part in Social Mining due to the stress or task involved and also possessing the required skills is also a major challenge to some users unlike Airdrop which doesn't requires much skills.
Also we human tend to value what we work for more than what we get so easily. This explains why most people tend to hodl or invest most of their tokens earned from their activities through social mining. Even if users decide to sell their earned tokens, the percentage difference will definitely be much lower when compared to tokens earned from Airdrop.
#2 AUTHENTICITY
When we consider how genuine both method of incentives are, you will definitely agree with me that most Airdrop programs are mostly scams as they tend to use people to grow their community pages without rewarding them in return. This is actually one of the reasons I don't take part in some airdrop program since it just like a waste of time, energy and resource to me since there's no 100% assurance you will get rewarded for doing the required tasks.
Social Mining on the other hand proves to be more authentic when it comes to rewarding their community members. Even though there may be some fake Social Mining platform too circulating round the Internet but this can never be compared to the rage of Airdrop Scams.
#3 LEVEL OF TASKS INVOLVED
There's actually no doubt that both Airdrop and Social Mining requires their community members to engage in some certain tasks before they could get rewarded for their effort. When we consider the level of tasks involved in both incentives method, Social Mining is highly tasking and stressful when compared to Airdrop.
#4 LEVEL/AMOUNT OF INCENTIVES
Well, this actually depends on the crypto project funds and this also depends on how much the team is willing to reward the community for their effort. I am not being skeptical here though but I know of some people who have made lot of money from authentic Airdrops and I also know of people making cool cash via Social Mining.
The major difference here is that Social Mining is here to stay and this system helps to reward users for their activities almost every month depending on the user labour score unlike some Airdrop which can only be earned once in a lifetime.
#5 COMMUNITY DEVELOPMENT
There's also no doubt that both incentive methods helps to develop the crypto community. It's just that Social Mining serve as a means of employment since it requires continuous action by users to continue earning their free rewards unlike airdrop campaigns which may just come once or twice a year. I guess you will agree with me that with Social Mining crypto projects will make better community development unlike Airdrop incentive systems in which users may leave the community after earning their "once in a lifetime" airdrop rewards.
#6 SYSTEM ABUSE
There's also no doubt that we will definitely have users having both method of incentives, it's just that one maybe minimal when compared to the other. Social Mining has it's rules when it comes assigning tasks to community members and members found guilty of breaking those rules will definitely be automatically banned from the platform after being added to the grey list for some period of time as a means of warning. This is why it's really sometimes difficult to abuse such platform implementing Social Mining when compared to Airdrop bounty programs.
In summary and conclusion, Social Mining shouldn't be neglected when it comes to community development since it enables community members get rewarded for their effort and impact when it comes to developing the community.
Reference/Important Links
https://twitter.com/TheDAOLabs?t=6Wtv59XWnSGURwgeopGY9g&s=09
https://www.investopedia.com/terms/a/airdrop-cryptocurrency.asp
About Me
I am Adebola by name and I'm also a graduate of Agricultural Engineering (BSC). I am someone who cherish self development and being productive is in my DNA, this is why I am always open to learning from anyone and I love making research. I have been in the crypto space for the past five years and my level of enthusiasm for cryptocurrency and blockchain technology keeps increasing day by day. My hobbies are reading, writing, eating, engaging in agricultural operations, travelling, designing and blogging. My skills include Content writing, Graphic Design, UI/UX (Product) Deisgn, Copywriting, Internet Marketing, Blogging, Research and Coding (Novice). Feel free to connect with me via;
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