Social mining being a crypto incentive mechanism makes us query if it is the only one available in the blockchain technology space or if there are others. Which led to the findings that social mining doesn’t stand alone in the incentivized methods of rewarding users who contribute to the growth of a project, but it has both similarities and differences between it and several other incentive methods such as airdrops, bounty, giveaways, contests (hacking contests, Twitter contests, invites and so on).
KEY ATTRIBUTES FOR COMPARISON AND CONTRAST
To fully appreciate the incentive methods and see how they compare with each other, we need attributes such as reward size, skill development, project and industry knowledge, community use, learning and governance as the basis for comparison and contrast. Firstly, we explain each attribute.
Reward: This is the amount of remuneration received or the incentive given for participating in promoting a project or contributing to its growth.
Skill Development: a parameter that looks into how likely a user will improve on his existing skill set, during the marketing endeavour.
Project/Industry knowledge: This is the test of the user’s know-how about the said project and the crypto space in general.
Learning: This tests whether a user will learn another skill aside from his existing skill or improve on it.
Community Use: This is an attribute which shows how helpful the users are to the growth of the said project.
Governance: This is a parameter that shows the influence of the community in decision-making.
Analyzing the table shows that all the crypto incentive methods have pros and cons, but none ticked more boxes than social mining.
COMPETITIVE ADVANTAGES OF SOCIAL MINING
The above table shows that social mining is leaps and bounds above all the other incentive methods in that it can lead to permanent job creation for diligent social miners, and it helps improve users remarkably while building a sense of camaraderie in the community of users. Another advantage is that all users who participated are treated equally well.
THREATS TO AND WEAKNESSES OF SOCIAL MINING
Like practically all crypto incentive methods, social mining is not without a threat or its weakness. One of such weaknesses is that some lazy miners take advantage of it by creating multiple accounts to harness the workdrop, thereby abusing the system. It is a weakness and a threat to social mining and can be, by stringent monitoring and security measures from the administrators upgraded.
WHAT’S THE FUTURE OF COMMUNITY BUILDING?
No other incentive method ticks the box for community usability but social mining, which indicates that it is the only incentive method which is the future of community building and fairness in terms of rewards to all users.