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      "kind": "paragraph",
      "text": "Users defect from badly governed platforms, putting pressure on the developer team to follow the interests of the community. Given how the open source nature of cryptonetworks extends to the data layer, it is possible to fork (i.e., copy) an entire service, including its data, and start a competitor. If the promoters of a fork are able to recruit parts of the community and grow their network independently, the original implementation may begin to lose market share. Hence, it is critical to select founders with strong leadership and community management skills.",
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      "text": "The next thing to evaluate is a network's cryptoeconomics, which refers to the rules and policies that govern the behavior of its token, most importantly how it is created, distributed and earned. For example, Bitcoin's cryptoeconomic model dictates that (1) there will be a maximum of 21 million bitcoin, (2) they will be minted over time, at a defined rate, and awarded to miners as coinbase rewards, and (3) free market competition determines transaction fees. The ultimate effect is demand-driven scale in mining, initially subsidized by inflation (e.g. coinbase rewards), which has facilitated the rapid build-out of Bitcoin's legendary infrastructure security.",
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      "text": "The ideal team looks different from that of a traditional business: open, transparent, inclusive and collaborative management styles succeed over traditional hierarchical management. Involving the community in protocol development and decision-making, and empowering them through proper implementation of community governance mechanisms is key to building loyal and engaged communities that will support a token over the long-term.",
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      "text": "Domain expertise and the ability to execute continue to be important, but so is selecting teams led by founders whose commitment to the promise of decentralization is far greater than their desire to make money. The current market is fraught with opportunists looking to make a quick buck. But founders who are motivated primarily by profit are more likely to focus on short term appreciation (substantiated or otherwise), rather than creating long-term value for the network. We learn a lot about a team by exploring their theses, their track record within the space, and their knowledge of crypto history. Day trippers may convince fast money, but can't engage and lead communities.",
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