Public blockchains like Ethereum and Bitcoin are not just technological marvels - their success and endurance are deeply rooted in the faith, shared values, and cultural vibrancy of their supporting communities. While technical innovations are crucial, the "soft power" of community beliefs and history play an equally vital role in determining a blockchain's long-term prosperity.

Technical prowess, such as advancements in consensus mechanisms, cryptography, and distributed systems, is undoubtedly essential for the functionality and scalability of blockchains. However, it is not the sole determinant of their success. Blockchains rely heavily on the shared beliefs and values of the communities that rally behind them - the "soft power" that allows these technologies to thrive as coordination tools and definitive ledgers of digital history.

Historical Parallels: Writing, Money, and Shared Beliefs

The connection between history, writing, and shared beliefs is a crucial lens through which to understand the role of community in blockchain success.

The earliest known writing system, cuneiform, evolved from an ancient system of accounting that used clay tokens to track goods in early agricultural societies. As economies grew more complex, the variety of tokens expanded, eventually leading to the development of more sophisticated writing systems. This historical evolution demonstrates the intrinsic link between record-keeping, shared beliefs, and the growth of human cooperation and coordination.

Similarly, the existence of money is a product of these shared belief systems. The Subjective Theory of Value (STV) posits that an item's worth is determined not by its inherent properties, but by the beliefs and perceptions of individuals and communities. This concept helps explain the rise and fall of various stores of value throughout history, from salt and cattle to gold and cryptocurrencies.

Digital Ledgers

Public blockchains like Ethereum and Bitcoin serve as decentralized, immutable ledgers that record transactions and track assets. This immutability is crucial for preserving historical records, as it ensures the authenticity of the information stored on the blockchain. However, the true value of this recorded history lies in the shared beliefs and cultural significance attributed to it by the community.

Ethereum's native asset, ETH, derives value from its cryptoeconomic properties according to the protocol's rules. But this value would be meaningless without a large, faithful community that believes in using the network and storing wealth in ETH. It is this shared belief that creates a rich economic history, reinforcing ETH's value through a positive feedback loop.

Comparing Blockchain Histories

Not all blockchain histories are created equal. Major milestones, such as the creation of CryptoPunks or the breakthroughs in decentralized finance (DeFi) on Uniswap, have had profound impacts on the blockchain industry. In contrast, lesser-known projects may not contribute as significantly to a blockchain's historical and cultural fabric. The value of a Layer 1 (L1) blockchain lies in its ability to coordinate actions and build a thriving economy. Attributes like decentralization, censorship resistance, and trustlessness start as technical features but evolve into core community values. A vibrant community that actively participates in and believes in a blockchain's ecosystem is essential for developing a rich, lasting history.

Ethereum: A Case Study

Ethereum's journey provides a compelling case study on the importance of community and shared values. If Vitalik Buterin had not launched Ethereum via an initial coin offering (ICO) or established a foundation to steer the project, its history would have been vastly different. Key decisions, such as implementing a Proof of Work phase to prevent excessive token concentration, have shaped Ethereum's community and history. This demonstrates that technology alone is not enough - a blockchain needs a community with strong shared values to preserve its historical integrity. The Ethereum community's faith in the network's decentralization, censorship resistance, and trustlessness has been crucial in reinforcing the value of ETH, its native asset.

The success of any public blockchain transcends mere technical prowess. It deeply relies on the community's faith, shared values, and cultural resonance. As decentralized ledgers record our digital existence and economic activities, blockchains embody both technological ingenuity and historical continuity. Just as money's value is a product of shared beliefs, the worth of a blockchain's native asset is inextricably linked to the vibrancy and significance of its community's history. A rich, enduring history provides the "invisible but crucial support" of constant community attention and faith, which in turn attracts new members and further strengthens the network.

In contrast, blockchains without a strong cultural foundation and shared values may struggle to sustain their value over time, no matter how advanced their technical features may be. The indelible nature of blockchain history means that these social dimensions are just as important as the underlying technology itself.

Conclusion

Understanding the crucial role of community, shared beliefs, and cultural resonance is essential for appreciating the true lifeblood of blockchain technology. While technical innovations are the foundation, it is the soft power of history, faith, and values that allows public blockchains to thrive and endure.

As we continue to witness the evolution of this transformative technology, it is imperative to recognize that blockchains are not just engineering marvels - they are also the embodiment of our shared digital existence, a canvas upon which we can create and preserve our collective history. By nurturing vibrant communities and cultivating strong cultural identities, we can ensure that the most successful blockchains are those that truly capture the imagination and attention of humanity.