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.