Social Capital, also translated as social capital - refers to the associations between individuals or groups - social networks, norms of reciprocity and the resulting trust, is what people's place in the social structure brings to them H.

There is no generally accepted definition for the concept of "social capital". From its basic connotation, social capital is a concept relative to economic capital and human capital. It refers to the close relationship between social subjects (including individuals, groups, and organizations). The state of connection and its characteristics, its manifestations include social networks, norms, trust, authority, consensus on actions, and social morality. Social capital exists in the social structure and is intangible. It improves social efficiency and social integration through cooperation between people.

Aside from these complicated academic definitions, the most superficial expression of social capital can be understood as, “When you want to do something, how many people are willing to support you based on their understanding of you and social identity.”

The old man Chu Shijian founded Chu Orange on medical parole, and a bunch of business elites are willing to contribute money, which is a manifestation of the old man’s social capital. Although he had no money at the time, he could easily make a comeback by relying on the social capital he had saved.

When a person encounters an emergency and needs to borrow money from a friend, whether there are enough people willing to borrow it, or even posting an advertisement in the circle of friends, whether there are enough people willing to help transfer money, these are all manifestations of personal Social Capital.

I have heard a friend describe it in the most vulgar terms. He said that social capital is "who knows you, who you know". Although it is not comprehensive, it does get to the essence.

Limited by various factors such as technology, social scope, and behavioral transparency, traditional social capital applications are concentrated in small areas and acquaintances. But even so, it constitutes the most important lubricant in this society.

The emergence of the Web3 network and DAO gave me a hope. Based on technology and a global collaborative network, the depth and breadth of the Social Capital application will be pushed to a new level through various protocols, and a new social-based social network will be formed. Capital's global credit network. This is a disruptive opportunity.

I see some interesting DAOs in Discord, and sometimes I go to the founders or core contributors to chat. Everyone is very busy, why do you want to communicate with you? In addition to a simple self-introduction, one of the most important judgment criteria for everyone is the view "common server" function of discord. I have met more than one person who said, "Brother, I don't need to introduce so much, I know we are the same type of people." Why? Because after checking the information, I found that we have more than 20 common servers, and a considerable proportion of them are only a few A niche server with 100 members, which means that everyone's interests are highly consistent, and the basic trust is established in this way.

Of course, this level of trust is still very low. The second way I use to tell if an ID is trustworthy is to look at various speeches. For example, when I meet an FWB member, I will go to the FWB server to see if he is active and what he is talking about. If you are a very active member, feel more friendly, and chat about a lot of good quality topics, your trust will increase rapidly. If it is found that he is only doing airdrops on various servers, the trust level will drop to a negative number.

The identity status and roles of various servers constitute an important basis for trust. If a person has made a lot of contributions in a DAO with very good values, even if we have never communicated, trust will naturally arise.

The scenarios mentioned above do not depend on his real identity at all, but are purely behaviors in the DAO. I don't need to know who he is in reality, whether he is a man or a woman, and whether he is very successful.

On-chain behavior is also an important basis for judgment, such as which assets are held, which applications are used on a daily basis, whether it is a speculator who likes rushing to the ground, or a long-term investor in diamond hands. Which DAO votes did you participate in on a daily basis, and what did you vote for? These can be used to determine the situation of a person (address). In fact, some projects have already begun to work in this field, and it is estimated that there will be projects coming out soon.

A person's actions are the most direct basis for judging whether he is trustworthy, but on-chain data is far from enough, because it can only reflect a very small part of a person's actions. To form a stronger Social Capital based trust network, more aspects need to be taken into consideration.

Fortunately, in the Web3 world, in a global collaborative network, a person's actions, contributions, and deep social relationships are very easy to observe, and then combine with on-chain identity and blockchain features. , it may burst into great energy.

For example, I am a member of a DAO, and I agree with a core contributor based on my observation and understanding. If he needs emergency help, I may be willing to provide all kinds of help, even unsecured credit loans.

Then if it is not my will, but a certain protocol, the same id's various cooperative behaviors, the identity status in the Web3 network, and a large amount of analysis and observation of the data on the chain have made a decision of trust and are willing to support him. If we also trust the judgment of this protocol, then the scene will change from a narrow circle of trust network to a global trust network. I don't need to know him, observe him, or even know his identity, but the protocol tells me he can be trusted. At this time, any Web3 participant can use the Social Capital obtained in this world to get more or less unsecured loans when they need funds. When the time comes to kick-start a project, it may be easy to get investment.

Similar scenarios can be expanded a lot, and it is not only related to funds. Once this trust network is built, it will burst out of great value. And individuals can also obtain more value based on their own Web3 social capital. This in turn helps the Web3 community to value their social capital more, thus forming a more harmonious Web3 network.

However, thinking about it with my toes, I know that this thing is very difficult to achieve. It can't be done in a day or two. But I hope that I can already see it, and it should be the moment when all the great gods open their minds and make innovations in this field. I am looking forward to this day.