Can the Wikipedia moderation model rescue the social marketplace of ideas?

Facebook announced a community review program in December 2019 and Twitter launched a community-based platform to address misinformation, called Birdwatch, in January 2021. We provide an overview of the potential affordances of such community based approaches to content moderation based on past research. While our analysis generally supports a community-based approach to content moderation, it also warns against potential pitfalls, particularly when the implementation of the new infrastructures does not promote diversity. We call for more multidisciplinary research utilizing methods from complex systems studies, behavioural sociology, and computational social science to advance the research on crowd-based content moderation.