Facebook and Twitter recently announced community-based review platforms to address misinformation. We provide an overview of the potential affordances of such community-based approaches to content moderation based on past research and preliminary analysis of Twitter's Birdwatch data. 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 infrastructure focuses on crowd-based "validation" rather than "collaboration." We call for multidisciplinary research utilizing methods from complex systems studies, behavioural sociology, and computational social science to advance the research on crowd-based content moderation.