Everyone knows that for any new or existing CryptoCurrency there needs to be a purpose. We in the industry call it a use case, but for all intents and purposes it is actually a business case.
What does that mean exactly? You may ask. Well what it refers to is the implementation and purpose of a virtual object that is assigned value or a service that will be provided in exchange for an assigned value virtual representation. It's a basic business principal, supply and demand, I have a service to work on your behalf to create an ease and turnkey accomplishment you may not want to get your hands dirty with or in lamens terms, don't want to do.
For the most part it's usually a payment for goods and services. Depending on what is in demand at the moment you may be able to carve out a niche for a new business. With that being said, it's not always as cut and dry as that.
Take for instance one of my projects, CryptoFightClub, when we first started out. I began it by talking about it as a community based coin a tipping coin with a vast abundance where it could be used for something. What that something was, I had no idea. As things started changing in the industry with more and more virtual currency becoming available I began to notice a shift as the gold rush period of crypto had begun to lose it's lustre. So for a good while there myself and my developer at the time threw anything and everything at the wall to see what would stick. Alot didn't and left many in the community frustrated, disillusioned, and apathetic. What to do, I thought. Finally, an outside source brought an idea that is tangible, useful, I could do myself, accomplish it, develop it and upgrade it making it better. Plus it is something right up my alley, "The CFC LockerRoom." ***Want to know more about it? Join our discord or visit www.cryptofightclubco.in***
What I learned after all the trials, hardships, frustrations is that a use case has to be attainable. Here's my thinking. While all use cases have merit, what exactly can it accomplish, we accomplish? Those use cases, are they attainable? How much can be done (if you have a team like I do) ourselves? Myself? Is cost worth it to overcome the obstacles? As there is many obstacles that are occult until you reach a point where they are not hidden anymore and you must deal with them.
But not just that, a damn good use case has to hit the milestones. There has to be foresight on what those milestones are, how long it'll take to accomplish them and build off of each to reach the main goal, the main use, business case. Full progress with updates, transparency has to be presented as this builds confidence in the project and team ability.
We have reached a point where I believe the industry will change. A crossroads. Out are the gullibles, get rich quick, free giving money and investment types, what we are left with are the true creators, investors and like minded people who are into blockchain technology and crypto currency. We all need assistance sometimes, but bringing in someone to help can be frustrating as payment negotiating gets in the way. You offer a stake in the project and a few coins for doing something easy like being a moderator or creating content, but instead get the that's cool, but what tangible spendible money am I going to get? Which is fully understandable and fair, yet most of these projects lack capital to progress, yet alone pay a payroll unless it's in their own currency. Ask for help of community, there are crickets, unless there is an immediate gratification or are ditching out capital.
See, this is what scamming does to an industry. It doesn't just hurt the victim it hurts the whole picture. Example, presales, one of the project members sells coins for a fiat fee or BTC fee for so many. After a few weeks to a few months you suddenly start seeing a decrease in activity in the contact portals and server, then no activity for a few more weeks. Then you notice things like no responses to inquiries, explorers going offline take a long time to fix, Tipbots not working, so on and so forth till finally you realize they are gone and the coins you bought are useless as exchanges will delist them for no activity or response from the devs. This concept applies to what was once popular masternodes, same principle but at a higher cost investment as masternode collateral usually has anywhere from 3 thousand to 1 million coins to begin with that you must lock and allow it to stake. Every few days or months depending on the stake percentage, rewards a pretty good amount of coin you can in theory, move to an exchange and trade. Well same thing can occur or even worse, all the coins from the masternode and rewards are dumped for a quick gain of Satoshi driving down the value, killing momentum and scaring off the real traders, investors. Thus killing a project coin, so two real scams out of that one.
So it boils down to what can we do ourselves to push forward the projects? How can we thwart the scammy practices? What is it that we can innovate to gain respect, buy in and the desire to invest again?
Which brings me back to a point one of my developers made. Googoomuck is his alias. He voiced that we need viable and immediate use case as it is being realized, people have grown tired of empty promises and lost confidence in masternodes, crypto in general. People are leary of letting go of thier hard earned cash, BTC, LTC, ETH, Doge, XMR, what ever currency based on the promise of future money. What is needed is the proof of concept, tangible return on investment and verifiable, viable progress a "put your money where your mouth is challenge."
And with that being said, look for more projects dying, consolidating, while others innovate and create the new industry with real true business focus and business cases.
Comments