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any people are interested in launching their own cryptocurrency project. Developing a cryptocurrency project can be both enjoyable and rewarding . However, it is not an immediately simple and smooth process. One of the things that we are going to do in this article is to break down the primary components of a cryptocurrency project. We will look at each and explain the more important aspects.
Each topic discussed will be expanded on in a later guide. In doing this, it will assist you in taking a step in the right direction when it comes to opening a successful cryptocurrency project. This e-learning guide is a compilation of our thoughts on this specific topic. It is not meant to be a step by step instruction, but more of placing an individual in the right direction of constructing a solid foundation. Remember, developing a cryptocurrency with a useful use-case will create more interest from investors.
To begin, we will break down this project into three key groups. These groups will assist your understanding the core development of a project and support growth within the project structure. Each project group will work to fill out a certain function of the core groups goals and developments tasks.
- Team Members
- Ann Threads
- Coin Tracking Sites
- Exchange Listing
- Social Media Accounts
- Block Explorer
- Cryptocurrency Software
- Domain Name
All components within the project members group play an imperative role within the project. Each group will present a different perspective and perform a different role within the project. The higher the role, the more financial costs and responsibility the person will bear.
- Founders are responsible for the overall project and associated finances.
- Managers are of certain responsibility, and have greater sway within the project.
- Team Members bear the least amount of responsibility for critical cost, but are the de-facto voice of the project.
- The Community invests time and money into the project and bring awareness to the project.
- Partners assist in community organization and provide platforms for the community.
- Sponsors provide benefit of supporting the project in ways that bring success to the project.
Above are a brief explanation of the different components within this group. Rest assured, you will need a few people who can really be a creative and driving force for the project to be successful.
No matter what kind of project, no matter the use-case, this will be one of the most important sections within your project. Active and effective marketing is really hard to find. The more important thing when communicating with marketing is to be clear about what you envision and want accomplished.
- Social media sites, such as Facebook and Twitter, will be the first for most projects.
- Announcement threads, such as Bitcoin Talk and Bitcoin Garden, can be used to first build a community.
- Coin Market/Reporting sites provide insight to investors regarding your project.
- Trello is used to organize and communicate with project members over tasks within the project.
- Discord and Telegram are primary community outlets to update them on overall progress.
- Listing on cryptocurrency exchanges enables the possibility of your cryptocurrency market price to increase.
Individuals interested in your project will want to know several aspects. Additionally, they will want to know how to be involved. Social media outlets will be a primary avenue to spread interest of your project throughout the cryptocurrency communities. With effective marketing, your project can be placed in front of the community you need.
Depending on the classification of the project you create, your infrastructure could change dramatically. If your project relies on more technology, your revolving expenses will be higher at the end of each month. It is very important to have enough funds to sustain your overall expenses. Most, if not all, projects need a few primary platforms. Most project will require a block explorer, seed servers, and website. Most of these listed can be obtained from an average hosting company or a small linode machine.
For more complex use-cases, enterprise network building might be a factor.
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What is your use-case?
Every project starts with an idea. What is yours? With so many cryptocurrency projects already created to date, its hard to imagine that there can be only one use-case. We started Spectre Security due to the fact that many hackers and thieves plague the cryptocurrency communities. We want to save projects and investors from falling victim to criminals and scammers that operate within the cryptocurrency space. We feel that everyone benefits from having a more secure environment.
When we think about a good use-case, we have to think about our ability to accomplish what we are trying to achieve. Everyone knows good things take time, but will your investors want to wait long lengths of time before they see a return on that early investment? One thing that is certain is having a use-case that is both achievable and desired is in everyone’s best interest.
What code base and reward types will you use?
When choosing a code base, there are many things to consider. However, no matter the code base you choose, think of the numbers behind it as the most important factor. Numbers control everything that happens within the code. The most common items changed when forking a code base are: reward amounts, block payout levels, masternode vs p.o.s. reward amounts, the max amount of coins, etc. Each time you change a number, it can affect many more. While a well thought out number’s system will make a blockchain function smoothly, the wrong numbers can cripple a blockchain, leading to a security risk or destroying the project completely.
What will be your security stance?
Security is very important within the cryptocurrency space. Matter of fact, it is the reason why most of us have chosen this path. How are you going to secure your project and your investors from fraud and abuse? Will you have a blockchain that solely promotes security or will you build security into your daily operations? There are many types of security to consider. To name a few, there are firewalls, anti-virus software, and even VPN or SSL access. Keeping a secure stance is important for the life of the project and needs to be built in from day one to have the best shot at success.
These are some basic ideas to gain more understanding on how cryptocurrency projects are structured and why they need to be thought out. The idea of this article is to break these parts down into more simple ideas, as we will be discussing these ideas in more detail in later articles.