Your Token is not your product!

Michał

We've all seen this before - a flashy website with a slogan that promises solving another [insert problem here]. Almost every time that information is extremely vague. A detailed roadmap has a year of "project set-up and token sales" before any actual problem-solving starts.

We do get the crowdfunding part of launching a product, but if all you have is a Token, maybe it's time to take a step back and rethink your strategy. Because ultimately what you have (especially on ERC20) is something that can be done in 30 minutes (there are tutorials for it!).

But the sad truth is that your ERC20 "creation" doesn't really do anything. And pumping the value of something that has no purpose requires a lot of marketing effort, that can still go in vain. This is why all blockchain related projects should have a developer onboard. If you only have marketing guys and your product is your token with a fancy name, then it will be harder and harder to fool the people. Those days (as the days of ICO's) are long gone.

The market has matured to the point, where people expect facts.

Not whitepapers that deal solely with token distribution schemas and price projections. E&Y did a report in 2017, stating that only 13% of ICO's have a working, functional product. That's unbelievably low.

A good indication of such a project can be uncovered by a simple statistic: How many pages of the whitepaper are dealing with the actual product, technical aspects of it and the technology. Compare that to the pages that are just about tokens/financials and if the ratio is lower than half you have yourself a "non product" token project.

The good projects should have a clear roadmap (that's technology based) and the best ones should already have a working MVP. It can do only 1% of what's promised but it has to work and exist. Investing in a project that needs a year or two before anything is built and tries to wow you with it's token is practically throwing money away.

This is why Estibits.com - the blockchain AI platform we're building will start with an MVP first (coming still in 2018) and only AFTER this happens we'll work on the token part, which will simply enable power features for the platform.

Also read

Events

We are going to Hard Fork Decentralized 2018

We will be in London at the TNW's Hard Fork Decentralized conference this december. We're launching our own crypto-related startup this year, so it's exciting to see what the industry has been up to.

Events

UX - Blockchain Business Łódź 2019

On February 18th we were in Lodz, where we took stage at the Blockchain Business Łódź and talked about UX, quality control and necessary steps to increase crypto and blockchain adoption.

Create a product with Hype4

Learn our process
Get Project Estimate