6 Basic Questions to Ask Before Launching a Blockchain Project
More than 1600+ cryptocurrencies are in circulation and we know the big ones such as Bitcoin (BTC) and Ethereum (ETH). In an attempt of making an informed decision, you must ask some wise blockchain questions.
You should know what information about the project is important and what’s not.
Blockchain story has just started, it isn’t in the middle or at the end. Bitcoin was the first generation of proof of concept and Ethereum is the second, third includes projects like Hyperledger.
Enterprise blockchain projects can only get successful if they seek advantage of the unique features of blockchain.
Here is the list of few questions you must ask before launching a blockchain project.
1- Is your project offering real-world problem solution?Most of the coins out there are value transferring protocols and they don’t offer anything more which Bitcoin or Ethereum do not have. Second use case are those companies adopting blockchain without even knowing clearly about it.
It is worth reminding yourself that what problems your blockchain project will solve. Is the platform best suited for your solution? If a project can solve a problem through distributed ledger technology which previously was unsolved, it will ensure high demand in the market.
2- Does the market has working product already?Blockchain projects or staging ICOs don’t have running or working product in hand. ICOs usually happen in phases and take 6 months to 1 year of time for investment. A lot of things may happen during this time period. A product may not evolve as planned or may fail.
If the project has working product already, it’s a huge plus point. Or even if the product is in alpha or beta phase. It adds legitimacy and ensures future success.