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Author Topic: Our crazy crypto story these past couple years  (Read 64 times)
fvsegarra
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June 11, 2019, 08:31:38 AM
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Hey guys,

I'm Fran, CEO at Internxt. We started Internxt ~2 years ago. It's been quite some time, but here's the story of one of the few crypto projects that made it past these 2 insane years, having raised next to nothing.

Our chances of succeeding were close to 0, nobody thought we'd make it, competing with all these other crypto projects that raised $30M, $50M, $100M, $200M... Yet, here we are   

How come we raised so little? I was alone at Internxt (https://internxt.com/), and funded the marketing of the ICO with what I had saved from working for a few years at cloud company Hostinger. I was 20 back then and didnt have much to fund the company and crowdsale, so I pretty much had to do everything by myself,  and nobody really knew about our ICO. 

Our crypto story, super summarized! We did our ICO right before all the crypto hype took place, and raised around 1000 ETH (not much). Although we didn't raise much, we managed to release our product; a mass-market oriented decentralized cloud storage service, known as X Cloud. We forked Storj (we didn't have much, so that was the best shot), we improved it and changed pretty much everything radically, launched its alpha, beta and finally its stable version a couple months ago. It's been doing great, and we expect big things from it this year! You can follow our roadmap here https://trello.com/b/kjKAuUNw/internxt-2019 We've got an awesome community, and an already big & growing amount of users making use of X Cloud. You don't need $10M to start a successful company. In fact, many successful companies have grown without raising a single dime (eg MailChimp). All you need is the right team behind the project. And that's really it. Sure, money can help. But that's about it. 

Crypto space. We often see crypto projects that raised anything above $1M (we raised like $300k), and which have not managed to launch their product, or which have launched it with no success. Why's that? Well, the fact that crypto has made it so easy to raise money, has given anyone the opportunity to start a crypto project. This attracted loads of morons, who spent most money on themselves or in dumb corporate investments (eg a $100k cryptopia listing, a $300k hitbitc listing, fake volume boosting, a Messi sponsorship etc). Additionally, since it was so easy to raise money, and thus there isn't a very high pool of smart individuals in the crypto space, not only the execution of the project was poor, but also the idea behind it. There are many examples. Take the SIRIN Blockchain phone. Honestly, who on Earth needs a crazy expensive blockchain phone?

So yup, that's our experience these 2 years in the crypto space. Much nonsense that died or will die out, and a small concentration of smart people with good ideas. Having said that,  I do love crypto, and I really do think that there'll be a few companies that will make it big. We'll see what's up these next few years.

Internxt
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June 11, 2019, 09:21:11 AM
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First of all, congratulations on your success. It's a great feat and that's exactly how a start-up should begin: on a shoestring, optimizing every single resource.

The ICO boom in 2017 and beginning of 2018 didn't do much good to the startup scene in general, as you mentioned lots of people without any solid plan or knowledge managed to raise millions and were either completely clueless about what to do with these funds or outright scammers who just wanted a quick money grab. This has made it much more difficult for serious projects to raise capital from the general public today as so many people got burned by ICOs and most investment is now being provided by the usual big players (VCs, angel investors, etc.).

I was an early supporter of Storj and held the tokens for a long time but I eventually stepped out after seeing many things I didn't like. I find it really awesome that you forked their code and managed to come out with a product much faster than them  Grin


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fvsegarra
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June 11, 2019, 10:01:02 AM
 #3

Thank you! Cheesy

Internxt
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