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May 30, 2021, 12:06:21 PM |
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I would answer it in a slightly different way.
What makes a blockchain project successful?
Any new token which has a real use case can become established if they can showcase their product works. However, there are 3 (or more) kinds of new tokens:
- Marketing Gimmick & Cash Grab - Forketing - Original Ideas
Marketing Gimmick & Cash Grab
There isn't much substance behind this kind of tokens worth discussing. It is inevitable that these will fail, taking down community capital. Some will profit, most will lose. Completely unsustainable.
Forketing
Trust me, I am not saying that all forks are bad. But if the only reason behind forking a project is purely monetary and just the introduction of a new token, I would run as fast as I can. For me, a noteworthy fork is when developers are in disagreement and one party thinks that they can create better solution than the other. And when they can't reach consensus, they part ways, and fork is created. This is a natural evolution of all open source projects. Or sometimes, a fork is created translating one technology to another to create something that did not exist. This too is equally good in my personal view.
But just forking a project for monetary gain may or may not work. This is dependent on the bandwidth of the community, how far they would like to take a project. If they lose interest, the project does not succeed.
Original Ideas
Well, the cryptocurrency industry is extremely welcoming if you think about it. Who could say that a novel idea like Chainlink would become such a massive success? But look now, they are one of the champions of the decentralized finance.
Again, the chances of a project succeeding does not purely depend on how great technologists a project has. It simply doesn't matter. There needs to be a combination of community support, competence to deliver the promises, and that's a huge team work. Not a single project has succeeded without community. But community does not necessarily mean only the people who are inside a project. It also means how open, inclusive, and permissionless a project is in the longer run for new people to join.
To summarize, successful projects are hard to determine. That's the whole beauty of this industry, that it's unpredictable.
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