Choosing the right chain: Standing out and fitting in
Today we are concluding our weeklong series on how we are going along deciding on our new blockchain partner. We started with the technical aspects of decentralization, safety, and scalability, moved over to additional features, talked about marketing aspects and today we will be adding the narrative, community, and culture.
Most of today’s topics are personal preferences and will be important for building out a solid brand, so do not take these aspects lightly. At this early stage, most blockchain projects are being built and run by technicians, but with growing competition there will be a growing business management influence. We could argue if that is good or bad, but it is coming.
This is all about branding. Once you say a name of a company you should know what it stands for. But this takes time and consistency. Some blockchains have already found their niche and are building their brand on it. Making a blockchain choice for a new project can be a statement of what it tries to achieve, but such a choice must not take precedence over the technical needs. That said, the choice with going with a chain that has a totally opposite views on the world as your own is as bad as ignoring the technical aspects.
Generally, the project should fit in the narrative of the chain or at least be neutral to it.
This is just an addition to the full efforts that need to be put in from the team to make the project standout and be great by itself. Yet sometimes it’s hard to stand out in the crowd even with a perfect project. Coming out with a new DEX on Ethereum is going to be hard unless you really develop something, but you could stand better chances on an upcoming blockchain. None of this comes without risk.
We’ve written in our White paper that today projects live and die with their communities. It is hard to overstate the importance of a big and supporting community. Being accepted by the community will come down to how the project fits in and stands out, the communication form the team, the marketing efforts but it will also be affected by how the blockchain team presents it to their community.
Being able to form meaningful partnerships usually strongly incentivizes community building around the projects and allows for the opportunity to spread word to other, overlapping communities.
Team communication, culture, atmosphere
In the end we are all human and we still need to communicate. At least for now. I’m sure you have had the pleasure to just crash a party and immediately felt at home. And then there are meetings, or even family visits where you don’t feel comfortable and relaxed.
These intangible in hard to define factors make for a great exchange of information and better creativity. To work well in a team you need to feel relaxed and being able to express yourself without thinking about how someone will put you down if you are wrong.
It is also important to see how the team treats their own, as this is probably how they will treat you in the end, so do not neglect that part of decision making.
This concludes our series on chain selection. I believe that once you have set the boundaries of your project it comes down mostly to:
- Dealing with funds, reasonable security always takes precedence.
- How do I make the project as user friendly as possible?
- How do I do it fast and cost effective without compromising on quality?
- How will I be able to raise the necessary funds?
- How will I get the word out of my amazing new project?
These answers don’t come only for choosing a blockchain, but they will greatly influenced by it.