Crypto Project Revitalization – Three Things To Considerbr>
There are hundreds of nearly dead and abandoned blockchain projects strewn across the landscape of the crypto space. All of these are potential targets for revitalization, but some of them will result in wasted efforts, while others present excellent opportunities to create value and serve their communities.
Determining which category a project falls into is key to determining where you can help and potentially invest time and money to help clean up the world of cryptocurrencies.
When I look for a project to resurrect, there are several factors I look at to determine whether I should take on the project. I have developed this rubric based on working full time in blockchain projects for several years, failing in several projects and succeeding in others.
These three key considerations are not the only considerations, as other things should be taken into account such your team, being able to gain access to social media, the existence of a functional block explorer, and basic integrity of the existing blockchain.
So, without further fanfare, I would like to introduce what I call the “BitBender Reboot Rubric.”
#3 – Make sure your blockchain isn’t top heavy
One of the mistakes I made early on is joining a project that had a massively top-heavy rich list on the blockchain. The project, which shall remain nameless, was being rebooted, but the initial developer held 35% of the coins. The new developer held around another 15%-20%, meaning that the majority of the coins were held by a very few people. This meant that as the value of the project grew due to the hard work of the team, people at the very top could sell down in massive chunks, driving the price down as they made their exit. I would like to say this has happened in only one project, but I have seen it time and time again. As a general rule, I like to make sure that nobody holds more than 10% of the coins in any project I am looking at contributing my efforts towards. This way, it is more difficult for any single wallet holder to create a sustained dump in the project.
#2 – Make sure there are adequate exchange listings
Another key factor is that there needs to be a place for people to purchase the coins once they find out that the project is being rebooted. This will likely be smaller exchanges at first, but make sure you vet the exchanges that you use very carefully. There are several exchanges, and one in particular, that are extremely difficult to work with when it comes to project upgrades. This one intractable exchange often refuses to upgrade their wallet, leaving users who hold coins trapped and unable to participate in the growing ecosystem for the new coin after wallet upgrades. Particularly nasty offenders will contact your team repeatedly and request additional funds for delisting – the price will go up every time they contact.
#1 – Community is ABSOLUTELY Key
The most important part of any coin reboot project is to remember who you work for: The Community. When you step onto the scene, some people will resist and assume ill intent on your part; it is no wonder that they are scared when they have already been abandoned by one set of developers. The only antidote to this is to continuously and relentlessly add value. If you ever forget that your boss is ultimately The Community, they will remind you by quickly dumping your coins because they know you don’t have their best interests at heart. I have seen this happen time and time again in projects when someone thinks that they are better than the average coin user and stop respecting The Community in Discord, Telegram or Slack. Once The Community feels betrayed, the coin will die just as surely as it was before you showed up on the scene in the first place.
So that’s it – if you follow these basic requirements, act with honesty, integrity, and good intentions, you can accomplish amazing things and add value in every area of the projects you are involved in. These are the basic steps being followed in the ongoing reboot of Vulcano ($VULC) and already the fruits of these actions can be seen. There is perhaps no better example of an area where the actions of an individual can have the same organizational impact as in these nascent blockchain projects. Go out there and be great!