“By What Measure”
We hear the words about whether a project is “Good” or “Bad” but what does this actually mean? There is an unofficial consensus forming about project standards in the crypto space.
They are the basics that every Cryptocurrency/ Crypto Asset project should have and aspire to maintain. As a trader I look at these all the time when evaluating a project. Many times I have passed on a project based on poor maintenance of just one of these.
It goes without saying a website is the backbone of doing anything on the internet. Projects looking to be taken seriously must have a fully functioning website. The website must fully explain what the project is about and introduce it’s team and goals.
The website does not have to be fancy. As long as it does a good job introducing the following:
- Project outline – What the project is about
- Roadmap – What the project aims to achieve in the near future and what it has achieved so far
- Tools – Links to software needed to get involved (eg Wallet)
- Team – Who the key members of the team are, their experience and what they do
- Updates – A page which has updates from the team in chronological order (Bug fixes, new partnerships, change in team etc)
- Contact – All social media links for the project and yes, a spam resistant contact form
A wallet is where you store your Crypto Assets. This aspect of the project should be focused on immensely. People and exchanges cannot participate in in the project if there is no wallet. Many crypto assets have fallen due to not maintaining the functionality of their wallet.
My opinion is that projects should focus on having this up and running before even announcing their projects.
3.Social Media Updates
It’s not good enough for a project to just have an account. All projects should strive to update there followers regularly about their project. The team should also make an effort to engage regularly about things happening in the space in general.
The benefit of having an active account are obvious – It keeps your project in full view of the public. It shows the world that the community spirit around your project is alive.
Notable examples of this are the Digibyte community and the XRP community. You’ll always find the key members answering questions and engaging with the people.
A Roadmap gives people a high level overview of the project’s goals and deliverables presented on a timeline. The roadmap shows the important milestones and deliverables the project needs to meet its goal.
Not having a road map usually indicates that the team do not have enough insight on how they’ll reach their destination. Or it could just mean that they cannot communicate the fact properly.
The above list is by no means everything. There are other things which one can add to their criteria as a filter of bad projects. At the end of the day what you are trying to gauge is:
- Does the project aim to solve an actual problem.
- That the team are dedicated and motivated enough to do it.
- That they have the adequate skills and knowledge to do it.