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If there's a declining thing, cryptocurrency prices are good – in addition to providing great buying opportunities – they are reducing fat in the industry. With the great boom of cryptocurrencies that occurred at the end of 2017, the industry was invaded by snake oil sellers and many less than star projects that manage the Initial Coin Offerings (ICO).
Now that the dust is settling, the industry is starting to eliminate much of the unnecessary noise and focuses on valid projects. In the latest news, the United States Securities and Exchange Commission (SEC) has accused two well-known ICO promoters for their participation in the promotion of projects without revealing the nature of their relations with the projects.
The famous music producer Khaled Mohamed Khaled, better known by his "DJ Khaled" art name, and the professional boxer Floyd Mayweather have both settled with the SEC for their involvement with the ICO of cryptocurrency. In addition to repaying the money earned to promote offers, Khaled and Mayweather are also required to pay additional penalties and interest.
After the fallout of both high level promoters, the cryptocurrency community is becoming more and more aware of the need for greater transparency in the sector. Whether we talk about transparency in ICOs and their promotion, and whether it is the link between developers and the community of cryptocurrencies, clarity and openness are essential now more than ever for the growth of the sector. That's why – and how – this will happen in the coming years.
Because transparency is the key
With the 2017 crypto-mania cooling down, it is time for blockchain-based companies to focus on long-term sustainable growth. Although the bull at the end of 2017 led to an almost $ 20,000 increase in bitcoin prices, it came with such speed and momentum that many investors and projects were trying to capitalize on the movement without the right basis for their efforts.
"The fear of losing", or "FOMO", fueled the great race while everyone in the fintech space was trying to enter the blockchain explosion. Unfortunately, FOMO can often lead to the creation of more dubious projects that lack quality in their offers to the crypto community.
Now that the markets have calmed down, the blockchain space is able to focus more on projects taking giant steps rather than fast flashes in the pan. The markets are maturing. Part of the maturation process is the growth of communities in the blockchain space with a focus on decentralization.
As a fundamental principle of the blockchain revolution, decentralization is fundamental to the success of the sector in the future. A great way to achieve this is to promote greater communication between blockchain developers and the communities they are developing for (and with).
Decentralization must reflect not only the way in which the technology is implemented, but also the way in which the large community is organized. Rather than taking the approach of a large technology company like Alphabet or Apple where developers and producers are isolated from the community, blockchain projects should be one with the people they serve. This not only guarantees a better user experience, but also helps developers to create a better platform.
How do the projects reach openness?
After recognizing the importance of openness in the sector, blockchain projects have different options when it comes to realizing it. Of course, the most obvious answer to this is community engagement for most projects. but what does that mean exactly? Does it mean managing a group of Telegrams and a sub-Reddit to answer questions, explosive ads and promote your projects? The answer, of course, is both yes is no.
Telegram groups, under-reddit, blog updates, etc. They are all important aspects of involvement with a community, but there are other steps that can (and should) be taken as well. One of the most recent examples of this is from Qtum, which has recently announced its ambassador program. The program is trying to include real community members who support the project and are trying to drive community development. Qtum, along with others like Ontology, has recently been added to Binance & # 39;Gold label"List, in the sense that they have been controlled by Binance and are credible projects that keep their communities and investors up-to-date and inform them.
Ambassador programs are great ways for blockchain projects to connect with the community in a more personal way. Ambassadors go to local blockchain meetups, conduct events on their own and interact with the blockchain community in person, rather than just online. Ultimately, the goal of the initiative is to democratize the entire development process and empower users by promoting offline communities. Decentralization means more attention to community users rather than unique investors and traders.
On hold
The blockchain industry is maturing and this means less tolerance for frivolous projects that offer no real value to the markets. With this in mind, it is imperative that the remaining blockchain projects – the "meat" of the sector, rather than the fact that it has been trimmed in the last year – continue to interact with their communities with openness and transparency. Communities want to know what developers are doing and project leaders and leaders want to hear community feedback to improve and move forward. In the words of Winston Churchill: "To improve is to change, to perfect is to change often".
