In an attempt to quell rising frustrations from boiling over I am going to give a much needed update and some perspective. While I am no longer a part of the Emercoin team I feel it important given the current state of affairs. This will help set expectations so I will attempt to address the main concerns:
Team:
The dev group is very focused on internal matters and has little time to dedicate towards community-based endeavors. They are a hard working group from Russia and are extremely active in the Russian blockchain community, where Emercoin enjoys popularity. The technology the group has developed is ahead of its time in my opinion for a blockchain offering, requiring more promotion and adoption to showcase the strengths of their blockchain-based services. The group is growing in size every month so there is reason to be optimistic here provided there is some organization and professionalism displayed when engaging with the public.
Distribution:
There has been much concern expressed regarding the distribution of EMC. The currency was not pre-mined however a very large block subsidy (bonus) at the beginning allowed early adopters to gain dominating positions of EMC. Because Emercoin is not a formal company but a group of talented enthusiasts, funding must come from internal sources, opposed to the public. This reality is a growth constraint for many reasons so it makes logical sense the dev group will control a large amount of the existing EMC. This acts as an incentive for them to continually build Emercoin while simultaneously acting as a funding source for future projects.
Liquidity:
This comes back to the amount of entry / exit ramps for EMC, via the exchanges. A good percentage of this thread is dedicated to inquiring why Poloniex has not listed Emercoin yet after 2.5 years. The group has attempted on dozens of occasions with no luck, including getting assistance from industry professionals. I cannot say if EMC will be listed on Poloniex however there are many other exchanges EMC can be listed on. Lastly, improving the liquidity situation should be a priority for the group, as it is not a guarantee a EMC holder will be able to convert to BTC in the current environment. This can be a very scary reality which keeps traders away and thus further hurts distribution and ultimately adoption.
Community:
Many people have requested feedback and active engagement within the industry from the dev group over the years. Because of the philosophy of the group to focus on work matters, the current level of engagement has been consistent from the start of the project. The cultural barriers presented including language have acerbated the situation to the point now where people have given up on Emercoin or they have resigned themselves to the current reality of the dev group.
Improving the visibility and image of Emercoin will help them grow within the industry. This is the single biggest area of improvement the group can focus on in the future. Taking some time to work with the people you expect to adopt your services and purchase your currency is vitally important:
- A presence at blockchain conferences so you can be known outside of the forums
- AMA (ask me anything) on Reddit to engage in the community so they can discover who you are
- Present a road map so the pubic has some level of transparency into your long term vision
- Give Emercoin an identity it can establish and be known for as a blockchain
- Hire a group of English speaking enthusiasts to promote Emercoin within the community
Technology:
By far the strongest aspect of the project, the technology Emercoin has is what has got them to where they are today. There is constant innovation taking place behind the scenes and I can tell you some of the projects slated for development are leading edge. To make these projects successful as possible post-development my suggestion is Emercoin take the time to establish a legal entity. Your competitors have found ways to do this and take in investment capital to grow.
Without this ability to keep pace the threat grows of being left behind. All of the technological advancements in the World will not make a difference should few companies and individuals chose to adopt them. This goes for the currency as well, so at some point more emphasis must be allocated to Emercoin's image given how good the technology already is.
Price:
Very little I can comment on here for those that are visibly upset. Emercoin has been in a free fall since the beginning of April, before the Bitcoin run-up. The Dev team is definitely not going to come to the forum here and assuage investors concerns about the price dropping. The market is very thin and thus easy to manipulate if one has a large amount of EMC, everything else is pure speculation. Buying at these prices means you believe in the project long term and its vision.
I hope the dev team takes a serious look into some of the very real constraints hindering the project currently. I also trust the community will be patient and understand that a tremendous amount of good work has been accomplished by a relatively small group working outside of their culture and native skill set. Emecoin will need to decide soon if it is a project blockchain or a company blockchain. This is not 2012 any longer, the competition is very real and coming very fast in an open source environment. For the sake of Emercoin and the underlying currency (EMC), the decision better be made soon.
Team:
The dev group is very focused on internal matters and has little time to dedicate towards community-based endeavors. They are a hard working group from Russia and are extremely active in the Russian blockchain community, where Emercoin enjoys popularity. The technology the group has developed is ahead of its time in my opinion for a blockchain offering, requiring more promotion and adoption to showcase the strengths of their blockchain-based services. The group is growing in size every month so there is reason to be optimistic here provided there is some organization and professionalism displayed when engaging with the public.
Distribution:
There has been much concern expressed regarding the distribution of EMC. The currency was not pre-mined however a very large block subsidy (bonus) at the beginning allowed early adopters to gain dominating positions of EMC. Because Emercoin is not a formal company but a group of talented enthusiasts, funding must come from internal sources, opposed to the public. This reality is a growth constraint for many reasons so it makes logical sense the dev group will control a large amount of the existing EMC. This acts as an incentive for them to continually build Emercoin while simultaneously acting as a funding source for future projects.
Liquidity:
This comes back to the amount of entry / exit ramps for EMC, via the exchanges. A good percentage of this thread is dedicated to inquiring why Poloniex has not listed Emercoin yet after 2.5 years. The group has attempted on dozens of occasions with no luck, including getting assistance from industry professionals. I cannot say if EMC will be listed on Poloniex however there are many other exchanges EMC can be listed on. Lastly, improving the liquidity situation should be a priority for the group, as it is not a guarantee a EMC holder will be able to convert to BTC in the current environment. This can be a very scary reality which keeps traders away and thus further hurts distribution and ultimately adoption.
Community:
Many people have requested feedback and active engagement within the industry from the dev group over the years. Because of the philosophy of the group to focus on work matters, the current level of engagement has been consistent from the start of the project. The cultural barriers presented including language have acerbated the situation to the point now where people have given up on Emercoin or they have resigned themselves to the current reality of the dev group.
Improving the visibility and image of Emercoin will help them grow within the industry. This is the single biggest area of improvement the group can focus on in the future. Taking some time to work with the people you expect to adopt your services and purchase your currency is vitally important:
- A presence at blockchain conferences so you can be known outside of the forums
- AMA (ask me anything) on Reddit to engage in the community so they can discover who you are
- Present a road map so the pubic has some level of transparency into your long term vision
- Give Emercoin an identity it can establish and be known for as a blockchain
- Hire a group of English speaking enthusiasts to promote Emercoin within the community
Technology:
By far the strongest aspect of the project, the technology Emercoin has is what has got them to where they are today. There is constant innovation taking place behind the scenes and I can tell you some of the projects slated for development are leading edge. To make these projects successful as possible post-development my suggestion is Emercoin take the time to establish a legal entity. Your competitors have found ways to do this and take in investment capital to grow.
Without this ability to keep pace the threat grows of being left behind. All of the technological advancements in the World will not make a difference should few companies and individuals chose to adopt them. This goes for the currency as well, so at some point more emphasis must be allocated to Emercoin's image given how good the technology already is.
Price:
Very little I can comment on here for those that are visibly upset. Emercoin has been in a free fall since the beginning of April, before the Bitcoin run-up. The Dev team is definitely not going to come to the forum here and assuage investors concerns about the price dropping. The market is very thin and thus easy to manipulate if one has a large amount of EMC, everything else is pure speculation. Buying at these prices means you believe in the project long term and its vision.
I hope the dev team takes a serious look into some of the very real constraints hindering the project currently. I also trust the community will be patient and understand that a tremendous amount of good work has been accomplished by a relatively small group working outside of their culture and native skill set. Emecoin will need to decide soon if it is a project blockchain or a company blockchain. This is not 2012 any longer, the competition is very real and coming very fast in an open source environment. For the sake of Emercoin and the underlying currency (EMC), the decision better be made soon.
thanks for the overview of things
