Topic: Innovation is key, but good community is more important. (Read 290 times)
That's why new projects should care more about their community, without the community the project won't develop as the team hoped for, make the community happy and everything else follows
Community is the determining key fa tor to the success and f any cryptocurrency project. If you develop a cure for covid-19 without the required community to shill it to o the world, your discovery won't be meaningful.
The community is not the determining factors, but a core factor that judges how the end of a project will be after being listed on exchange
Likewise, the type of exchange in which the token is listed, will be a huge judge as to why a project can succeed.
Dyor, and get the basics understood.
Binance deserves the love of from the community, they started their journey on a solid foundation, they build a very strong reputation between them and the exchange users so why won't they succeed? I do hope many new and upcoming projects will learn from binance team
If we cite few examples, i want to believe that you all agree with me that Binance is the new face of crypto currency exchange leading from every front ?
Do you also agree that, binance features were not always the first of all, for example, exrates added fiat crypto gateway to their exchange platform 2 years ago without much usage or acceptance. t.me/exratesme/411
Now fast forward 2 years, and binance adds Nigerian Naira gateway via flutterwave, and it shook the whole crypto sphere as a completely new innovation. And binance has proceeded to add over 10 fiat gateways to their exchange platform
Core lesson to developers is to always boost their communities and remain relevant, that way people get to use and explore the benefits from their innovation.
NB:
You can also contribute more to the thread,
i used binance and exrates as a case study to further emphasize my points, no discrimination at all.
Always DYOR.
Do you also agree that, binance features were not always the first of all, for example, exrates added fiat crypto gateway to their exchange platform 2 years ago without much usage or acceptance. t.me/exratesme/411
Now fast forward 2 years, and binance adds Nigerian Naira gateway via flutterwave, and it shook the whole crypto sphere as a completely new innovation. And binance has proceeded to add over 10 fiat gateways to their exchange platform
Core lesson to developers is to always boost their communities and remain relevant, that way people get to use and explore the benefits from their innovation.
NB:
You can also contribute more to the thread,
i used binance and exrates as a case study to further emphasize my points, no discrimination at all.
Always DYOR.
I agree with you as binance isn't always the first to roll out most of the features that make them number one in the market today but i also have to admit the fact That they present these features in the best way to the market and it has paved way for them to top every other exchange out there. Binance as an exchange is innovative and is always looking for ways to make their services better in any way possible coupled the trust earned by them so far, i think those are the reason behind it's strong community
Good notes from you about binance, but likewise, do you know that projects now over depend on binance for their token price to keep an upsurge.
Projects need to learn to make this things balanced, have a good project, innovate a working product, then list on a big exchange as the perfect catalyst to enjoy a good token value.
You are right about the community, the core product and marketing of most products depends on the efficacy and intelligence of the community members towards the project.
In a short word, run a honest and transparent community and watch your product grow
In a short word, run a honest and transparent community and watch your product grow
From my experience with some exchanges I think reliability is the more important factor so they could maintain their community because there are exchanges that eventually lose their quality or become inconsistent until other traders find a better alternative. I agree innovation is also a big part in the success of exchanges but it doesn't need to be rushed just like how some exchanges does it unless they have a big competitor.
You have mentioned two core values of a solid and reliable project in the crypto currency space.
Because, they are entwined and vice versa, why ? If you have good products and a weak community base, no one to use your product and the project goes off like a flame.
But if you have a community base that trusts and believe in the project, every products will be used, practiced and utilized, which causes natural hypes and high prices of products in the crypto currency space.
Because, they are entwined and vice versa, why ? If you have good products and a weak community base, no one to use your product and the project goes off like a flame.
But if you have a community base that trusts and believe in the project, every products will be used, practiced and utilized, which causes natural hypes and high prices of products in the crypto currency space.
You need both an active and passionate community for anything in the crypto space to succeed. The main development team of a crypto project should also ideally have some sort of communication with the community whether it's updates or questions and announcements to ensure things are moving in the right direction.
There's definitely no one or few defined ways for a project to succeed, though. Everything in the crypto space has its own strengths and faults, though there are improvements to be made everywhere. Nothing's truly perfect.
There's definitely no one or few defined ways for a project to succeed, though. Everything in the crypto space has its own strengths and faults, though there are improvements to be made everywhere. Nothing's truly perfect.
Community base is crucial for any crypto project, however giving your community real innovation is the key. What I observe with binance over the years is that they thrive on the trust they've built in the space. Although exrate had the feature up and running before anyone, I will still prefer binance because of their reputation and constant dishing out of innovations.
A good project with a silent community should not yet be seen as being good. Engaging the community in the discussion is very important. Let them talk about your project and ask their concerns. That will bring and attract the mind of others to it. When they ask questions and you give them deeper meaning to what you have, they are happy and excited to invest in it. Not only that, but they will also invite others, such as their friends and family to come and invest in such a project.
Totally true, they need to also follow the discussion that project have it may help for him and other community to know each other and learn more about the project they are supporting. The more people engage in a project the more people can also be attracted to became part of thier community.
A good project with a silent community should not yet be seen as being good. Engaging the community in the discussion is very important. Let them talk about your project and ask their concerns. That will bring and attract the mind of others to it. When they ask questions and you give them deeper meaning to what you have, they are happy and excited to invest in it. Not only that, but they will also invite others, such as their friends and family to come and invest in such a project.
If we cite few examples, i want to believe that you all agree with me that Binance is the new face of crypto currency exchange leading from every front ?
Do you also agree that, binance features were not always the first of all, for example, exrates added fiat crypto gateway to their exchange platform 2 years ago without much usage or acceptance. t.me/exratesme/411
Now fast forward 2 years, and binance adds Nigerian Naira gateway via flutterwave, and it shook the whole crypto sphere as a completely new innovation. And binance has proceeded to add over 10 fiat gateways to their exchange platform
Core lesson to developers is to always boost their communities and remain relevant, that way people get to use and explore the benefits from their innovation.
NB:
You can also contribute more to the thread,
i used binance and exrates as a case study to further emphasize my points, no discrimination at all.
Always DYOR.
Do you also agree that, binance features were not always the first of all, for example, exrates added fiat crypto gateway to their exchange platform 2 years ago without much usage or acceptance. t.me/exratesme/411
Now fast forward 2 years, and binance adds Nigerian Naira gateway via flutterwave, and it shook the whole crypto sphere as a completely new innovation. And binance has proceeded to add over 10 fiat gateways to their exchange platform
Core lesson to developers is to always boost their communities and remain relevant, that way people get to use and explore the benefits from their innovation.
NB:
You can also contribute more to the thread,
i used binance and exrates as a case study to further emphasize my points, no discrimination at all.
Always DYOR.
I agree with you as binance isn't always the first to roll out most of the features that make them number one in the market today but i also have to admit the fact That they present these features in the best way to the market and it has paved way for them to top every other exchange out there. Binance as an exchange is innovative and is always looking for ways to make their services better in any way possible coupled the trust earned by them so far, i think those are the reason behind it's strong community
There are some genius ideas out there already existing that nobody's heard of and there are some people still looking for a way to create them without even knowing it's already out there in the wild.
I, for instance, have never even heard of exrates. Vitalik posted a tweet a few days ago where he said we should find a way to exchange BTC for ETC or vice-versa in a decentralized manner without even knowing the technology is already out there, implemented in Komodo's Atomic DEX.
I guess it's not only about community. There are lots of factors contributing to a successful project. Binance maybe isn't the first to add the Nigerian Naira gateway, but it's one of the top (or even the no.1) exchanges in the world.
Compare that to me starting a little charity to donate 500 people food and then some billionaire comes out and says they'll donate food to a million people. Not the first to do it, but it surely does have a much larger impact and way more people have heard of this billionaire than of me, right?
I, for instance, have never even heard of exrates. Vitalik posted a tweet a few days ago where he said we should find a way to exchange BTC for ETC or vice-versa in a decentralized manner without even knowing the technology is already out there, implemented in Komodo's Atomic DEX.
I guess it's not only about community. There are lots of factors contributing to a successful project. Binance maybe isn't the first to add the Nigerian Naira gateway, but it's one of the top (or even the no.1) exchanges in the world.
Compare that to me starting a little charity to donate 500 people food and then some billionaire comes out and says they'll donate food to a million people. Not the first to do it, but it surely does have a much larger impact and way more people have heard of this billionaire than of me, right?
If the community is large, but the innovation is not good, it looks like crap.
If innovation is good and the product is very useful, but the community is small, the targets, vision, and mission that are carried out will not be conveyed properly.
So the developer must make a balanced combination between the two so that it will create a trust that will strengthen the market.
If innovation is good and the product is very useful, but the community is small, the targets, vision, and mission that are carried out will not be conveyed properly.
So the developer must make a balanced combination between the two so that it will create a trust that will strengthen the market.
Transparency is more important though when it comes to services,I have pretty bad trading experience on exrates.me which related to the price they are listing tokens and the actual trading price is very too low from the listed price and also they have high gee struture whereas Binance is pretty new exchange compared to other old exchange still it got reputation and users due to their low fee and complete secured feel while trading on their platform.
Exrates is a known scam exchange now, they always faked the price and volume! Exrates has near-zero real volume, all you can see those are fake/bot volume, I never traded there after I noticed this scam behaviour! The exrates team is shady and dishonest nowadays, you cant get quick help from them! But in Binance, you will be exhausted by taking their several services!
Yes community is very important especially when it is coupled with excellent smooth product, rightly directed marketing and proactive dev/team and no wonder Binance has all the ingredients of success and i think it has still a long way to go, i hope it will offer local fiat deposits and withdrawals in my country too soon.
You are absolutely right. Innovation is good but a strong community can make that better. Binance community is one of the strongest community ever in crypto history! Their telegram group, twitter handle, Reddit page everything is very active and relevant and they never failed to keep people's interest in them! That's why they are the largest crypto exchange! Without community, I have seen many projects has died or died now! I have seen VERI, PPT coins, they have almost zero community and because of that, these two big coins are fading away!
Transparency is more important though when it comes to services,I have pretty bad trading experience on exrates.me which related to the price they are listing tokens and the actual trading price is very too low from the listed price and also they have high gee struture whereas Binance is pretty new exchange compared to other old exchange still it got reputation and users due to their low fee and complete secured feel while trading on their platform.
Do not forget that money is probably more important than all of this combined. If you want to build a new project, you can use as much money as you can afford to an it will make it better, there is absolutely no way you can't get the best out of your project if you do not spend the highest financially possible amount you can.
I am not talking about the money you have, I am talking about calling all of your family and asking for money, calling all your friends and asking for money, calling for loans from the banks, basically the maximum capacity you can and then set out to build a new project, with that you can actually build something half decent if you are poor and quite exquisite if you are rich. The more money spent on a project equals more money you can get invested.
I am not talking about the money you have, I am talking about calling all of your family and asking for money, calling all your friends and asking for money, calling for loans from the banks, basically the maximum capacity you can and then set out to build a new project, with that you can actually build something half decent if you are poor and quite exquisite if you are rich. The more money spent on a project equals more money you can get invested.
I think the community exists only for discussion but, more importantly, for an exchange is the user if you have a large community. Still, no one uses the exchange, and it's useless. There will not be volatility in your exchange.
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