Pro-tip on Operational Assessment Regarding Decentralization of Cryptocurrencies
Cryptocurrencies are meant to be decentralized in nature to empower the masses to participate in securing the system and create a dynamic ecosystem. However, there are certain Coins that have a centralized structure, which can have their own advantages. Usually, a coin’s governance structure can be implied from their consensus mechanism.
Verdict: good/bad. Is the coin the first of Its kind in solving a particular problem?
(A coin that is the first application of its kind will have a strong “first-mover” advantage). How different is the coin from Its nearest competitor? (a coin with new technologies or solutions that is different from its competitors could have greater traction and adoption)
How lucrative is the target market? the target audience for the coin’s application should be well-defined and large enough to support substantial growth.
Are There significant legal barriers? this could compromise the resources and timeline of the project.
Development Team Assessment
Who are the founding team members & what are their experiences? the success of the project depends largely on the substance of the core founding team. Who are the advisors?
A project that is backed and advised by credible advisors would be more credible
Are they active in conveying their progress development & do they adhere to their timeline? are they active in responding through their official channels and forums?
#bitcoin, #bitcoins, #bitcoinmining, #bitcoincash, bitcoinnews, #usa, #hotels, #germany, #spain, #australia, #korea, #france, #italy, #malaysia, #indonesia, #singapore, #blockchain, enjoy!