The Entrepreneur Forum | Financial Freedom | Starting a Business | Motivation | Money | Success

My $100m Idea - Building A Smart Contract Web App

Learn how to build wealth and win financial freedom the Fastlane way!

Say "NO" to mediocre living rife with jobs, ascetic frugality, and suffocating savings rituals— learn how to build a Fastlane business that pays both freedom and lifestyle affluence. Join more than 70,000 entrepreneurs who are making it happen.
Join for FREE Today
Get the books
Remove ads? Join Fastlane INSIDERS
(Registration removes this block)
Idea threads

Roli

Platinum Contributor
Read Fastlane!
Read Unscripted!
Speedway Pass
Jun 3, 2015
1,611
2,627
Just to pre-qualify what you are about to read below, I actually wrote it a couple of weeks ago and saved it to a word doc. Since then I've been really busy and stuff has happened which I'll detail in further posts on this thread. I have been up and down an emotional roller coaster, so I thought best to post now while it still kind of makes some sense.

OK here goes, everything below this line is what I wrote two weeks ago...



I was going to wait a while before starting this, however having just wrapped one up I realise that there is little value waiting till I've got further along the line and then writing about my progress. So hopefully this will develop into a nice little thread and we can all watch me grow together to either a huge success or create another set of valuable lessons in failure.

The Idea

Until I have actually got a working model of my app I am going to be fairly vague for obvious reasons. Suffice to say that what I am attempting to build is a completely new idea and therefore is hard to describe and categorise, but I'll do my best.

It can best be described as a BaaS (Blockchain as a Service) application, though I've realised that this may actually turn out to be misleading in the long run, so just bear with me for now.

It passes the CENTS test (I think) in that even though it will at first sit atop of somebody else's blockchain (almost definitely Ethereum), I will still have Control and when it comes to Scale that little problem can be alleviated fairly swiftly.

Barrier to Entry is medium to high, and actually I will have first mover advantage here, so I guess I'm viewing it like Google, Youtube, Facebook are all easy to copy in design and possibly delivery; however they have first mover advantage and each of those apps gave the market something new at the time.

I am most definitely easing a pain point in the industry I'm aiming at, without doubt there is Need and I've already sounded out some friends in the industry, and they are almost as excited as I am to see a finished product.

I am not worried about Time as I see a diminishing time input which is directly related to the increase in users and profits.

As I mentioned briefly above, part of the model when it comes to Scale is to migrate to its own blockchain in the future. However I am very realistic about this, as in order to have one's own distributed ledger, you need a number of people willing to run nodes, this will happen as the app grows and finally outgrows the Ethereum (or perhaps EOS or even NEO) blockchain.

Creation Strategy

I am learning to code it myself for the following reasons:

I think that the idea is one of those my god this is so simple why didn't anyone think of this before ideas, and thus I (perhaps wrongly) believe it wold be hard to protect even with an NDA.

I don't have £10-25k to pay blockchain devs, and not sure I'd feel comfortable with most of the guys I've seen.

I believe that I can get it to the first stage - writing the contract and creating a simple web interface - relatively painlessly.

Perhaps this is ego driven, but I just want to code it, I want to have understanding and I believe that even if it fails, the coding skills I'll pick up while doing it will help me in the future. I really want to be a developer, in fact I am a developer.

Any money I pay after I've coded it will be smart money, as I'll be able to tell if the incoming devs are really worth their salt or just people trying to BS me because I don't know anything.

Investment Strategy

Ultimately this app will have a cryptocurrency attached to it; and before you run to the hills groaning, trust me on this one, this will be one of the few coins that is intrinsically attached to the value of the application.

In other words it will be a useful crypto and unlike 99.99% of the cryptos out there, it won't just be attached to the project in name, the value the app gives will be directly reflected in the value of the coin.

Once I have made some money back, I can put that into a proper full on dev team. However before any of that happens, I need to get a working model so that I can show people that it really works.

This will not be another ICO based on future promises and vaporwear, it will be a working usable model which people will either love or hate (I'm pretty sure they'll love it :) )
 
Don't like ads? Remove them while supporting the forum: Subscribe to Fastlane Insiders.

Roli

Platinum Contributor
Read Fastlane!
Read Unscripted!
Speedway Pass
Jun 3, 2015
1,611
2,627
OK, since writing the above I have come into a variety of problems, the main one being that I can't code for sh*t and am having a tough time learning.

I am learning Solidity which is the language of Ethereum, this in itself may be (almost definitely is) a huge mistake. The Ethereum network has some pretty major scalability problems, and if my app is successful it will be used on a mass scale, ergo Ethereum is probably not the way to go.

OK, so after getting down on myself, I've realised I need to change strategy in order to get this thing underway. I'll just lay out my options below so you can see what I'm thinking.

Option 1 - Blunder Ahead With Solidity

This isn't as bad as it seems despite the scale issues, the reason being that at least I can get a working app out there as Ethereum is the biggest and most popular smart contract blockchain.

However there is scant little support out there, and just trying to get help on the most minor things are proving impossible.

Option 2 - Keep Learning Python

This option has its merits because the EOS blockchain (which isn't actually ready yet), allows smart contract code to be written in Python, as does (if I'm not mistaken) the NEO chain.

This of course means that there is a wealth of support and cookie cutter code out there, and the above mentioned chains are built (or being built) for scale.

Option 3 - Give Up Trying To Code And Find Partners

I simply don't know how to do this without getting ripped off. All I have is an idea in my head (and detailed extensively on paper), but what's that worth?

Whatever way I think of it I just imagine a conversation going a little like this;

Me: OK Mr/Ms Dev, I'll give you X% if you code the whole thing for me.

Dev: What are you bringing to the table?

Me: The idea, and some industry contacts to make some immediate sales.

Dev: No, I don't think I can help you.

Dev goes off and does it themselves thus keeping 100% of the profits.


I know I'm paranoid, but am I paranoid enough?

Option 4 - Ummm

I'm fresh out of ideas here so any help would be greatly appreciated.

Notes: I was given the bubble.is website to try and build it without code, however I have been checking it out and because it's a smart contract, it doesn't really help.

Frustratingly the contract bit is the easiest part, if you know what you're doing, which I clearly don't.

I'm actually quite confident on building out the React JS side of the application. I would need massive help making it secure, but I'm sure I could quite relatively easily get the application sorted.

So ho-hum, I think it's option 2 for me, with a sprinkling of option 1.
 

Roli

Platinum Contributor
Read Fastlane!
Read Unscripted!
Speedway Pass
Jun 3, 2015
1,611
2,627
The Investor

So a very good long-term friend of mine has set up a meeting with an investor and a 'blockchain specialist'...

If you're anything like me you have just grimaced and your stomach has turned as you read those last two words.

My friend is new to the space, and I have already saved him from a couple of bad investments and dodgy partnerships. However he insists that this guy is a minted VC with a 7-8 figure warchest.

I don't know how this is going to go down, I guess I have to meet him... any ideas on how to protect my idea would be greatly appreciated, or just how to approach such a meeting.

Okay, that's my progress so far, am happy to give any clarifications on what probably seems like my insanity.
 

Solrac

Bronze Contributor
Read Fastlane!
Read Unscripted!
Speedway Pass
Jul 6, 2014
256
369
Florida
I don't know how this is going to go down, I guess I have to meet him... any ideas on how to protect my idea would be greatly appreciated, or just how to approach such a meeting.
You're idea is probably nothing special. What makes the greats great is how they executed. I wouldn't be too worried about it.

And just letting you know, typical VC's laugh in the face of NDA's.
 
Don't like ads? Remove them while supporting the forum: Subscribe to Fastlane Insiders.

nitrousflame

Silver Contributor
FASTLANE INSIDER
Read Fastlane!
Read Unscripted!
Speedway Pass
Aug 7, 2012
396
748
35
Minneapolis, MN
I've been learning a little bit of solidity myself lately just for fun (for now), and have found a small, but growing resource that you may find helpful. A guy named Logan Brutsche has been putting together a little Solidity Dev community complete with free weekly youtube tutorials and an accompanying slack channel.

Youtube - Logan Brutsche

Website - CryproPrimitive Academy
 

Roli

Platinum Contributor
Read Fastlane!
Read Unscripted!
Speedway Pass
Jun 3, 2015
1,611
2,627
You're idea is probably nothing special.

I am very confident you won't say that when/if you finally hear what the idea is.

And just letting you know, typical VC's laugh in the face of NDA's.

Yeah, that's what I thought... What would you do in my situation?

Keep plugging away I guess?
 

Roli

Platinum Contributor
Read Fastlane!
Read Unscripted!
Speedway Pass
Jun 3, 2015
1,611
2,627
I've been learning a little bit of solidity myself lately

Cool, what's your coding background? Is this your first language or are you bringing a lot of knowledge from Java/Python et. al.?

have found a small, but growing resource that you may find helpful. A guy named Logan Brutsche has been putting together a little Solidity Dev community complete with free weekly youtube tutorials and an accompanying slack channel.

Very, very much obliged! That sounds awesome, especially the Slack channel, I am starving for some live feedback, there's only so far tutorials can take you when coding your own project.

I'll see you over there! :-D
 
Don't like ads? Remove them while supporting the forum: Subscribe to Fastlane Insiders.

Roli

Platinum Contributor
Read Fastlane!
Read Unscripted!
Speedway Pass
Jun 3, 2015
1,611
2,627
I've been learning a little bit of solidity myself lately just for fun (for now), and have found a small, but growing resource that you may find helpful. A guy named Logan Brutsche has been putting together a little Solidity Dev community complete with free weekly youtube tutorials and an accompanying slack channel.

Youtube - Logan Brutsche

Website - CryproPrimitive Academy

I've just joined the Slack .... I feel like the guy who has been wandering around out in the cold trying to build a log cabin using a set of Japanese instructions on wet paper.

Occasionally I see someone in the distance in the blizzard and try and ask them advice. They shout something at me which I barely understand but try and implement it anyway.

My cabin keeps falling down.

Then I meet you in the snow, and you tell me of a nice warm place with people there who are also building log cabins, and there's a cabin master who will help me.

I'm imagining hugging you and sobbing tears of joy and just saying how that even though you're a stranger, I love you.

These communities are not easy to find.

From the bottom of my heart, thank you. Rep ++++++++
:clap:::praise::clap:::rofl::clap:::praise:
 

Solrac

Bronze Contributor
Read Fastlane!
Read Unscripted!
Speedway Pass
Jul 6, 2014
256
369
Florida
I am very confident you won't say that when/if you finally hear what the idea is.
I don't mean it in the sense that the idea has no value. I'm saying it doesn't matter what it is if you don't do anything about it right? How many people come on the forum and say "my idea is xyz" but never turn it into anything? So I wouldn't really be worried about things like protecting your idea, at the end of the day it is just action faking.

If I were you I would build. I wouldn't worry about anyone stealing anything. You will find people to support you if you have taken initiative on it. You want more people to know about it, not less.
 

Roli

Platinum Contributor
Read Fastlane!
Read Unscripted!
Speedway Pass
Jun 3, 2015
1,611
2,627
I don't mean it in the sense that the idea has no value. I'm saying it doesn't matter what it is if you don't do anything about it right? How many people come on the forum and say "my idea is xyz" but never turn it into anything? So I wouldn't really be worried about things like protecting your idea, at the end of the day it is just action faking.

If I were you I would build. I wouldn't worry about anyone stealing anything. You will find people to support you if you have taken initiative on it. You want more people to know about it, not less.

I don't think I have done a good job getting the message of this post across.

My point is that I have started to build it, however my knowledge in the area is poor (something which I'm addressing).

At this stage, telling somebody the idea who also has the knowledge to help me is rather akin to going to an established fashion designer with your idea for a new coat.

Unless that person is a good friend or family member, there is every chance that they will simply say they can't help you and then steal your design, because you don't bring anything to the table beyond the idea.

This happens all the time, just ask the guy who sued Dr Dre about the Beats headphones.

I agree with you having an idea and just wanting to protect it without doing anything to realise the idea is action faking. However that is not what I'm doing, I'm very much taking action, I've spent money and time learning how to do it, I'm just struggling is all.

Rather than wait till I have solved all the problems and then write some glory post about it afterwards, I am writing a progress thread so that others in the same situation can see what's ahead.

Secondly others whom have gone through similar may advise me, rather like @nitrousflame's excellent tip off regarding the Solidity resources. Which of course I have already followed up on and am going to do my damndest to get this to a situation whereby I have something to protect and can give to an experienced dev or devs to take to the next level.

Sorry if that wasn't clear in the OP.
 
Don't like ads? Remove them while supporting the forum: Subscribe to Fastlane Insiders.

Dr. Fastlane

Amor Fati!
Read Fastlane!
Read Unscripted!
Jul 20, 2018
49
83
Gurgaon
I am very confident you won't say that when/if you finally hear what the idea is.

Is it like IFTTT but for smart contracts? That's the feeling I get from reading this.
 

nitrousflame

Silver Contributor
FASTLANE INSIDER
Read Fastlane!
Read Unscripted!
Speedway Pass
Aug 7, 2012
396
748
35
Minneapolis, MN
Cool, what's your coding background? Is this your first language or are you bringing a lot of knowledge from Java/Python et. al.?

I have a degree in electrical engineering, and have done some firmware in C and some brief scripting in python, so I do probably have a decent foundation to build on.

...Then I meet you in the snow, and you tell me of a nice warm place with people there who are also building log cabins, and there's a cabin master who will help me.

I'm imagining hugging you and sobbing tears of joy and just saying how that even though you're a stranger, I love you.

These communities are not easy to find.

From the bottom of my heart, thank you. Rep ++++++++
:clap:::praise::clap:::rofl::clap:::praise:

Hahaha. Glad you like it and hope it helps! I haven't taken too much advantage of the slack channel myself yet as I'm usually following the videos a while after they get released. Learning languages like python/JS/etc are relatively easy because there are SO many online resources. The same cannot be said for solidity yet. Some of these resources are finally starting to pop up, but starting the go-to learning source for crypto coding languages might not be a bad fastlane opportunity...
 

Roli

Platinum Contributor
Read Fastlane!
Read Unscripted!
Speedway Pass
Jun 3, 2015
1,611
2,627
I have a degree in electrical engineering, and have done some firmware in C and some brief scripting in python, so I do probably have a decent foundation to build on.

That's pretty solid, I need to dive more into Python, it seems really useful and a bit easier than Java/JS.

The same cannot be said for solidity yet. Some of these resources are finally starting to pop up, but starting the go-to learning source for crypto coding languages might not be a bad fastlane opportunity...

I think it might be a good opportunity at the moment, though with EOS and NEO trying to incorporate existing languages to their blockchains I think the nature of the info people need will change...

Though having looked briefly at EOS it seems like it's going to be just as, if not more complex to get something working on it.

I'll keep you posted on how it's all going there :)
 
Don't like ads? Remove them while supporting the forum: Subscribe to Fastlane Insiders.

Roli

Platinum Contributor
Read Fastlane!
Read Unscripted!
Speedway Pass
Jun 3, 2015
1,611
2,627
Quick update:

Last night I met two very interesting people, before the meeting I suspected it would be a waste of time as far as furthering my idea and turning it into a business, however I went anyway for three reasons.

1. It was set up by a very good friend of mine who through his work meets a hell of a lot of interesting people spanning many different industries.

2. Both of them are developers and very successful at what they do and have done.

3. I was told that they were both extremely cynical regarding blockchain tech, so they were likely to feed me a heavy dose of realism.

I got two main takeaways from this meeting which have fired me up to keep going.

1. The Ethereum network has lots of problems when it comes to economies of scale - Am investigating the sidechain solution.

2. I was asked the question; does it need to be on the blockchain; can you build the whole thing using traditional methods? - Answer yes it most emphatically does; no I have gone through this and can't see anyway it can be done, in fact if it could have been, it would have been.

New Strategies

Still trying to tweak my strategies for learning, producing and earning.

There are two variables I simply have to balance, and my strategies have not been working. The two variables are:

1. My income at the moment comes from writing online. Ergo I need to write a particular amount per day/week in order to keep afloat and not drain (my already depleted) savings.

2. I need to learn enough code to produce my product.

This produces two problems namely:

1. The amount of time I spend writing, severely impacts the time I can spend coding. This isn't just because of the actual action time, but also because of the attention slew that writing so much produces (On a light week I will write circa 8-10,000 words, maybe twice that on a heavy one).

2. Much as I try not to, I find most aspects of coding really boring, especially when I get stuck. This frustrates the hell out of me because my idea is not boring and I am so enthused about making it happen.

However I find that even when wide awake (and having taken a modafinil), if I'm stuck I start to fall asleep! If I then switch tasks (after a short break) to writing an article or developing my story I'm writing; POW! I'm back in the room.

This is very dismaying (and somewhat embarrassing) for me, and I need to find a strategy to combat this.

Possible Solutions:

I think the falling asleep thing is a defence mechanism, some part of my brain thinks; come on dude, this is too hard, just give up already.

Whilst another is thinking; shut up Nigel (that's the name I gave my fixed mindset) I can do anything as long as I have an open mind and am willing to learn.

So the fixed mindset side just says; oh well fudge it, if you're not going to listen to me, I'll put you to sleep!

Sheesh louise!

So anyway, I've realised it's all well and good saying I have a growth mindset in this area, however I need to come up with a strategy that allows me to learn and grow.

Strategy 1: I have so far been trying to learn in chunks of 90 minutes for several hours per day. This isn't working, so I'm going to cut those chunks down to 45 minutes.

As long as they are deep work chunks then I figure what I lose in time, I'll gain in focus.

Strategy 2: At the moment I write every day (apart from most weekends when family simply takes over), this means that I''m constantly thinking about the next article or the next chapter of my current (serialised) book.

I have to (unfortunately) change this, I'm going to see if I can write a bunch of stuff on Sunday (to which I am loathe) and then not write again till Wednesday... Though even as I'm writing this, that doesn't feel like the answer, so I may have to think about this one some more.

I tried productively meditating over this and still couldn't come up with a viable solution after an hour and a half of wandering around with the dog...

OK, so much for the quick update, that took longer than expected!

Any tips, suggestions gratefully received..

Smell ya later!
 

Hyrum

Silver Contributor
Read Fastlane!
Read Unscripted!
Summit Attendee
Speedway Pass
Jul 5, 2016
188
658
Nebraska
As I'm in the process of doing this exact same thing, I can relate to a lot of what you're saying. Here is what I've learned so far; hope some of it helps.

I will have first mover advantage here, so I guess I'm viewing it like Google, Youtube, Facebook are all easy to copy in design and possibly delivery; however they have first mover advantage and each of those apps gave the market something new at the time.

None of these companies you quoted had first mover advantage. Yahoo, Alta Vista, and Webcrawler all pre-date Google, Vimeo was a full year earlier than Youtube, and Friendster and MySpace were around well before Facebook. I can't think of too many examples of where first mover advantage was actually an advantage.

I am learning to code it myself for the following reasons:

I think that the idea is one of those my god this is so simple why didn't anyone think of this before ideas, and thus I (perhaps wrongly) believe it wold be hard to protect even with an NDA.

We used an NDA on our project, even though it also is one of those "why didn't anyone think of this before" kind of things. Which we later found out at least one other company is attempting to do this exact thing. They've already had to postpone their whitepaper release twice (as well as a host of other fundamental issues with their offering), so I personally doubt they're ever going to get it to production. I bet there's at least one other person/group doing what you're doing.

And depending on what you're doing, chances are you're going to have to learn multiple languages in order to even get it to an MVP. We are using Solidity for smart contracts, Go for the nodes, Javascript for web interfaces, and C++ for the backend. I will admit ours is a bit more on the complex side than what many projects are, but it's truly a go big or go home business. Which considering the current trends of blockchain VC deals, a 100M project might not get too much interest if you're looking for outside capital.

I am learning Solidity which is the language of Ethereum, this in itself may be (almost definitely is) a huge mistake. The Ethereum network has some pretty major scalability problems, and if my app is successful it will be used on a mass scale, ergo Ethereum is probably not the way to go.

If you're using a proof of work or proof of stake based algorithm, you're correct on the potential for scalability issues (1000's of tx per sec). We're using a modified BFT algorithm, which allows for much faster processing. BUT, we also have a permissioned network with trusted nodes, which might not work for you. Check out the Quorum project docs on Github if you think this might be a possibility.

Also something to keep in mind, if you're going to be releasing this into the public, how certain are you that your smart contracts are 100% secure? Once put onto the blockchain, you can't change them, so any error that can be exploited, will be. I've done a few Solidity courses, but only so I'm familiar enough to talk to a real smart contract architect. I don't trust myself to put out error-free code.

Option 3 - Give Up Trying To Code And Find Partners

I simply don't know how to do this without getting ripped off. All I have is an idea in my head (and detailed extensively on paper), but what's that worth?

I think you're giving devs waaaaay too much credit. Most that I've dealt with want a paycheck and that's it. Most blockchain developers who are interested in running their own thing are already doing that. If you're that concerned, file a provisional patent and that way even if they break the NDA and steal your idea, you can sue them to oblivion.

Once we start production on our MVP, we're going to update our listing on AngelList to look for developers. We plan on offering a moderate salary, a fair chunk of equity, and a vision that what they're doing matters. Sure, Facebook might offer better salary and perks for being on their blockchain team, but I would rather have someone who wants to be part of something special than just another cog in the machine.

Shoot me a PM if you have any other specific questions and I'll help out as best I can. Best of luck to you!
 

Roli

Platinum Contributor
Read Fastlane!
Read Unscripted!
Speedway Pass
Jun 3, 2015
1,611
2,627
As I'm in the process of doing this exact same thing, I can relate to a lot of what you're saying. Here is what I've learned so far; hope some of it helps.



None of these companies you quoted had first mover advantage. Yahoo, Alta Vista, and Webcrawler all pre-date Google, Vimeo was a full year earlier than Youtube, and Friendster and MySpace were around well before Facebook. I can't think of too many examples of where first mover advantage was actually an advantage.



We used an NDA on our project, even though it also is one of those "why didn't anyone think of this before" kind of things. Which we later found out at least one other company is attempting to do this exact thing. They've already had to postpone their whitepaper release twice (as well as a host of other fundamental issues with their offering), so I personally doubt they're ever going to get it to production. I bet there's at least one other person/group doing what you're doing.

And depending on what you're doing, chances are you're going to have to learn multiple languages in order to even get it to an MVP. We are using Solidity for smart contracts, Go for the nodes, Javascript for web interfaces, and C++ for the backend. I will admit ours is a bit more on the complex side than what many projects are, but it's truly a go big or go home business. Which considering the current trends of blockchain VC deals, a 100M project might not get too much interest if you're looking for outside capital.



If you're using a proof of work or proof of stake based algorithm, you're correct on the potential for scalability issues (1000's of tx per sec). We're using a modified BFT algorithm, which allows for much faster processing. BUT, we also have a permissioned network with trusted nodes, which might not work for you. Check out the Quorum project docs on Github if you think this might be a possibility.

Also something to keep in mind, if you're going to be releasing this into the public, how certain are you that your smart contracts are 100% secure? Once put onto the blockchain, you can't change them, so any error that can be exploited, will be. I've done a few Solidity courses, but only so I'm familiar enough to talk to a real smart contract architect. I don't trust myself to put out error-free code.



I think you're giving devs waaaaay too much credit. Most that I've dealt with want a paycheck and that's it. Most blockchain developers who are interested in running their own thing are already doing that. If you're that concerned, file a provisional patent and that way even if they break the NDA and steal your idea, you can sue them to oblivion.

Once we start production on our MVP, we're going to update our listing on AngelList to look for developers. We plan on offering a moderate salary, a fair chunk of equity, and a vision that what they're doing matters. Sure, Facebook might offer better salary and perks for being on their blockchain team, but I would rather have someone who wants to be part of something special than just another cog in the machine.

Shoot me a PM if you have any other specific questions and I'll help out as best I can. Best of luck to you!

Just saw this in my email and wanted to quickly thank you for your reply.

Will get back to you on the weekend when I have more time, you raise many interesting points!
 
Don't like ads? Remove them while supporting the forum: Subscribe to Fastlane Insiders.

Roli

Platinum Contributor
Read Fastlane!
Read Unscripted!
Speedway Pass
Jun 3, 2015
1,611
2,627
None of these companies you quoted had first mover advantage. Yahoo, Alta Vista, and Webcrawler all pre-date Google, Vimeo was a full year earlier than Youtube, and Friendster and MySpace were around well before Facebook. I can't think of too many examples of where first mover advantage was actually an advantage.

I phrased this incorrectly, I actually meant first mover with a particular usp, however I see your point.



We used an NDA on our project, even though it also is one of those "why didn't anyone think of this before" kind of things. Which we later found out at least one other company is attempting to do this exact thing.

Yeah, that's why I'm sweating, I'm sure somebody out there with more knowledge is doing this or something similar.

If you're using a proof of work or proof of stake based algorithm, you're correct on the potential for scalability issues (1000's of tx per sec). We're using a modified BFT algorithm, which allows for much faster processing. BUT, we also have a permissioned network with trusted nodes, which might not work for you. Check out the Quorum project docs on Github if you think this might be a possibility.

Thanks, I'll check that out.

Also something to keep in mind, if you're going to be releasing this into the public, how certain are you that your smart contracts are 100% secure? Once put onto the blockchain, you can't change them, so any error that can be exploited, will be. I've done a few Solidity courses, but only so I'm familiar enough to talk to a real smart contract architect. I don't trust myself to put out error-free code.

I hear you, I think the idea was to get it working on a testnet, and then once I have a 'working' model to get in the heavyweights to take it to a point whereby it can be released on the mainnet.

Also this will allow me to have some substance for an ICO/investor offering.


I think you're giving devs waaaaay too much credit. Most that I've dealt with want a paycheck and that's it. Most blockchain developers who are interested in running their own thing are already doing that. If you're that concerned, file a provisional patent and that way even if they break the NDA and steal your idea, you can sue them to oblivion.

Once we start production on our MVP, we're going to update our listing on AngelList to look for developers. We plan on offering a moderate salary, a fair chunk of equity, and a vision that what they're doing matters. Sure, Facebook might offer better salary and perks for being on their blockchain team, but I would rather have someone who wants to be part of something special than just another cog in the machine.

Unfortunately I have run out of serious funds to offer at this point, so am kind of flying by the seat of my pants. However it's good to hear you have taken this approach.

Shoot me a PM if you have any other specific questions and I'll help out as best I can. Best of luck to you!

Thank you I will take you up on that offer in the not too distant future.

Good luck with your project as well!

Great tips, many thanks!
 

DrWumbo

Bronze Contributor
FASTLANE INSIDER
Speedway Pass
Sep 22, 2016
176
334
23
If you move to your own blockchain, will it be developed to work with other blockchains?
 

Roli

Platinum Contributor
Read Fastlane!
Read Unscripted!
Speedway Pass
Jun 3, 2015
1,611
2,627
If you move to your own blockchain, will it be developed to work with other blockchains?

It won't need to as it is not a shapeshift type app. Though I would like it to work with something along the lines of shapeshift.
 
Don't like ads? Remove them while supporting the forum: Subscribe to Fastlane Insiders.

DrWumbo

Bronze Contributor
FASTLANE INSIDER
Speedway Pass
Sep 22, 2016
176
334
23
It won't need to as it is not a shapeshift type app. Though I would like it to work with something along the lines of shapeshift.
Correct me if I'm wrong, but your product would allow people to easily carry Smart Contract features on your platform. They wouldn't have to touch any code and could "drag and drop" features in to the contract? If this is so, here is my opinion on it. If I'm wrong, then just correct me :smile:

Smart Contracts are only useful if there are digital assets on a network that they can interact with. If you aren't going to be able to connect to other networks, like NEO, you will have to be able to build a network that will also handle digital assets and processing, be compliant with Gov. Regulation etc. This task is near impossible for one person to handle. If connecting with other networks that are already working on that, you could build out the simple Smart Contract program that could enable people, like our parents, to easily participate.

Again, this statement above is reliant on the fact that my understanding of your project is correct. Please let me know if I got it wrong!
 

Roli

Platinum Contributor
Read Fastlane!
Read Unscripted!
Speedway Pass
Jun 3, 2015
1,611
2,627
Correct me if I'm wrong, but your product would allow people to easily carry Smart Contract features on your platform. They wouldn't have to touch any code and could "drag and drop" features in to the contract? If this is so, here is my opinion on it. If I'm wrong, then just correct me :smile:

Smart Contracts are only useful if there are digital assets on a network that they can interact with. If you aren't going to be able to connect to other networks, like NEO, you will have to be able to build a network that will also handle digital assets and processing, be compliant with Gov. Regulation etc. This task is near impossible for one person to handle. If connecting with other networks that are already working on that, you could build out the simple Smart Contract program that could enable people, like our parents, to easily participate.

Again, this statement above is reliant on the fact that my understanding of your project is correct. Please let me know if I got it wrong!

Yes I think either I haven't done a good job of explaining, or you have misunderstood my original post (probably a bit of both).

To use a (terrible) example, look at cryptokitties, a game that sits atop of the Ethereum blockchain, which ultimately uses smart contract tech.

No need for compliance, gov regs, etc. etc. My app will also be the same (but completely different!).

Hope that clears things up, slightly at least.
 

DrWumbo

Bronze Contributor
FASTLANE INSIDER
Speedway Pass
Sep 22, 2016
176
334
23
Yes I think either I haven't done a good job of explaining, or you have misunderstood my original post (probably a bit of both).

To use a (terrible) example, look at cryptokitties, a game that sits atop of the Ethereum blockchain, which ultimately uses smart contract tech.

No need for compliance, gov regs, etc. etc. My app will also be the same (but completely different!).

Hope that clears things up, slightly at least.

So, you will be developing an application on a blockchain/your own, right?

It's hard to give advice and understand what is going on with concealing a lot of the detail. I wouldn't be afraid of people "stealing" your idea. You just have to execute on it!

I love Blockchain and its potential capabilities in the future, so this is super interesting. It would be awesome to get some more details in order to understand, either on here or in a DM. Anyways, hope you are successful on your mission!
 
Don't like ads? Remove them while supporting the forum: Subscribe to Fastlane Insiders.

LittleWolfie

Silver Contributor
Read Fastlane!
Speedway Pass
Jun 28, 2018
961
519
Holbeach Hurn
What's the advantage of an NDA once the thing is on the blockchain for any mug with an internet connection and metamask wallet to copy and paste?

I mean it's not like your dapp/smart contract will be hidden away on a box somewhere, it will be on a distributed etherum virtual machine right?


Also you may want to look at GO, given your background.
 

AlexVilch

MVP Development || StartupServices.ca
Read Fastlane!
Read Unscripted!
Aug 23, 2018
28
34
Toronto
I feel like you are wasting time\potential. If your idea is so great, why not get a loan and pay coders to code it? Being scared that someone will steal it, is a bit silly, there are numerous safety nets, Non-disclosure\ non-compete, patents, you can make any kind of agreement that protects you.

Developers \ Agencies don't care about your idea, they might think it is good, but trust me, they get great ideas every day, I mean who would ask for a shitty idea to be coded.

As a mentor in a tech accelerator, I have seen hundreds of founders (non-tech) come up to me and say that their idea is worth millions, they were scared that tech-cofounders would steal it. Guess what, those that didn't overcome their fear wasted their potential and never executed on the idea. Those that did, had a product ready that could be further developed.

P.S: I am a director of a startup development agency(we do blockchain also). We work with founders who are just starting out and seeking investment. what we do is we create an MVP for a fraction of the cost, give it to founders and they can present it to investors\try to make sales. We keep our prices very low, but in return ask for % of equity and a right to finish the project if the founder validates their idea \ finds investors.
 

LittleWolfie

Silver Contributor
Read Fastlane!
Speedway Pass
Jun 28, 2018
961
519
Holbeach Hurn
I feel like you are wasting time\potential. If your idea is so great, why not get a loan and pay coders to code it? Being scared that someone will steal it, is a bit silly, there are numerous safety nets, Non-disclosure\ non-compete, patents, you can make any kind of agreement that protects you.
This is something I always wondered. People will sign NDA/NCAs for cash. Freelancers will accept credit cards as well. Personal loans in the UK can be around that level.

To be fair OP did say they didn't like any of the devs they had seen so far. Though I'm not suprised since they seem to be offering 10-25k for an area where the going rate is 68k. Why would anyone work for 25k, when their are 68k jobs on the table? I suspect at 70k offers OP would get a better quality of offers.
 
Don't like ads? Remove them while supporting the forum: Subscribe to Fastlane Insiders.

Post New Topic

Please SEARCH before posting.
Please select the BEST category.

Post new topic

New Topics

Fastlane Insiders

View the forum AD FREE.
Private, unindexed content
Detailed process/execution threads
Ideas needing execution, more!

Join Fastlane Insiders.

Must Read Books...

Explore books recommended by MJ DeMarco and other members of the Fastlane entrepreneurial community.
Fastlane Bookstore
Top