User Power
Value/Post Ratio
160%
- Jun 3, 2015
- 2,073
- 3,314
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 )
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 )
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