A successful project is a combination of many factors. Here I will try to show the characteristics of a good project based on the experience of reviewing many ICO projects.
Of course, to succeed sometimes we need to have some good luck also. But at least, if a project meets all of the below criteria, it can at least help us predict two things:
- Firstly , the scam capabilities of this project will be extremely low.
- Secondly, this project can go long, without breaking the road.
Reviewing these parameters will take your time, but it's worth taking a moment to learn.
The capital of us, however much is limited, so the key of crypto investment is not trying to invest in many projects, but how to choose the right project for investment and project that brings highest profit, lowest risk.
Here are the nine criteria that we commonly used when analyzing an ICO project:
- Business Ideas
- Team: Development team
- Advisor: Technical Advisor
- Strategic partner
- Products
- Roadmap: Development Roadmap
- Token
- Budget Allocation
- Community
Business Idea
Technically, when I read the idea of an ICO project, the first thing I would do is to classify it into a group.
Normally, we will divide into 3 main groups:
Platform
This is their own blockchain development team and will allow the development of blockchain-based applications.
This group has some top representatives such as Ethereum, NEO, QTUM, ADA, NEM ...
With the projects in this group, we will almost have to judge from a technological perspective.
The technology projects to win if you want to prove superiority over the existing projects.
Taking Ethereum as an example, as the number of projects running on the Ethereum blockchain is increasing, resulting in slower transactions, the later projects such as Cardano (ADA) or NEO (NEO) will edge. The competition is higher than the transaction speed.
That's how later projects can win the competition.
Protocol
This is the team that develops the optimal protocol for a specific purpose. For faster, applications can use these protocols to develop their applications instead of rebuilding from scratch.
The names may be mentioned in this category as Bee Token (BEE), Dock.io (DOCK), Loopring (LRC), 0x (ZRC) ...
While the platform group is almost exclusively technology-based, with the protocol group, a good idea will be the convergence of three elements including technology, industry / ecosystem understanding .
Ecosystems fall into one of three categories because when projects do not differ too much, the larger the ecosystem's power, the more likely they are to gain market share.
Dapps
This is a set of blockchain-based applications and protocols available to solve a specific social problem.
Most of the projects you can name are usually in this group, such as Pundi X (NPXS), Substratum (SUB), WABI (WABI), Quanstamp (QSP) ...
As I said, Dapps is almost focused on solving business problems so we will need to pay attention to the following questions:
Does this problem exist?
Is the dev team's solution justified? optimal?
Has anyone solved this problem yet?
If all three questions are YES-YES-NO then this is a good sign that we can trust that this is a good idea.
For each of the different groups we will have different evaluation criteria, so the classification is necessary and it also helps us to make a more accurate assessment of the project.
Team: Development team
Throughout the review process many ICO projects, I recognize the common good projects have a very strong development team, spread in many areas.
Before going into the profile review of a particular profile in the dev team, I always take the time to check the team structure of that project first.
You may find it strange to hear about the concept of team structure, but that's okay, I'll explain it right away.
Visualizing a football team will usually have 11 positions on the pitch. This position will be divided into many positions such as goalkeeper, defender, midfielder, midfielder, striker.
A perfect team is a team with all these positions are strong and united, working together in accordance with the strategy of the coaches have launched.
With team structure, you can use the same thinking way, except that positions in an important team include industry people, marketing groups, finance groups, legal groups and technology groups, especially blockchain technology.
In particular, CEOs are often the ones who should understand the industry. It will be very difficult to lead a whole team in a field where the CEO does not have expertise in the field.
In addition, depending on whether the project is a platform, protocol or dapps group that allocates the number of parts more or less, but it is best to have all the parts.
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