In the blockchain and cryptocurrency world we hear a lot about the developers, those clever people who can write code to make computers dance and do what they’re told. But are they the most important thing in guaranteeing a token’s success?
Cryptocurrency and Community
Developers are of course very important, they’re where it all starts. Without a committed and dedicated community though, developers are where it ends too.
Consider the case of Superior Coin, brought into being by a developer, nearly destroyed by a community spurred on by one of the people involved in the beginning (not a developer, nor a committed supporter). The true supporters of Superior though fought back. It wasn’t the developers that saved Superior, although of course they made a massive contribution, it was the community.
The people who believe in and vocally and by actions support a coin are the ones who make it successful. There are of course other factors, market forces, legislation and, whether the token has any practical use. But at the heart of it all is community.
The common definition of a currency is that it should be;
- A store of value
- An item of exchange
- A record of account
By no definition can a new token be considered a currency, at its launch it has no real value. It takes a community to use it, hold it and exchange it to give it value.
At launch there is also little exchange value in a new token, it has no track record and it’s to all intents and purposes valueless. The community is what give the token it’s value by using it to pay for goods and services, even if it’s only amongst themselves.
Anything can be a record of account, well not anything, but a token can be a record of account as it’s immutably recorded on a blockchain for all time. But that alone does not add value. It takes the community, working together to do that.
Community Talks
A dedicated and supportive community is vital for any cryptocurrency or blockchain application to succeed because people talk. They chat, gossip and pass on information. In doing so, they spread the word and, recruit more dedicated followers, who in turn do the same. The community grows, more of them use the token, exchange it for goods and services, hold on to it as they see the value increase.
This pulls in the speculative investor, who will buy some of the token to make a profit, some want a quick turn around and, will be quite insulting in their comments if they don’t get it. Once again, the community will come to the rescue, just as the Superior coin community came together to support and defend their chosen token. They saw the possibilities in the Superior coin and defended it against all comers.
The result of this is that Superior is listed on at least three exchanges, is being used as a token of exchange, is well on it’s way to being a store of value and is of course a record of account.
The moral then is never underestimate the power of your community. Treat them well, respect them, show you value them, defend them as they will defend you. Do that and you too could launch a token that has the possibility of changing the world.
Check out the SuperiorCoin Community at Kryptonia.
How do you get rid of those? Want to dump mine.
Sell on one of the Exchanges.
What exchange? Can't find it anywhere.
#RealTalk! Tough times don't last, Tough TEAMS do because an effective teamwork brings success to the entire team and community as well.
Superior Coin is about community, well said.
There has been a core community from the beginning, and it's wonderful to see new people joining all the time.
Great blog thanks @sydesjokes
I think community is the biggest thing that makes a coin. Because otherwise it becomes either troll coin with VC ICO or it becomes pump and dump coin.
I believe it is the most important thing for success in a token is community, without community there would be no support of demand for it
Nice, superiorcoin to the moon
Yes, absolutely mass general consensus is key. Anything you create, if it does show usefulness for any group of individuals, it is a crucial sign that more people will follow as they also see the usefulness of the tool or system. Steemit for example is a good example of a useful plateform, that we can use to blog about things and we are also rewarded in the process. By the way I found your article as a task on Kryptonia! ;)
#RealTalk! Tough times don't last, Tough TEAMS do because an effective teamwork brings success to the entire team and community as well.
Community Sector REPRESENT
community is the biggest thing that makes a coin success
Consider the case of Superior Coin, brought into being by a developer, nearly destroyed by a community spurred on by one of the people involved in the beginning (not a developer, nor a committed supporter). The true supporters of Superior though fought back. It wasn’t the developers that saved Superior, although of course they made a massive contribution, it was the community.
I like the above quote.
Very interesting post.
Nice one, its very interesting
Yes community is power.
Yes, I think it is. With this overflowing community almost everything can be done with just small amount of problem. But community isn't enought without our dedicated, delegent and amazing developers this things would be possible. So, I bow down to them( hands down).
In my regional steemit I have community to bulid power of steemit, we share information between steemit users, and invite new people to join in steemit.
Muy buen post!
good job @sydesjokes, keep up the good work !!
A good community is needed for success
Want to see the power of the community for a coin? Check out DeepOnion and you will understand :-)
Community is crucial for the success of any Crypto. That is, if you define community not just as the people purchasing/mining the currency, but also companies where you can spend it. Otherwise it's just a dead coin without any real meaning.
So it's more a total circle, mining/buying/spending, that will make or break a coin.
Also it's important that there is no big influencer that can influence the price, which is currently a problem with many of the cryptos, including Steem.
Yes
I agree with you, people talk so much and some cryptos are only taken as far as how much the early adopters "advertise" it.
Good post
Big Thing to Think. Thanks for the chance to think
Correct access from Kryptonia
Awesome stuff, Colin. I'm glad to still be hearing about SUP
REally?
Is it coin or Token? I do not see superior coin in coin market cap, why?
It is a coin with it's own Blockchain. Need $10k a day of trading before cmc will list the coin. Already being traded on 3 exchanges.
Great article, always read your posts.
I really like the tech behind SUP and have been impressed with the work of the team to keep it going and growing. I really look forward to this spreading wider and I mention it as an undervalued coin when people are asking about low cap coins.
om point! and everyone has the responsibility. the community has to come together with sense of better purpose.
on point!
Thanks for the convo, I was just thinking about this. Coins are like startups. For those with no following, it doesn't matter how good their product is -- they will fail unless they can get someone (a lot of someones) to believe in it. Communities have driven coins that maybe shouldn't have made it and left great ideas in the dust because the founding team just couldn't get anyone excited about it.
There has been a core community from the beginning, and it's wonderful to see new people joining all the time.
Great blog thanks @sydesjokes
Yea I really appreciate this talk, thanks for this info