Successful Block chain Entrepreneur – How to become one?
The blockchain is on the verge of a mainstream acceptance and that is why we see a frenzy of ICOs being launched each day. The distributed ledger technology has immense potential and is gathering a lot of support from the startups. Blockchain can benefit the masses with the projects being implemented and the problems being solved.
Success is bound to come to a new age Blockchain entrepreneur as it finds its application almost everywhere. You are a witness to Blockchain use cases and know it well how astonishing career it could be, so before you start the blockchain entrepreneur path let us check out a few possibilities.
1 Blockchain Identity verification
The dimension of identity verification can be explored. Identify verification online or offline is being used everywhere, whether it is financial institutions, colleges or more. The identity details are stored over a blockchain and every verification cycle evokes the chain to clear the verification process.
2 Property records ledgers
People always fret the ownership documents can be tampered or stolen. These records can be converted into blocks and the successive block will hold the hash of the previous block. No one can tamper the records in the distributed ledgers. Such blockchains will change the way the properties can be protected by owners.
3 Digital Storage
Any amount of data can be saved on blocks in the most secure and anonymous manner. These blocks can replace the drives we use today that can be tampered or data can leak. Digital storage on blockchain is private and secure.
4 Smart Contracts
The business world gets cruel when people do not keep promises. Smart contracts are built on blockchain and ensure the contract is fulfilled automatically when a trigger event happens Above are just a few of the use cases you can exploit on your blockchain entrepreneurship path; opportunities are endless. Igniting a new wave of entrepreneurs, Blockchain startups need to operate in a different framework. To become successful the idea and strategy must be realistic and should be achieved rather than just being a part of the bandwagon. To succeed, you can follow our tips:
Fundraising Mechanism to get started
Technology setup requires a huge amount of capital, in case you do not want to burn your stores, start with a fundraising. Pick up a use case, build the plan and create a whitepaper. Next move is to launch an Initial Coin offering (ICO). You offer the investors coins in lieu of the investment they make on your idea. Put across your well-researched and established content forward so that people develop a trust in you and your start-up.
Run a strong community
Having a strong community to back your coin is the only thing you need. While you are right at the inception, you must start building a strong presence in the ecosystem and earn followers with your knowledge. The blockchain is a very time intensive project and must meet all the timelines of the roadmap.
Once the word is spread, invite people to mine your coins. Mining raises awareness of the potential of the coin and builds the most need trust in your project. Ensure to keep a close tap on each miner to keep the ecosystem health. At Vrinda, we develop Blockchain based web and mobile products for the entrepreneurs and enterprises. So you can reach us to gather more information in this regard. Bonus Tip – Devise a proof-of-work that promises your coin holders that it is a value for money and can be trusted like real cash.