How to Become a Successful Dapp Entrepreneur with genEOS
Up-and-coming Dapps promise ample opportunities for a variety of industries. Is decentralization so groundbreaking as to change the reality as we know it? Can startup founders taking on Dapps introduce blockchain to the masses and benefit from it? Before answering these questions, let’s look at a few facts.
Fact 1. VC-backed companies raised $164.4 billion in 2017, which is 50% more than in 2016.
Fact 2. In 2017, teams behind blockchain-driven solutions raised $5.6 billion via ICOs, which is 23 times more than in 2016.
Fact 3. In September 2018, there were less than 1% of Dapps having more than 300 daily active users.
What do these facts tell us? That blockchain-backed solutions are skyrocketing supported by the surging number of high-tech companies. However, their chance of success doesn’t seem to be very high. But why and how not to bog down? Answers are below.
Dapp Development: How to Make it Right
It’s true that despite a soaring number of Dapps, many of them fail to gain real users’ attention. It is because in their race for ICO funding teams frequently forget why they are doing this in the first place. They skip essential stages of the lean cycle such as understanding the problem — find out a solution — building an MVP — measuring it against hypotheses and, possibly, pivoting — and only then scaling. Now it seems that Dapp developers just start with scaling.
If you are up for making your Dapp a real success and not just a flash in this giant blockchain pan, you have to follow the same steps as any lean startup. While the problem-solution stages are always your own responsibilities, the blockchain-driven platform genEOS comes in to ease the processes of MVP development, validation, and scaling.
How genEOS Can Help
The genEOS ecosystem supplies developers with pre-designed, enterprise-level features indispensable to blockchain: decentralization, transaction witnessing, data encryption, smart contracts, and role-based permission schemas. These built-in features significantly facilitate the process of development and make it more affordable.
When it comes to scaling, just one chain built on genEOS can process thousands of operations per second. However, when developers need a wider bandwidth, it’s possible to make the inter-blockchain connection, i.e. to connect as many chains as needed for stable processing. In this case, the number of witness nodes will remain the same, no matter how many transactions are being proceeded, which means that the processing time won’t be affected by scaling the Dapp.
Unlock Your Dapp Success in 3 Steps
If you’re the one developing a tech solution to a certain problem and striving to use blockchain for this goal, take these steps to increase your chance of success:
- Explore the problem and analyze whether your app must be decentralized indeed to effectively solve it.
- If a Dapp is what you’re looking for, take a stab at the genEOS platform to build the MVP while reducing your development costs and effort.
- Test your Dapp in the real-market conditions and pivot, if required. When you see that your Dapp does solve the users’ problem, go ahead and scale. Here, genEOS again can come in handy, with its built-in toolset and professional support from 60+ experts on the platform’s team.
