As blockchain nears its tenth anniversary, Satoshi Nakamoto’s brainchild has proven itself to be an incredibly resourceful platform. The infiltration of blockchain technology in recent years, has subsequently touched almost every industry, from banking and finance to procurement and healthcare. Thus far, the adoption of blockchain is shaping up to mirror the explosion of the Internet, propelling us into deeper into the Technological Revolution.
The International Data Corporation predicts that worldwide blockchain spending will top $11.7 billion USD in 2022, up from $1.5 billion in 2018. For now, as a distributed, decentralised platform, it entices early adopters with the promise of combating fraud, corroding corruption, and delivering the power of data back to the people.
Businesses who conduct research into how to promote and monetise platforms on the blockchain have cornered an incredibly lucrative, ever-growing market as blockchain explodes into the mainstream. Thus, blockchain technology is a topic which you need to take the time to fully comprehend.
Promotion to the Populace
Blockchain companies face the considerable task of communicating a complex subject to potential users. After all, John Oliver described, blockchain is an unfortunate intersection of “everything you don’t understand about money combined with everything you don’t understand about computers.” In this case, the age-old adage of build it and they will come just doesn’t apply, as adopters need to understand why they should trust this new technology and what they can take away from it.
Another Block in the Chain, Pt. 1: Education
Contrary to Pink Floyd’s riff that “we don’t need no education,” it is essential to keep your users and investors informed as to which technology you will be using and the steps you plan to take to make your vision a reality. To explain this, businesses traditionally release white papers with a concise summary of the business’ primary goals, future potential, and the launch plan. The white paper is a chance to show users and potential investors how you intend to use the power of blockchain.
Another Block in the Chain, Pt. 2: User Engagement
In a bold countermove, Facebook, Google, and Twitter have now banned ads for crypto services in an attempt to crack down on consumer scams. Yet that’s simply a challenge to get a little inventive. While outreach pages on Facebook, LinkedIn, Twitter, and our vast array of mainstream social media platforms are perfect for engaging with a mainstream audience, communities that are backed by schools of thought that break away from the norm are built elsewhere.
There are a number of safe havens for blockchain followers, hidden in plain sight. Rapidly growing in numbers, they can be found on websites and forums such as Reddit, Quora, Revain, Github, and Bitcointalk. Away from forums, there are also large followings on upcoming messaging platforms, such as Slack and Telegram.
Monetisation Deliberation
When it comes to launching a blockchain-based business, the question is, subsequently, that of money. Namely, where do you get the startup capital to create a successful company, and how do you find a reliable revenue source?
The majority of companies that move onto the blockchain begin their journey with one of two methods. Primarily, they present a white paper and announce their plan to launch an Initial Coin Offering (ICO), or they aim to catch the eye of venture capitalist firms. Whichever route they choose, they invariably attract a great deal of interest and subsequent revenue.
Once startups acquire the necessary funds to launch their project, they turn to a multitude of options to sustain their business. Companies such as Blockcypher charge fees in exchange for the use of their API and infrastructure. Deloitte and IBM craft custom projects for other businesses; Chain charges small subscription fees for network transactions; and Bloq relies on enterprise customers reimbursing them for platform uptime and maintenance. There’s no shortage of options.
Here are a couple of blockchain-based companies which can be heralded as game-changing examples when it comes to the process of promoting and monetising a startup.
Hyperledger
An open source project launched by The Linux Foundation in 2016, Hyperledger is the equivalent of a greenhouse for blockchain businesses, incubating a multitude of frameworks and tools. The founders of this global initiative include leaders from finance, the Internet of Things (IOT), manufacturing, and supply chains — and they possess a grandiose vision. If Hyperledger achieves its aims, blockchain will transcend boundaries between industries to enable open source innovation at a scale as never before seen.
Community
To build a community around their project, Hyperledger created meetups, offered easy-to-access collaboration tools, and provided a plethora of webinars, videos, and tutorials. What’s more, they’re pioneering some potentially groundbreaking programs, sponsoring 15 student developers to learn firsthand from active Hyperledger developers, partnering with the Canadian government to cut red tape and save billions for businesses, and cementing their reputation as a thought leader at blockchain conferences worldwide.
Corporate Backing
Businesses that are formed by corporate interests and backed by influential investors often forego crowdfunding initiatives. They may charge users for additional software and support services, but their strong financial backing promises a good solid beginning.
Monetha
Then there are businesses like Monetha, which monetised its platform with a crowdfunding campaign that raised $37 million USD in 18 minutes. That’s over $2 million USD per minute. If you’re not backed by venture capitalists or huge corporations, you’re wondering two things: what did they do and how can I copy it?
Monetha hit upon a brilliant market opportunity when they realised that with the digital advancement came an Achilles’ heel; nefarious players scammed users with fake and illegal accounts, thus eroding trust in e-commerce. Their solution? A peer-to-peer review system that allows buyers and sellers to earn reputation points and ratings based upon past transactions, effectively re-introducing credibility to online commerce.
Mission-Based Messaging
Monetha excels at showing why their system is important for the integrity of e-commerce markets. They clearly highlight their unique value proposition — that their Reputation Platform engenders a sense of security when it comes to buying goods and services online — and provide high-quality product education to their users through their knowledge centre.
From Marketing to Monetisation
By creating a strong community prior to launch, Monetha ensured that their crowdfunding campaign achieved enormous success. While they decided not to offer a pre-sale option, they did encourage early investment by offering a 20% bonus for the first €7 million EUR contributed. They shouldn’t have worried; their hard cap of 95,000 ETH was easily attained in the investor excitement that followed and a mere 18 minutes later, Monetha earned a slot in the blockchain history books.
As for ongoing monetisation, Monetha charges merchants a 1.5% transaction fee for purchases fulfilled through their platform — a sustainable, simple, and savvy business model.
Collaborating for Change
To build a successful blockchain-based business, you must follow the trends of leaders within the tech community. That’s why, as this technology takes off, Revain engineers are developing a community platform where crypto-enthusiasts of all kinds can exchange experiences, ideas, and advice. Hosted on the blockchain, each review will be immutable, unbiased, and open to all.
Thus, whether you’re seeking to promote and monetise your business or stay on the cutting edge of industry developments, The Platform will equip you with the community-based knowledge you need to succeed.
While you’ll have to wait a short period of time for its official launch, our engineers are steadily working behind the scenes. Want to stay in the loop? Watch our Medium page for new updates, so that when the time comes, you’ll be one of the first to know.
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