Bootstrap Your Genius Idea on Verus
As someone who is always full of ideas on how to use open blockchain technology to create cool and fresh products to get people on board the crypto revolution, I experienced that there are always certain barriers thrown up. This is about my perspective on what these barriers are and how Verus fixes them, without getting into all the technicalities.
The Lay of the Land
First, let me say this open, borderless, neutral and censorship-resistant stuff is only interesting because of exactly those qualities. It is innovation in its purest form. I can find a market, create a product, and it’s there forever as long as the market exists. Not held back by anyone or anything with opposing vested interests. It’s a beautiful thing.
Innovation always comes from the bottom-up, never top-down. We are that bottom, we have that power. It may sting, hurt or annoy at first, but eventually, it is accepted and normalized. And so this (still) cowboy cryptocurrency stuff is not any different.
And let’s be clear, innovative entrepreneurship is what this is all about. Contrary to what many people might believe, we can not expect innovation from already established companies. We can not expect them to adopt blockchain technology that is open, borderless, neutral and censorship-resistant. They have everything to gain with keeping the status quo, and more to lose by changing it.
The future of cryptocurrency will be single-purpose blockchains. Every idea for a business and project, no matter how big or small, will be created with their own blockchain and thus coin. All working collectively through seamless interoperability or bridging capabilities.
We are at the beginning of this very young technology, we haven’t seen anything yet. Innovate entrepreneurs will want to have the ability to find a platform that gives them the tools to bootstrap their project fast and easy.
Let’s Get Started
Now, you are all fired up because you have a great crypto project in mind that will get people excited. How do you even start? What are the hoops you have to jump through before you can start building something? What are the problems you can encounter when you have a genius blockchain project idea? Here are some questions I asked myself before:
- How will I get funding to get my project going?
- Do I want to do an ICO? How does this work legally?
- Do I do a pre-mine? What is a reasonable amount?
- How do I get a blockchain running with enough miners? Who would want to start mining a small project?
- How will I get liquidity in my coin?
Getting funding for your project is always a tricky and scary thing. How to organize receiving the funds? And how organize the sending of coins in return? I wouldn’t want to deal with any liability issues. What if the minimum funding goal isn’t reached? Or what if it was so successful it went over the maximum funding goal? I would be sitting on a pile of crypto to send back manually. Lots of work, lots of moving parts, many things can go wrong.
How about getting myself a piece of the pie. Do I do a pre-mine? What would be a reasonable amount so investors still take you seriously? Are there other ways to get skin in the game?
How about all the legal matters? ICO, IEO, private investors? Trusting third parties? Some governments are even excluding their citizens from participating in crypto investments. My head starts to spin even thinking about all this nonsensical stuff. I just want to build cool stuff.
Then, when building a product on a blockchain, an actual chain is needed. How do you start with that? Get self-paid infrastructure at first and hope others will join in mining your chain? How will I make sure I get enough miners so I won’t get attacked? Double spend protection? Can I use existing platforms for this? Get into business with service providers to make all this happen? How about coin economics?
Okay, cool, I got my chain running. Now, how about liquidity? It costs huge amounts of money to get listed on decent exchanges. I’d rather spend that money on developing an actual product. Maybe smaller exchanges are happy to list your coin for a modest amount, or even for free. But now I might put my userbase at risk, needing to trust small exchanges with security risks. It wouldn’t be the first time less known exchanges are attacked, and it sure as hell won’t be the last.
These are all just some examples of the many considerations one has to make before getting a crypto project started. It’s a lot. How glorious would it be if there is a platform that addresses all of these questions for you in a simple, elegant way? And the most critical requirement: it is trustless.
Verus Got You Covered
Getting your project started through the Verus platform will be a breeze. With just a few clicks you could be on your way, saving yourself a whole lot of brain energy best spent elsewhere: on the development of your product. Verus gives you the possibility to get funding, instant liquidity, a secure blockchain, all in a decentralized, trustless way. The means to start your blockchain are countless. Nobody can stop you now.
Do a Kickstarter-like launch for your blockchain. Set minimum and maximum funding goals. If the goal is reached, the blockchain starts, everyone gets the coins they paid for. If the minimum isn’t reached, everything is paid back automatically.
Choose to create a reserve currency blockchain. Meaning there will always be liquidity for your coin. All the funds from your Kickstarter-launch will go into the liquidity pool. Choose what percentage, if any, you want to receive yourself.
Do you want to get a pre-mine? No problem. Choose your amount. It’s only one out of many properties you can specify. Of course, this is all prepared before your Kickstarter-launch.
Is your project interesting? Then miners within the Verus ecosystem will pick it up for you to maximize their profits. They can mine up to 22 chains simultaneously so it’s a no-brainer. Maybe miners need a little extra motivation? Add some $VRSC to sweeten the pot. Boom, you have a chain running that is decentralized and protected against 51% attacks.
This is just a tiny amount of detail into how the whole system works, and all the specifications that can be customized. But for me, these are the most interesting. It all works together in harmony to create comfort, safety and ease of use for entrepreneurs and investors alike. These are the systems of the future. They will bring unique ideas, inspiring people, and new markets together. Exciting times are coming.
