In the second of a three part series examining the current state and future direction of cryptocurrencies, our General Manager, Amanda Liu, takes a look at what makes a sustainable cryptocurrency project.
In my last article I wrote about the macroeconomic backdrop for cryptocurrencies, and predicted that increased regulation and an uncertain economic environment would lead to many crypto projects failing to achieve their goals. At the same time, I said that projects focused on building sustainable products for the future would succeed even in tough times. This week I want to develop that theme and examine in more detail what makes a sustainable crypto project.
The first thing to highlight is that every project needs to have a clear plan. Right from the beginning, the project milestones and path towards achieving them should be laid out. Regular updates should describe the progress that’s been made and future direction being taken. This is critical to demonstrate the growing strength of the project, and at OAX Foundation we provide a range of reports to our community to keep them informed about our work.
The project itself needs to address a real market need and should make a noticeable, positive impact to the industry. Many technology projects seem to be trying to solve a problem that doesn’t yet exist, and which perhaps never will. At OAX Foundation, we’re focused on solving the speed and liquidity challenges that are holding back widespread adoption of decentralized exchanges. Successfully meeting this challenge has the potential to revolutionize crypto trading and bring it into the mainstream.
Related to this is the need for a sustainable project to bring something genuinely new to the industry. The OAX project isn’t just another decentralized exchange platform, we’re taking an innovative approach to technology application that is strongly aligned with the changing regulatory environment. Developing new technologies with transparency and governance standards front of mind will help ensure they stand the test of time and win support from users.
Aside from the technical aspects of a project, one of the most important factors in its success is its people. At OAX Foundation, we’ve deliberately built the team in stages, bringing the right people in at the right time. We’re a mix of blockchain industry veterans and outside experts, whether that’s in banking, law or compliance. Alongside the in-house team, we’re supported by an advisory board of industry experts. In this way, we’re an integral part of the wider community that we’re building the project for. This gives our project focus and keeps it relevant.
Finally, flexibility is of crucial importance to ensuring a project can withstand the unique characteristics of the crypto industry. This is an industry that changes daily, so you need to constantly mould both project and team to the changing environment — whether that’s technological, economic, or regulatory. This can best be achieved by focusing on the future and building for that, not for a particular point in time. At OAX Foundation, we constantly check that our roadmap, team and resources are fit for our future vision of the industry.
In my next post, I want to talk more about how I see that vision of the future, and OAX Foundation’s role within it.
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