Follow @nxtchg

Author Topic: A Strategy for Success  (Read 6392 times)

NxtChg

  • Overlord
  • *****
  • Posts: 1113
  • Respect: +60
    • View Profile
A Strategy for Success
« on: December 05, 2015, 10:13:52 am »
0
For a coin to be successful, just building it is obviously not enough, otherwise NXT and others would have already dethroned Bitcoin.

A coin, especially in the case of Simcoin, is not the end product, it's a backbone of an ecosystem, and that ecosystem needs to be built in parallel.

We have very limitted resources, at least for now, so we need to focus on a few "killer apps", which will utilize the unique features of Simcoin.

This topic is to track ideas for apps and services needed to make Simcoin a success, so let's brainstorm it here.

Required

* Main site.
* Nice client.
* At least one SIM/BTC exchange (done).
* SimExplorer (I got this covered - I keep updating it as I develop the core).
* Online wallet, like blockchain.info.
* Web API for easy integration.
* Payment processor, like BitPay.
* Coin mixer with redeemable codes.
* Faucet, maybe even in the client. Or integrated into some sort of game.

Utilize Simcoin strengths

What apps require or benefit from fast transactions and/or voting (both in SIM and assets)?

Long overdue "killer apps"

* Online tipping.
* Video on demand/torrent monetization (but I don't want Simcoin to be labeled as "a coin for pirates" and be hunted, so need to be careful here)
* Content selling in general: songs, e-books, articles, art, soft, phone apps, etc.
* New kind of forum with integrated tipping and stake estimation to rank users.
* Reddit with integrated payments, so content submitters are rewarded.
* Crowd-compute with proper market and rewards.
* Crowd-storage (crowd-cloud).
* Wi-Fi/mesh networks monetization.
* Crowd-managing and crowd-funding projects. Freelancing.
* Games, especially existing popular ones, which are somehow integrated with cryptos (i.e. Minecraft).
* Online voting, including reliable merchant feedback, movie ratings, etc. (both on-chain and off-chain, but with proof)
* New web-site login system via signed messages with direct account (i.e. stake) integration.
* Pay-to-watch-ads, pay-to-read systems (pay-to-read is already easily implementable via native Simcoin messages).
* Local governance with both voting and financing  (need a way to limit votes for this, probably via asset voting).

Other ideas

* Visualization tool that displays the stream of transactions at very high speed in real time.
* Some sort of directory or even a search engine for all services that support SIM, preferably at least semi-automated.
* Truly anonymous payments.
* On-chain auctions.
* Mining pool that allows to automatically convert mined currencies into BTC, then Simcoin.
* NFC payments.
* Crypto audit + bugs bounties.
* Paper wallets for promotion.
* Automated exchange like ShapeShift.

FAQ

Q: Why not just offer/encourage existing services to integrate SIM as one of the payment options?
A: Three reasons:
  1) An exclusive service, which accepts only SIM will drive adoption.
  2) It's not always easy or possible to solve the chicken-and-egg problem and convince big services to use your coin before it's popular.
  3) Many existing services fall short of being true killer apps. Maybe we can do better by trying not to be stupid.
Tentacle Overlord, The Deranged Genius of The Abyss

draco

  • Minion
  • *
  • Posts: 25
  • Respect: +3
    • View Profile
Re: A Strategy for Success
« Reply #1 on: December 07, 2015, 02:45:27 pm »
0
Cryptocurrencies should work more like Internet cash: I should be able to pay without giving any information and without creating an account. For example: Send 0.01 BTC to this address to remove ads. Send 0.02 BTC to download a file. Nobody can claim they are legally required to collect customer information as long as I can pay at a local coffee shop with cash without giving my name.

gs02xzz

  • Jr. Minion
  • **
  • Posts: 82
  • Respect: +5
    • View Profile
Re: A Strategy for Success
« Reply #2 on: December 08, 2015, 07:38:53 pm »
0
PMed you my thoughts.

It seems all in the Long overdue "killer apps" list look good to me. We need to pick an area where the industry and the companies in the industry have motivation to use the apps.

NxtChg

  • Overlord
  • *****
  • Posts: 1113
  • Respect: +60
    • View Profile
Re: A Strategy for Success
« Reply #3 on: December 09, 2015, 10:32:08 am »
0
One or two ideas need to be picked and developed. Popular enough to drive adoption, but not controversial for Simcoin to be labeled something like "torrent-coin". The scope of work also matters.
Tentacle Overlord, The Deranged Genius of The Abyss

gs02xzz

  • Jr. Minion
  • **
  • Posts: 82
  • Respect: +5
    • View Profile
Re: A Strategy for Success
« Reply #4 on: December 11, 2015, 02:58:27 pm »
0

It is a good idea to build something SIM can do but Bitcoin currently can not do.

The ideal situation is to utilized the strengths of SIM to build apps to solve some specific issues for existing business and companies.

For instance, you mentioned the movie rating. If SIM can help to motivate more people to write the movie rating it will solve a big issue for the exiting movie rating business and companies.

The nano-payment for contents you mentioned is a good direction to think about. For instance, if we can build some apps to solve some specific issues (making their current business models better and more efficient) for contents providers like Amazon, Netflix, Google, Yahoo, and Reddit. If so, we can directly sell the apps to those companies. Having some clear sales targets is also a good thing.

What are SIM's strengths comparing to Bitcoin?

 

NxtChg

  • Overlord
  • *****
  • Posts: 1113
  • Respect: +60
    • View Profile
Re: A Strategy for Success
« Reply #5 on: December 11, 2015, 03:24:52 pm »
0
What are SIM's strengths comparing to Bitcoin?

Although in general I agree with you about "building to strengths", relying on technical advantages is probably not enough.

Open-source technology can be duplicated at virtually no cost. Plus other coins, like NXT, are better than Bitcoin, yet fail miserably.

I think the right people is the most important asset. To find, interest and retain them is the biggest challenge.
Tentacle Overlord, The Deranged Genius of The Abyss

draco

  • Minion
  • *
  • Posts: 25
  • Respect: +3
    • View Profile
Re: A Strategy for Success
« Reply #6 on: December 11, 2015, 07:48:32 pm »
0
Plus other coins, like NXT, are better than Bitcoin, yet fail miserably.

I wonder what your definition of success is.

Some of the problems with Bitcoin:

1. Slow transactions
2. Mining costs
3. Lack of full anonymity
4. Scalability

The current version of Nxt mainly solves number 2. For regular users 1 would be most visible and important. I assume Simcoin will solve at least 1 and 2. You probably will have at least a moderate level of success if you release a working coin, and after that just relax and react if any problems appear. Success will obviously depend on many uncontrollable factors such as timing, luck, and a slow buildup of value over a long period of time. Of course there is nothing wrong with building an ecosystem to drive demand.

NxtChg

  • Overlord
  • *****
  • Posts: 1113
  • Respect: +60
    • View Profile
Re: A Strategy for Success
« Reply #7 on: December 11, 2015, 08:19:32 pm »
0
I wonder what your definition of success is.

Hm, good question :)

* top 10 at coinmarketcap
* dollar parity
* ultimately top 1, i.e. dethroning Bitcoin

But that's too abstract. Here's a more detailed list:

* it works as advertised, even under high load
* good scalability roadmap for the future
* ease of integration/development (i.e. simplicity)
* favorable environment for developers/merchants/smart people (i.e. human capital)
* overcoming strong network effect of Bitcoin
* leadership (not me, we need a good CEO)

I don't know, maybe I'm overthinking it indeed and "don't be stupid" motto is enough, because that's basically what it all boils down to. Do the right thing at each step.

The current version of Nxt mainly solves number 2. For regular users 1 would be most visible and important. I assume Simcoin will solve at least 1 and 2. You probably will have at least a moderate level of success if you release a working coin, and after that just relax and react if any problems appear.

There are several coins which are significantly faster than Bitcoin, so 1 and 2 are probably not enough, even for moderate success. Not that many use-cases depend on a difference between 1 and 30 seconds...

One thing you're right about: in the end it will depend on a lot of uncontrollable factors. We can just try to do our best.
Tentacle Overlord, The Deranged Genius of The Abyss

draco

  • Minion
  • *
  • Posts: 25
  • Respect: +3
    • View Profile
Re: A Strategy for Success
« Reply #8 on: December 11, 2015, 09:23:46 pm »
0
Not that many use-cases depend on a difference between 1 and 30 seconds...

I think it is very important. Would most people use a payment system where transactions take more than 1-2 seconds? I don't think so. For example Bitcoin payment processors accept unconfirmed transactions. Would they do this if they didn't have to?

NxtChg

  • Overlord
  • *****
  • Posts: 1113
  • Respect: +60
    • View Profile
Re: A Strategy for Success
« Reply #9 on: December 11, 2015, 09:28:07 pm »
0
I think it is very important. Would most people use a payment system where transactions take more than 1-2 seconds? I don't think so. For example Bitcoin payment processors accept unconfirmed transactions. Would they do this if they didn't have to?

Yeah, that's about the only use-case :) Although a big one.

But Ripple has almost instant txs too. Still not enough.

By the way, did NXT managed to implement its "instant transactions"?
Tentacle Overlord, The Deranged Genius of The Abyss

draco

  • Minion
  • *
  • Posts: 25
  • Respect: +3
    • View Profile
Re: A Strategy for Success
« Reply #10 on: December 11, 2015, 09:54:21 pm »
0
Quote
But Ripple has almost instant txs too. Still not enough.

I assume Simcoin will be more decentralized than Ripple.

Quote
By the way, did NXT managed to implement its "instant transactions"?

A roadmap was published, and I don't remember seeing it there, so probably not in the near future. The next improvement will be less variance in block times.

NxtChg

  • Overlord
  • *****
  • Posts: 1113
  • Respect: +60
    • View Profile
Re: A Strategy for Success
« Reply #11 on: December 11, 2015, 10:08:25 pm »
0
I assume Simcoin will be more decentralized than Ripple.

Yes, it will. But I think my point still stands - instant txs alone is not enough.

Various other things matter too: decentralization, prejudice against PoS, etc.

People see Bitcoin as THE cryptocurrency and it will take some time for that mindset to change. Probably a whole new group of people too :)

That's why popular apps that bring new users are so important.
Tentacle Overlord, The Deranged Genius of The Abyss

NxtChg

  • Overlord
  • *****
  • Posts: 1113
  • Respect: +60
    • View Profile
Re: A Strategy for Success
« Reply #12 on: December 17, 2015, 09:18:55 am »
0
You probably will have at least a moderate level of success if you release a working coin, and after that just relax and react if any problems appear.

"Don't worry if it's hard
If you're not a friggin' 'tard
You will prevail!"

;D
Tentacle Overlord, The Deranged Genius of The Abyss

Titulaer

  • Jr. Minion
  • **
  • Posts: 88
  • Respect: +13
    • View Profile
Re: A Strategy for Success
« Reply #13 on: December 17, 2015, 02:50:48 pm »
0
Do the right thing at each step.

I think that is the most important factor for success.

Of course it is impossible to do everything right, but at least we can learn from the mistakes others made. So I think it would be interesting to look at things that could hurt the coin as well.

Things that will (probably) kill a (new) coin:

* Drama: fights within the community, especially between developers

* Attacks: especially for new coins it is devastating if people lose money and/or confidence because of an attack

* Critical bugs: it's over if the network breaks down, even if it is just once and it is permanently solved afterwards

* Releasing too soon: people don't have any patience, the first public release should already be super stable

I don't know about the first point, but I guess we should have faith that our great tentacly one has the other points covered. :)

NxtChg

  • Overlord
  • *****
  • Posts: 1113
  • Respect: +60
    • View Profile
Re: A Strategy for Success
« Reply #14 on: December 17, 2015, 03:26:37 pm »
0
I don't know about the first point, but I guess we should have faith that our great tentacly one has the other points covered. :)

Releasing it first as a test net should help. Maybe even as a closed beta, so as not to over-hype it until it's ready for the public.

All the things you mentioned are not 100% coin killers. What kills the coin is it being overrun by stupidity and mediocrity, what happened to NXT and is happening to Bitcoin now.

Technical challenges can be overcome by a competent community. Social challenges - not so much.
Tentacle Overlord, The Deranged Genius of The Abyss