Building Trust and Transparency During your Blockchain Project

blockchain

One shocking aspect of the Blockchain is that even though it is called the ‘trustless technology’ the ecosystem is bound together by trust and transparency. This is why a new cryptocurrency ICO must help supporters mitigate the innate uncertainties that Blockchain projects bring. They do this by incorporating the qualities all through the ICO process.

Here, credibility plays a crucial role in the success of a new cryptocurrency ICO and is more critical after the initial coin offering ends. Remember that after raising the money for the project, you will have to deliver on those promises. Be sure to let your supporters know the following:

  • How are funds being used: Usage of funds is the most important aspect of transparency with the community. The project owner must clearly state how the sale proceeds will be utilized leaving out no details.
  • What is the product’s state: One way to communicate the state of the product is to make some member of the community beta testers. Also, if you aren’t at the stage yet, share posts, videos, screenshots and public code depositories.
  • Keep the community engaged: Communities and networks are everything so you should make them feel enthused as a part of the journey. This will keep them engaged and drive them to make contributions actively. This may attract more users as well.
  • Token value questions: These speculations are bound to come up. No matter your plans, do not allow your token sale to become a get-rich-quick or Ponzi scheme. Definitely you will have some immediate profit seekers and speculators among your community, so make it clear from the whitepaper.

A more transparent, secure and trustworthy industry instills more confidence while bringing in new players that can help the evolution of the blockchain space. Also, it ensures that legitimate and transparent projects attract more attention than the non-legitimate ones.


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