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CEO CHAT: Building a Better Blockchain
Traders Magazine Online News, July 12, 2018
How does one build a better blockchain?
Very carefully, logic dictates. The old woodworking adage comes to mind, “measure twice and cut once“ and Vytautas Kašeta, president of Crypto Economy Organization and advisor to the Swace startup, shared with Traders Magazine eight keys to building a successful blockchain application.
Why?
Kaseta pointed to a recent study that reported 92% of blockchain projects fail, and the average lifespan of a blockchain startup is 15 months. However, blockchain technology doesn‘t seem to to lose its hype. So, what should blockchain developers know to be among the 8% of successful startups?
First, he said is to find the problem you want to solve.
“You must have a clear picture of the market you want to disrupt and the challenges it is facing. This is where you will find the problem your project will help tackle,“ Kaset told Traders Magazine in an interview. “Make sure that the product you are creating is exactly what your users need now or will need in the future.“
Second, start with the people you need the most. He explained that the people you hire are your biggest treasure.
“Start with recruiting the best CTO (Chief Technology Officer) in town. Such a person will know how to solve the problem and will have the skills to do it,“ he said. “Also, you should have a developer on board as soon as possible. Of course, you shouldn’t stop there.“
Thirdly, Kaseta said one must become a blockchain expert.
“These days, everyone wants to incorporate blockchain technology in new projects,“ he said. “Do you have a clear understanding of the exact way blockchain will benefit your product? Everyone on your team should be in line with the answer and know the background of blockchain. If you’re still searching for the answer, read some books about distributed systems, digital and crypto economy, distributed ledgers etc. If you’re an entrepreneur or CTO, you can start with “Blockchain Revolution” by Don Tapscott and “The Business Blockchain” by William Mougayar. If you are a developer, look into the GitHub of your preferred blockchain.“
Fourth, choose the ledger format wisely – especially when selecting between public and private ledgers. At the outset, he recommended deciding what distributed ledger features will possibly be needed in your solution.
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