Hello everyone, welcome to the third part of 4 in this series on How to Spot a viable project. If you missed the First two Parts you should definitely check them out here Part 1 and Part 2 we talk about the project technology and their ability to attain Mass Adoption. Straight right into today’s piece, we will be looking at another way to identify a viable project.
Another big way to spot a good project is through their Team. What many don’t seem to understand is that a Crypto project is pretty much like and the same thing as a business. It will have a founder or in most cases founders and a team. Just like a business, it requires a lot of work and sacrifice on the path of the team. We see Crypto projects that begin and they sell out just like in the business world. Just in April of this year, we saw big boys CoinMarket Cap sell out to Binance. Now you have to really research into the team running through the project because they control your funds.
You ask yourself simple questions like; Are the team competent in this industry they are into? Do they have proven records of experience doing similar things and succeeding? Do they have criminal records that will serve as red flags? Are they passionate, resilient and determined to make the project work. These questions will help you make an informed guess about the team and how committed they are to their project. The truth is there will be the bad days; it’s only if they are really passionate about the project that they’ll keep going. For instance, we were in a 2 year bear market from 2018-2020, prices slumped to All Time Lows, and many projects packed up and left in that time because their teams were not resilient enough. Those funds invested have now been lost which is rather sad, but it is what it is.
You need to heavily research into the team like I have been saying all along. I once wanted to invest in a project and I found out that one of the core team members was a porn star. Now I have nothing about porn stars but business and pleasure are different and I didn’t invest because of that fact, or if you found out some of the team members were ex-convicts. They could have repented but it’s always better safe than sorry. Another example, a project like Cardano I love because their founder Charles Hoskinson was also a co-founder of Ethereum with Vitalik Buterin. The founder made me buy into Cardano because he has enough experience to make it work.
I have been talking about Emanate Music for a while; and I will keep talking about them because they tick this box for me. Their team is made up of guys who have a lot of experience in the Blockchain and Music industry. From developers, to artists and the likes, they are a truly focused team I must say. The fact that they were launched in 2017 and survived the 2 year bear market like I said from 2018-2020 in my opinion means they should be given credits. They also have a tightly knit team with most of their core team residing in Australia, so that solves the problem of proximity.
This my friends is how you find a viable project through their team. Hope you learnt something and till I come again with the last episode Salud.
Cryptocurrency & Blockchain
A cryptocurrency is a digital asset designed to work as a medium of exchange that uses strong cryptography to secure financial transactions, control the creation of additional units, and verify the transfer of assets.