Blockchain has become the new Gold Rush, with more and more prospectors developing Dapps mostly to take advantage of the demand for cryptocurrencies and attract funding through initial coin offerings (ICOs). However, skyrocketing investments in ICOs can’t hide the fact that most Dapps just don’t catch on.
In 2017, Dapps raised as much as $5.6 billion in investments, which is 23 times more than the previous year. However, in September 2018, less than 1% of Dapps had more than 300 daily active users. What’s wrong with this? And how can it be changed?
Dreaming of potential investments, most startups rush into blockchain forgetting about the ultimate goal, which is to create a sustainable product. They just go for decentralization without understanding completely whether their audience really needs this. That said, such startups might disregard the importance of following the lean cycle.
What does the lean cycle mean? It implies the following stages:
How to move through these steps more efficiently? If the first two stages can only be addressed by the startup itself, the MVP development and scaling matters can be facilitated with the help of a predesigned blockchain ecosystem, such as genEOS. How? The next chapter will unveil the details.
As genEOS has such built-in features as inherent decentralization, data encryption, smart contracts, and role-based access schemas, it allows crafting MVPs faster and less expensive compared to doing it from scratch. For startups, speed and cost-efficiency matter more than ever. This is what makes genEOS a handy tool in the first place.
Making a Dapp scalable is not an easy task. However, in the case of fast-growing startups, it is vital. genEOS can come in handy with its possibilities to boost Dapp performance through inter-blockchain communication and to limit the number of witnessing nodes required.
How does it make inter-blockchain communication possible? A single chain built on genEOS can process thousands of transactions near instantly. However, if a Dapp needs more bandwidth, it is possible to build as many chains as needed and connect them into one system. This upgraded system may process a close-to-unlimited number of simultaneous operations.
As for witnessing, genEOS has a limited number of witness nodes. No matter how much the blockchain scales, this number remains the same, hence the processing time doesn’t soar when a Dapp is scaling.
We believe that the startups building Dapps can be as successful as those developing classic centralized applications. The only thing is that success in both cases relies on consistent progression from one lean cycle stage to another.
In a nutshell, it takes the following: understand the problem; find the right solution (does it need to be decentralized?); build the MVP and test it; scale when your solution proves effective.
And lastly, don’t waste your money where you can save it and don’t slow down. Use tools, such as provided by genEOS, that can facilitate your Dapp development and make it more reasonable in terms of both costs and time.
