My Take on the Main Obstacles to Building a dApp Startup Like LeoFinance
In talking to many people who are looking to build dApps on Hive and other blockchains, I've been asked what the main obstacles are in starting something like LeoFinance.
There are a lot of pitfalls and I do have some advice from my experience.
My #1 piece of advice is to keep building. No matter how doom and gloom things get.
One of the biggest problems of Crypto is a double-edged sword because it is also one of the biggest benefits to crypto: tokenization.
Tokenization is like becoming a public company right off the bat.
But if you look at public companies, they aren't startups. They proven their product to some degree already and have built a business.
In crypto, our startups are instantly put to the scrutiny of the public market. This can bring euphoria when the price goes up but it can bring despair when the price goes down.
If you focus only on the valutaion of your project, then you'll lose sight of what you're building. The key is to focus on what you're building and hodl onto your vision no matter the price of your token.
In this clip, I also talk about:
- If it’s valuable to you doesn’t mean it will be for others.
- ‘If you build it they will come’ is not true if you don’t develop further based on feedback
- Having 5 users with a crappy product is better than thinking you have something great with no audience.
- Streaming app example with Billions of investment that when it went out it blew up.
- Taking a product to market is key.
- Leo is a double edged sword cause launching early has bugs but even if not finished, the feedback is worth tons.
About LeoFinance
LeoFinance is a blockchain-based Web3 community that builds innovative applications on the Hive, BSC, ETH and Polygon blockchains. Our flagship application: LeoFinance.io allows users and creators to engage and share content on the blockchain while earning cryptocurrency rewards.
Our mission is to put Web3 in the palm of your hands.
Twitter: https://twitter.com/FinanceLeo
Discord: https://discord.gg/E4jePHe
Whitepaper: https://whitepaper.leofinance.io
Our Hive Applications
Join Web3: https://leofinance.io/
Microblog on Hive: https://leofinance.io/threads
LeoMobile (IOS): https://testflight.apple.com/join/cskYPK1a
LeoMobile (Android): https://play.google.com/store/apps/details?id=io.leofi.mobile
Delegate HIVE POWER: Earn 16% APR, Paid Daily. Currently @ 2.8M HP
Hivestats: https://hivestats.io
LeoDex: https://leodex.io
LeoFi: https://leofi.io
BSC HBD (bHBD): https://wleo.io/hbd-bsc/
BSC HIVE (bHIVE): https://wleo.io/hive-bsc/
Earn 50%+ APR on HIVE/HBD: https://cubdefi.com/farms
Web3 & DeFi
Web3 is about more than social media. It encompasses a personal revolution in financial awareness and data ownership. We've merged the two with our Social Apps and our DeFi Apps:
CubFinance (BSC): https://cubdefi.com
PolyCUB (Polygon): https://polycub.com
Multi-Token Bridge (Bridge HIVE, HBD, LEO): https://wleo.io
▶️ 3Speak
I agree.
I have this mobile app that I built for months and months. And when when I published it on Google Play, I was so disappointed that I only got less than 20 active users. Until now, after a few years, I never get passed 100 users. My budding dev life as plucked that time. LOL.
I am now trying to make a simple an app on Hive. I am currently thinking of features but I may need to push a an MVP and then continue to develop it from there. 😊
Posted Using LeoFinance Beta
Make sure you fail fast and break things, so that you can improve based on feedback 👍
And good luck with your project. We need people like you to try to build many things.
Together we grow
Sure. I hope to have a working MVP before the end of the year.
And thanks for the encouragement. I really need it. 😊
!PIZZA !CTP
You’re welcome! And encouragement by the way is another reason why you want to quickly share an mvp. A lot of people might not understand it, but if you can get a handful of people who see your vision, then their encouragement will be invaluable
Thanks again. I am further more encouraged. 😊
!CTP
Was there a marketing push once the app was published? I always wonder about that when a good product fails to gain traction, and hope you'll continue creating and land that breakthrough that leads to success! :)
Posted Using LeoFinance Beta
Unfortunately, there is no marketing. It is one of my weakness and don't know much about it at that time.
I am thinking about it this time and I realized that I made the app for myself and not for many people. LOL.
About my app, it's about traffic rules, signs, etc. I think my main motivation when doing it is for my portfolio and my disappointment to some drivers who don't know how to follow the proper road courtesy. 😅
Some of the best products were made to solve a problem for a particular person. I'm rooting for you! :)
Posted Using LeoFinance Beta
Thanks a lot for the encouragement. 😊
!PIZZA !CTP
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You have really invested much efforts in the leofinance system according to what you said, and your efforts are really appreciate.. keep up the good work boss.
main obstacle is finding competent developers that are actually available to work on your project
Posted Using LeoFinance Beta