Now, more than ever, there’s an overabundance of cryptocurrencies. Whether you’re investing, needing to use a crypto service, or simply wanting to understand the entire space better, here’s a quick crash course on how to find Solid Crypto Projects.
What is it & How Does it Work
Firstly (and we shouldn’t need to tell you this but) find out what it is, and how it works. Make sure you understand what it’s all about. No one shows their Grandma how to unlock a new touch screen phone and then decides to showcase the process of posting trendy TikToks to gain clout. A few good places we’d recommend to find out the basics of a project and other data are checking websites such as coinmarketcap.com and messari.io, or finding out if they have their own website as well.
Once you’ve got the idea of what the project is, here are the next few things we’d do.
Technology & Innovation
No significant cryptocurrency wavers in having both of these as core pillars in their project. A foundation in outstanding technology that sets it apart from others is crucial… and yet, not enough. Being Innovative is a necessary pairing with great tech. The world of crypto isn’t universal yet, meaning that there are many important boundaries to push and overcome. An adaptive environment that can take on new challenges and unsolved problems in the early stages of this industry is likely the one that will succeed in the long run. A project that is currently functional rather than purely based on future speculation is likewise a safer option.
There is a Solid Team Involved
This step is fairly simple. Find out who the team behind it is. Find out what they do and what value they bring to the project. Sometimes there are leading figures in a department or strong company backing, or other extremely successful businessmen, professionals, or entrepreneurs involved. Even if no high-profile personnel are on the team, check anything about them you can find; articles, work they’ve done, their social media accounts, etc. Showing that they’re passionate or very active in the project are two good signs to look for. If you can’t find out who the team is then there’s a good chance that’s for a reason.. and you might want to stay clear.
Good Community
Having a strong community of supporters who believe in the project is another thing to search for. Developers and users of the project either in discord groups, on Twitter, or creating content of some form around it play a key role in organic growth and showcase the belief in it.
The Project Has a Clear Vision
Being sure of where the project is headed should go without saying. A clear roadmap of all plans in the future and moving towards eventual core use or goal is something every project must be clear on. If they don’t plan on making an impact now or further into the future, or if it doesn’t seem even slightly realistic, steer clear.
Healthy History
Last of all, maintaining a healthy price history is key. Dramatic price movements that have no good reason, rug pulls, and “pump and dumps” are red flags that could mean the project is unhealthy in some way. Having a low market cap, unlimited supply or low volume, etc. are not necessarily bad things… But if a project doesn’t display these figures, find out what and why before overlooking obscure statistics or price action.