The quest to develop and implement the real-world applications of blockchain technology is at its peak as the community races against one another to be the first ones to create something that could soon become the standard for that industry. However, irrespective of the effort, if these initiatives remain obscure, it will amount to nothing.
For any product or a business, they should be readily accessible to the target audience if they want to reach out to their clients. And in the cryptocurrency industry, there are only a very few sure shot ways of achieving such a target. Considering the niche nature of the blockchain sector, only a small percentage of people make up for the target audience, until the project becomes big enough to enter the mainstream, and only then do they start attracting the attention of those beyond the crypto community.
Considering the decentralized nature of blockchain, most of these projects are democratic and needs to build a strong community of followers, users, investors, and traders to be successful. And, in the present day, the best way to do that is by getting listed on some of the reputed exchange platforms like BiKi or Binance. Once listed, the platform’s utility tokens will become available to the public, attracting investors and traders. Those who purchase these tokens will then be able to interact with the project’s platform, thereby becoming its users as well as investors in the project.
But, getting listed is not as easy as it sounds. As in many cases, the projects will have to select the right platform, find out about their reach to the community, pass the stringent tests by these exchange platforms, and only then will the project or its tokens gets listed. However, that’s not the end as just getting listed on the platform is not enough if there is no support ecosystem which could further the project’s interest. Few platforms like BiKi, Binance Labs, Huobi Prime lead the way here as they offer a strong support structure which will also serve as an incubation and mentoring system.
It is an important criterion as there are plenty of platforms out there on the internet, many of which don’t have decent trading volumes to matter much. What sets the best exchanges apart from the rest is the volume, user base and geographical reach.
It is easy to find the list of top exchanges. Various websites like CoinMarketCap continuously monitor the trade volumes on various platforms and maintain a list of top exchanges as well as cryptocurrencies. Some of the exchanges on CoinMarketCap’s Top 20 exchange list includes the likes of BiKi, BitMax, OKEx, Binance and BitMEX. While most of these exchanges have been around for a long time, BiKi is relatively new with a wide range of crypto offerings which was included only recently. The less than a year-old exchange has a phenomenal track record, entering the CoinMarketCap Top 20 list directly at the 16th position on debut. The exchange also appears on CoinGecko’s Top 20 list and Forbes magazine’s Top 10 blockchain projects of 2019.
The next step after shortlisting the exchange will be the application process.
The application process is usually a simple straightforward process and each of the exchange platforms might have their own set of questions, KYC and AML requirements which needs to be satisfied. Once the application is filled, it will be subjected to scrutiny, so as to review the authenticity, integrity and contract security of the materials.
If the application passes the review process, then prior to listing, exchanges usually do a few things to promote the project among its community. These activities range from announcements on their website to holistic inclusive promotion plans. In case of BiKi, the platform publishes a press release on top Chinese crypto news site Jinse Finance, and handpicks community partners as moderators and active traders to grow the project’s Wechat community weeks before the token listing goes live. This exercise will increase the demand even before the listing happens, which will, in turn, convert into good volumes from the start. The whole exercise is complimentary with all listings, and the entire process begins several weeks leading up to the official listing date. BiKi’s differentiation from other exchanges is the aim and desire to help projects grow.
If the project has ticked all the right boxes and passes through all the checks, its tokens will go live on the platform. Once listed, users can start trading against other cryptocurrencies which will, in turn, drive the value of the project. If the project manages to win the crypto community’s trust, they will be rewarded with high trade volumes and appreciation of token value.
What’s Next After Listing
A successful listing means the project is now public, which also means that the development is closely tracked by community members and investors to know whether they have put their money in the right place. Any sign of trouble, or mismanagement and the investors will dump their tokens to insulate themselves from the risk of losing their investment.
In order to prevent such a scenario from ever arising, the project must ensure timely progress in development and implementation of the promised solution and maintain transparency throughout the process. They should also start growing the user base of their solutions.
Achieving the Milestones
The intentions behind a project may be good, but that doesn’t necessarily translate to success. In order to succeed, the entrepreneurs behind these projects will have to make use of every resource at their disposal to achieve their target. This is where other allied services offered by some of the startup-friendly exchanges will come to play, like the complimentary marketing service from BiKi that bridges global crypto projects to the Chinese markets.
Blockchain Friendly Ecosystem
The top cryptocurrency exchanges are not built in a day. They are backed by experts in the field with years of experience, and a vast network of contacts. Some of the exchange platforms offer services aimed at furthering the blockchain industry by providing valuable mentorship, incubation facilities, industry contacts, investments, and marketing services to startups. All these put together, will create an entire ecosystem which is ideal for a budding project to reach its full potential. For example, Binance Labs acts as a venture arm of the popular Binance exchange. It offers all the above-mentioned services to entrepreneurs and communities in the cryptocurrency sector. Similarly, BiKi also has rapid globalization plans, which it has already put to action. It is aggressively expanding its community in countries like Vietnam, Canada, China, with lots of events, industry interactions with VCs, fintech firms, blockchain projects and media. These events will also be soon held in South Korea, Malta, Japan, Russia and the USA. It has also set up the BiKi Partner Nodes to build a strong global blockchain ecosystem with hundreds of cryptocurrency entrepreneurs and startups on board.
The Future Outlook for Blockchain Projects
Now with the crypto winter coming to an end, combined with the push for implementation of blockchain technology by government, banking and private sectors, it is the time for things to start looking bright again. While some of the projects like BiKi have already proven their worth by wading through the crypto winter, signs of the upcoming bullish market are set to lift the spirits in the blockchain industry. A meaningful project, using the right set of available tools and resources can, in this scenario turn into a gamechanger in no time.