What Contributes to the Success of Blockchain Networks?
Big Eyes: What Contributes to the Success of Blockchain Networks? This is a sponsored advertising post. Nothing in this content should be construed as advice, it is meant for informational purposes only.
With over 18,000 cryptocurrencies currently in existence, it is difficult for people to distinguish blockchain networks from one another. When you evaluate the traditional centralised institutions, it becomes evident that each banking organization needs to provide something to its audience that they cannot obtain elsewhere.
Thus, blockchain networks need to follow the same sentiment – containing key features that contribute to the digital currency’s reputation growing. This article will explore what makes particular blockchain institutions become established in the crypto market, and how upcoming currencies can follow suit.
Surpass elements of other networks
When it comes to the construction of any successful product/business, people believe that originality is the primary factor in their success. This statement is partially backed by the success of Bitcoin, which at the time of its release in 2009, was original because it was the first-ever cryptocurrency.
However, the sentiment of originality is countered by a blockchain network such as Ethereum (ETH), which came six years after Bitcoin and built itself a solid reputation, by starting the concept of a blockchain smart contract platform. Smart contracts are computer programmes that automatically implement necessary actions, that fulfill an agreement between multiple parties online.
Since it implemented smart contracts within a blockchain, Ethereum has become the second most prominent cryptocurrency regarding market capitalization according to CoinMarketCap, along with having the largest ecosystem in crypto. Additionally, Cardano (ADA) is another example of a currency that does not have complete authenticity but is responsible for successfully using the proof-of-stake (PoS) consensus – a less energy-intensive element than Bitcoin’s proof-of-work (PoW) algorithm.
Cardano takes pride in securing all of the technology developed through a peer-reviewed research process – meaning that strong ideas are challenged before being validated. As a result, the ADA token is one of the most eminent cryptocurrencies in existence, being ranked eighth on CoinMarketCap.
Diverting from traditional characteristics
At times, the best way for developers to make their blockchain network stand out is by diverting from what they do regularly. Take a coin like Big Eyes (BIG) – which is an upcoming community-driven token that features an anime-crafted cat, with large pupils as their coin’s mascot. This is something different that BIG has incorporated into meme coin culture, as many meme tokens commonly brand themselves by using dogs in their icons such as Dogecoin, Shiba Inu, and Dogelon Mars.
Big Eyes goes a step further by differentiating itself from other meme coins by giving 5% of its earnings to ocean-based charities, targeting a specific charitable sector while linking to the theme of cats.
Additionally, the BIG coin aims to construct a self-propagating ecosystem that contributes to the growth of NFTs – offering its users access to more content, and events that make the blockchain hype-ship worth participating in. Its key features expand further by having no tax fee, a dynamic tax system, and running with the popular strategy of being a governed community.
In the end, the two primary factors that seemingly contribute to the success of blockchain networks are diverting from others by doing things differently, and taking an already used concept but expanding on it. Ethereum (ETH) and Cardano (ADA) are two cryptocurrencies that have elevated blockchain technology, while Big Eyes (BIG) fills a niche in a popular yet unoriginal sector of the crypto world in the meme ecosystem.
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