Blockchain Project Flow

There are many things that need to be done under the current architecture in order to implement a blockchain project.

First is the ICO (Initial Coin Offering), which is usually released as an ERC20 on the Ethereum currency in order to obtain cryptocurrency. This phase is relatively easy to achieve.

Second is to connect with exchanges to circulate the ERC20. This stage consumes a lot of resources, because the costs of using big exchanges are enormous.

Third, the project party needs to fulfill its promise by developing its own application and implementing it, and it must be implemented on a blockchain. Most projects currently choose to develop their own blockchain system. This step is extremely difficult, and many projects end up stranded here. This is why most current projects become empty blockchain projects. If you successfully develop your own blockchain, the project must convert ERC20 into their own original currency. Of course, the project doesn’t end here, the project party still needs to continuously invest in maintaining the operation and development of the chain. It is orders of magnitude more difficult to achieve stable and safe operation of an individual blockchain than it is to merely create an application. Using an application team to maintain a blockchain can easily lead to minimal results and a failure to maintain healthy development of the chain.

First and foremost, ICO’s are forbidden in China. In addition, every blockchain has to overcome the problem of circulating in exchanges. But exchanges bring problems of their own, including high transaction costs and ‘black-box’ operations of some centralized exchanges. Currency value management and exchange security issues bring additional risks to the project.