Hello, new to the forums, but thought I’d offer some analysis of GoTenna and blockchain. Seems like a great community.
A lot of the material may be already known here but I thought I’d consolidate thoughts all into one place. I had lots of links in here but new users only allowed 2.
Blockchain is fascinating technology and offers the potential to disrupt not only technology but every aspect of culture as well.
TLDR: GoTenna is ready and should take the project out of incubation mode and start moving full steam ahead into realization.
Project Success Factors
- Team strength
- Community Presence
- Token Justification
- Use case and market sizing
- Development activity and Roadmap
- Competitive advantages
The whitepaper is the foundation for everything. This document establishes the vision, lays the groundwork, sells the implementation, incentives the community, and establishes credibility.
The entirety of a whitepaper does not have to focus on complex, technical discussions. Often times, the paper can have an attractive presentation and easy to understand language. Power Ledger has an excellent Whitepaper here:
1. Team Strength
Once the whitepaper is established, the team is usually the best indicator of how successful a project is perceived to be.
- A good team publishes their LinkedIn profiles to the public, with their pictures prominently displayed under the team section on their website
- A good team is not just technical, it needs a solid mix of
- entrepreneurial leadership
- technology leadership
- blockchain development
- community spokesperson
- business operations
- technical operations
- An academic credentialed member is always good to have as well
ixec.rlc has a great example of a team listing —> Go to web address “ixec dot ec” and the “about us” section
A good team is able to build relationships with other blockchain projects, mainstream technology companies, or government regulators
A successful team has already been active in the community, or is establishing a presence in it.
- Daniela and J have been giving presentations at conferences and on YouTube
Strong list of advisors
- Advisors often have previous success with other blockchain projects, lend their name and credibility to the team, or can help them form connections
-OmiseGo has “dream team” of advisors —> “omisego dot network”
2. Community Presence
Community involvement is HUGE due to decentralized culture of the blockchain universe. As the community wants to share in the rewards of the project, they feel more confident when they are being provided a steady stream of development and marketing updates. They prefer a forum where they can ask questions to a project representative. They prefer decision makers make a minimum amount of backtracking.
Crypto investors often have a dualistic nature. While they shun the traditional institutions like banks and fiat money, they will often appreciate the legitimacy and double digit price boosts these organizations (like IBM) can bring to a project.
Top sites for community discussion are:
- Slack (once considered the “gold standard,” but many teams have moved off of it due to phishing scams)
- Rocket Chat
- Blockchain conferences
- Developer conferences (devcon3)
- Hosted collaborations (video streamed or recorded) with other crypto projects
- Medium blogs
- Github progress visibility and documentation
- Local Meetup groups (Berlin, London, NYC, Los Angeles)
- Traditional social media outlets like : Twitter, Facebook, Instagram
- Traditional media outlets such as: Forbes, CNBC, local news and newspapers
Marketing is obviously key, as any endeavor. Many projects have raised staggering amounts of capital based on a whitepaper, with no working product, and a small team, simply based on the power of marketing and connections.
The community outreach mentioned is a very successful marketing strategy for seeding enthusiasm. When the community feels engaged, excited about new technology, and the prospect of sharing in the new technology’s profits, they will often generate the needed messages and hype to bring awareness.
Other projects with great ideas, and strong technical teams, have often fallen short, due to lack of awareness.
Branding is also a critical aspect, projects like Lisk been able to raise the value of their tokens through the anticipation of rebranding.
Be able to sell the idea in 30 seconds, and provide a slogan that sells itself. Crypto projects can be very difficult to relate to main street, and even seasoned technologists.
These are the key points to presenting a polished image, and should be considered mandatory. The analogy is like wearing a suit to an interview.
- Strong website (district0x example) website: “district0x dot io”
- Strong whitepaper (The Power Ledger paper is a great example)
4. Token Justification
Clearly explain not only why the token is needed, but why it can’t be replaced with an existing token like Ethereum or Bitcoin
This is one of the first questions any prospective investor will ask
- Some good justifications are value discovery and incentives, or special functionality that is needed by the network’s protocols
"I need GOTNA tokens to adequately price out my network since ETH tokens are influenced by multiple other projects and don’t reflect the value of my network."
"I want to invest in Disney but I don’t want to do it through an index fund. I buy Disney directly."
"I need tokens to incentivize investors to help build out the infrastructure and increase network presence."
Incentives are critical to the decentralized application culture. Users are now considered owners. They are profiting as the project grows, and less of the profits are going towards a centralized authority.
Incentives also serve to align user interests with those of the blockchain’s founders and/or governance organization (DAO)
Rootproject is an example of creating wealth and also helping the underprivileged, where making money is not considered a necessary evil but encouraged to lift all boats. Website: “rootproject dot io”
Bounties are AWESOME, and a perfect fit for crypto projects. They reward the community for their efforts, and the community feels more aligned with the project’s goals.
Bounties are rewards paid out in USD fiat or in tokens. Long established in the development world, especially in the realm of security, they have been warmly adopted by the blockchain community.
website: “bounty0x dot io”
GoTenna already has many user contributions established, from devices operating in permanent relay mode, to the MOAN project, for example.
Some bounties the project can offer, to further its development
- Hardware development
- Extend range
- Extend battery life
- Extend durability
- Add additional features
- Solar panel integration
- Software development - Sia is a great example of a project that uses bounties to extend code base and functionality
website “sia dot tech”
- Integrations with existing technology or other blockchain projects
- Blogs, spreading announcements, referrals
- Translating the whitepaper or other marketing materials in local language (French, Chinese, Arabic).
Masternodes serve to validate transactions and provide infrastructure for the entire network
Nodes become quite lucrative for node owners as they are paid % of awards, typically from fees collected from token exchanges
Dash, Zencash are two projects using masternodes
These can be especially beneficial for projects that need to build out distributed server infrastructure
One item to keep in mind is to make sure the rest of the community isn’t resenting the node owners when cost of a node becomes too high or the node owners are taking an unfair share
Many times, a precentage of tokens are often reserved, not only to fund the core team, but to also keep the project moving forward, and to reward the community.
Some examples of tokens that get earmarked:
- Core development fund
- Marketing fund
- Secure nodes
6. Use case and market sizing
The use cases for GoTenna are endless.
Yearly telecom and IT spending measure in the trillions
Mentor Model: Web 1.0 - Cisco systems - 1990s
Infrastructure for web 4.0. Other blockchain projects are building out CPU, storage, token frameworks, payment services, exchanges, and decentralized app frameworks. However, ALL of these services require network connectivity. The network sits in the middle of EVERYTHING, so has a much larger footprint.
All of the projects use highways to connect users and resources together. The network IS the highway.
Internet of Things devices need connectivity to feed back massive amounts of sensor data. Think about how the iPhone changed the game by making compute resources accessible virtually anywhere a network connection was avaiable. Now think about the next level where the network itself becomes more available.
Underserviced markets. Hikers have terrain and distance limitations. Special events often have elastic characteristics, where the demand for services swells, overwhelming local equipment, which itself is either remote and/or designed to handle a small scale. The small footprint of the GoTenna provides flexibility as it can easily be relocated without massive infrastructure investment, and scaled up in smaller increments. A solar panel powered GoTenna makes connectivity available virtually anywhere.
Underprivileged markets. Disaster recovery (hurricanes) has already been well established by GoTenna and stress tested and scaled up in multiple use cases. Other economically challenged areas may not be getting plugged in, due to lack of incentives to corporations (profit motive) or government bodies (low tax base).
Resilient networks. Even in non-disaster situations, centralized equipment will often fail, causing bottlenecks and large outages. Mesh grids, due to their massive redundancy, have the ability to withstand single points of failure.
Privacy-conscious consumers. ISPs are now selling consumer web usage history to advertisers for high fees. Not only are consumers’ privacy expectations being not being met, they do not share in the profit of their own personal data.
Oligopoly. The possibility is for centralized service providers to favor rates or filter content and steer consumers toward their services, limiting their freedom of choice and stifling competition, leading to situations with only a handful of gatekeepers. Mesh networks could serve as counter to these gatekeepers by keeping toll roads off of the internet. This is a controversial topic, however, and needs to be carefully worded so as not to anger traditional providers by being a competitive threat. A good model to follow here would be Netflix, which was able to scale up without “getting in trouble.”
Massive cost restructuring and savings. A grid network has the potential to disrupt current providers. Ideally, consumers would only need to pay for the capital costs of the mesh devices and any electricity to power them.
Compare the value proposition of an $80 GoTenna + electricity, vs. $1200 yearly internet service. A mesh network has the potential to disrupt network services and bring down pricing the same way a $10 a month Netflix disrupted content delivery.
Any crypto project that brings a working product to the table, is already miles ahead of the game. Most projects need the funding from an ICO in order to use the tokens to incentivize users, in order to establish a network effect. Most crypto projects require a large user base to offer services to their users.
GoTenna already has a working product, with thousands of users, and proved its core mission to deliver services in disaster prone areas.
8. Development Activity and Roadmap
The community will often measure the project developers by the amount of activity on Github. Along with business roadmap milestones, successful teams also publish development milestones periodically to show their investors they are moving forward.
A solid, public roadmap, with a history of achieving milestones will mark a successful project.
Misses are okay as long as the problems are communicated clearly and transparently to the community.
Partnerships and Integrations
Integrations with other projects are huge and can build the use case and excitement behind the project.
One possible integration with GoTenna would be a VPN, for encrypted traffic. Mysterium is an example of a decentralized VPN project.
Golem and Sia are two good projects that have forged partnerships and integrations to extend functionality and keep users invested into the projects.
9. Competitive Advantages
Although there are several competitors in this space, GoTenna stands out as the leader in mesh networking.
- Already secured funding
- Working, adopted product
- Large, enthusiastic user community
- Regulatory issues already known and compliant
- Make sure to get the token on a major exchange as soon as possible. Projects often languish underfunded by being stuck on low capitalized exchanges.
- Bittrex, Kraken, Poloniex, Bitfinex, Bithumb, Bitstamp, Gemini, Binance are some big names
- How to bridge less dense areas to connect them to the main network
- Other projects are talking about launching cube satellites
- I believe the team mentioned balloons (already used by Google Loon)
- Traditional providers have large legislative influence at both local and national levels along with legal teams that can “defend” their markets:
- Example 1: Google Fiber vs. ATT and cable ISPs. Local regulatory laws are often influenced by the entrenched providers, who can put up barriers to entry and delay market penetration.
- Example 2: Music industry vs. digital downloads. Apple eventually solved the puzzle and built the most profitable technology company today.
- Blockchain culture believes these challenges can be overcome since the decentralized nature of the projects allow for projects to survive even if the original founders are no longer actively supporting the project
- How to scale up the devices to support graphics, streaming video, Voice over IP, and gaming-level speeds