Four Factors To Consider When Building A New Product

Building a new product

At the core of every invention has always been a problem to solve. The case of cryptocurrencies and blockchain is no different.

Bitcoin, as the first-generation cryptocurrency, showed that blockchain technology can allow for a decentralized network to share value, without depending on trusted counterparties such as banks and financial institutions. The second-generation advanced further by introducing smart contracts to power DeFi, NFT, and other tokenised solutions connected to enhance web 2.0 apps.

1. Scalability

When building a product, you might be tempted to start small and see how it grows. While it might seem like a safe option at first, it’s never too early to consider how your product will evolve over time to serve an increasing number of clients. Many businesses fail not as a result of insufficient growth, but as a result of inadequate preparation for growth. Ethereum blockchain battled network congestion problems a few years after its launch.

2. Interoperability

Digital is the way of the future, and it is where the majority of entrepreneurs are concentrating their efforts. To ensure your product’s scalability, you must ensure its interoperability across multiple platforms and devices. For example, a large portion of the world’s population relies on smartphones rather than PCs for daily tasks — making sure your website is mobile-optimized is critical. In this case, catering to mobile users enables you to increase your revenue while also reducing user discrimination based on the accessibility.

3. Sustainability

The scalability and interoperability of the product should not be at the expense of its sustainability, whether environmental, economic, or social. To accomplish this goal, it is critical to consider not only the user’s needs but also the community’s

4. Break The Ground With an Accelerator

You don’t have to walk alone. With the help of prestigious accelerator labs like Adaverse, you are sure to get all the support you need at the early stage of your business. An accelerator program offers funding support and strategic mentorship. If you’re still unsure how to scale, interoperate, and sustain your product, we are here to help.

About Adaverse

We are a Cardano ecosystem accelerator providing funding and investment support to impact-driven crypto startups with game-changing projects across Africa. We assist startups to establish and grow sustainable businesses on the continent, overcoming historical obstacles, fostering a dynamic and innovative ecosystem to cater to the global market at large

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Adaverse Accelerator

Adaverse Accelerator

Adaverse is a Cardano Ecosystem Accelerator that aggregates entrepreneurs, strategists and mentors building its most robust foundation in Africa.