Beacon's 'Legitimacy Phase' Winding Down
For most masternode projects, there is a checklist of things you need to achieve at certain benchmarks in order to be perceived by investors and outsiders as 'more legitimate'. It is nearly impossible to convince anyone in cryptocurrency that you are in fact legitimate, but if you can improve the 'less scam looking' perception of your project, then you are doing just fine.
With Beacon, we are aiming to truly unravel this 'scam first, prove me wrong' mental that has infiltrated the cryptocurrency space. It is not the investor's fault. They have been scammed 8 out of 10 times and 1.5 of the remaining projects were so poorly run they might as well have been a scam. So this mentality is a direct result of the environment they find themselves in. It is the Wild West and every corner has another guy with a weapon who wants to steal your horse.
Beacon of Light
I have spent a long time in cryptocurrency, as an investor and later as a writer and advisor on many projects. I did my best to pick only projects that looked like they were legitimate and had a future ahead of them. Sometimes I picked projects because I needed to pay the rent and it was work. Those projects turned out to be the best teachers when it came to how NOT to run a project. A fascinating experience for myself and many of those experiences contributed to Beacon's design.
So what is the 'Legitimacy Phase'?
The first thing a project accomplishes is its 'Development Phase' and 'Launch Phase'. This is where the project gets molded into an actionable idea and the team gets put together. The marketing begins, the announcements go out, and the Pre-Sale takes place. Once the Pre-Sale is completed, the blockchain launched, and coins distributed to investors, we enter into the 'Legitimacy Phase'.
Here a project sets out to prove they are not a scam. Disclaimer: even if a project hits all of these markers, they may still be a scam. These scammers are growing more clever and motivated everyday.
Usually the first thing to be done is get listed on an exchange as soon as possible. This serves a couple points. First, it theoretically mitigates any major dumping of rewards by Pre-Sale investors because they have not earned as much if you get listed sooner. Second, developers have to pay to get listed on exchanges, which traditionally is a signal to investors that the developers are 'putting their money where their mouth is.'
Next is the monitoring sites. Masternodes.Online, Masternodes.Pro, Coin Gecko, CoinLib, Live Coin Watch, Blockfolio, Delta are the main ones that we immediately apply and pay for listing our project. Some are free which is great. We reach further by listing on second tier sites like MNRank.com, MNCN.online, CoinCodex, among others. If you go this route, you are really proving to the investors you are here to stay, supposedly.
After the monitoring sites comes the shared masternode and staking services sites. These are great sites for smaller investors to be able to pool their investment into large amounts so they gain more rewards. Some major players in this sector are GIN Platform, Gentarium, Simple POS Pool, Snode, etc.
Beacon is in the unique position of having its very own in-house shared masternode and staking service in the form of Monitor. So far Monitor has been the most popular shared service provider for Beacon investors. Monitor is not only a shared service provider though. Currently, Monitor provides Hosting Services for projects. Currently, Monitor hosts Beacon and CryptoFlow explorers. Monitor also provides System Security Services that will protect projects from any potential exploits in their security.
The final step of the legitimacy phase is getting listed on CoinMarketCap. Beacon is currently waiting on news from CMC about our application to get listed. Like I mentioned before, even with all of these boxes checked, a project is still at risk of failing. That is why, while we should celebrate everything we have accomplished thus far, we need to focus on what comes next.
What is after the 'Legitimacy Phase'?
This is where everyone on the team turns to development. In traditional cases, this is where a project's team will begin development with their newly raised funds with the plan to launch their 'golden egg' use case within 3 to 6 months. Talk about a buzz kill.
All that hype and excitement during the first month to only experience a stretch of time (3-6 months in length), where it is endless announcements saying the same thing: "we made progress today." Even worse, a lot of projects never launch their utility and they slide into the JAM standing and eventually get added to the pile of dead, comatose projects. A lot of times these projects will claim they are waiting for the next bull run. We as investors know better by now.
Beacon is different. Because our utilities are decentralized, we have multiple project sup in the air already. AND we have an active utility on day one, Monitor. So what will we be doing now?
The team will be focused on three major areas:
- Building Monitor's website to improve and increase the user base and project clients.
- Focus on Beacon's market and value, including continued marketing and buy back opportunities.
- Lay out development plans for Beacon's upcoming utilities and make any course corrections needed to increase the project's short-term success and revenue generation.
The final point there is vital. Beacon is a small business. At least, that is how we are treating it. The beauty of a cryptocurrency small business is that the attribute of adaptability is geared to the max. We can flex into new shapes and positions depending on the opportunities around us and the developers who come to us through the Beacon Incubator.
The future is bright for Beacon, as we continue to form and grow in this very tumultuous time in cryptocurrency. But at the end of the day, the strongest bulls are born during the bear market. If we can establish ourselves now, Beacon will be primed for takeoff when the market turns green.
But we are not waiting for the market to tell us to start. We have work to do now.
The Beacon Team
BitcoinTalk Ann: https://bitcointalk.org/index.php?topic=5059521.0