Why Mass Consensus Matters for Blockchain Projects to Succeed
The blockchain industry thrives on consensus. Blockchains require some sort of technical consensus to add new blocks on the chain. On the other hand, mass consensus matters a lot for blockchain projects to succeed. Mass consensus aims to take projects from the edges of obscurity and place them in the mainstream.
And this is how the path of the crypto can be described. Bitcoin, the first generation blockchain, was nothing more than a novel idea reserved for cypherpunks and privacy advocates.
But because of mass acceptance, Bitcoin is so much more. Its success has led to further innovation that has given rise to an emerging industry. So far, success in the crypto industry requires mass consensus.
What is Mass Consensus in Crypto?
Mass consensus refers to the acceptance of a crypto project in the mainstream. The acceptance of a project could refer to the crypto community only or the general wider audience.
Mass consensus is critical for the success of any project or currency. The reason why money has value is because of mass consensus. Paper money is only valuable because people accept that it has value. If it is not accepted as valuable, any currency would be worthless.
The same goes for social media and other services that people use. Platforms such as Twitter and Facebook are important because millions of people have accepted them as a means of communication.
Success emanates from mass acceptance. And this couldn’t be more true for blockchain projects.
Blockchain is considered to be a hammer looking for a nail. Some argue that blockchain is not needed because of its flaws. Fortunately, due to acceptance, researchers, academics, and developers are working on improving blockchains.
Why Blockchain Projects Need Mass Consensus
The majority of blockchain projects coming up are not bringing entirely new ideas to the table. Some of them are improving an already existing solution, or providing a faster, cheaper, and more efficient way of solving problems.
Take a look at Bitcoin. It is a groundbreaking innovation. However, it was created as an alternative to an existing payment system.
For Bitcoin to succeed, it needed general mass consensus. As more people accepted Bitcoin, its number of users increased. The acceptance of bitcoin led to the creation of competing blockchains.
This shows that mass consensus is important for success and improvement.
In the case of Bitcoin, institutional investors who previously shunned the digital asset are allocating it in their investment portfolios.
The success of one project, due to mass consensus, was instrumental in the development of other projects to support it.
Binance was created in 2017, several years after cryptocurrency trading marketplaces were created. Unlike its peers, Binance garnered a lot of support and grew tremendously.
A few years down the line, Binance developed its own blockchain — Binance Smart Chain (BSC) — to rival Ethereum, the most used blockchain in the world.
It is worth mentioning that Coinfluence’s token, CFLU, is a BEP20 token based on Binance Smart Chain.
Mass consensus is the gateway to adoption. And blockchain projects rely on adoption to succeed.
Several blockchain projects are using the services of influencers or celebrities to garner attention. Blockchain projects keen on utilizing influencer marketing to better position themselves can turn to Coinfluence.
How Coinfluence Builds Mass Consensus for Blockchain Projects
Achieving mass consensus for blockchain projects is not an entirely easy task, otherwise, every project would be doing it.
Coinfluence aims to help projects build large and loyal communities by following a well-defined method, and improvising where needed.
The first step is to pick worthwhile projects. This involves vetting the team, understanding the project’s goals, and how the team intends to achieve the goals. In a way, this is much more like picking winners.
After picking projects with potential, Coinfluence runs with them to reach a wide audience. The audience turns into a community and before you know it, the project goes mainstream.
Mass acceptance usually leads to a loyal base of followers. This could give blockchain projects the confidence to provide more services and possibly evolve into an ecosystem.
With Coinfluence’s platform, projects are not only building communities, they are laying down foundations for future growth in terms of service or product offerings.
Final Thoughts
The crypto industry is very unique in the way that projects find success in the industry. A vibrant community is needed to provide the support a project needs to succeed. And building a big community is an easy task.
It requires finding proper marketing channels that allow you to shout louder than your competitors and gain credibility. This is what Coinfluence, through its smart marketing influencer platform, does for worthwhile projects in the crypto space.
Are you looking for the next project that could find runaway success? Or are you launching a project with potential and you are wondering how you can gain mass acceptance? If yes, get in touch with Coinfluence today.
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