What makes a successful business
- Today is a day of introspection, as I look at those businesses I have built on Hive and in Life, to examine them, and perhaps make them better.
Utility and Ease of Use
- It is often said, that the "Killer App" or perhaps more colloquially said "Killer dApp" for the crypto centric, is Utility.
- Utility is often equated to ease of use.
- Ease of use is often defined as something you pick up and know how to use, almost instantly, because it's operation only requires knowlege of the products and services which predated it.
- Along these lines Leofinance designed Instant Sign-ups, using a user interface designed to mimic Twitter and Facebook, because these are user interfaces which becaem before cryptocurrency, and these user interfaces are familiar to the majority.
Cryptocurrency as a service
- It is my personal opinion, that user interfaces which focus on ease of use and familiar experiences are better gateways to new products and services.
- My personal experience with computers and the internet, the last two great technological leaps forward, are that their adoption by the majority of people proceeded at a snails pace, when the learning curve was steep, and the knowledge needed to use them, represented a very tall barrier between those who could use them, and those who desired to use them.
- And it is with this thought in mind, that I designed a business called @easydefi , whose purpose was to shrink the barrier between people who want to use decentralized finance instruments to invest, and those who use decentralized finance instruments to invest.
- And while many utilize this business to access those financial markets, and they have benefitted from their bold move. I ask myself : Why not more people?
- I came to the conclusion that whle ease of use was an important factor, security was perhaps equally important.
- I know that I am building longterm businesses on this platform, and that it is like shooting myself in the foot to mismanage funds, but you as the consumer don't know that, so I need to do more, to make you feel secure.
Security
- As we look out into the world, investment opportunities abound, of varying degrees of safety. Investments are often classified as very risky, moderately risky and of low risk.
- In fact investment advisors often ask you what is your risk tolerance before showing you investment products.
- So with these thoughts in mind I will be designing two new versions of my current projects.
- My new focus will shift from ease of use, and transparency, which I thought was enough to satisfy concerns about security, to more security.
- I will look towards tokenization and delegation, as two other pathways into decentralized finance. This path unfortunately comes with complexity, but the trick for me will be to create security and simplicity in the same vehicle.
- This may not be an easy task, as decentralized finance has already shown us; complexity seems to be part of the deal.
- But I ask myself these question: Must it be? And what rewards await those who solve this conundrum?
What do you think?
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@tipu curate
Thank you @robibasa
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I agree that the user exoerience, ease of use and intuitive grapohics are very important. I agree with you that both computers and the internet are very good examples of how difficulty of use, plus unintuitive graphic user interfaces created big delays in adoption. Some people may disagree with you, but I think that's a bias of those on the inside, but what you saying is so crystal clear to us on the outside.
I wish to add, in reference to your businesses. The idea of making it easy to access the financial tools of decentralized finance is a good one. The trick is execution, and although you have been here four eyars, and you post daily, and people who invest in your programs have done very well in terms of return, I think you are correct, that enlarging your programs will require some type of change to the secure proposition for investors. I think if you could make it possible for people to interact with a website to invest, and control their deposits themselves, you will see more business.
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I think, that the easier it is to use an application, the faster it will grow, as long as there is a need for it.
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