Why User-Focused Development is Better than Value-Centric Development
With so many different cryptocurrencies out there, what makes them different and how do you know which technological developments are important to progress the entire digital decentralized currency industry forward? The Pandacoin Crypto Crash Course will take a close look and compare the differences between ‘User’ focused developments and ‘Value’ focused developments.
The world of digital currencies is full of different coins. Many of them will pop into existence to receive some brief attention, and then fall back into obscurity as quickly as they had appeared. Some, however, make waves that are felt all throughout the world. There are many “strategies” that can be utilized to the end of the success of a coin. One such strategy, utilized by Darkcoin and many others like it, is the idea that “innovation” must be created for the purpose of attracting high powered investors, and that one must establish their own innovative niche which no one else has yet to achieve. In the case of Darkcoin, their main attraction is the anonymity on transactions, which allows Darkcoin to be sent and received in payment without either party or any third parties knowing the actual identity of either transacting party.
Another such strategy, utilized by Pandacoin and Dogecoin, is an attempt to appeal to as many different people as possible so that instead of appealing merely to high powered investors, you appeal to the every day person who will find a way to invest in and use the currency in question. This strategy, however, is split cleanly into two philosophies. The first is that going “viral” and simply pushing public relations and community will produce the strongest possible coin. The second philosophy is that making a currency easy to use, convenient and pleasant to transact, secure, and easy to understand are the key tenants to making a successful currency. The idea is, that if you have a coin that is technically the easiest to understand, easiest to use, most convenient to hold and transaction, most secure, and most optimized user experience design, mass market penetration is possible by catering to as wide of a spectrum as possible across different cultures, age groups and market segments.
Now, let us examine these three different possibilities. The first, Darkcoin, provides a single feature or single group of features which is meant to be the aspect meant to draw users and investors. These historically produce an impressive but brief increase in value and use, followed by a slow and steady decline as the novelty wears off. Generally speaking, this is fine for some coins that really have carved out a singular niche and intend to be used in only one particular way, but often ends in a coin simply blinking out like a small dying star, going quietly into the night. The second, Dogecoin, provides little to nothing in the way of actual features, instead focusing entirely on community adoption and a fast and wide spread of public knowledge about the coin. This provides a stable climb, followed by a sharp increase as investors get wind of the potential, followed by a steady loss of average value over the course of long periods of time. In this case, the coin will likely stick around for a long time, as the number of users is high, but since the actual pragmatic value of the coin is very low, there’s little to keep individuals who actually intend to use the coin around.
The third, Pandacoin, provides an overabundance of features; a Banking interface which speaks to the average individual’s internet banking experience, but even less complicated to use, a 1 click mining program and an in-browser miner that makes using your computer to get more Pandacoin easier and simpler than any other coin in the world, a course with over 40 articles laid out strategically which helps to acclimate people to digital currencies, the fastest sync times in the world and speedy confirmation times, and many more such features in the works. This allows the coin to stay “incognito” for a longer period of time, until marketing begins to occur, at which point it will be apparent to anyone watching, that this coin is worth investing in as being the most attractive for use as a currency, and the most well-support in terms of development. This will cause a slow ascent over time as the public begins to get wind of the currency in question, providing a slow and steady rise of the average value over very long periods of time, while also providing a very attractive long term investment for speculators.
A dedication to users is almost exclusively the most important aspect of any product, but this is especially true when it comes to digital currencies. Without the users, the currency doesn’t exist, and without a reason for users to use your coin aside from a cute picture or a novel feature with a mysterious name, what would allow a currency to persist into the future? Clearly, the most sustainable currency is one that caters to the needs of the greatest number of people, and keeps those people consistently safe and happy in the use of said currency. Which coin would you rather own?