In the new frontier of cryptocurrency, the world has yet to uncover a single path to success. However, our research shows that the most powerful coins seem to follow the same roadmap.
For the last several months, Kala has been taking major steps on its personal path and development, and while there are still steps to be taken, comparing Kala’s progress with other successful coins shows us we’re on the right track.
The Lifecycle of a Crypto Coin
So what are the steps to a successful cryptocurrency? Beginning from the initial concept down through implementation and adoption, these milestones show the necessary steps each coin must take for real adoption and success.
1. Define a Market
Coins must determine which market to serve, and who will be the end-user of the currency itself. With a robust market creating transactions, a crypto coin is set up for the next steps of increasing value, getting on an exchange, and developing future partnerships.
2. Create a Crypto Code
The amount of time it takes to create a new code depends on the complexity of the blockchain. Some coins tweak an existing open source code, while other companies choose to create their own parameters and identities, which can take months to complete.
3. Crypto Mining
Crypto mining is one of the most effective tools for establishing a decentralized blockchain network, creating and verifying coin transactions, and increasing the value of a new crypto coin. Building a community to mine a new crypto coin takes effort, transparency, trust, and communication.
4. Coin Integration
After an ICO closes and the coin or token is issued, it is integrated into the technology or ecosystem the company developed. Unlike most ICO’s, Kala’s ecosystem was already being developed before the coin was even built.
5. Acceptance by an Exchange
To maximize a crypto coin’s value, it usually get onto a public crypto exchange. Crypto exchanges provide a platform where users can buy, sell, trade, or cash in cryptocurrencies. There are many factors that affect whether a crypto coin is accepted onto an exchange.
6. Merchants Make a Difference
Finally, a coin sets out to find businesses and services who will accept the new currency as a valid payment method. As of March 2018, over 100 companies currently accept Bitcoin. But don’t be fooled. While this step occurs in our example after acceptance by an exchange, a coin does not actually have to go on an exchange first before merchant integration.
How Kala Fits In
While Kala’s roadmap may not mirror the other coins exactly, it’s major milestones fit perfectly within the many steps of the lifecycle.
For more on Kala’s latest milestones and where we go from here, visit our recent article New Milestones Sharpen Kala’s Focus.
With further implementation on track for the month’s ahead, it’s clear that Kala has a bright future on the horizon.