In 2017 a record number 875 ICOs raised over $6.2 billion. But perhaps the most sobering statistic coming out of the 2017 cryptocurrency boom is the growing number of digital currencies that have proven to be nearly worthless. In June 2018, Dead Coins listed 800 coins that are effectively worth nothing, while Coinopsy put the tally at more than 1,000.
So what’s responsible for the rampant crypto fail? Many would suggest that getting on an exchange too soon–before establishing a strong foundation built around value–is a major factor. Kala’s advisory team has carefully monitored the crypto environment, consulting with crypto experts, partners, and exchanges to determine the best strategies that will protect Kala’s network and solidify its value.
Kala’s strategy is different than many other cryptocurrencies. This is deliberate; we don’t want to be another worthless coin statistic.
As announced in our recent milestones blog post, the Kala team has decided to focus on the steps to establish a solid, foundational value before hitting exchanges in mid-2019. While exchanges consider several factors when deciding whether or not to add a currency, the primary consideration is if a project offers a high-quality, value-adding product or service.
Quick Look at Kala’s Strategic Road to Building Value
As you can see, Kala’s roadmap has been designed to get Kala on an exchange at the right time, with the right framework, and ultimately at the right value, thus avoiding the common pitfalls of hundreds of coins who jump to an exchange too soon.
Building something that lasts takes time, and we appreciate the support of our Kala community as we continue to reach our milestones.