The Pros and Cons of Launching a Graphene-based Product from Our Experience
After a year of work on our blockchain project, we want to share what we’ve learned from our experience so far both positive and negative. The core part of our project – the Scorum Media Platform– is now live along with the web wallet, block explorer and a listing on a decentralized peer-to-peer cryptocurrency exchange.
Scorum was highly commended by the users on Product Hunt, reaching the #3 product of the day, and has also joined the HYPE-Sports Innovation startup accelerator. For now, there are only a few live and functional products operating on a blockchain backend and that’s why the Scorum launch is a huge breakthrough for us.
Our Advertising system – similar to Google and Yandex – and Sports Betting Exchange are in the final stages of development right now and will support and engage the user community going forward. We were inspired by the experiences of Steemit, Golos, Bitshares, Dan Larimer and the whole Graphene-Community. We are extremely grateful to them and look forward to adding an engaging sports platform to the wider family of Graphene DPoS products.
Advantages of Graphene-based products
Using Graphene technology solves two problems that are usually faced by blockchain projects: the high cost of transactions and low throughput. In practice, it plays out in the following way.
Graphene has a ready-made model of free transactions which allows you to develop a large number and wide variety of use mechanisms. To implement all of these on one chain would be completely ridiculous if the transactions were not free between users.
For example, social platforms where key actions for users are likes, comments, content creation and etc. If members had to pay a fee for each of these actions, then they would never consider joining and using that product simply because there are too many free alternatives.
Free transactions can also be utilized in unique and compelling ways in gameplay as well – again because of the algorithms which do not make sense to implement for a fee. For example, in the “freemium” model, players often “farm” – extract in-game resources for free by performing simple but time-consuming tasks.
These players make it expedient for paying users to act on the contrary – to spend their money to quickly purchase resources instead of time. It follows that without “farming” players there would be no paying users, and without free transactions, there will be no “farmers”. So the game itself would gain no popularity.
At the moment, Graphene technology is able to process 10,000 transactions every 3 seconds which allows us to create a product suite that will work stably with millions of users. Currently, Scorum has 5000 users and 2300 transactions on average every day – about half the users make active transactions in the system every day and that is a high activity rate.
This is only 0.0008% of the maximum possible transactions per day. Therefore, the system can accept more than 100 million users without any technical improvements. For comparison, the Ether network is overloaded now, when only two projects with an average of just over 1000 users a day and in the majority of products the account is only for tens of users.
Graphene involves fairly complex development, even if you are doing a fork. The complexity of work increases with every time when you would like to implement any additional functions or features. There are very few developers on the market and, especially, architects who can build the project from 0, which seriously raises the cost of development. We were lucky to gather a strong team of blockchain developers headed by Alex Shkor, one of the best Graphene architects.
Unlike Ether projects, the implementation of the Graphene startup requires you to take care over additional points: building relationships with witnesses, creating your own wallet, and distributing tokens after crowdsale.
Often, there are difficulties in listing on exchanges, as far as it is technically longer and more difficult for an exchange to list a token that runs on its own blockchain.
Of course, all of these challenges can be overcome, which is great.
If you plan to make a product that will potentially be used by a large number of people, Graphene is a worthy candidate for a backend technology. In many cases, it is actually the only one available at the moment.
So, if you are going to make a high-quality project and catch the wave of blockchain hype, as we plan to do with Scorum, then I recommend you consider the open-source Graphene toolkit.
Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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